Willis Towers Watson Public Limited (WTW) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 02, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Willis Towers Watson Plc.
Entity Central Index Key	1,140,536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		135,192,486

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Commissions and fees	$ 2,303	$ 2,219
Interest and other income	16	15
Total revenues	2,319	2,234
Costs of providing services
Salaries and benefits	1,191	1,196
Other operating expenses	401	431
Depreciation	46	43
Amortization	151	161
Restructuring costs	27	25
Integration expenses	40	52
Total costs of providing services	1,856	1,908
Income from operations	463	326
Interest expense	46	46
Other expense, net	20	18
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	397	262
Provision for income taxes	46	18
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	351	244
Interest in earnings of associates, net of tax	1	1
NET INCOME	352	245
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$ 344	$ 238
EARNINGS PER SHARE
Basic earnings per share (usd per share)	$ 2.51	$ 1.76
Diluted earnings per share (usd per share)	2.50	1.75
Cash dividends declared per share (usd per share)	$ 0.53	$ 0.48
Comprehensive income before noncontrolling interests	$ 331	$ 231
Comprehensive income attributable to noncontrolling interests	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	$ 320	$ 222

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 901	$ 870
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,307	2,080
Prepaid and other current assets		321	337
Total current assets		15,795	13,792
Fixed assets, net		863	839
Goodwill		10,442	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		351	353
Total non-current assets		16,437	16,461
TOTAL ASSETS		32,232	30,253
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,203	1,481
Short-term debt and current portion of long-term debt		120	508
Other current liabilities		996	876
Total current liabilities		14,585	13,370
Long-term debt		3,975	3,357
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		799	864
Provision for liabilities		618	575
Other non-current liabilities		512	532
Total non-current liabilities		7,190	6,649
TOTAL LIABILITIES		21,775	20,019
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Additional paid-in capital		10,628	10,596
Retained earnings		1,561	1,452
Accumulated other comprehensive loss, net of tax		(1,908)	(1,884)
Treasury shares, at cost, 17,519 shares in 2017 and 795,816 shares in 2016, and 40,000 shares, €1 nominal value, in 2017 and 2016		(3)	(99)
Total Willis Towers Watson shareholders’ equity	[1]	10,278	10,065
Noncontrolling interests		126	118
Total equity		10,404	10,183
TOTAL LIABILITIES AND EQUITY		$ 32,232	$ 30,253
[1]	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 135,432,801 (2017) and 137,075,068 (2016); Outstanding 135,432,801 (2017) and 136,296,771 (2016); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2017 and 2016; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2017 and 2016.

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)	Mar. 31, 2017$ / sharesshares	Mar. 31, 2017€ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2016€ / sharesshares
Ordinary shares, $0.000304635 nominal value
Ordinary shares, nominal value (usd per share) | $ / shares	$ 0.000304635		$ 0.000304635
Ordinary shares, shares authorized	1,510,003,775	1,510,003,775	1,510,003,775	1,510,003,775
Ordinary shares, shares issued	135,432,801	135,432,801	137,075,068	137,075,068
Ordinary shares, shares outstanding	135,432,801	135,432,801	136,296,771	136,296,771
Preference shares, nominal value (usd per share) | $ / shares	$ 0.000115		$ 0.000115
Preference shares, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Preference shares, shares issued	0	0	0	0
Treasury shares	17,519	17,519	795,816	795,816
Ordinary shares, €1 nominal value
Ordinary shares, nominal value (usd per share) | € / shares		€ 1		€ 1
Ordinary shares, shares authorized	40,000	40,000	40,000	40,000
Ordinary shares, shares issued	40,000	40,000	40,000	40,000
Treasury shares	40,000	40,000	40,000	40,000

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 352	$ 245
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation	52	43
Amortization	151	161
Net periodic benefit of defined benefit pension plans	(31)	(23)
Provision for doubtful receivables from clients	9	13
Benefit from deferred income taxes	(74)	(70)
Share-based compensation	14	35
Non-cash foreign exchange (gain)/loss	(11)	5
Other, net	9	0
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable	(253)	(161)
Fiduciary assets	(1,657)	(1,379)
Fiduciary liabilities	1,657	1,379
Other assets	(62)	(118)
Other liabilities	(109)	(80)
Movement on provisions	48	69
Net cash from operating activities	95	119
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(62)	(48)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Net cash (used in)/from investing activities	(82)	417
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued	0	997
Proceeds from issue of other debt	32	400
Debt issuance costs	(3)	0
Repayments of debt	(636)	(1,181)
Repurchase of shares	(156)	0
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(65)	0
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Net cash provided by (used in) financing activities	14	(116)
INCREASE IN CASH AND CASH EQUIVALENTS	27	420
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	532
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 901	$ 954

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions		Total	Shares outstanding	Ordinary shares and APIC	[2]	Retained earnings	Treasury shares	AOCL	[3]	Total WTW shareholders’ equity	Noncontrolling interests	Redeemable Noncontrolling interests
Equity, beginning balance (in shares) at Dec. 31, 2015	[1]		68,625
Equity, beginning balance at Dec. 31, 2015		$ 2,360		$ 1,672		$ 1,597	$ (3)	$ (1,037)		$ 2,229	$ 131
Temporary equity, beginning balance at Dec. 31, 2015	[4]											$ 53
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		244				238				238	6
Net income	[4]											1
Net income		245
Dividends		(64)				(64)				(64)		(3)	[4]
Other comprehensive income/(loss)		(16)						(16)		(16)
Other comprehensive income/(loss)	[4]											2
Other comprehensive income/(loss)		(14)
Issue of shares under employee stock compensation plans and related tax benefits (in shares)	[1]		273
Issue of shares under employee stock compensation plans and related tax benefits		10		10						10
Issue of shares for acquisitions (in shares)	[1]		69,500
Issue of shares for acquisitions		8,686		8,686						8,686
Replacement share-based compensation awards issued on acquisition		37		37						37
Share-based compensation		35		35						35
Additional noncontrolling interests		15		(1)						(1)	16
Foreign currency translation		(3)		(3)						(3)
Equity, ending balance (in shares) at Mar. 31, 2016	[1]		138,398
Equity, ending balance at Mar. 31, 2016		11,304		10,436		1,771	(3)	(1,053)		11,151	153
Temporary equity, ending balance at Mar. 31, 2016	[4]											53
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-16 (See Note 2) | Accounting Standards Update 2016-16		(3)				(3)				(3)
Equity, beginning balance (in shares) at Dec. 31, 2016	[1]		136,297
Equity, beginning balance at Dec. 31, 2016		10,183		10,596		1,452	(99)	(1,884)		10,065	118
Temporary equity, beginning balance at Dec. 31, 2016	[4]											51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)	[1]		(1,237)
Shares repurchased		(156)				(156)				(156)
Shares canceled		96					96			96
Net income		352				344				344	8
Net income	[4]											0
Net income		352
Dividends		(77)				(76)				(76)	(1)	0	[4]
Other comprehensive income/(loss)		(23)						(24)		(24)	1
Other comprehensive income/(loss)	[4]											2
Other comprehensive income/(loss)		(21)
Issue of shares under employee stock compensation plans and related tax benefits (in shares)	[1]		373
Issue of shares under employee stock compensation plans and related tax benefits		20		20						20
Share-based compensation		14		14						14
Foreign currency translation		(2)		(2)						(2)
Equity, ending balance (in shares) at Mar. 31, 2017	[1]		135,433
Equity, ending balance at Mar. 31, 2017		$ 10,404		$ 10,628		$ 1,561	$ (3)	$ (1,908)		$ 10,278	$ 126
Temporary equity, ending balance at Mar. 31, 2017	[4]											$ 53
[1]	The nominal value of the ordinary shares and the number of ordinary shares issued in the balance as of December 31, 2015 have been retroactively adjusted to reflect the reverse stock split on January 4, 2016. See Note 3 — Merger for further details.
[2]	Additional paid-in capital (‘APIC’)
[3]	Accumulated other comprehensive loss, net of tax (‘AOCL’)
[4]	The noncontrolling interest is related to Max Matthiessen Holding AB.

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Willis Towers Watson plc was formed upon completion of the Merger on January 4, 2016, between Willis and Towers Watson. See Note 3 — Merger for additional information pertaining to this transaction. Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. The Company has more than 41,000 employees and services clients in more than 140 countries and territories. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. We offer clients a broad range of services to help them to identify and control their risks, and to enhance business performance by improving their ability to attract, retain and engage a talented workforce. Our risk control services range from strategic risk consulting (including providing actuarial analysis), to a variety of due diligence services, to the provision of practical on-site risk control services (such as health and safety or property loss control consulting), as well as analytical and advisory services (such as hazard modeling and reinsurance optimization studies). We assist clients in planning how to manage incidents or crises when they occur. These services include contingency planning, security audits and product tampering plans. We help our clients enhance their business performance by delivering consulting services, technology and solutions that help organizations anticipate, identify and capitalize on emerging opportunities in human capital management as well as investment advice to help our clients develop disciplined and efficient strategies to meet their investment goals. As an insurance broker, we act as an intermediary between our clients and insurance carriers by advising our clients on their risk management requirements, helping clients determine the best means of managing risk and negotiating and placing insurance with insurance carriers through our global distribution network. We operate the largest private Medicare exchange in the United States (‘U.S.’). Through this exchange and those for active employees, we help our clients move to a more sustainable economic model by capping and controlling the costs associated with healthcare benefits. We are not an insurance company, and therefore we do not underwrite insurable risks for our own account. We believe our broad perspective allows us to see the critical intersections between talent, assets and ideas - the dynamic formula that drives business performance.

Basis of Presentation and Recen

Basis of Presentation and Recent Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Recent Accounting Policies	Basis of Presentation and Recent Accounting Pronouncements Basis of Presentation The accompanying unaudited quarterly condensed consolidated financial statements of Willis Towers Watson and our subsidiaries are presented in accordance with the rules and regulations of the Securities and Exchange Commission (‘SEC’) for quarterly reports on Form 10-Q and therefore do not include all of the information and footnotes required by U.S. generally accepted accounting principles (‘GAAP’). We have reclassified certain prior period amounts to conform to current period presentation due to the adoption of certain updated accounting standards (see below for further discussion). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial statements and results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements should be read together with the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2017, and may be accessed via EDGAR on the SEC’s web site at www.sec.gov. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results that can be expected for the entire year. The results reflect certain estimates and assumptions made by management, including those estimates used in calculating acquisition consideration and fair value of tangible and intangible assets and liabilities, professional liability claims, estimated bonuses, valuation of billed and unbilled receivables, and anticipated tax liabilities that affect the amounts reported in the condensed consolidated financial statements and related notes. Recent Accounting Pronouncements Not yet adopted In May 2014, the Financial Accounting Standards Board (‘FASB’) issued Accounting Standard Update (‘ASU’) No. 2014-09, Revenue From Contracts With Customers . The new standard supersedes most current revenue recognition guidance and eliminates industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. Additional ASUs have since been issued which provide additional guidance, examples and technical corrections for the implementation of ASU No. 2014-09. The guidance is effective for the Company at the beginning of its 2018 fiscal year, with early adoption permitted. While we are still in the process of analyzing our various revenue streams to determine the full impact this standard will have on our revenue recognition, cost deferral, systems and processes, the Company has determined the following: • The Company will adopt the standard using the modified retrospective approach on January 1, 2018. • We expect certain revenue streams to have accelerated revenue recognition timing. In particular, the revenue recognition for our Retiree Medicare Exchange is expected to move from monthly ratable recognition over the policy period, to the recognition upon placement of the policy during the Company’s fourth quarter of the preceding calendar year in the amount of one year of expected commissions. Therefore, upon adoption, we will reflect an adjustment to retained earnings for the revenue that would otherwise have been recognized during our 2018 calendar year since our earnings process will have been completed during the fourth quarter of 2017. • We expect our accounting for deferred costs will change. First, for those portions of the business that currently defer costs (related to system implementation activities), the length of time over which we amortize those costs is expected to extend to a longer estimated contract term. Currently these costs are amortized over a typical period of 3 - 5 years in accordance with the initial stated terms of the customer agreement. Second, we believe there may be other types of arrangements with associated costs that do not meet the rules for cost deferral under current U.S. GAAP but do meet the rules under the new standard. We are still evaluating the types of arrangements that might now have cost deferral impacts including broking arrangements and certain consulting arrangements. The Company continues to update its assessment of the impacts of the accounting standard, and related updates, to its condensed consolidated financial statements, and will note material impacts when known. In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The ASU becomes effective for the Company at the beginning of its 2019 fiscal year and early adoption is permitted. In transition, the Company is required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients. While the Company continues to assess the impact of the ASU to its condensed consolidated financial statements, the majority of its leases are currently considered operating leases and will be capitalized as a lease asset on its balance sheet with a related lease liability for the obligated lease payments. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which amends guidance on presentation and classification of eight specific cash flow issues with the objective of reducing diversity in practice. The ASU becomes effective for the Company on January 1, 2018. Early adoption is permitted and any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is still assessing the impact of this ASU, but we believe the impact on our financial statements will be immaterial as we are currently largely in compliance with its requirements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect an immediate impact to its condensed consolidated financial statements upon adopting this ASU since the most recent Step 1 goodwill impairment test resulted in fair values in excess of carrying values for all reporting units at October 1, 2016. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires entities to (1) disaggregate the current service-cost component from the other components of net benefit cost (the ‘other components’) and present it in the income statement with other current compensation costs for related employees and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented or included in appropriately described separate lines. The ASU becomes effective for the Company on January 1, 2018, and should be applied retrospectively. Early adoption is permitted as of the beginning of a financial year. The Company is currently assessing the impact that this standard will have on its condensed consolidated financial statements. Adopted In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU became effective for the Company on January 1, 2017. In accordance with the prospective adoption of the recognition of excess tax benefits and deficiencies in the condensed consolidated statements of comprehensive income, we recognized a $1 million tax benefit in provision for income taxes during the three months ended March 31, 2017. In addition, we elected to prospectively adopt the amendment to present excess tax benefits on share-based compensation as an operating activity, resulting in the recognition of a $1 million excess tax benefit as an operating activity in the condensed consolidated statement of cash flows for the three months ended March 31, 2017. We elected to continue to estimate expected forfeitures. We also retrospectively adopted the amendment to present cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements as a financing activity. As a result, this $1 million use of cash was reclassified from net cash from operating activities to net cash used in financing activities in the condensed consolidated statement of cash flows for the three months ended March 31, 2016. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory , which amends guidance regarding the recognition of current and deferred income taxes for intra-entity asset transfers. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company elected to early adopt this standard on January 1, 2017, and recorded a cumulative reduction to retained earnings of $3 million .

Merger

Merger	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Merger	Merger On January 4, 2016, pursuant to the Agreement and Plan of Merger, dated June 29, 2015, as amended on November 19, 2015, between Willis, Towers Watson, and Citadel Merger Sub, Inc., a wholly-owned subsidiary of Willis formed for the purpose of facilitating this transaction (‘Merger Sub’), Merger Sub merged with and into Towers Watson, with Towers Watson continuing as the surviving corporation and as a wholly-owned subsidiary of Willis. At the effective time of the Merger (the ‘Effective Time’), each issued and outstanding share of Towers Watson common stock (the ‘Towers Watson shares’), was converted into the right to receive 2.6490 validly issued, fully paid and nonassessable ordinary shares of Willis (the ‘Willis ordinary shares’), $0.000115 nominal value per share, other than any Towers Watson shares owned by Towers Watson, Willis or Merger Sub at the Effective Time and the Towers Watson shares held by stockholders who are entitled to, and who properly exercised, dissenter’s rights under Delaware law. Immediately following the Merger, Willis effected (i) a consolidation (i.e., a reverse stock split under Irish law) of Willis ordinary shares whereby every 2.6490 Willis ordinary shares were consolidated into one Willis ordinary share ( $0.000304635 nominal value per share) and (ii) an amendment to its Constitution and other organizational documents to change its name from Willis Group Holdings Public Limited Company to Willis Towers Watson Public Limited Company. On December 29, 2015, the third business day immediately prior to the closing date of the Merger, Towers Watson declared and paid a pre-merger special dividend of $10.00 per share of its common stock, and approximately $694 million in the aggregate based on approximately 69 million Towers Watson shares issued and outstanding at December 29, 2015. On December 30, 2015, all Towers Watson treasury stock was canceled. The Merger was accounted for using the acquisition method of accounting with Willis considered the accounting acquirer of Towers Watson. The table below presents the final calculation of aggregate Merger consideration . January 4, 2016 Number of shares of Towers Watson common stock outstanding as of January 4, 2016 69 million Exchange ratio 2.6490 Number of Willis Group Holdings shares issued (prior to reverse stock split) 184 million Willis Group Holdings price per share on January 4, 2016 $ 47.18 Fair value of 184 million Willis ordinary shares $ 8,686 Value of equity awards assumed 37 Aggregate Merger consideration $ 8,723 A summary of the fair values of the identifiable assets acquired, and liabilities assumed, of Towers Watson at January 4, 2016 are summarized in the following table. January 4, 2016 Cash and cash equivalents $ 476 Accounts receivable, net 825 Other current assets 82 Fixed assets, net 204 Goodwill 6,783 Intangible assets 3,991 Pension benefits assets 67 Other non-current assets 115 Deferred tax liabilities (1,151 ) Liability for pension benefits (923 ) Other current liabilities (i) (667 ) Other non-current liabilities (ii) (331 ) Long-term debt, including current portion (iii) (740 ) Net assets acquired $ 8,731 Noncontrolling interests acquired (8 ) Allocated aggregate Merger consideration $ 8,723 ____________________ i. Includes $ 348 million in accounts payable, accrued liabilities and deferred revenue, $ 308 million in employee-related liabilities and $ 11 million in other current liabilities. ii. Includes acquired contingent liabilities of $ 242 million . See Note 12 - Commitments and Contingencies for a discussion of our material acquired contingencies related to Legacy Towers Watson. iii. Represents both debt due upon change of control of $400 million borrowed under Towers Watson’s term loan ( $188 million ) and revolving credit facility ( $212 million ) and a draw down under a new term loan of $340 million . The $400 million debt was repaid by Willis borrowings under the 1 -year term loan facility on January 4, 2016. The $340 million new term loan partially funded the $694 million Towers Watson pre-merger special dividend. The purchase price allocation as of the date of acquisition was based on a valuation of the assets acquired and liabilities assumed in the acquisition. The purchase price allocation was complete as of December 31, 2016. Goodwill is calculated as the difference between aggregate Merger consideration and the acquisition date fair value of the net assets acquired, and represents the value of the Legacy Towers Watson assembled workforce and the future economic benefits that we expect to realize as a result of the Merger. None of the goodwill recognized on the transaction is tax deductible. The acquired intangible assets are attributable to the following categories: Amortization basis Fair Value Expected life (years) Customer relationships In line with underlying cash flows $ 2,221 15.0 Software - income approach In line with underlying cash flows or straight-line basis 567 6.4 Software - cost approach Straight-line basis 108 4.9 Product In line with underlying cash flows 42 17.5 IPR&D (i) n/a 39 n/a Trade name Straight-line basis 1,003 25.0 Favorable lease agreements Straight-line basis 11 6.5 $ 3,991 ____________________ i. Represents software not yet placed into service as of the acquisition date. Once placed into service, each in-process research and development (‘IPR&D’) software component will be reclassified into finite-lived software intangible assets and amortized in line with underlying cash flows or on a straight-line basis. These assets were placed into service during the three months ended March 31, 2017. Acquired Share-Based Compensation Plans In connection with the Merger, we assumed certain stock options and restricted stock units (‘RSUs’) issued under the Towers Watson & Co. 2009 Long Term Incentive Plan (‘LTIP’), the Liazon Corporation 2011 Equity Incentive Plan, and the Extend Health, Inc. 2007 Equity Incentive Plan. Stock Options. The outstanding unvested employee stock options were converted into 592,486 Willis Towers Watson stock options using the conversion ratios stated in the Merger agreement for the number of options. The fair value of the stock options was calculated using the Black-Scholes model with a volatility and risk-free interest rate over the expected term of each group of options and Willis Towers Watson’s closing share price on the date of acquisition. We determined the fair value of the portion of the outstanding options related to pre-acquisition employee service using the straight-line expense methodology from the date of grant to the acquisition date to be $7 million , which was added to the transaction consideration. The fair value of the remaining portion of options related to the post-acquisition employee services was $13 million , and will be recognized over the future vesting periods. Restricted Stock Units. The outstanding unvested RSUs were converted into 597,307 Willis Towers Watson RSUs using the conversion ratios as stated in the Merger agreement. The fair value of these RSUs was calculated using Willis Towers Watson’s closing share price on the date of acquisition. We determined the fair value of the portion of the outstanding RSUs related to pre-acquisition employee service using the straight-line expense methodology from the date of grant to the acquisition date to be $30 million , which was added to the transaction consideration. The fair value of the remaining portion of RSUs related to the post-acquisition employee services was $32 million , and will be recognized over the future vesting periods.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information Willis Towers Watson has four reportable operating segments or business areas: • Human Capital and Benefits (‘HCB’) • Corporate Risk and Broking (‘CRB’) • Investment, Risk and Reinsurance (‘IRR’) • Exchange Solutions (‘ES’) Willis Towers Watson’s chief operating decision maker is its chief executive officer. We determined that the operational data used by the chief operating decision maker is at the segment level. Management bases strategic goals and decisions on these segments and the data presented below is used to assess the adequacy of strategic decisions, the method of achieving these strategies and related financial results. The Company experiences seasonal fluctuations of its commissions and fees revenue. Revenue is typically higher during the Company’s first and fourth quarters due to timing of broking-related activities. Beginning in 2017, we made certain changes that affect our segment results. These changes, which are detailed in the Form 8-K filed with the SEC on April 7, 2017, include the following: • First, to better align our business within our segments, we moved Max Matthiessen, which specializes in pension investment advice, to Investment, Risk and Reinsurance from Human Capital and Benefits; and moved Fine Art, Jewellery and Specie, which is a specialty broker, to Corporate Risk and Broking from Investment, Risk and Reinsurance. • Second, we recast operating income to better reflect the new segment reporting basis. As part of the further integration of our Willis Towers Watson businesses, we updated our corporate expense allocations to standardize our methodologies and allocate those expenses which are directly related to the business segment operations. Additionally, we revised the presentation of certain adjustments which arose from the purchase accounting for the Merger. Due to the long-term nature of these adjustments, which impact fixed asset and internally-developed software, we aligned the presentation within the respective segments and consolidated operating income, thereby eliminating a reconciling adjustment. The prior period comparatives reflected in the tables below have been retrospectively adjusted to reflect our current segment presentation. The following table presents segment commissions and fees, segment interest and other income, segment revenues, and segment operating income for our reportable segments for the three months ended March 31, 2017 and 2016, respectively. Three months ended March 31, HCB CRB IRR ES Total 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Segment commissions and fees $ 951 $ 926 $ 650 $ 641 $ 502 $ 498 $ 179 $ 163 $ 2,282 $ 2,228 Segment interest and other income 4 4 5 6 5 4 — — 14 14 Segment revenues $ 955 $ 930 $ 655 $ 647 $ 507 $ 502 $ 179 $ 163 $ 2,296 $ 2,242 Segment operating income $ 349 $ 313 $ 122 $ 110 $ 222 $ 199 $ 38 $ 43 $ 731 $ 665 The following table presents a reconciliation of the information reported by segment to the Company’s consolidated amounts reported for the three months ended March 31, 2017 and 2016 , respectively: Three Months Ended 2017 2016 Revenues: Total segment revenue $ 2,296 $ 2,242 Fair value adjustment for deferred revenue — (32 ) Reimbursable expenses and other 23 24 Total revenues $ 2,319 $ 2,234 Total segment operating income $ 731 $ 665 Fair value adjustment for deferred revenue — (32 ) Amortization (151 ) (161 ) Restructuring costs (27 ) (25 ) Merger-related integration expenses (40 ) (52 ) Provision for the Stanford litigation — (50 ) Unallocated, net (i) (50 ) (19 ) Income from operations 463 326 Interest expense 46 46 Other expense, net 20 18 Income from operations before income taxes and interest in earnings of associates $ 397 $ 262 ________________________ i. Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes. The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment.

Restructuring Costs

Restructuring Costs	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs The Company has two major elements of the restructuring costs included in the condensed consolidated financial statements, which are the Operational Improvement Program, continuing through 2017, and the Business Merger Restructure Program, which was fully accrued by the end of 2016. Operational Improvement Program - In April 2014, Legacy Willis announced a multi-year operational improvement program designed to strengthen its client service capabilities and to deliver future cost savings. The main elements of the program, which will be completed by the end of 2017, include: moving more than 3,500 support roles from higher cost locations to facilities in lower cost locations; net workforce reductions in support positions; lease consolidation in real estate; and information technology systems simplification and rationalization. The Company recognized restructuring costs of $27 million and $25 million in the three months ended March 31, 2017 and 2016 , respectively, all of which were related to the Operational Improvement Program. The Company expects to incur $130 million of restructuring costs during fiscal year 2017, bringing the cumulative restructuring charges to approximately $440 million . An analysis of the total cumulative restructuring costs recognized for the Operational Improvement Program from commencement to March 31, 2017 by segment is as follows: HCB CRB IRR ES Corporate Total 2014 Termination benefits $ — $ 15 $ 1 $ — $ — $ 16 Professional services and other (i) — 3 — — 17 20 2015 Termination benefits 2 24 7 — 3 36 Professional services and other (i) 1 57 2 — 30 90 2016 Termination benefits 1 18 3 — 1 23 Professional services and other (i) 1 81 4 — 36 122 2017 Termination benefits — 4 2 — — 6 Professional services and other (i) 1 15 1 — 4 21 Total Termination benefits 3 61 13 — 4 81 Professional services and other (i) 3 156 7 — 87 253 Total $ 6 $ 217 $ 20 $ — $ 91 $ 334 ____________________ i. Other includes salary and benefits, premises, and other expenses incurred to support the ongoing management and facilitation of the programs. At March 31, 2017 , the Company’s liability under the Operational Improvement Program was as follows: Termination Benefits Professional Services and Other Total Balance at January 1, 2014 $ — $ — $ — Charges incurred 16 20 36 Cash payments (11 ) (14 ) (25 ) Balance at December 31, 2014 5 6 11 Charges incurred 36 90 126 Cash payments (26 ) (85 ) (111 ) Balance at December 31, 2015 15 11 26 Charges incurred 23 122 145 Cash payments (31 ) (115 ) (146 ) Balance at December 31, 2016 7 18 25 Charges incurred 6 21 27 Cash payments (4 ) (33 ) (37 ) Balance at March 31, 2017 $ 9 $ 6 $ 15 Business Restructure Program - In the second quarter of 2016, we began planning targeted staffing reductions in certain portions of the business due to a reduction in business demand or change in business focus (hereinafter referred to as the Business Restructure Program). The main element of the program included workforce reductions, and was completed in 2016. The Company recognized no restructuring costs for the three months ended March 31, 2017 and 2016 related to the Business Restructure Program. At March 31, 2017 , the Company’s liability under the Business Restructure Program was as follows: Termination Benefits Professional Services and Other Total Balance at January 1, 2016 $ — $ — $ — Charges incurred 45 3 48 Cash payments (19 ) (3 ) (22 ) Balance at December 31, 2016 26 — 26 Cash payments (18 ) — (18 ) Balance at March 31, 2017 $ 8 $ — $ 8

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for income taxes for the three months ended March 31, 2017 was $46 million , compared to $18 million for the three months ended March 31, 2016 . The effective tax rate was 11.6% for the three months ended March 31, 2017 and 6.9% for the three months ended March 31, 2016 . Our effective tax rate is low as compared to the U.S. statutory rate of 35% . This is primarily due to our global mix of income which creates deductions in jurisdictions with high statutory income tax rates. The effective tax rate for the three months ended March 31, 2017 was higher than the rate for the three months ended March 31, 2016 primarily due to the U.S. tax expense resulting from an internal reorganization of certain legacy Towers Watson businesses. Historically, we have not provided deferred taxes on cumulative earnings of our subsidiaries that have been reinvested indefinitely. As a result of our plan to restructure or distribute accumulated earnings of certain acquired Towers Watson foreign operations, we continue to accrue deferred taxes on current year earnings of those subsidiaries. However, we assert that the historical cumulative earnings of our other subsidiaries are reinvested indefinitely, and therefore do not provide deferred tax liabilities on these amounts. The Company records valuation allowances against net deferred tax assets based on whether it is more likely than not that the deferred tax assets will be realized. We have liabilities for uncertain tax positions under Accounting Standards Codification (‘ASC’) 740, Income Taxes of $54 million , excluding interest and penalties. The Company believes the outcomes that are reasonably possible within the next 12 months may result in a reduction in the liability for uncertain tax positions in the range of approximately $1 million to $4 million , excluding interest and penalties.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of businesses acquired over the fair market value of identifiable net assets at the dates of acquisition. Goodwill is not amortized but is subject to impairment testing annually and whenever facts or circumstances indicate that the carrying amounts may not be recoverable. Goodwill is allocated to our reporting units primarily based on the original purchase price allocation for acquisitions within the reporting units, or relative fair value when an acquisition covers multiple reporting units. When a business entity is sold, goodwill is allocated to the disposed entity based on the relative fair value of that entity compared with the fair value of the reporting unit in which it was included. The components of goodwill are outlined below for the three months ended March 31, 2017 : HCB CRB IRR ES Total Balance at December 31, 2016: Goodwill, gross $ 4,412 $ 2,178 $ 1,758 $ 2,557 $ 10,905 Accumulated impairment losses (130 ) (362 ) — — (492 ) Goodwill, net - December 31, 2016 4,282 1,816 1,758 2,557 10,413 Goodwill reassigned in segment realignment (i) (113 ) 13 100 — — Goodwill acquired during the period — 8 — — 8 Foreign exchange 9 9 3 — 21 Balance at March 31, 2017: Goodwill, gross 4,308 2,208 1,861 2,557 10,934 Accumulated impairment losses (130 ) (362 ) — — (492 ) Goodwill, net - March 31, 2017 $ 4,178 $ 1,846 $ 1,861 $ 2,557 $ 10,442 ____________________ i. Represents the preliminary reallocation of goodwill related to certain businesses which were realigned among the segments as of January 1, 2017. See Note 4 — Segment Information for further information. Other Intangible Assets The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the three months ended March 31, 2017 : Balance as of December 31, 2016 Intangible assets acquired Intangible assets disposed Amortization (ii) Foreign Exchange Balance as of March 31, 2017 Client relationships $ 2,655 $ 11 $ — $ (98 ) $ 13 $ 2,581 Management contracts 54 — — (1 ) 1 54 Software (i) 570 36 — (39 ) 1 568 Trademark and trade name 1,006 — — (12 ) 2 996 Product 33 — — (1 ) — 32 Favorable agreements 11 — — — — 11 Other 3 — — — — 3 Total amortizable intangible assets $ 4,332 $ 47 $ — $ (151 ) $ 17 $ 4,245 i. All in-process research and development intangible assets acquired as part of the Merger on January 4, 2016 of $39 million ( $36 million at March 31, 2017) have been placed in service during the three months ended March 31, 2017 and have been included as intangible assets acquired in this presentation. ii. Amortization associated with favorable lease agreements is recorded in Other operating expenses in the condensed consolidated statements of comprehensive income. We record amortization related to our finite-lived intangible assets. Exclusive of the amortization of our favorable lease agreements, for the three months ended March 31, 2017 and 2016, we recorded amortization of $151 million and $161 million , respectively. Our acquired unfavorable lease liabilities were $29 million as of both March 31, 2017 and December 31, 2016 and are recorded in other non-current liabilities in the condensed consolidated balance sheet. The following table reflects the carrying value of finite-lived intangible assets and liabilities as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Client relationships $ 3,413 $ (832 ) $ 3,396 $ (741 ) Management contracts 63 (9 ) 62 (8 ) Software 742 (174 ) 711 (141 ) Trademark and trade name 1,052 (56 ) 1,051 (45 ) Product 36 (4 ) 36 (3 ) Favorable agreements 13 (2 ) 13 (2 ) Other 6 (3 ) 6 (3 ) Total finite-lived assets $ 5,325 $ (1,080 ) $ 5,275 $ (943 ) Unfavorable agreements $ 35 $ (6 ) $ 34 $ (5 ) Total finite-lived intangible liabilities $ 35 $ (6 ) $ 34 $ (5 ) The weighted average remaining life of amortizable intangible assets and liabilities at March 31, 2017 was 14.7 years. The table below reflects the future estimated amortization expense for amortizable intangible assets and the rent offset resulting from amortization of the net lease intangible assets and liabilities for the remainder of 2017 and for subsequent years: Amortization Rent offset Remainder of 2017 $ 424 $ (3 ) 2018 524 (3 ) 2019 468 (2 ) 2020 416 (2 ) 2021 342 (2 ) Thereafter 2,060 (6 ) Total $ 4,234 $ (18 )

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We are exposed to certain interest rate and foreign currency risks. Where possible, we identify exposures in our business that can be offset internally. Where no natural offset is identified, we may choose to enter into various derivative transactions. These instruments have the effect of reducing our exposure to unfavorable changes in interest and foreign currency rates. The Company’s board of directors reviews and approves policies for managing each of these risks as summarized below. Interest Rate Risk - Investment Income As a result of the Company’s operating activities, the Company holds fiduciary funds. The Company earns interest on these funds, which is included in the Company’s condensed consolidated financial statements as interest and other income. These funds are regulated in terms of access as are the instruments in which they may be invested, most of which are short-term in nature. During 2015, in order to manage interest rate risk arising from these financial assets, the Company entered into interest rate swaps to receive a fixed rate of interest and pay a variable rate of interest. These derivatives were designated as hedging instruments at March 31, 2017 and December 31, 2016 and had total notional amounts of $300 million at both dates presented and net fair value liabilities of $1 million and nil , respectively. Foreign Currency Risk Certain non-U.S. subsidiaries receive revenues and incur expenses in currencies other than their functional currency and as a result, the foreign subsidiary’s functional currency revenues will fluctuate as the currency rates change. Additionally, the forecast Pounds sterling expenses of our London brokerage market operations may exceed their Pounds sterling revenues, and they may also hold a significant net Pounds sterling asset or liability position in the consolidated balance sheet. To reduce such variability, we use foreign exchange forward contracts to hedge against this currency risk. These derivatives were designated as hedging instruments and as of March 31, 2017 and December 31, 2016 had total notional amounts of $787 million and $945 million , respectively, and net fair value liabilities of $85 million and $110 million , respectively. At March 31, 2017 , the Company estimates, based on current interest and exchange rates, there will be $57 million of net derivative losses on forward exchange rates, interest rate swaps, and treasury locks reclassified from accumulated other comprehensive income/(loss) into earnings within the next twelve months as the forecast transactions affect earnings. At March 31, 2017 , our longest outstanding maturity was 2.2 years. The effects of the material derivative instruments that are designated as hedging instruments on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, Gain /(loss) recognized in OCI (effective portion) Location of loss reclassified from Accumulated OCI into income (effective element) Loss reclassified from Accumulated OCI into income (effective element) Location of gain recognized in income (ineffective portion and amount excluded from effectiveness testing) Gain recognized in income (ineffective portion and amount excluded from effectiveness testing) 2017 2016 2017 2016 2017 2016 Forward exchange contracts $ 3 $ (28 ) Other income (expense), net $ (23 ) $ (4 ) Interest expense $ 1 $ — We also enter into foreign currency transactions, primarily to hedge certain intercompany loans. These derivatives are not generally designated as hedging instruments and at March 31, 2017 and December 31, 2016 , we had notional amounts of $461 million and $630 million , respectively, and had nil and a net fair value liability of $8 million , respectively. The effects of derivatives that have not been designated as hedging instruments on the condensed consolidated statements of comprehensive income was a gain of $8 million and a loss of $10 million for the three months ended March 31, 2017 and 2016, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Short-term debt and current portion of long-term debt consists of the following: March 31, 2017 December 31, 2016 6.200% senior notes due 2017 $ — $ 394 Current portion of 7-year term loan facility (expiring 2018) — 22 Current portion of term loan due 2019 85 85 Short term borrowing under bank overdraft arrangement 33 5 Other debt 2 2 $ 120 $ 508 Long-term debt consists of the following: March 31, 2017 December 31, 2016 Revolving $1.25 billion credit facility $ 1,064 $ — Revolving $800 million credit facility — 238 7-year term loan facility (expiring 2018) — 196 Term loan due 2019 148 169 7.000% senior notes due 2019 186 186 5.750% senior notes due 2021 496 496 3.500% senior notes due 2021 446 446 2.125% senior notes due 2022 573 565 4.625% senior notes due 2023 248 247 4.400% senior notes due 2026 543 543 6.125% senior notes due 2043 271 271 $ 3,975 $ 3,357 Revolving credit facility On March 7, 2017, the Company, together with its wholly-owned subsidiary, Trinity Acquisition plc (see Note 18 for further information), entered into a $1.25 billion amended and restated revolving credit facility (the ‘RCF’), that will mature on March 7, 2022. The RCF replaced the previous $800 million revolving credit facility. Amounts outstanding under the RCF shall bear interest at LIBOR plus a margin of 1.00% to 1.75% , or alternatively, the base rate plus a margin of 0.00% to 0.75% , based upon the Company’s guaranteed senior unsecured long-term debt rating. Borrowings of $409 million and €45 million against the RCF were used to repay all outstanding borrowings against the previous $800 million credit facility and the 7 -year term loan due July 23, 2018. Additionally, on March 28, 2017, $407 million was used to repay the 6.200% senior notes due 2017, including accrued interest. At March 31, 2017 and December 31, 2016, we were in compliance with all financial covenants.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company has categorized its assets and liabilities that are measured at fair value on a recurring and non-recurring basis into a three-level fair value hierarchy, based on the reliability of the inputs used to determine fair value as follows: • Level 1: refers to fair values determined based on quoted market prices in active markets for identical assets; • Level 2: refers to fair values estimated using observable market based inputs or unobservable inputs that are corroborated by market data; and • Level 3: includes fair values estimated using unobservable inputs that are not corroborated by market data. The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments: Market values for our derivative instruments have been used to determine the fair value of interest rate swaps and forward foreign exchange contracts based on estimated amounts the Company would receive or have to pay to terminate the agreements, taking into account the current interest rate environment or current foreign currency forward rates. Such financial instruments are classified as Level 2 in the fair value hierarchy. Available-for-sale securities are classified as Level 1 because we use quoted market prices in determining the fair value of these securities. Contingent consideration payable is classified as Level 3, and we estimate fair value based on the likelihood and timing of achieving the relevant milestones of each arrangement, applying a probability assessment to each of the potential outcomes, and discounting the probability-weighted payout. Typically, milestones are based on revenue or EBITDA growth for the acquired business. The following tables present our assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 : Fair Value Measurements on a Recurring Basis at March 31, 2017 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities: Mutual funds / exchange traded funds Prepaid and other current assets and other non-current assets $ 38 $ — $ — $ 38 Derivatives: Derivative financial instruments (i) Prepaid and other current assets and other non-current assets $ — $ 13 $ — $ 13 Liabilities: Contingent Consideration: Contingent Consideration (ii) Other current liabilities and other non-current liabilities $ — $ — $ 54 $ 54 Derivatives: Derivative financial instruments (i) Other current liabilities and other non-current liabilities $ — $ 99 $ — $ 99 Fair Value Measurements on a Recurring Basis at December 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities: Mutual funds / exchange traded funds Prepaid and other current assets and other non-current assets $ 37 $ — $ — $ 37 Derivatives: Derivative financial instruments (i) Prepaid and other current assets and other non-current assets $ — $ 15 $ — $ 15 Liabilities: Contingent Consideration: Contingent Consideration (ii) Other current liabilities and other non-current liabilities $ — $ — $ 55 $ 55 Derivatives: Derivative financial instruments (i) Other current liabilities and other non-current liabilities $ — $ 133 $ — $ 133 _________________________ i. See Note 8 — Derivative Financial Instruments for further information on our derivative investments. ii. Probability weightings are based on our knowledge of the past and planned performance of the acquired entity to which the contingent consideration applies. The weighted average discount rate used on our material contingent consideration calculations was 10.02% and 10.76% at March 31, 2017 and December 31, 2016, respectively. Using different probability weightings and discount rates could result in an increase or decrease of the contingent consideration payable. The following table summarizes the change in fair value of the Level 3 liabilities: Fair Value Measurements using significant unobservable inputs (Level 3) March 31, 2017 Balance at December 31, 2016 $ 55 Obligations assumed — Payments (2 ) Realized and unrealized losses — Foreign exchange 1 Balance at March 31, 2017 $ 54 There were no significant transfers between Levels 1, 2 or 3 in the three months ended March 31, 2017 and 2016. The following presents our liabilities not measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Current portion of long-term debt $ 120 $ 120 $ 508 $ 513 Long-term debt $ 3,975 $ 4,216 $ 3,357 $ 3,504 The carrying values of our revolving lines of credit and term loans approximate their fair values. The fair values above are not necessarily indicative of the amounts that the Company would realize upon disposition nor do they indicate the Company’s intent or ability to dispose of the financial instrument. The fair value of our respective senior notes are considered level 2 financial instruments as they are corroborated by observable market data.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Retirement Benefits	Retirement Benefits Defined Benefit Plans and Post-retirement Welfare Plan Willis Towers Watson sponsors both qualified and non-qualified defined benefit pension plans and other post-retirement welfare plans (‘PRW’) plans throughout the world. The majority of our plan assets and obligations are in the United States and the United Kingdom. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Ireland and the Netherlands. Together, these disclosed funded and unfunded plans represented 99% of Willis Towers Watson’s pension and PRW obligations and are disclosed herein. Components of Net Periodic Benefit Cost for Defined Benefit Pension and Post-retirement Welfare Plans The following table sets forth the components of net periodic benefit cost for the Company’s defined benefit pension and PRW plans for the three months ended March 31, 2017 and 2016 , respectively: Three Months Ended March 31, 2017 2016 U.S. U.K. Other PRW U.S. U.K. Other PRW Service cost $ 16 $ 8 $ 5 $ — $ 15 $ 6 $ 5 $ — Interest cost 35 22 4 1 34 28 6 1 Expected return on plan assets (61 ) (68 ) (7 ) — (59 ) (64 ) (8 ) — Settlement — — — — — — 2 — Amortization of net loss 3 13 — — 3 11 — — Amortization of prior service (credit) — (5 ) — — — (5 ) — — Net periodic benefit (income) /cost $ (7 ) $ (30 ) $ 2 $ 1 $ (7 ) $ (24 ) $ 5 $ 1 Employer Contributions to Defined Benefit Pension Plans The Company made no contributions to its U.S. plans for the three months ended March 31, 2017 and anticipates making $50 million in contributions over the remainder of the fiscal year. The Company made contributions of $12 million to its U.K. plans for the three months ended March 31, 2017 and anticipates making additional contributions of $48 million for the remainder of the fiscal year. The Company made contributions of $5 million to its other plans for the three months ended March 31, 2017 and anticipates making additional contributions of $9 million for the remainder of the fiscal year. Defined Contribution Plans The Company made contributions of $42 million and $36 million to its various defined contribution plans during the three months ended March 31, 2017 and 2016 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification Agreements Willis Towers Watson has various agreements which provide that it may be obligated to indemnify the other party to the agreement with respect to certain matters. Generally, these indemnification provisions are included in contracts arising in the normal course of business and in connection with the purchase and sale of certain businesses. Although it is not possible to predict the maximum potential amount of future payments that may become due under these indemnification agreements because of the conditional nature of Willis Towers Watson’s obligations and the unique facts of each particular agreement, the Company does not believe that any potential liability that might arise from such indemnity provisions is probable or material. There are no provisions for recourse to third parties, nor are any assets held by any third parties that any guarantor can liquidate to recover amounts paid under such indemnities. Legal Proceedings In the ordinary course of business, the Company is subject to various actual and potential claims, lawsuits and other proceedings. Some of the claims, lawsuits and other proceedings seek damages in amounts which could, if assessed, be significant. We do not expect the impact of claims or demands not described below to be material to the Company’s financial statements. The Company also receives subpoenas in the ordinary course of business and, from time to time, receives requests for information in connection with governmental investigations. Errors and omissions claims, lawsuits, and other proceedings arising in the ordinary course of business are covered in part by professional indemnity or other appropriate insurance. The terms of this insurance vary by policy year. Regarding self-insured risks, the Company has established provisions which are believed to be adequate in the light of current information and legal advice, or, in certain cases, where a range of loss exists, the Company accrues the minimum amount in the range if no amount within the range is a better estimate than any other amount. The Company adjusts such provisions from time to time according to developments. On the basis of current information, the Company does not expect that the actual claims, lawsuits and other proceedings to which the Company is subject, or potential claims, lawsuits, and other proceedings relating to matters of which it is aware, will ultimately have a material adverse effect on the Company’s financial condition, results of operations or liquidity. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation and disputes with insurance companies, it is possible that an adverse outcome or settlement in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In addition, given the early stages of some litigation or regulatory proceedings described below, it is not possible to predict their outcome or resolution, and it is possible that these events may have a material adverse effect on the Company. The Company provides for contingent liabilities based on ASC 450, Contingencies, when it is determined that a liability, inclusive of defense costs, is probable and reasonably estimable. The contingent liabilities recorded are primarily developed actuarially. Litigation is subject to many factors which are difficult to predict so there can be no assurance that in the event of a material unfavorable result in one or more claims, we will not incur material costs. Merger-related Appraisal demands Between November 12, 2015 and December 10, 2015, in connection with the then-proposed Merger, Towers Watson received demands for appraisal under Section 262 of the Delaware General Corporation Law on behalf of ten purported beneficial owners of an aggregate of approximately 2.4% of the shares of Towers Watson common stock outstanding at the time of the Merger. Between March 3, 2016 and March 23, 2016, three appraisal petitions were filed in the Court of Chancery for the State of Delaware on behalf of three purported beneficial owners of an aggregate of 1,354,338 shares of Towers Watson common stock, captioned Rangeley Capital LLC v. Towers Watson & Co., C.A. No. 12063-CB, Merion Capital L.P. v. Towers Watson & Co., C.A. No. 12064-CB, and College Retirement Equities Fund v. Towers Watson & Co., C.A. No. 12126-CB. The appraisal petitions seek, among other things, a determination of the fair value of the appraisal petitioners’ shares at the time of the Merger; an order that Towers Watson pay that value to the appraisal petitioners, together with interest at the statutory rate; and an award of costs, attorneys’ fees, and other expenses. Towers Watson answered the appraisal petitions between March 24, 2016 and April 18, 2016. On May 9, 2016, the court consolidated the three pending appraisal proceedings under the caption In re Appraisal of Towers Watson & Co. , Consolidated C.A. No. 12064-CB. Based on all of the information to date, the Company is currently unable to estimate what the court would determine, following trial, to be the fair value of the appraisal petitioners’ shares. It is possible that the court could determine that fair value was the same as, less than or greater than the value received by shareholders in the Merger. Therefore we are unable to provide an estimate of the reasonably possible loss or range of loss as to such value. The Company intends to vigorously defend against the appraisal proceedings. Stanford Financial Group The Company has been named as a defendant in 15 similar lawsuits relating to the collapse of The Stanford Financial Group (‘Stanford’), for which Willis of Colorado, Inc. acted as broker of record on certain lines of insurance. The complaints in these actions generally allege that the defendants actively and materially aided Stanford’s alleged fraud by providing Stanford with certain letters regarding coverage that they knew would be used to help retain or attract actual or prospective Stanford client investors. The complaints further allege that these letters, which contain statements about Stanford and the insurance policies that the defendants placed for Stanford, contained untruths and omitted material facts and were drafted in this manner to help Stanford promote and sell its allegedly fraudulent certificates of deposit. The 15 actions are as follows: • Troice, et al. v. Willis of Colorado, Inc., et al. , C.A. No. 3:9-CV-1274-N, was filed on July 2, 2009 in the U.S. District Court for the Northern District of Texas against Willis Group Holdings plc, Willis of Colorado, Inc. and a Willis associate, among others. On April 1, 2011, plaintiffs filed the operative Third Amended Class Action Complaint individually and on behalf of a putative, worldwide class of Stanford investors, adding Willis Limited as a defendant and alleging claims under Texas statutory and common law and seeking damages in excess of $1 billion , punitive damages and costs. On May 2, 2011, the defendants filed motions to dismiss the Third Amended Class Action Complaint, arguing, inter alia , that the plaintiffs’ claims are precluded by the Securities Litigation Uniform Standards Act of 1998 (‘SLUSA’). On May 10, 2011, the court presiding over the Stanford-related actions in the Northern District of Texas entered an order providing that it would consider the applicability of SLUSA to the Stanford-related actions based on the decision in a separate Stanford action not involving a Willis entity, Roland v. Green , Civil Action No. 3:10-CV-0224-N (‘Roland’). On August 31, 2011, the court issued its decision in Roland, dismissing that action with prejudice under SLUSA. On October 27, 2011, the court in Troice entered an order (i) dismissing with prejudice those claims asserted in the Third Amended Class Action Complaint on a class basis on the grounds set forth in the Roland decision discussed above and (ii) dismissing without prejudice those claims asserted in the Third Amended Class Action Complaint on an individual basis. Also on October 27, 2011, the court entered a final judgment in the action. On October 28, 2011, the plaintiffs in Troice filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit. Subsequently, Troice , Roland and a third action captioned Troice, et al. v. Proskauer Rose LLP, Civil Action No. 3:09-CV-01600-N, which also was dismissed on the grounds set forth in the Roland decision discussed above and on appeal to the U.S. Court of Appeals for the Fifth Circuit, were consolidated for purposes of briefing and oral argument. Following the completion of briefing and oral argument, on March 19, 2012, the Fifth Circuit reversed and remanded the actions. On April 2, 2012, the defendants-appellees filed petitions for rehearing en banc . On April 19, 2012, the petitions for rehearing en banc were denied. On July 18, 2012, defendants-appellees filed a petition for writ of certiorari with the United States Supreme Court regarding the Fifth Circuit’s reversal in Troice . On January 18, 2013, the Supreme Court granted our petition. Opening briefs were filed on May 3, 2013 and the Supreme Court heard oral argument on October 7, 2013. On February 26, 2014, the Supreme Court affirmed the Fifth Circuit’s decision. On March 19, 2014, the plaintiffs in Troice filed a Motion to Defer Resolution of Motions to Dismiss, to Compel Rule 26(f) Conference and For Entry of Scheduling Order. On March 25, 2014, the parties in Troice and the Janvey, et al. v. Willis of Colorado, Inc., et al. action discussed below stipulated to the consolidation of the two actions for pre-trial purposes under Rule 42(a) of the Federal Rules of Civil Procedure. On March 28, 2014, the Court ‘so ordered’ that stipulation and, thus, consolidated Troice and Janvey for pre-trial purposes under Rule 42(a). On September 16, 2014, the court (a) denied the plaintiffs’ request to defer resolution of the defendants’ motions to dismiss, but granted the plaintiffs’ request to enter a scheduling order; (b) requested the submission of supplemental briefing by all parties on the defendants’ motions to dismiss, which the parties submitted on September 30, 2014; and (c) entered an order setting a schedule for briefing and discovery regarding plaintiffs’ motion for class certification, which schedule, among other things, provided for the submission of the plaintiffs’ motion for class certification (following the completion of briefing and discovery) on April 20, 2015. On December 15, 2014, the court granted in part and denied in part the defendants’ motions to dismiss. On January 30, 2015, the defendants except Willis Group Holdings plc answered the Third Amended Class Action Complaint. On April 20, 2015, the plaintiffs filed their motion for class certification, the defendants filed their opposition to plaintiffs’ motion, and the plaintiffs filed their reply in further support of the motion. Pursuant to an agreed stipulation also filed with the court on April 20, 2015, the defendants on June 4, 2015 filed sur-replies in further opposition to the motion. The Court has not yet scheduled a hearing on the motion. On June 19, 2015, Willis Group Holdings plc filed a motion to dismiss the complaint for lack of personal jurisdiction. On November 17, 2015, Willis Group Holdings plc withdrew the motion. On March 31, 2016, the parties in the Troice and Janvey actions entered into a settlement in principle that is described in more detail below. • Ranni v. Willis of Colorado, Inc., et al., C.A. No. 9-22085, was filed on July 17, 2009 against Willis Group Holdings plc and Willis of Colorado, Inc. in the U.S. District Court for the Southern District of Florida. The complaint was filed on behalf of a putative class of Venezuelan and other South American Stanford investors and alleges claims under Section 10(b) of the Securities Exchange Act of 1934 (and Rule 10b-5 thereunder) and Florida statutory and common law and seeks damages in an amount to be determined at trial. On October 6, 2009, Ranni was transferred, for consolidation or coordination with other Stanford-related actions (including Troice ), to the Northern District of Texas by the U.S. Judicial Panel on Multidistrict Litigation (the ‘JPML’). The defendants have not yet responded to the complaint in Ranni . On August 26, 2014, the plaintiff filed a notice of voluntary dismissal of the action without prejudice. • Canabal, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:9-CV-1474-D, was filed on August 6, 2009 against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate named as a defendant in Troice , among others, also in the Northern District of Texas. The complaint was filed individually and on behalf of a putative class of Venezuelan Stanford investors, alleged claims under Texas statutory and common law and sought damages in excess of $1 billion , punitive damages, attorneys’ fees and costs. On December 18, 2009, the parties in Troice and Canabal stipulated to the consolidation of those actions (under the Troice civil action number), and, on December 31, 2009, the plaintiffs in Canabal filed a notice of dismissal, dismissing the action without prejudice. • Rupert, et al. v. Winter, et al., Case No. 2009C115137, was filed on September 14, 2009 on behalf of 97 Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under the Securities Act of 1933, Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $300 million , attorneys’ fees and costs. On October 20, 2009, certain defendants, including Willis of Colorado, Inc., (i) removed Rupert to the U.S. District Court for the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On April 1, 2010, the JPML issued a final transfer order for the transfer of Rupert to the Northern District of Texas. On January 24, 2012, the court remanded Rupert to Texas state court (Bexar County), but stayed the action until further order of the court. On August 13, 2012, the plaintiffs filed a motion to lift the stay, which motion was denied by the court on September 16, 2014. On October 10, 2014, the plaintiffs appealed the court’s denial of their motion to lift the stay to the U.S. Court of Appeals for the Fifth Circuit. On January 5, 2015, the Fifth Circuit consolidated the appeal with the appeal in the Rishmague, et ano. v. Winter, et al. action discussed below, and the consolidated appeal, was fully briefed as of March 24, 2015. Oral argument on the consolidated appeal was held on September 2, 2015. On September 16, 2015, the Fifth Circuit affirmed. The defendants have not yet responded to the complaint in Rupert . • Casanova, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:10-CV-1862-O, was filed on September 16, 2010 on behalf of seven Stanford investors against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate, among others, also in the Northern District of Texas. The complaint alleges claims under Texas statutory and common law and seeks actual damages in excess of $5 million , punitive damages, attorneys’ fees and costs. On February 13, 2015, the parties filed an Agreed Motion for Partial Dismissal pursuant to which they agreed to the dismissal of certain claims pursuant to the motion to dismiss decisions in the Troice action discussed above and the Janvey action discussed below. Also on February 13, 2015, the defendants except Willis Group Holdings plc answered the complaint in the Casanova action. On June 19, 2015, Willis Group Holdings plc filed a motion to dismiss the complaint for lack of personal jurisdiction. Plaintiffs have not opposed the motion. • Rishmague, et ano. v. Winter, et al., Case No. 2011CI2585, was filed on March 11, 2011 on behalf of two Stanford investors, individually and as representatives of certain trusts, against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $37 million and attorneys’ fees and costs. On April 11, 2011, certain defendants, including Willis of Colorado, Inc., (i) removed Rishmague to the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On August 8, 2011, the JPML issued a final transfer order for the transfer of Rishmague to the Northern District of Texas, where it is currently pending. On August 13, 2012, the plaintiffs joined with the plaintiffs in the Rupert action in their motion to lift the court’s stay of the Rupert action. On September 9, 2014, the court remanded Rishmague to Texas state court (Bexar County), but stayed the action until further order of the court and denied the plaintiffs’ motion to lift the stay. On October 10, 2014, the plaintiffs appealed the court’s denial of their motion to lift the stay to the Fifth Circuit. On January 5, 2015, the Fifth Circuit consolidated the appeal with the appeal in the Rupert action, and the consolidated appeal was fully briefed as of March 24, 2015. Oral argument on the consolidated appeal was held on September 2, 2015. On September 16, 2015, the Fifth Circuit affirmed. The defendants have not yet responded to the complaint in Rishmague . • MacArthur v. Winter, et al., Case No. 2013-07840, was filed on February 8, 2013 on behalf of two Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Harris County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks actual, special, consequential and treble damages of approximately $4 million and attorneys’ fees and costs. On March 29, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. (i) removed MacArthur to the U.S. District Court for the Southern District of Texas and (ii) notified the JPML of the pendency of this related action. On April 2, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. filed a motion in the Southern District of Texas to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. Also on April 2, 2013, the court presiding over MacArthur in the Southern District of Texas transferred the action to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On September 29, 2014, the parties stipulated to the remand (to Texas state court (Harris County)) and stay of MacArthur until further order of the court (in accordance with the court’s September 9, 2014 decision in Rishmague (discussed above)), which stipulation was ‘so ordered’ by the court on October 14, 2014. The defendants have not yet responded to the complaint in MacArthur . • Florida suits : On February 14, 2013, five lawsuits were filed against Willis Group Holdings plc, Willis Limited and Willis of Colorado, Inc. in Florida state court (Miami-Dade County) alleging violations of Florida common law. The five suits are: (1) Barbar, et al. v. Willis Group Holdings Public Limited Company, et al. , Case No. 13-05666CA27, filed on behalf of 35 Stanford investors seeking compensatory damages in excess of $30 million ; (2) de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al. , Case No. 13-05669CA30, filed on behalf of 64 Stanford investors seeking compensatory damages in excess of $83.5 million ; (3) Ranni, et ano. v. Willis Group Holdings Public Limited Company, et al. , Case No. 13-05673CA06, filed on behalf of two Stanford investors seeking compensatory damages in excess of $3 million ; (4) Tisminesky, et al. v. Willis Group Holdings Public Limited Company, et al. , Case No. 13-05676CA09, filed on behalf of 11 Stanford investors seeking compensatory damages in excess of $6.5 million ; and (5) Zacarias, et al. v. Willis Group Holdings Public Limited Company, et al. , Case No. 13-05678CA11, filed on behalf of 10 Stanford investors seeking compensatory damages in excess of $12.5 million . On June 3, 2013, Willis of Colorado, Inc. removed all five cases to the Southern District of Florida and, on June 4, 2013, notified the JPML of the pendency of these related actions. On June 10, 2013, the court in Tisminesky issued an order sua sponte staying and administratively closing that action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation and coordination with the other Stanford-related actions. On June 11, 2013, Willis of Colorado, Inc. moved to stay the other four actions pending the JPML’s transfer decision. On June 20, 2013, the JPML issued a conditional transfer order for the transfer of the five actions to the Northern District of Texas, the transmittal of which was stayed for 7 days to allow for any opposition to be filed. On June 28, 2013, with no opposition having been filed, the JPML lifted the stay, enabling the transfer to go forward. On September 30, 2014, the court denied the plaintiffs’ motion to remand in Zacarias , and, on October 3, 2014, the court denied the plaintiffs’ motions to remand in Tisminesky and de Gadala Maria . On December 3, 2014 and March 3, 2015, the court granted the plaintiffs’ motions to remand in Barbar and Ranni , respectively, remanded both actions to Florida state court (Miami-Dade County) and stayed both actions until further order of the court. On January 2, 2015 and April 1, 2015, the plaintiffs in Barbar and Ranni , respectively, appealed the court’s December 3, 2014 and March 3, 2015 decisions to the Fifth Circuit. On April 22, 2015 and July 22, 2015, respectively, the Fifth Circuit dismissed the Barbar and Ranni appeals sua sponte for lack of jurisdiction. The defendants have not yet responded to the complaints in Ranni or Barbar . On April 1, 2015, the defendants except Willis Group Holdings plc filed motions to dismiss the complaints in Zacarias , Tisminesky and de Gadala-Maria . On June 19, 2015, Willis Group Holdings plc filed motions to dismiss the complaints in Zacarias , Tisminesky and de Gadala-Maria for lack of personal jurisdiction. On July 15, 2015, the court dismissed the complaint in Zacarias in its entirety with leave to replead within 21 days . On July 21, 2015, the court dismissed the complaints in Tisminesky and de Gadala-Maria in their entirety with leave to replead within 21 days . On August 6, 2015, the plaintiffs in Zacarias , Tisminesky and de Gadala-Maria filed amended complaints (in which, among other things, Willis Group Holdings plc was no longer named as a defendant). On September 11, 2015, the defendants filed motions to dismiss the amended complaints. The motions await disposition by the court. • Janvey, et al. v. Willis of Colorado, Inc., et al. , Case No. 3:13-CV-03980-D, was filed on October 1, 2013 also in the Northern District of Texas against Willis Group Holdings plc, Willis Limited, Willis North America Inc., Willis of Colorado, Inc. and the same Willis associate. The complaint was filed (i) by Ralph S. Janvey, in his capacity as Court-Appointed Receiver for the Stanford Receivership Estate, and the Official Stanford Investors Committee (the ‘OSIC’) against all defendants and (ii) on behalf of a putative, worldwide class of Stanford investors against Willis North America Inc. Plaintiffs Janvey and the OSIC allege claims under Texas common law and the court’s Amended Order Appointing Receiver, and the putative class plaintiffs allege claims under Texas statutory and common law. Plaintiffs seek actual damages in excess of $1 billion , punitive damages and costs. As alleged by the Stanford Receiver, the total amount of collective losses allegedly sustained by all investors in Stanford certificates of deposit is approximately $4.6 billion . On November 15, 2013, plaintiffs in Janvey filed the operative First Amended Complaint, which added certain defendants unaffiliated with Willis. On February 28, 2014, the defendants filed motions to dismiss the First Amended Complaint, which motions, other than with respect to Willis Group Holding plc’s motion to dismiss for lack of personal jurisdiction, were granted in part and denied in part by the court on December 5, 2014. On December 22, 2014, Willis filed a motion to amend the court’s December 5 order to certify an interlocutory appeal to the Fifth Circuit, and, on December 23, 2014, Willis filed a motion to amend and, to the extent necessary, reconsider the court’s December 5 order. On January 16, 2015, the defendants answered the First Amended Complaint. On January 28, 2015, the court denied Willis’s motion to amend the court’s December 5 order to certify an interlocutory appeal to the Fifth Circuit. On February 4, 2015, the court granted Willis’s motion to amend and, to the extent necessary, reconsider the December 5 order. As discussed above, on March 25, 2014, the parties in Troice and Janvey stipulated to the consolidation of the two actions for pre-trial purposes under Rule 42(a) of the Federal Rules of Civil Procedure. On March 28, 2014, the Court ‘so ordered’ that stipulation and, thus, consolidated Troice and Janvey for pre-trial purposes under Rule 42(a). On January 26, 2015, the court entered an order setting a schedule for briefing and discovery regarding the plaintiffs’ motion for class certification, which schedule, among other things, provided for the submission of the plaintiffs’ motion for class certification (following the completion of briefing and discovery) on July 20, 2015. By letter dated March 4, 2015, the parties requested that the court consolidate the scheduling orders entered in Troice and Janvey to provide for a class certification submission date of April 20, 2015 in both cases. On March 6, 2015, the court entered an order consolidating the scheduling orders in Troice and Janvey , providing for a class certification submission date of April 20, 2015 in both cases, and vacating the July 20, 2015 class certification submission date in the original Janvey scheduling order. On November 17, 2015, Willis Group Holdings plc withdrew its motion to dismiss for lack of personal jurisdiction. On March 31, 2016, the parties in the Troice and Janvey actions entered into a settlement in principle that is described in more detail below. • Martin v. Willis of Colorado, Inc., et al. , Case No. 201652115, was filed on August 5, 2016, on behalf of one Stanford investor against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate in Texas state court (Harris County). The complaint alleges claims under Texas statutory and common law and seeks actual damages of less than $100,000 , exemplary damages, attorneys’ fees and costs. On September 12, 2016, the plaintiff filed an amended complaint, which added five more Stanford investors as plaintiffs and seeks damages in excess of $1 million . The defendants have not yet responded to the amended complaint in Martin . • Abel, et al. v. Willis of Colorado, Inc., et al ., C.A. No. 3:16-cv-2601, was filed on September 12, 2016, on behalf of more than 300 Stanford investors against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate, also in the Northern District of Texas. The complaint alleges claims under Texas statutory and common law and seeks actual damages in excess of $135 million , exemplary damages, attorneys’ fees and costs. On November 10, 2016, the plaintiffs filed an amended complaint, which, among other things, added several more Stanford investors as plaintiffs. The defendants have not yet responded to the complaint in Abel . The plaintiffs in Janvey and Troice and the other actions above seek overlapping damages, representing either the entirety or a portion of the total alleged collective losses incurred by investors in Stanford certificates of deposit, notwithstanding the fact that Legacy Willis acted as broker of record for only a portion of time that Stanford issued certificates of deposit. In the fourth quarter of 2015, the Company recognized a $70 million litigation provision for loss contingencies relating to the Stanford matters based on its ongoing review of a variety of factors as required by accounting standards. On March 31, 2016, the Company entered into a settlement in principle for $120 million relating to this litigation, and we have therefore increased our provisions by $50 million . Further details on this settlement in principle are given below. The settlement is contingent on a number of conditions, including court approval of the settlement and a bar order prohibiting any continued or future litigation against Willis related to Stanford, which may not be given. Therefore, the ultimate resolution of these matters may differ from the amount provided for. The Company continues to dispute the allegations and, to the extent litigation proceeds, to defend the lawsuits vigorously. Settlement . On March 31, 2016, the Company entered into a settlement in principle, as reflected in a Settlement Term Sheet, relating to the Stanford litigation matter. The Company agreed to the Settlement Term Sheet to eliminate the distraction, burden, expense and uncertainty of further litigation. In particular, if the settlement and the related bar orders described below are approved by the Court and become effective, the Company (a newly-combined firm) would be able to conduct itself with the bar orders’ protection from the continued overhang of matters alleged to have occurred approximately a decade ago. Further, the Settlement Term Sheet provided that the parties understood and agreed that there is no admission of liability or wrongdoing by the Company. The Company expressly denies any liability or wrongdoing with respect to the matters alleged in the Stanford litigation. On or about August 31, 2016, the parties to the settlement signed a formal Settlement Agreement memorializing the terms of the settlement as originally set forth in the Settlement Term Sheet. The parties to the Settlement Agreement are Ralph S. Janvey (in his capacity as the Court-appointed receiver (the ‘Receiver’) for The Stanford Financial Group and its affiliated entities in receivership (collectively, ‘Stanford’)), the Official Stanford Investors Committee, Samuel Troice, Martha Diaz, Paula Gilly-Flores, Punga Punga Financial, Ltd., Manuel Canabal, Daniel Gomez Ferreiro and Promotora Villa Marina, C.A. (collectively, ‘Plaintiffs’), on the one hand, and Willis Towers Watson Public Limited Company (formerly Willis Group Holdings Public Limited Company), Willis Limited, Willis North America Inc., Willis of Colorado, Inc. and the Willis associate referenced above (collectively, ‘Defendants’), on the other hand. Under the terms of the Settlement Agreement, the parties agreed to settle and dismiss the Janvey and Troice actions (collectively, the ‘Actions’) and all current or future claims arising from or related to Stanford. If the settlement, including the bar orders described below, is approved by the Court and is not subject to further appeal, Willis North America Inc. will make a one-time cash payment of $120 million to the Receiver to be distributed to all Stanford investors who have claims recognized by the Receiver pursuant to the distribution plan in place at the time the payment is made. The Settlement Agreement also provides the parties’ agreement to seek the Court’s entry of bar orders prohibiting any continued or future litigation against the Defendants and their related parties of claims relating to Stanford, whether asserted to date or not. The terms of the bar orders therefore wo

Supplementary Information for C

Supplementary Information for Certain Balance Sheet Accounts	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Supplementary Information for Certain Balance Sheet Accounts	Supplementary Information for Certain Balance Sheet Accounts Additional details of specific balance sheet accounts are detailed below. Accounts receivable, net consists of the following: March 31, December 31, Billed, net of allowance for doubtful debts of $46 million and $40 million $ 1,956 $ 1,789 Accrued and unbilled, at estimated net realizable value 351 291 Accounts receivable, net $ 2,307 $ 2,080 Other current liabilities consist of the following: March 31, December 31, Accounts payable $ 135 $ 117 Income and other taxes payable 179 91 Contingent and deferred consideration on acquisition 54 53 Payroll-related liabilities 275 200 Derivatives 66 80 Third-party commissions 186 184 Other current liabilities 101 151 Total other current liabilities $ 996 $ 876 Provision for liabilities consists of the following: March 31, December 31, Claims, lawsuits and other proceedings $ 465 $ 456 Other provisions 153 119 Total provision for liabilities $ 618 $ 575

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income/(Loss)	Accumulated Other Comprehensive Income/(Loss) Changes in accumulated other comprehensive income/(loss), net of noncontrolling interests, and net of tax are provided in the following table. The difference between the amounts presented in this table and the amounts presented in the condensed consolidated statements of comprehensive income are the corresponding components attributable to noncontrolling interests, which are not material for further disclosure. Amounts related to available-for-sale securities are immaterial. Foreign currency translation (i) Gains and losses on cash flow hedges (i) Defined pension and post-retirement benefit costs (ii) Total As of December 31, 2015 $ (314 ) $ (10 ) $ (713 ) $ (1,037 ) Other comprehensive income/(loss) before reclassifications 4 (26 ) (6 ) (28 ) Amounts reclassified from accumulated other comprehensive income/(loss) (net of tax benefit of $3) — 4 8 12 Net current-period other comprehensive income/(loss) 4 (22 ) 2 (16 ) As of March 31, 2016 $ (310 ) $ (32 ) $ (711 ) $ (1,053 ) As of December 31, 2016 $ (650 ) $ (82 ) $ (1,152 ) $ (1,884 ) Other comprehensive income/(loss) before reclassifications (74 ) 1 20 (53 ) Amounts reclassified from accumulated other comprehensive income/(loss) (net of tax benefit of $6) — 19 10 29 Net current-period other comprehensive income/(loss) (74 ) 20 30 (24 ) As of March 31, 2017 $ (724 ) $ (62 ) $ (1,122 ) $ (1,908 ) ________________________ i Reclassification adjustments from accumulated other comprehensive income/(loss) are included in Other expense, net, exclusive of foreign currency translation and gains and losses on cash flow hedges. See Note 8 — Derivative Financial Instruments for additional details regarding the reclassification adjustments for the hedge settlements. ii Reclassification adjustments from accumulated other comprehensive income/(loss) are included in the computation of net periodic pension cost (see Note 11 — Retirement Benefits ) which is included in Salaries and benefits in the accompanying condensed consolidated statements of comprehensive income.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated by dividing net income attributable to Willis Towers Watson by the average number of ordinary shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company. At March 31, 2017 and 2016 , there were 1.0 million and 1.5 million time-based share options; 1.1 million and 1.3 million performance-based options; 0.5 million and 1.2 million restricted time-based stock units; and 0.6 million and 0.7 million restricted performance-based stock units outstanding, respectively. Basic and diluted earnings per share are as follows: Three Months Ended March 31, 2017 2016 Net income attributable to Willis Towers Watson $ 344 $ 238 Basic average number of shares outstanding 137 135 Dilutive effect of potentially issuable shares 1 1 Diluted average number of shares outstanding 138 136 Basic earnings per share $ 2.51 $ 1.76 Dilutive effect of potentially issuable shares (0.01 ) (0.01 ) Diluted earnings per share $ 2.50 $ 1.75 Options to purchase 0.1 million shares and 0.7 million shares, for the three months ended March 31, 2017 and 2016 , respectively, were not included in the computation of the dilutive effect of stock options because their effects were anti-dilutive.

Financial Information for Paren

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries	Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Willis North America Inc. (‘Willis North America’) had $148 million of senior notes outstanding that were issued on July 1, 2005 and subsequently repaid on July 1, 2015, had $394 million of senior notes issued on March 28, 2007 and subsequently repaid on March 28, 2017, and had $187 million of senior notes issued on September 29, 2009. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The debt securities that were issued by Willis North America and guaranteed by the entities described above, and for which the disclosures set forth below relate and are required under applicable SEC rules, were issued under an effective registration statement. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer; (iii) the Issuer, Willis North America; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries On March 17, 2011, the Company issued senior notes totaling $800 million in a registered public offering. On March 15, 2016, $300 million of these senior notes was repaid, leaving $500 million outstanding. These debt securities were issued by Willis Towers Watson (‘WTW Debt Securities’) and are guaranteed by certain of the Company’s subsidiaries. Therefore, the Company is providing the condensed consolidating financial information below. The following wholly owned subsidiaries (directly or indirectly) fully and unconditionally guarantee the WTW Debt Securities on a joint and several basis: Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd. (the ‘Guarantors’). The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America (the ‘Willis North America Debt Securities’) (and for which condensed consolidating financial information is presented in Note 16 ) in that Willis Towers Watson is the Parent Issuer and Willis North America is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is the Parent Issuer; (ii) the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent; (iii) Other, which are the non-guarantor subsidiaries, on a combined basis; (iv) Consolidating adjustments; and (v) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Trinity Acquisition plc has $2.1 billion senior notes outstanding of which $525 million were issued on August 15, 2013, $1.0 billion were issued on March 22, 2016, €540 million ( $609 million ) were issued on May 26, 2016, and $1.1 billion outstanding under the $1.25 billion revolving credit facility issued March 7, 2017. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The guarantor structure described above differs from the guarantor structure associated with the Willis North America Debt Securities (and for which condensed consolidating financial information is presented in Note 16 ) in that Trinity Acquisition plc is the issuer and not a subsidiary guarantor, and Willis North America Inc. is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all wholly owned subsidiaries (directly or indirectly) of the parent. Willis Towers Watson Sub Holdings Unlimited Company, Willis Netherlands Holdings B.V, Willis Investment U.K. Holdings Limited, TA I Limited and WTW Bermuda Holdings Ltd. are all direct or indirect parents of the issuer and Willis Group Limited and Willis North America Inc., are direct or indirect wholly owned subsidiaries of the issuer; (iii) Trinity Acquisition plc, which is the issuer and is a 100 percent indirectly owned subsidiary of the parent; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371

Financial Information for Par23

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries	Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Willis North America Inc. (‘Willis North America’) had $148 million of senior notes outstanding that were issued on July 1, 2005 and subsequently repaid on July 1, 2015, had $394 million of senior notes issued on March 28, 2007 and subsequently repaid on March 28, 2017, and had $187 million of senior notes issued on September 29, 2009. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The debt securities that were issued by Willis North America and guaranteed by the entities described above, and for which the disclosures set forth below relate and are required under applicable SEC rules, were issued under an effective registration statement. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer; (iii) the Issuer, Willis North America; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries On March 17, 2011, the Company issued senior notes totaling $800 million in a registered public offering. On March 15, 2016, $300 million of these senior notes was repaid, leaving $500 million outstanding. These debt securities were issued by Willis Towers Watson (‘WTW Debt Securities’) and are guaranteed by certain of the Company’s subsidiaries. Therefore, the Company is providing the condensed consolidating financial information below. The following wholly owned subsidiaries (directly or indirectly) fully and unconditionally guarantee the WTW Debt Securities on a joint and several basis: Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd. (the ‘Guarantors’). The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America (the ‘Willis North America Debt Securities’) (and for which condensed consolidating financial information is presented in Note 16 ) in that Willis Towers Watson is the Parent Issuer and Willis North America is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is the Parent Issuer; (ii) the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent; (iii) Other, which are the non-guarantor subsidiaries, on a combined basis; (iv) Consolidating adjustments; and (v) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Trinity Acquisition plc has $2.1 billion senior notes outstanding of which $525 million were issued on August 15, 2013, $1.0 billion were issued on March 22, 2016, €540 million ( $609 million ) were issued on May 26, 2016, and $1.1 billion outstanding under the $1.25 billion revolving credit facility issued March 7, 2017. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The guarantor structure described above differs from the guarantor structure associated with the Willis North America Debt Securities (and for which condensed consolidating financial information is presented in Note 16 ) in that Trinity Acquisition plc is the issuer and not a subsidiary guarantor, and Willis North America Inc. is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all wholly owned subsidiaries (directly or indirectly) of the parent. Willis Towers Watson Sub Holdings Unlimited Company, Willis Netherlands Holdings B.V, Willis Investment U.K. Holdings Limited, TA I Limited and WTW Bermuda Holdings Ltd. are all direct or indirect parents of the issuer and Willis Group Limited and Willis North America Inc., are direct or indirect wholly owned subsidiaries of the issuer; (iii) Trinity Acquisition plc, which is the issuer and is a 100 percent indirectly owned subsidiary of the parent; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371

Financial Information for Issue

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries	Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Willis North America Inc. (‘Willis North America’) had $148 million of senior notes outstanding that were issued on July 1, 2005 and subsequently repaid on July 1, 2015, had $394 million of senior notes issued on March 28, 2007 and subsequently repaid on March 28, 2017, and had $187 million of senior notes issued on September 29, 2009. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The debt securities that were issued by Willis North America and guaranteed by the entities described above, and for which the disclosures set forth below relate and are required under applicable SEC rules, were issued under an effective registration statement. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer; (iii) the Issuer, Willis North America; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries On March 17, 2011, the Company issued senior notes totaling $800 million in a registered public offering. On March 15, 2016, $300 million of these senior notes was repaid, leaving $500 million outstanding. These debt securities were issued by Willis Towers Watson (‘WTW Debt Securities’) and are guaranteed by certain of the Company’s subsidiaries. Therefore, the Company is providing the condensed consolidating financial information below. The following wholly owned subsidiaries (directly or indirectly) fully and unconditionally guarantee the WTW Debt Securities on a joint and several basis: Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd. (the ‘Guarantors’). The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America (the ‘Willis North America Debt Securities’) (and for which condensed consolidating financial information is presented in Note 16 ) in that Willis Towers Watson is the Parent Issuer and Willis North America is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is the Parent Issuer; (ii) the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent; (iii) Other, which are the non-guarantor subsidiaries, on a combined basis; (iv) Consolidating adjustments; and (v) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries Trinity Acquisition plc has $2.1 billion senior notes outstanding of which $525 million were issued on August 15, 2013, $1.0 billion were issued on March 22, 2016, €540 million ( $609 million ) were issued on May 26, 2016, and $1.1 billion outstanding under the $1.25 billion revolving credit facility issued March 7, 2017. All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and WTW Bermuda Holdings Ltd., collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’. The guarantor structure described above differs from the guarantor structure associated with the Willis North America Debt Securities (and for which condensed consolidating financial information is presented in Note 16 ) in that Trinity Acquisition plc is the issuer and not a subsidiary guarantor, and Willis North America Inc. is a subsidiary guarantor. Presented below is condensed consolidating financial information for: (i) Willis Towers Watson, which is a guarantor, on a parent company only basis; (ii) the Other Guarantors, which are all wholly owned subsidiaries (directly or indirectly) of the parent. Willis Towers Watson Sub Holdings Unlimited Company, Willis Netherlands Holdings B.V, Willis Investment U.K. Holdings Limited, TA I Limited and WTW Bermuda Holdings Ltd. are all direct or indirect parents of the issuer and Willis Group Limited and Willis North America Inc., are direct or indirect wholly owned subsidiaries of the issuer; (iii) Trinity Acquisition plc, which is the issuer and is a 100 percent indirectly owned subsidiary of the parent; (iv) Other, which are the non-guarantor subsidiaries, on a combined basis; (v) Consolidating adjustments; and (vi) the Consolidated Company. The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer. Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371

Basis of Presentation and Rec25

Basis of Presentation and Recent Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited quarterly condensed consolidated financial statements of Willis Towers Watson and our subsidiaries are presented in accordance with the rules and regulations of the Securities and Exchange Commission (‘SEC’) for quarterly reports on Form 10-Q and therefore do not include all of the information and footnotes required by U.S. generally accepted accounting principles (‘GAAP’). We have reclassified certain prior period amounts to conform to current period presentation due to the adoption of certain updated accounting standards (see below for further discussion). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial statements and results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements should be read together with the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2017, and may be accessed via EDGAR on the SEC’s web site at www.sec.gov. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results that can be expected for the entire year. The results reflect certain estimates and assumptions made by management, including those estimates used in calculating acquisition consideration and fair value of tangible and intangible assets and liabilities, professional liability claims, estimated bonuses, valuation of billed and unbilled receivables, and anticipated tax liabilities that affect the amounts reported in the condensed consolidated financial statements and related notes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not yet adopted In May 2014, the Financial Accounting Standards Board (‘FASB’) issued Accounting Standard Update (‘ASU’) No. 2014-09, Revenue From Contracts With Customers . The new standard supersedes most current revenue recognition guidance and eliminates industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. Additional ASUs have since been issued which provide additional guidance, examples and technical corrections for the implementation of ASU No. 2014-09. The guidance is effective for the Company at the beginning of its 2018 fiscal year, with early adoption permitted. While we are still in the process of analyzing our various revenue streams to determine the full impact this standard will have on our revenue recognition, cost deferral, systems and processes, the Company has determined the following: • The Company will adopt the standard using the modified retrospective approach on January 1, 2018. • We expect certain revenue streams to have accelerated revenue recognition timing. In particular, the revenue recognition for our Retiree Medicare Exchange is expected to move from monthly ratable recognition over the policy period, to the recognition upon placement of the policy during the Company’s fourth quarter of the preceding calendar year in the amount of one year of expected commissions. Therefore, upon adoption, we will reflect an adjustment to retained earnings for the revenue that would otherwise have been recognized during our 2018 calendar year since our earnings process will have been completed during the fourth quarter of 2017. • We expect our accounting for deferred costs will change. First, for those portions of the business that currently defer costs (related to system implementation activities), the length of time over which we amortize those costs is expected to extend to a longer estimated contract term. Currently these costs are amortized over a typical period of 3 - 5 years in accordance with the initial stated terms of the customer agreement. Second, we believe there may be other types of arrangements with associated costs that do not meet the rules for cost deferral under current U.S. GAAP but do meet the rules under the new standard. We are still evaluating the types of arrangements that might now have cost deferral impacts including broking arrangements and certain consulting arrangements. The Company continues to update its assessment of the impacts of the accounting standard, and related updates, to its condensed consolidated financial statements, and will note material impacts when known. In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The ASU becomes effective for the Company at the beginning of its 2019 fiscal year and early adoption is permitted. In transition, the Company is required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, which includes a number of optional practical expedients. While the Company continues to assess the impact of the ASU to its condensed consolidated financial statements, the majority of its leases are currently considered operating leases and will be capitalized as a lease asset on its balance sheet with a related lease liability for the obligated lease payments. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which amends guidance on presentation and classification of eight specific cash flow issues with the objective of reducing diversity in practice. The ASU becomes effective for the Company on January 1, 2018. Early adoption is permitted and any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is still assessing the impact of this ASU, but we believe the impact on our financial statements will be immaterial as we are currently largely in compliance with its requirements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect an immediate impact to its condensed consolidated financial statements upon adopting this ASU since the most recent Step 1 goodwill impairment test resulted in fair values in excess of carrying values for all reporting units at October 1, 2016. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires entities to (1) disaggregate the current service-cost component from the other components of net benefit cost (the ‘other components’) and present it in the income statement with other current compensation costs for related employees and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented or included in appropriately described separate lines. The ASU becomes effective for the Company on January 1, 2018, and should be applied retrospectively. Early adoption is permitted as of the beginning of a financial year. The Company is currently assessing the impact that this standard will have on its condensed consolidated financial statements. Adopted In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU became effective for the Company on January 1, 2017. In accordance with the prospective adoption of the recognition of excess tax benefits and deficiencies in the condensed consolidated statements of comprehensive income, we recognized a $1 million tax benefit in provision for income taxes during the three months ended March 31, 2017. In addition, we elected to prospectively adopt the amendment to present excess tax benefits on share-based compensation as an operating activity, resulting in the recognition of a $1 million excess tax benefit as an operating activity in the condensed consolidated statement of cash flows for the three months ended March 31, 2017. We elected to continue to estimate expected forfeitures. We also retrospectively adopted the amendment to present cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements as a financing activity. As a result, this $1 million use of cash was reclassified from net cash from operating activities to net cash used in financing activities in the condensed consolidated statement of cash flows for the three months ended March 31, 2016. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory , which amends guidance regarding the recognition of current and deferred income taxes for intra-entity asset transfers. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company elected to early adopt this standard on January 1, 2017, and recorded a cumulative reduction to retained earnings of $3 million .

Merger (Tables)

Merger (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Preliminary Calculation of Aggregate Merger Consideration	The table below presents the final calculation of aggregate Merger consideration . January 4, 2016 Number of shares of Towers Watson common stock outstanding as of January 4, 2016 69 million Exchange ratio 2.6490 Number of Willis Group Holdings shares issued (prior to reverse stock split) 184 million Willis Group Holdings price per share on January 4, 2016 $ 47.18 Fair value of 184 million Willis ordinary shares $ 8,686 Value of equity awards assumed 37 Aggregate Merger consideration $ 8,723
Schedule of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed	A summary of the fair values of the identifiable assets acquired, and liabilities assumed, of Towers Watson at January 4, 2016 are summarized in the following table. January 4, 2016 Cash and cash equivalents $ 476 Accounts receivable, net 825 Other current assets 82 Fixed assets, net 204 Goodwill 6,783 Intangible assets 3,991 Pension benefits assets 67 Other non-current assets 115 Deferred tax liabilities (1,151 ) Liability for pension benefits (923 ) Other current liabilities (i) (667 ) Other non-current liabilities (ii) (331 ) Long-term debt, including current portion (iii) (740 ) Net assets acquired $ 8,731 Noncontrolling interests acquired (8 ) Allocated aggregate Merger consideration $ 8,723 ____________________ i. Includes $ 348 million in accounts payable, accrued liabilities and deferred revenue, $ 308 million in employee-related liabilities and $ 11 million in other current liabilities. ii. Includes acquired contingent liabilities of $ 242 million . See Note 12 - Commitments and Contingencies for a discussion of our material acquired contingencies related to Legacy Towers Watson. iii. Represents both debt due upon change of control of $400 million borrowed under Towers Watson’s term loan ( $188 million ) and revolving credit facility ( $212 million ) and a draw down under a new term loan of $340 million . The $400 million debt was repaid by Willis borrowings under the 1 -year term loan facility on January 4, 2016. The $340 million new term loan partially funded the $694 million Towers Watson pre-merger special dividend.
Schedule of Acquired Intangible Assets	The acquired intangible assets are attributable to the following categories: Amortization basis Fair Value Expected life (years) Customer relationships In line with underlying cash flows $ 2,221 15.0 Software - income approach In line with underlying cash flows or straight-line basis 567 6.4 Software - cost approach Straight-line basis 108 4.9 Product In line with underlying cash flows 42 17.5 IPR&D (i) n/a 39 n/a Trade name Straight-line basis 1,003 25.0 Favorable lease agreements Straight-line basis 11 6.5 $ 3,991 ____________________ i. Represents software not yet placed into service as of the acquisition date. Once placed into service, each in-process research and development (‘IPR&D’) software component will be reclassified into finite-lived software intangible assets and amortized in line with underlying cash flows or on a straight-line basis.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Revenue (Net of Reimbursable Expenses) of the Reported Segments	The following table presents segment commissions and fees, segment interest and other income, segment revenues, and segment operating income for our reportable segments for the three months ended March 31, 2017 and 2016, respectively. Three months ended March 31, HCB CRB IRR ES Total 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Segment commissions and fees $ 951 $ 926 $ 650 $ 641 $ 502 $ 498 $ 179 $ 163 $ 2,282 $ 2,228 Segment interest and other income 4 4 5 6 5 4 — — 14 14 Segment revenues $ 955 $ 930 $ 655 $ 647 $ 507 $ 502 $ 179 $ 163 $ 2,296 $ 2,242 Segment operating income $ 349 $ 313 $ 122 $ 110 $ 222 $ 199 $ 38 $ 43 $ 731 $ 665
Net Operating Income of the Reported Segments	The following table presents a reconciliation of the information reported by segment to the Company’s consolidated amounts reported for the three months ended March 31, 2017 and 2016 , respectively: Three Months Ended 2017 2016 Revenues: Total segment revenue $ 2,296 $ 2,242 Fair value adjustment for deferred revenue — (32 ) Reimbursable expenses and other 23 24 Total revenues $ 2,319 $ 2,234 Total segment operating income $ 731 $ 665 Fair value adjustment for deferred revenue — (32 ) Amortization (151 ) (161 ) Restructuring costs (27 ) (25 ) Merger-related integration expenses (40 ) (52 ) Provision for the Stanford litigation — (50 ) Unallocated, net (i) (50 ) (19 ) Income from operations 463 326 Interest expense 46 46 Other expense, net 20 18 Income from operations before income taxes and interest in earnings of associates $ 397 $ 262 ________________________ i. Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Analysis of the Cost for Restructuring	An analysis of the total cumulative restructuring costs recognized for the Operational Improvement Program from commencement to March 31, 2017 by segment is as follows: HCB CRB IRR ES Corporate Total 2014 Termination benefits $ — $ 15 $ 1 $ — $ — $ 16 Professional services and other (i) — 3 — — 17 20 2015 Termination benefits 2 24 7 — 3 36 Professional services and other (i) 1 57 2 — 30 90 2016 Termination benefits 1 18 3 — 1 23 Professional services and other (i) 1 81 4 — 36 122 2017 Termination benefits — 4 2 — — 6 Professional services and other (i) 1 15 1 — 4 21 Total Termination benefits 3 61 13 — 4 81 Professional services and other (i) 3 156 7 — 87 253 Total $ 6 $ 217 $ 20 $ — $ 91 $ 334 ____________________ i. Other includes salary and benefits, premises, and other expenses incurred to support the ongoing management and facilitation of the programs.
Schedule of Restructuring Liability	At March 31, 2017 , the Company’s liability under the Operational Improvement Program was as follows: Termination Benefits Professional Services and Other Total Balance at January 1, 2014 $ — $ — $ — Charges incurred 16 20 36 Cash payments (11 ) (14 ) (25 ) Balance at December 31, 2014 5 6 11 Charges incurred 36 90 126 Cash payments (26 ) (85 ) (111 ) Balance at December 31, 2015 15 11 26 Charges incurred 23 122 145 Cash payments (31 ) (115 ) (146 ) Balance at December 31, 2016 7 18 25 Charges incurred 6 21 27 Cash payments (4 ) (33 ) (37 ) Balance at March 31, 2017 $ 9 $ 6 $ 15 At March 31, 2017 , the Company’s liability under the Business Restructure Program was as follows: Termination Benefits Professional Services and Other Total Balance at January 1, 2016 $ — $ — $ — Charges incurred 45 3 48 Cash payments (19 ) (3 ) (22 ) Balance at December 31, 2016 26 — 26 Cash payments (18 ) — (18 ) Balance at March 31, 2017 $ 8 $ — $ 8

Goodwill and Other Intangible29

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Goodwill	The components of goodwill are outlined below for the three months ended March 31, 2017 : HCB CRB IRR ES Total Balance at December 31, 2016: Goodwill, gross $ 4,412 $ 2,178 $ 1,758 $ 2,557 $ 10,905 Accumulated impairment losses (130 ) (362 ) — — (492 ) Goodwill, net - December 31, 2016 4,282 1,816 1,758 2,557 10,413 Goodwill reassigned in segment realignment (i) (113 ) 13 100 — — Goodwill acquired during the period — 8 — — 8 Foreign exchange 9 9 3 — 21 Balance at March 31, 2017: Goodwill, gross 4,308 2,208 1,861 2,557 10,934 Accumulated impairment losses (130 ) (362 ) — — (492 ) Goodwill, net - March 31, 2017 $ 4,178 $ 1,846 $ 1,861 $ 2,557 $ 10,442 ____________________ i. Represents the preliminary reallocation of goodwill related to certain businesses which were realigned among the segments as of January 1, 2017. See Note 4 — Segment Information for further information.
Changes in the Net Carrying Amount of the Components of Finite-Lived Intangible Assets	The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the three months ended March 31, 2017 : Balance as of December 31, 2016 Intangible assets acquired Intangible assets disposed Amortization (ii) Foreign Exchange Balance as of March 31, 2017 Client relationships $ 2,655 $ 11 $ — $ (98 ) $ 13 $ 2,581 Management contracts 54 — — (1 ) 1 54 Software (i) 570 36 — (39 ) 1 568 Trademark and trade name 1,006 — — (12 ) 2 996 Product 33 — — (1 ) — 32 Favorable agreements 11 — — — — 11 Other 3 — — — — 3 Total amortizable intangible assets $ 4,332 $ 47 $ — $ (151 ) $ 17 $ 4,245 i. All in-process research and development intangible assets acquired as part of the Merger on January 4, 2016 of $39 million ( $36 million at March 31, 2017) have been placed in service during the three months ended March 31, 2017 and have been included as intangible assets acquired in this presentation. ii. Amortization associated with favorable lease agreements is recorded in Other operating expenses in the condensed consolidated statements of comprehensive income.
Schedule of Carrying Values of Finite-Lived Intangible Assets and Liabilities	The following table reflects the carrying value of finite-lived intangible assets and liabilities as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Client relationships $ 3,413 $ (832 ) $ 3,396 $ (741 ) Management contracts 63 (9 ) 62 (8 ) Software 742 (174 ) 711 (141 ) Trademark and trade name 1,052 (56 ) 1,051 (45 ) Product 36 (4 ) 36 (3 ) Favorable agreements 13 (2 ) 13 (2 ) Other 6 (3 ) 6 (3 ) Total finite-lived assets $ 5,325 $ (1,080 ) $ 5,275 $ (943 ) Unfavorable agreements $ 35 $ (6 ) $ 34 $ (5 ) Total finite-lived intangible liabilities $ 35 $ (6 ) $ 34 $ (5 )
Schedule of Future Amortization Expense and Rent Offset	The table below reflects the future estimated amortization expense for amortizable intangible assets and the rent offset resulting from amortization of the net lease intangible assets and liabilities for the remainder of 2017 and for subsequent years: Amortization Rent offset Remainder of 2017 $ 424 $ (3 ) 2018 524 (3 ) 2019 468 (2 ) 2020 416 (2 ) 2021 342 (2 ) Thereafter 2,060 (6 ) Total $ 4,234 $ (18 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Short-term debt and current portion of long-term debt consists of the following: March 31, 2017 December 31, 2016 6.200% senior notes due 2017 $ — $ 394 Current portion of 7-year term loan facility (expiring 2018) — 22 Current portion of term loan due 2019 85 85 Short term borrowing under bank overdraft arrangement 33 5 Other debt 2 2 $ 120 $ 508 Long-term debt consists of the following: March 31, 2017 December 31, 2016 Revolving $1.25 billion credit facility $ 1,064 $ — Revolving $800 million credit facility — 238 7-year term loan facility (expiring 2018) — 196 Term loan due 2019 148 169 7.000% senior notes due 2019 186 186 5.750% senior notes due 2021 496 496 3.500% senior notes due 2021 446 446 2.125% senior notes due 2022 573 565 4.625% senior notes due 2023 248 247 4.400% senior notes due 2026 543 543 6.125% senior notes due 2043 271 271 $ 3,975 $ 3,357

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 : Fair Value Measurements on a Recurring Basis at March 31, 2017 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities: Mutual funds / exchange traded funds Prepaid and other current assets and other non-current assets $ 38 $ — $ — $ 38 Derivatives: Derivative financial instruments (i) Prepaid and other current assets and other non-current assets $ — $ 13 $ — $ 13 Liabilities: Contingent Consideration: Contingent Consideration (ii) Other current liabilities and other non-current liabilities $ — $ — $ 54 $ 54 Derivatives: Derivative financial instruments (i) Other current liabilities and other non-current liabilities $ — $ 99 $ — $ 99 Fair Value Measurements on a Recurring Basis at December 31, 2016 Balance Sheet Location Level 1 Level 2 Level 3 Total Assets: Available-for-sale securities: Mutual funds / exchange traded funds Prepaid and other current assets and other non-current assets $ 37 $ — $ — $ 37 Derivatives: Derivative financial instruments (i) Prepaid and other current assets and other non-current assets $ — $ 15 $ — $ 15 Liabilities: Contingent Consideration: Contingent Consideration (ii) Other current liabilities and other non-current liabilities $ — $ — $ 55 $ 55 Derivatives: Derivative financial instruments (i) Other current liabilities and other non-current liabilities $ — $ 133 $ — $ 133 _________________________ i. See Note 8 — Derivative Financial Instruments for further information on our derivative investments. ii. Probability weightings are based on our knowledge of the past and planned performance of the acquired entity to which the contingent consideration applies. The weighted average discount rate used on our material contingent consideration calculations was 10.02% and 10.76% at March 31, 2017 and December 31, 2016, respectively. Using different probability weightings and discount rates could result in an increase or decrease of the contingent consideration payable.
Schedule of Change in Fair Value of Level 3 Liabilities	The following table summarizes the change in fair value of the Level 3 liabilities: Fair Value Measurements using significant unobservable inputs (Level 3) March 31, 2017 Balance at December 31, 2016 $ 55 Obligations assumed — Payments (2 ) Realized and unrealized losses — Foreign exchange 1 Balance at March 31, 2017 $ 54
Schedule of Liabilities Whose Carrying Values Differ From the Fair Value and are Not Measured on a Recurring Basis	The following presents our liabilities not measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Current portion of long-term debt $ 120 $ 120 $ 508 $ 513 Long-term debt $ 3,975 $ 4,216 $ 3,357 $ 3,504

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Periodic Benefit Cost	The following table sets forth the components of net periodic benefit cost for the Company’s defined benefit pension and PRW plans for the three months ended March 31, 2017 and 2016 , respectively: Three Months Ended March 31, 2017 2016 U.S. U.K. Other PRW U.S. U.K. Other PRW Service cost $ 16 $ 8 $ 5 $ — $ 15 $ 6 $ 5 $ — Interest cost 35 22 4 1 34 28 6 1 Expected return on plan assets (61 ) (68 ) (7 ) — (59 ) (64 ) (8 ) — Settlement — — — — — — 2 — Amortization of net loss 3 13 — — 3 11 — — Amortization of prior service (credit) — (5 ) — — — (5 ) — — Net periodic benefit (income) /cost $ (7 ) $ (30 ) $ 2 $ 1 $ (7 ) $ (24 ) $ 5 $ 1

Supplementary Information for33

Supplementary Information for Certain Balance Sheet Accounts (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consists of the following: March 31, December 31, Billed, net of allowance for doubtful debts of $46 million and $40 million $ 1,956 $ 1,789 Accrued and unbilled, at estimated net realizable value 351 291 Accounts receivable, net $ 2,307 $ 2,080
Schedule of Other Current Liabilities	Other current liabilities consist of the following: March 31, December 31, Accounts payable $ 135 $ 117 Income and other taxes payable 179 91 Contingent and deferred consideration on acquisition 54 53 Payroll-related liabilities 275 200 Derivatives 66 80 Third-party commissions 186 184 Other current liabilities 101 151 Total other current liabilities $ 996 $ 876
Analysis of Movements on Provisions for Liabilities	Provision for liabilities consists of the following: March 31, December 31, Claims, lawsuits and other proceedings $ 465 $ 456 Other provisions 153 119 Total provision for liabilities $ 618 $ 575

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income/(Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Foreign currency translation (i) Gains and losses on cash flow hedges (i) Defined pension and post-retirement benefit costs (ii) Total As of December 31, 2015 $ (314 ) $ (10 ) $ (713 ) $ (1,037 ) Other comprehensive income/(loss) before reclassifications 4 (26 ) (6 ) (28 ) Amounts reclassified from accumulated other comprehensive income/(loss) (net of tax benefit of $3) — 4 8 12 Net current-period other comprehensive income/(loss) 4 (22 ) 2 (16 ) As of March 31, 2016 $ (310 ) $ (32 ) $ (711 ) $ (1,053 ) As of December 31, 2016 $ (650 ) $ (82 ) $ (1,152 ) $ (1,884 ) Other comprehensive income/(loss) before reclassifications (74 ) 1 20 (53 ) Amounts reclassified from accumulated other comprehensive income/(loss) (net of tax benefit of $6) — 19 10 29 Net current-period other comprehensive income/(loss) (74 ) 20 30 (24 ) As of March 31, 2017 $ (724 ) $ (62 ) $ (1,122 ) $ (1,908 ) ________________________ i Reclassification adjustments from accumulated other comprehensive income/(loss) are included in Other expense, net, exclusive of foreign currency translation and gains and losses on cash flow hedges. See Note 8 — Derivative Financial Instruments for additional details regarding the reclassification adjustments for the hedge settlements. ii Reclassification adjustments from accumulated other comprehensive income/(loss) are included in the computation of net periodic pension cost (see Note 11 — Retirement Benefits ) which is included in Salaries and benefits in the accompanying condensed consolidated statements of comprehensive income.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are as follows: Three Months Ended March 31, 2017 2016 Net income attributable to Willis Towers Watson $ 344 $ 238 Basic average number of shares outstanding 137 135 Dilutive effect of potentially issuable shares 1 1 Diluted average number of shares outstanding 138 136 Basic earnings per share $ 2.51 $ 1.76 Dilutive effect of potentially issuable shares (0.01 ) (0.01 ) Diluted earnings per share $ 2.50 $ 1.75

Financial Information for Par36

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Unaudited Condensed Consolidated Statement of Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320
Unaudited Condensed Consolidated Statement of Comprehensive Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222
Unaudited Condensed Consolidated Balance Sheet	Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371 ) — Total non-current liabilities 496 871 3,568 8,859 (6,604 ) 7,190 TOTAL LIABILITIES 575 10,351 3,593 25,434 (18,178 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 7,363 9,263 (21,143 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 7,363 9,389 (21,143 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — 7 — 2,073 — 2,080 Prepaid and other current assets — 74 1 324 (62 ) 337 Amounts due from group undertakings 7,229 849 1,595 2,370 (12,043 ) — Total current assets 7,229 930 1,596 16,142 (12,105 ) 13,792 Investments in subsidiaries 3,409 8,621 7,309 — (19,339 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 90 — 310 (47 ) 353 Non-current amounts due from group undertakings — 4,859 1,055 — (5,914 ) — Total non-current assets 3,409 13,668 8,364 16,384 (25,364 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 41 1 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 394 22 92 — 508 Other current liabilities 77 87 33 684 (5 ) 876 Amounts due to group undertakings — 9,946 — 2,097 (12,043 ) — Total current liabilities 77 10,468 56 14,866 (12,097 ) 13,370 Long-term debt 496 186 2,506 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — 120 — 455 — 575 Other non-current liabilities — 63 — 483 (14 ) 532 Non-current amounts due to group undertakings — 518 423 4,973 (5,914 ) — Total non-current liabilities 496 887 2,929 8,414 (6,077 ) 6,649 TOTAL LIABILITIES 573 11,355 2,985 23,280 (18,174 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 6,975 9,077 (19,295 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 6,975 9,195 (19,295 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253
Unaudited Condensed Consolidated Statement of Cash Flows	Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (635 ) $ 387 $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ 939 $ (985 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — — 826 — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — — (3 ) — — (3 ) Repayments of debt — (394 ) (219 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 — 984 (2,092 ) — Repayments of intercompany financing activities — (1,017 ) (6 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ (303 ) $ 598 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (211 ) $ (27 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) — (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (3,600 ) (627 ) (560 ) 9,095 — Reduction in investment securities 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (4,609 ) $ (627 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — — (338 ) — — (338 ) Senior notes issued — — 997 — — 997 Proceeds from issue of other debt — — 400 — — 400 Repayments of debt (300 ) — (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,827 1 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 4,818 $ 654 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954

Financial Information for Par37

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Unaudited Condensed Consolidated Statement of Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320
Unaudited Condensed Consolidated Statement of Comprehensive Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222
Unaudited Condensed Consolidated Balance Sheet	Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371 ) — Total non-current liabilities 496 871 3,568 8,859 (6,604 ) 7,190 TOTAL LIABILITIES 575 10,351 3,593 25,434 (18,178 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 7,363 9,263 (21,143 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 7,363 9,389 (21,143 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — 7 — 2,073 — 2,080 Prepaid and other current assets — 74 1 324 (62 ) 337 Amounts due from group undertakings 7,229 849 1,595 2,370 (12,043 ) — Total current assets 7,229 930 1,596 16,142 (12,105 ) 13,792 Investments in subsidiaries 3,409 8,621 7,309 — (19,339 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 90 — 310 (47 ) 353 Non-current amounts due from group undertakings — 4,859 1,055 — (5,914 ) — Total non-current assets 3,409 13,668 8,364 16,384 (25,364 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 41 1 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 394 22 92 — 508 Other current liabilities 77 87 33 684 (5 ) 876 Amounts due to group undertakings — 9,946 — 2,097 (12,043 ) — Total current liabilities 77 10,468 56 14,866 (12,097 ) 13,370 Long-term debt 496 186 2,506 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — 120 — 455 — 575 Other non-current liabilities — 63 — 483 (14 ) 532 Non-current amounts due to group undertakings — 518 423 4,973 (5,914 ) — Total non-current liabilities 496 887 2,929 8,414 (6,077 ) 6,649 TOTAL LIABILITIES 573 11,355 2,985 23,280 (18,174 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 6,975 9,077 (19,295 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 6,975 9,195 (19,295 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253
Unaudited Condensed Consolidated Statement of Cash Flows	Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (635 ) $ 387 $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ 939 $ (985 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — — 826 — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — — (3 ) — — (3 ) Repayments of debt — (394 ) (219 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 — 984 (2,092 ) — Repayments of intercompany financing activities — (1,017 ) (6 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ (303 ) $ 598 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (211 ) $ (27 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) — (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (3,600 ) (627 ) (560 ) 9,095 — Reduction in investment securities 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (4,609 ) $ (627 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — — (338 ) — — (338 ) Senior notes issued — — 997 — — 997 Proceeds from issue of other debt — — 400 — — 400 Repayments of debt (300 ) — (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,827 1 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 4,818 $ 654 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954

Financial Information for Iss38

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Unaudited Condensed Consolidated Statement of Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320
Unaudited Condensed Consolidated Statement of Comprehensive Income	Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 — 10 1,180 — 1,191 Other operating expenses 1 7 10 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 4 3 20 — 27 Integration expenses — 1 3 36 — 40 Total costs of providing services 2 13 26 1,815 — 1,856 (Loss) Income from operations (2 ) (13 ) (20 ) 498 — 463 Income from Group undertakings — (128 ) (73 ) (58 ) 259 — Expenses due to Group undertakings — 39 46 174 (259 ) — Interest expense 7 24 10 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 52 (3 ) 357 — 397 Provision for income taxes — 4 (2 ) 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 48 (1 ) 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 311 175 — (839 ) — NET INCOME (LOSS) 344 359 174 314 (839 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 174 $ 306 $ (839 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 147 $ 286 $ (756 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 147 $ 275 $ (756 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — — 14 1,182 — 1,196 Other operating expenses 1 35 58 337 — 431 Depreciation — 1 4 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 4 9 12 — 25 Integration expenses 1 12 6 33 — 52 Total costs of providing services 2 52 91 1,763 — 1,908 (Loss) Income from operations (2 ) (52 ) (84 ) 464 — 326 Income from Group undertakings — (121 ) (54 ) (30 ) 205 — Expenses due to Group undertakings — 14 43 148 (205 ) — Interest expense 11 17 10 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) 38 (83 ) 321 — 262 Provision for income taxes — (13 ) (28 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) 51 (55 ) 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 199 14 — (465 ) — NET INCOME (LOSS) 238 250 (41 ) 263 (465 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ (41 ) $ 256 $ (465 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ (58 ) $ 241 $ (406 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ (58 ) $ 232 $ (406 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ 2,297 $ — $ 2,303 Interest and other income — — 16 — 16 Total revenues — 6 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 1,180 — 1,191 Other operating expenses 1 17 383 — 401 Depreciation — 1 45 — 46 Amortization — — 151 — 151 Restructuring costs — 7 20 — 27 Integration expenses — 4 36 — 40 Total costs of providing services 2 39 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) 498 — 463 Income from Group undertakings — (174 ) (58 ) 232 — Expenses due to Group undertakings — 58 174 (232 ) — Interest expense 7 34 5 — 46 Other expense, net — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 49 357 — 397 Provision for income taxes — 2 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 47 313 — 351 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 353 312 — (665 ) — NET INCOME 344 359 314 (665 ) 352 Income attributable to noncontrolling interests — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 306 $ (665 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 286 $ (609 ) $ 331 Comprehensive income attributable to noncontrolling interest — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 275 $ (609 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ 2,212 $ — $ 2,219 Interest and other income — — 15 — 15 Total revenues — 7 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 1,182 — 1,196 Other operating expenses 1 93 337 — 431 Depreciation — 5 38 — 43 Amortization — — 161 — 161 Restructuring costs — 13 12 — 25 Integration expenses 1 18 33 — 52 Total costs of providing services 2 143 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) 464 — 326 Income from Group undertakings — (147 ) (30 ) 177 — Expenses due to Group undertakings — 29 148 (177 ) — Interest expense 11 27 8 — 46 Other expense, net 1 — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (45 ) 321 — 262 Provision for income taxes — (41 ) 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (4 ) 262 — 244 Interest in earnings of associates, net of tax — — 1 — 1 Equity account for subsidiaries 252 254 — (506 ) — NET INCOME 238 250 263 (506 ) 245 Income attributable to noncontrolling interests — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 256 $ (506 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 241 $ (464 ) $ 231 Comprehensive income attributable to noncontrolling interest — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 232 $ (464 ) $ 222 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 6 $ — $ 2,297 $ — $ 2,303 Interest and other income — — — 16 — 16 Total revenues — 6 — 2,313 — 2,319 Costs of providing services Salaries and benefits 1 10 — 1,180 — 1,191 Other operating expenses 1 17 — 383 — 401 Depreciation — 1 — 45 — 46 Amortization — — — 151 — 151 Restructuring costs — 7 — 20 — 27 Integration expenses — 4 — 36 — 40 Total costs of providing services 2 39 — 1,815 — 1,856 (Loss) Income from operations (2 ) (33 ) — 498 — 463 Income from Group undertakings — (168 ) (34 ) (58 ) 260 — Expenses due to Group undertakings — 80 6 174 (260 ) — Interest expense 7 9 25 5 — 46 Other expense, net — — — 20 — 20 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (9 ) 46 3 357 — 397 Provision for income taxes — 2 — 44 — 46 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (9 ) 44 3 313 — 351 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 353 315 340 — (1,008 ) — NET INCOME 344 359 343 314 (1,008 ) 352 Income attributable to noncontrolling interests — — — (8 ) — (8 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 344 $ 359 $ 343 $ 306 $ (1,008 ) $ 344 Comprehensive income/(loss) before noncontrolling interests $ 320 $ 334 $ 319 $ 286 $ (928 ) $ 331 Comprehensive income attributable to noncontrolling interest — — — (11 ) — (11 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 320 $ 334 $ 319 $ 275 $ (928 ) $ 320 Unaudited Condensed Consolidating Statement of Comprehensive Income Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated Revenues Commissions and fees $ — $ 7 $ — $ 2,212 $ — $ 2,219 Interest and other income — — — 15 — 15 Total revenues — 7 — 2,227 — 2,234 Costs of providing services Salaries and benefits — 14 — 1,182 — 1,196 Other operating expenses 1 93 — 337 — 431 Depreciation — 5 — 38 — 43 Amortization — — — 161 — 161 Restructuring costs — 13 — 12 — 25 Integration expenses 1 18 — 33 — 52 Total costs of providing services 2 143 — 1,763 — 1,908 (Loss) Income from operations (2 ) (136 ) — 464 — 326 Income from Group undertakings — (146 ) (31 ) (30 ) 207 — Expenses due to Group undertakings — 52 7 148 (207 ) — Interest expense 11 9 18 8 — 46 Other expense, net 1 — — 17 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES (14 ) (51 ) 6 321 — 262 Provision for income taxes — (42 ) 1 59 — 18 (LOSS) INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES (14 ) (9 ) 5 262 — 244 Interest in earnings of associates, net of tax — — — 1 — 1 Equity account for subsidiaries 252 259 174 — (685 ) — NET INCOME 238 250 179 263 (685 ) 245 Income attributable to noncontrolling interests — — — (7 ) — (7 ) NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON $ 238 $ 250 $ 179 $ 256 $ (685 ) $ 238 Comprehensive income/(loss) before noncontrolling interests $ 222 $ 232 $ 161 $ 241 $ (625 ) $ 231 Comprehensive income attributable to noncontrolling interest — — — (9 ) — (9 ) Comprehensive income/(loss) (attributable to Willis Towers Watson) $ 222 $ 232 $ 161 $ 232 $ (625 ) $ 222
Unaudited Condensed Consolidated Balance Sheet	Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — — 3 2,304 — 2,307 Prepaid and other current assets 1 43 82 235 (40 ) 321 Amounts due from group undertakings 6,098 2,242 1,231 2,816 (12,387 ) — Total current assets 6,099 2,286 1,316 18,521 (12,427 ) 15,795 Investments in subsidiaries 4,753 7,992 5,296 — (18,041 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 12 259 305 (225 ) 351 Non-current amounts due from group undertakings — 5,100 848 — (5,948 ) — Total non-current assets 4,754 13,203 6,403 16,355 (24,278 ) 16,437 TOTAL ASSETS $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 4 17 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 70 18 812 17 996 Amounts due to group undertakings — 7,721 2,517 2,149 (12,387 ) — Total current liabilities 79 7,795 2,552 16,575 (12,416 ) 14,585 Long-term debt 496 3,145 186 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — — 120 498 — 618 Other non-current liabilities — 32 15 479 (14 ) 512 Amounts due to group undertakings — — 518 5,430 (5,948 ) — Total non-current liabilities 496 3,177 839 8,859 (6,181 ) 7,190 TOTAL LIABILITIES 575 10,972 3,391 25,434 (18,597 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 4,328 9,263 (18,108 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 4,328 9,389 (18,108 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 15,489 $ 7,719 $ 34,876 $ (36,705 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — — 7 2,073 — 2,080 Prepaid and other current assets — 49 23 324 (59 ) 337 Amounts due from group undertakings 7,229 1,706 1,190 2,370 (12,495 ) — Total current assets 7,229 1,755 1,220 16,142 (12,554 ) 13,792 Investments in subsidiaries 3,409 7,733 5,480 — (16,622 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 10 80 310 (47 ) 353 Non-current amounts due from group undertakings — 4,655 836 — (5,491 ) — Total non-current assets 3,409 12,496 6,396 16,384 (22,224 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 15 27 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 22 394 92 — 508 Other current liabilities 77 94 23 684 (2 ) 876 Amounts due to group undertakings — 8,323 2,075 2,097 (12,495 ) — Total current liabilities 77 8,454 2,519 14,866 (12,546 ) 13,370 Long-term debt 496 2,506 186 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — — 120 455 — 575 Other non-current liabilities — 48 15 483 (14 ) 532 Non-current amounts due to group undertakings — — 518 4,973 (5,491 ) — Total non-current liabilities 496 2,554 839 8,414 (5,654 ) 6,649 TOTAL LIABILITIES 573 11,008 3,358 23,280 (18,200 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 4,258 9,077 (16,578 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 4,258 9,195 (16,578 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,251 $ 7,616 $ 32,526 $ (34,778 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ 900 $ — $ 901 Fiduciary assets — — 12,266 — 12,266 Accounts receivable, net — 3 2,304 — 2,307 Prepaid and other current assets 1 125 235 (40 ) 321 Amounts due from group undertakings 6,098 1,818 2,816 (10,732 ) — Total current assets 6,099 1,947 18,521 (10,772 ) 15,795 Investments in subsidiaries 4,753 8,960 — (13,713 ) — Fixed assets, net — 35 828 — 863 Goodwill 1 — 10,441 — 10,442 Other intangible assets, net — 64 4,245 (64 ) 4,245 Pension benefits assets — — 536 — 536 Other non-current assets — 271 305 (225 ) 351 Non-current amounts due from group undertakings — 5,430 — (5,430 ) — Total non-current assets 4,754 14,760 16,355 (19,432 ) 16,437 TOTAL ASSETS $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — 120 — 120 Other current liabilities 79 88 812 17 996 Amounts due to group undertakings — 8,583 2,149 (10,732 ) — Total current liabilities 79 8,692 16,575 (10,761 ) 14,585 Long-term debt 496 3,331 148 — 3,975 Liability for pension benefits — — 1,286 — 1,286 Deferred tax liabilities — — 1,018 (219 ) 799 Provision for liabilities — 120 498 — 618 Other non-current liabilities — 47 479 (14 ) 512 Non-current amounts due to group undertakings — — 5,430 (5,430 ) — Total non-current liabilities 496 3,498 8,859 (5,663 ) 7,190 TOTAL LIABILITIES 575 12,190 25,434 (16,424 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 9,263 (13,780 ) 10,278 Noncontrolling interests — — 126 — 126 Total equity 10,278 4,517 9,389 (13,780 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 16,707 $ 34,876 $ (30,204 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis Towers Watson — the Parent Issuer The Guarantors Other Consolidating adjustments Consolidated ASSETS Cash and cash equivalents $ — $ — $ 870 $ — $ 870 Fiduciary assets — — 10,505 — 10,505 Accounts receivable, net — 7 2,073 — 2,080 Prepaid and other current assets — 72 324 (59 ) 337 Amounts due from group undertakings 7,229 1,648 2,370 (11,247 ) — Total current assets 7,229 1,727 16,142 (11,306 ) 13,792 Investments in subsidiaries 3,409 8,955 — (12,364 ) — Fixed assets, net — 34 805 — 839 Goodwill — — 10,413 — 10,413 Other intangible assets, net — 64 4,368 (64 ) 4,368 Pension benefits assets — — 488 — 488 Other non-current assets — 90 310 (47 ) 353 Non-current amounts due from group undertakings — 4,973 — (4,973 ) — Total non-current assets 3,409 14,116 16,384 (17,448 ) 16,461 TOTAL ASSETS $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 42 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 416 92 — 508 Other current liabilities 77 117 684 (2 ) 876 Amounts due to group undertakings — 9,150 2,097 (11,247 ) — Total current liabilities 77 9,725 14,866 (11,298 ) 13,370 Long-term debt 496 2,692 169 — 3,357 Liability for pension benefits — — 1,321 — 1,321 Deferred tax liabilities — — 1,013 (149 ) 864 Provision for liabilities — 120 455 — 575 Other non-current liabilities — 63 483 (14 ) 532 Non-current amounts due to group undertakings — — 4,973 (4,973 ) — Total non-current liabilities 496 2,875 8,414 (5,136 ) 6,649 TOTAL LIABILITIES 573 12,600 23,280 (16,434 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 9,077 (12,320 ) 10,065 Noncontrolling interests — — 118 — 118 Total equity 10,065 3,243 9,195 (12,320 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 15,843 $ 32,526 $ (28,754 ) $ 30,253 Unaudited Condensed Consolidating Balance Sheet As of March 31, 2017 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ 1 $ — $ 900 $ — $ 901 Fiduciary assets — — — 12,266 — 12,266 Accounts receivable, net — 3 — 2,304 — 2,307 Prepaid and other current assets 1 128 — 235 (43 ) 321 Amounts due from group undertakings 6,098 868 1,760 2,816 (11,542 ) — Total current assets 6,099 1,000 1,760 18,521 (11,585 ) 15,795 Investments in subsidiaries 4,753 8,630 7,693 — (21,076 ) — Fixed assets, net — 35 — 828 — 863 Goodwill 1 — — 10,441 — 10,442 Other intangible assets, net — 64 — 4,245 (64 ) 4,245 Pension benefits assets — — — 536 — 536 Other non-current assets — 268 3 305 (225 ) 351 Non-current amounts due from group undertakings — 4,871 1,500 — (6,371 ) — Total non-current assets 4,754 13,868 9,196 16,355 (27,736 ) 16,437 TOTAL ASSETS $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 12,266 $ — $ 12,266 Deferred revenue and accrued expenses — 21 — 1,228 (46 ) 1,203 Short-term debt and current portion of long-term debt — — — 120 — 120 Other current liabilities 79 72 19 812 14 996 Amounts due to group undertakings — 9,387 6 2,149 (11,542 ) — Total current liabilities 79 9,480 25 16,575 (11,574 ) 14,585 Long-term debt 496 186 3,145 148 — 3,975 Liability for pension benefits — — — 1,286 — 1,286 Deferred tax liabilities — — — 1,018 (219 ) 799 Provision for liabilities — 120 — 498 — 618 Other non-current liabilities — 47 — 479 (14 ) 512 Non-current amounts due to group undertakings — 518 423 5,430 (6,371 ) — Total non-current liabilities 496 871 3,568 8,859 (6,604 ) 7,190 TOTAL LIABILITIES 575 10,351 3,593 25,434 (18,178 ) 21,775 REDEEMABLE NONCONTROLLING INTEREST — — — 53 — 53 EQUITY Total Willis Towers Watson shareholders’ equity 10,278 4,517 7,363 9,263 (21,143 ) 10,278 Noncontrolling interests — — — 126 — 126 Total equity 10,278 4,517 7,363 9,389 (21,143 ) 10,404 TOTAL LIABILITIES AND EQUITY $ 10,853 $ 14,868 $ 10,956 $ 34,876 $ (39,321 ) $ 32,232 Unaudited Condensed Consolidating Balance Sheet As of December 31, 2016 Willis The Other The Other Consolidating Consolidated ASSETS Cash and cash equivalents $ — $ — $ — $ 870 $ — $ 870 Fiduciary assets — — — 10,505 — 10,505 Accounts receivable, net — 7 — 2,073 — 2,080 Prepaid and other current assets — 74 1 324 (62 ) 337 Amounts due from group undertakings 7,229 849 1,595 2,370 (12,043 ) — Total current assets 7,229 930 1,596 16,142 (12,105 ) 13,792 Investments in subsidiaries 3,409 8,621 7,309 — (19,339 ) — Fixed assets, net — 34 — 805 — 839 Goodwill — — — 10,413 — 10,413 Other intangible assets, net — 64 — 4,368 (64 ) 4,368 Pension benefits assets — — — 488 — 488 Other non-current assets — 90 — 310 (47 ) 353 Non-current amounts due from group undertakings — 4,859 1,055 — (5,914 ) — Total non-current assets 3,409 13,668 8,364 16,384 (25,364 ) 16,461 TOTAL ASSETS $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253 LIABILITIES AND EQUITY Fiduciary liabilities $ — $ — $ — $ 10,505 $ — $ 10,505 Deferred revenue and accrued expenses — 41 1 1,488 (49 ) 1,481 Short-term debt and current portion of long-term debt — 394 22 92 — 508 Other current liabilities 77 87 33 684 (5 ) 876 Amounts due to group undertakings — 9,946 — 2,097 (12,043 ) — Total current liabilities 77 10,468 56 14,866 (12,097 ) 13,370 Long-term debt 496 186 2,506 169 — 3,357 Liability for pension benefits — — — 1,321 — 1,321 Deferred tax liabilities — — — 1,013 (149 ) 864 Provision for liabilities — 120 — 455 — 575 Other non-current liabilities — 63 — 483 (14 ) 532 Non-current amounts due to group undertakings — 518 423 4,973 (5,914 ) — Total non-current liabilities 496 887 2,929 8,414 (6,077 ) 6,649 TOTAL LIABILITIES 573 11,355 2,985 23,280 (18,174 ) 20,019 REDEEMABLE NONCONTROLLING INTEREST — — — 51 — 51 EQUITY Total Willis Towers Watson shareholders’ equity 10,065 3,243 6,975 9,077 (19,295 ) 10,065 Noncontrolling interests — — — 118 — 118 Total equity 10,065 3,243 6,975 9,195 (19,295 ) 10,183 TOTAL LIABILITIES AND EQUITY $ 10,638 $ 14,598 $ 9,960 $ 32,526 $ (37,469 ) $ 30,253
Unaudited Condensed Consolidated Statement of Cash Flows	Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (158 ) $ (31 ) $ 322 $ (117 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — (1,379 ) — (1,107 ) 2,486 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ (440 ) $ — $ (1,114 ) $ 1,350 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — (3 ) — — — (3 ) Repayments of debt — (219 ) (394 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — (59 ) (58 ) 117 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,018 484 984 (2,486 ) — Repayments of intercompany financing activities — (1,023 ) — (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 599 $ 31 $ 818 $ (1,233 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (47 ) $ (191 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (5 ) (4 ) (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) — (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,232 ) $ (4 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — (338 ) — — — (338 ) Senior notes issued — 997 — — — 997 Proceeds from issue of other debt — 400 — — — 400 Repayments of debt (300 ) (406 ) — (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,633 195 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,277 $ 195 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (248 ) $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) (60 ) — (62 ) Capitalized software costs — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — (12 ) — (12 ) Other, net — — 7 — 7 Proceeds from intercompany investing activities 1,122 — 14 (1,136 ) — Repayments of intercompany investing activities — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — 1,059 — Net cash from/(used in) investing activities $ 122 $ (46 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — 826 — — 826 Proceeds from issue of other debt — — 32 — 32 Debt issuance costs — (3 ) — — (3 ) Repayments of debt — (613 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — (156 ) Proceeds from issuance of shares 20 — — — 20 Cash paid for employee taxes on withholding shares — — (3 ) — (3 ) Dividends paid (65 ) — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 984 (2,092 ) — Repayments of intercompany financing activities — (1,023 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ 295 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (238 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) (39 ) — (48 ) Capitalized software costs — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — 469 — 469 Other, net — — 14 — 14 Proceeds from intercompany investing activities — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (4,227 ) (560 ) 9,095 — Reduction in investment in subsidiaries 4,600 3,600 — (8,200 ) — Additional investment in subsidiaries — (4,600 ) (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (5,236 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payments on revolving credit facility — (338 ) — — (338 ) Senior notes issued — 997 — — 997 Proceeds from issue of other debt — 400 — — 400 Repayments of debt (300 ) (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — 11 Cash paid for employee taxes on withholding shares — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,828 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — 9 — Net cash (used in)/from financing activities $ (289 ) $ 5,472 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ 952 $ — $ 954 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 Willis The Other The Other Consolidating Consolidated NET CASH FROM/(USED IN) OPERATING ACTIVITIES $ 79 $ (635 ) $ 387 $ 322 $ (58 ) $ 95 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (2 ) — (60 ) — (62 ) Capitalized software costs — — — (15 ) — (15 ) Acquisitions of operations, net of cash acquired — — — (12 ) — (12 ) Other, net — — — 7 — 7 Proceeds from intercompany investing activities 1,122 — — 14 (1,136 ) — Repayments of intercompany investing activities — — (985 ) (1,107 ) 2,092 — Reduction in investment in subsidiaries — 1,000 — 59 (1,059 ) — Additional investment in subsidiaries (1,000 ) (59 ) — — 1,059 — Net cash from/(used in) investing activities $ 122 $ 939 $ (985 ) $ (1,114 ) $ 956 $ (82 ) CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net borrowings on revolving credit facility — — 826 — — 826 Proceeds from issue of other debt — — — 32 — 32 Debt issuance costs — — (3 ) — — (3 ) Repayments of debt — (394 ) (219 ) (23 ) — (636 ) Repurchase of shares (156 ) — — — — (156 ) Proceeds from issuance of shares 20 — — — — 20 Cash paid for employee taxes on withholding shares — — — (3 ) — (3 ) Dividends paid (65 ) — — (58 ) 58 (65 ) Acquisitions of and dividends paid to noncontrolling interests — — — (1 ) — (1 ) Proceeds from intercompany financing activities — 1,108 — 984 (2,092 ) — Repayments of intercompany financing activities — (1,017 ) (6 ) (113 ) 1,136 — Net cash (used in)/from financing activities $ (201 ) $ (303 ) $ 598 $ 818 $ (898 ) $ 14 INCREASE IN CASH AND CASH EQUIVALENTS — 1 — 26 — 27 Effect of exchange rate changes on cash and cash equivalents — — — 4 — 4 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD — — — 870 — 870 CASH AND CASH EQUIVALENTS, END OF PERIOD $ — $ 1 $ — $ 900 $ — $ 901 Unaudited Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2016 Willis The Other The Other Consolidating Consolidated NET CASH (USED IN)/FROM OPERATING ACTIVITIES $ (4 ) $ (211 ) $ (27 ) $ 361 $ — $ 119 CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES Additions to fixed assets and software for internal use — (9 ) — (39 ) — (48 ) Capitalized software costs — — — (18 ) — (18 ) Acquisitions of operations, net of cash acquired — — — 469 — 469 Other, net — — — 14 — 14 Proceeds from intercompany investing activities — — — 9 (9 ) — Repayments of intercompany investing activities (4,308 ) (3,600 ) (627 ) (560 ) 9,095 — Reduction in investment securities 4,600 3,600 — — (8,200 ) — Additional investment in subsidiaries — (4,600 ) — (3,600 ) 8,200 — Net cash from/(used in) investing activities $ 292 $ (4,609 ) $ (627 ) $ (3,725 ) $ 9,086 $ 417 CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES Net payment on revolving credit facility — — (338 ) — — (338 ) Senior notes issued — — 997 — — 997 Proceeds from issue of other debt — — 400 — — 400 Repayments of debt (300 ) — (406 ) (475 ) — (1,181 ) Proceeds from issuance of shares 11 — — — — 11 Cash paid for employee taxes on withholding shares — — — (1 ) — (1 ) Acquisitions of and dividends paid to noncontrolling interests — — — (4 ) — (4 ) Proceeds from intercompany financing activities — 4,827 1 4,267 (9,095 ) — Repayments of intercompany financing activities — (9 ) — — 9 — Net cash (used in)/from financing activities $ (289 ) $ 4,818 $ 654 $ 3,787 $ (9,086 ) $ (116 ) (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 ) (2 ) — 423 — 420 Effect of exchange rate changes on cash and cash equivalents — — — 2 — 2 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3 2 — 527 — 532 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2 $ — $ — $ 952 $ — $ 954

Nature of Operations (Details)

Nature of Operations (Details) employee in Thousands	Mar. 31, 2017employeeCountry
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees employed (more than 41,000) | employee	41
Number of countries in which entity operates (more than 140) | Country	140

Basis of Presentation and Rec40

Basis of Presentation and Recent Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Deferred Revenue Arrangement [Line Items]
Excess tax benefit, amount	$ 1
Net cash from operating activities	95	$ 119
Net cash from financing activities	14	(116)
Accounting Standards Update 2016-09
Deferred Revenue Arrangement [Line Items]
Net cash from operating activities		(1)
Net cash from financing activities		$ 1
Accounting Standards Update 2016-16
Deferred Revenue Arrangement [Line Items]
Cumulative-effect adjustment of new ASU adoption			$ 3
Accounting Standards Update 2016-16 | Retained earnings
Deferred Revenue Arrangement [Line Items]
Cumulative-effect adjustment of new ASU adoption			$ 3
Accounting Standards Update 2019-09, Excess Tax Benefit Component
Deferred Revenue Arrangement [Line Items]
Net cash from operating activities	$ 1
Minimum
Deferred Revenue Arrangement [Line Items]
Deferred costs, amortization period	3 years
Maximum
Deferred Revenue Arrangement [Line Items]
Deferred costs, amortization period	5 years

Merger - Narrative (Details)

Merger - Narrative (Details) $ / shares in Units, $ in Millions	Jan. 05, 2016	Jan. 04, 2016USD ($)$ / sharesshares	Dec. 29, 2015USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares
Business Acquisition [Line Items]
Stock split ratio	0.3775
Value of equity awards assumed				$ 37
Towers Watson
Business Acquisition [Line Items]
Dividends paid per share (usd per share) | $ / shares			$ 10
Dividends paid			$ 694
Common shares outstanding | shares		69,000,000	69,000,000
Common shares issued | shares			69,000,000
Towers Watson
Business Acquisition [Line Items]
Conversion of Towers Watson stock to Willis stock, conversion ratio		2.6490
Value of equity awards assumed		$ 37
Towers Watson | Stock options
Business Acquisition [Line Items]
Number of stock options resulting from conversion to acquirer | shares		592,486
Value of equity awards assumed		$ 7
Fair value of outstanding options related to post-acquisition employee service		$ 13
Towers Watson | Restricted Stock Units
Business Acquisition [Line Items]
Number of stock options resulting from conversion to acquirer | shares		597,307
Value of equity awards assumed		$ 30
Fair value of outstanding units related to post-acquisition employee service					$ 32
Ordinary shares, $0.000304635 nominal value
Business Acquisition [Line Items]
Ordinary shares, nominal value (usd per share) | $ / shares		$ 0.000304635000			$ 0.000304635	$ 0.000304635
Common shares outstanding | shares					135,432,801	136,296,771
Common shares issued | shares					135,432,801	137,075,068
Ordinary shares, $0.000304635 nominal value | Towers Watson
Business Acquisition [Line Items]
Conversion of Towers Watson stock to Willis stock, conversion ratio		2.6490
Ordinary shares, $0.000115 nominal value | Towers Watson
Business Acquisition [Line Items]
Ordinary shares, nominal value (usd per share) | $ / shares		$ 0.000115

Merger - Preliminary Calculatio

Merger - Preliminary Calculation of Aggregate Merger Consideration (Details) $ / shares in Units, shares in Millions, $ in Millions	Jan. 04, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Dec. 29, 2015shares
Business Acquisition [Line Items]
Value of equity awards assumed		$ 37
Towers Watson
Business Acquisition [Line Items]
Number of shares of Towers Watson common stock outstanding as of January 4, 2016 | shares	69		69
Towers Watson
Business Acquisition [Line Items]
Exchange ratio	2.6490
Fair value of 184 million Willis ordinary shares	$ 8,686
Value of equity awards assumed	37
Aggregate Merger consideration	$ 8,723
Towers Watson | Willis Group Holdings
Business Acquisition [Line Items]
Number of Willis Group Holdings shares issued (prior to reverse stock split) | shares	184
Willis Group Holdings price per share on January 4, 2016 (usd per share) | $ / shares	$ 47.18

Merger - Schedule of Fair Value

Merger - Schedule of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jan. 04, 2016	Dec. 29, 2015	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill			$ 10,442	$ 10,413
Term loan due 2019 | Term Loan Facility
Business Acquisition [Line Items]
Term loan period	1 year
Towers Watson
Business Acquisition [Line Items]
Dividends paid		$ 694
Towers Watson | Towers Watson Debt, Due on Change of Control
Business Acquisition [Line Items]
Long-term debt	$ 400
Repayments of debt	400
Towers Watson | Towers Watson Debt, Due on Change of Control | Term Loan
Business Acquisition [Line Items]
Face amount of note	188
Towers Watson | Towers Watson Debt, Due on Change of Control | Line of Credit | Revolving Credit Facility
Business Acquisition [Line Items]
Maximum borrowing capacity	212
Towers Watson | Towers Watson New Term Loan | Term Loan
Business Acquisition [Line Items]
Proceeds from issuance of debt	340
Towers Watson
Business Acquisition [Line Items]
Cash and cash equivalents	476
Accounts receivable, net	825
Other current assets	82
Fixed assets, net	204
Goodwill	6,783
Intangible assets	3,991
Pension benefits assets	67
Other non-current assets	115
Deferred tax liabilities	(1,151)
Liability for pension benefits	(923)
Other current liabilities	(667)
Other non-current liabilities	(331)
Long term debt, including current portion	(740)
Net assets acquired	8,731
Noncontrolling interest acquired	(8)
Preliminary purchase price allocation	8,723
Towers Watson | Towers Watson Accounts Payable, Accrued Liabilities, and Deferred Compensation
Business Acquisition [Line Items]
Other current liabilities	(348)
Towers Watson | Towers Watson Employee-related Liabilities
Business Acquisition [Line Items]
Other current liabilities	(308)
Towers Watson | Towers Watson Other Current Liabilities
Business Acquisition [Line Items]
Other current liabilities	(11)
Towers Watson | Towers Watson Acquired Contingent Liabilities
Business Acquisition [Line Items]
Other non-current liabilities	$ (242)

Merger - Schedule of Acquired I

Merger - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Jan. 04, 2016	Mar. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 47
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		11
Software - income approach
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		36
Product
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		0
Favorable agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired		$ 0
Towers Watson
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 3,991
Towers Watson | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 2,221
Expected life (years)	15 years
Towers Watson | Software - income approach | Income Approach
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 567
Expected life (years)	6 years 4 months 24 days
Towers Watson | Software - income approach | Cost Approach
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 108
Expected life (years)	4 years 10 months 24 days
Towers Watson | Product
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 42
Expected life (years)	17 years 6 months
Towers Watson | IPR&D
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 39
Towers Watson | Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 1,003
Expected life (years)	25 years
Towers Watson | Favorable agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 11
Expected life (years)	6 years 6 months

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2017segment
Segment Reporting [Abstract]
Number of operating segments	4
Number of reportable segments	4

Segment Information - Revenue (

Segment Information - Revenue (Net of Reimbursable Expenses) of the Reported Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Segment commissions and fees	$ 2,303	$ 2,219
Segment interest and other income	16	15
Segment operating income	463	326
Operating Segments
Segment Reporting Information [Line Items]
Segment commissions and fees	2,282	2,228
Segment interest and other income	14	14
Segment revenues	2,296	2,242
Segment operating income	731	665
Operating Segments | HCB
Segment Reporting Information [Line Items]
Segment commissions and fees	951	926
Segment interest and other income	4	4
Segment revenues	955	930
Segment operating income	349	313
Operating Segments | CRB
Segment Reporting Information [Line Items]
Segment commissions and fees	650	641
Segment interest and other income	5	6
Segment revenues	655	647
Segment operating income	122	110
Operating Segments | IRR
Segment Reporting Information [Line Items]
Segment commissions and fees	502	498
Segment interest and other income	5	4
Segment revenues	507	502
Segment operating income	222	199
Operating Segments | ES
Segment Reporting Information [Line Items]
Segment commissions and fees	179	163
Segment interest and other income	0	0
Segment revenues	179	163
Segment operating income	$ 38	$ 43

Segment Information - Reconcili

Segment Information - Reconciliation of Information Reported by Segment to Consolidated Amounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Fair value adjustment for deferred revenue	$ 0	$ (32)
Reimbursable expenses and other	23	24
Total revenues	2,319	2,234
Total segment operating income	463	326
Amortization	(151)	(161)
Restructuring costs	(27)	(25)
Merger-related integration expenses	(40)	(52)
Provision for the Stanford litigation	0	(50)
Other, net	(50)	(19)
Interest expense	46	46
Other expense, net	20	18
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	397	262
Operating Segments
Revenues:
Total segment revenue	2,296	2,242
Total segment operating income	$ 731	$ 665

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details)	3 Months Ended		12 Months Ended			39 Months Ended	45 Months Ended
	Mar. 31, 2017USD ($)Position	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 27,000,000	$ 25,000,000
Operational Improvement Program
Restructuring Cost and Reserve [Line Items]
Number of support roles moved from higher cost locations to lower cost locations (more than) | Position	3,500
Restructuring costs	$ 27,000,000	25,000,000	$ 145,000,000	$ 126,000,000	$ 36,000,000	$ 334,000,000
Expected cost	130,000,000					$ 130,000,000
Operational Improvement Program | Scenario, Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring costs							$ 440,000,000
Business Restructure Program
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 0	$ 48,000,000

Restructuring Costs - Analysis

Restructuring Costs - Analysis of the Cost for Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended			39 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 27	$ 25
Operational Improvement Program
Restructuring Cost and Reserve [Line Items]
Restructuring costs	27	$ 25	$ 145	$ 126	$ 36	$ 334
Operational Improvement Program | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6		23	36	16	81
Operational Improvement Program | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	21		122	90	20	253
Operational Improvement Program | Operating Segments | HCB
Restructuring Cost and Reserve [Line Items]
Restructuring costs						6
Operational Improvement Program | Operating Segments | HCB | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		1	2	0	3
Operational Improvement Program | Operating Segments | HCB | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1		1	1	0	3
Operational Improvement Program | Operating Segments | CRB
Restructuring Cost and Reserve [Line Items]
Restructuring costs						217
Operational Improvement Program | Operating Segments | CRB | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4		18	24	15	61
Operational Improvement Program | Operating Segments | CRB | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	15		81	57	3	156
Operational Improvement Program | Operating Segments | IRR
Restructuring Cost and Reserve [Line Items]
Restructuring costs						20
Operational Improvement Program | Operating Segments | IRR | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2		3	7	1	13
Operational Improvement Program | Operating Segments | IRR | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1		4	2	0	7
Operational Improvement Program | Operating Segments | ES
Restructuring Cost and Reserve [Line Items]
Restructuring costs						0
Operational Improvement Program | Operating Segments | ES | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		0	0	0	0
Operational Improvement Program | Operating Segments | ES | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		0	0	0	0
Operational Improvement Program | Legacy Willis Corporate & Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs						91
Operational Improvement Program | Legacy Willis Corporate & Other | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		1	3	0	4
Operational Improvement Program | Legacy Willis Corporate & Other | Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4		$ 36	$ 30	$ 17	$ 87

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Liability (Details) - USD ($)	3 Months Ended		12 Months Ended			39 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2017
Restructuring Reserve [Roll Forward]
Charges incurred	$ 27,000,000	$ 25,000,000
Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	25,000,000	26,000,000	$ 26,000,000	$ 11,000,000	$ 0	$ 0
Charges incurred	27,000,000	25,000,000	145,000,000	126,000,000	36,000,000	334,000,000
Cash payments	(37,000,000)		(146,000,000)	(111,000,000)	(25,000,000)
Restructuring liability, ending balance	15,000,000		25,000,000	26,000,000	11,000,000	15,000,000
Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	26,000,000	0	0
Charges incurred	0	0	48,000,000
Cash payments	(18,000,000)		(22,000,000)
Restructuring liability, ending balance	8,000,000		26,000,000	0		8,000,000
Termination benefits | Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	7,000,000	15,000,000	15,000,000	5,000,000	0	0
Charges incurred	6,000,000		23,000,000	36,000,000	16,000,000	81,000,000
Cash payments	(4,000,000)		(31,000,000)	(26,000,000)	(11,000,000)
Restructuring liability, ending balance	9,000,000		7,000,000	15,000,000	5,000,000	9,000,000
Termination benefits | Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	26,000,000	0	0
Charges incurred			45,000,000
Cash payments	(18,000,000)		(19,000,000)
Restructuring liability, ending balance	8,000,000		26,000,000	0		8,000,000
Professional services and other | Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	18,000,000	11,000,000	11,000,000	6,000,000	0	0
Charges incurred	21,000,000		122,000,000	90,000,000	20,000,000	253,000,000
Cash payments	(33,000,000)		(115,000,000)	(85,000,000)	(14,000,000)
Restructuring liability, ending balance	6,000,000		18,000,000	11,000,000	$ 6,000,000	6,000,000
Professional services and other | Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	0	$ 0	0
Charges incurred			3,000,000
Cash payments	0		(3,000,000)
Restructuring liability, ending balance	$ 0		$ 0	$ 0		$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 46	$ 18
Effective tax rate	11.60%	6.90%
U.S. statutory tax rate	35.00%
Liability for uncertain tax position	$ 54
Minimum
Operating Loss Carryforwards [Line Items]
Expected decrease in liability for uncertain tax position	1
Maximum
Operating Loss Carryforwards [Line Items]
Expected decrease in liability for uncertain tax position	$ 4

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets - Components of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 10,905
Accumulated impairment losses, beginning balance	(492)
Goodwill, net, beginning balance	10,413
Goodwill reassigned in segment realignment	0
Goodwill acquired during the period	8
Foreign exchange	21
Goodwill, gross, ending balance	10,934
Accumulated impairment losses, ending balance	(492)
Goodwill, net, ending balance	10,442
HCB
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	4,412
Accumulated impairment losses, beginning balance	(130)
Goodwill, net, beginning balance	4,282
Goodwill reassigned in segment realignment	(113)
Goodwill acquired during the period	0
Foreign exchange	9
Goodwill, gross, ending balance	4,308
Accumulated impairment losses, ending balance	(130)
Goodwill, net, ending balance	4,178
CRB
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	2,178
Accumulated impairment losses, beginning balance	(362)
Goodwill, net, beginning balance	1,816
Goodwill reassigned in segment realignment	13
Goodwill acquired during the period	8
Foreign exchange	9
Goodwill, gross, ending balance	2,208
Accumulated impairment losses, ending balance	(362)
Goodwill, net, ending balance	1,846
IRR
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,758
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	1,758
Goodwill reassigned in segment realignment	100
Goodwill acquired during the period	0
Foreign exchange	3
Goodwill, gross, ending balance	1,861
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	1,861
ES
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	2,557
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	2,557
Goodwill reassigned in segment realignment	0
Goodwill acquired during the period	0
Foreign exchange	0
Goodwill, gross, ending balance	2,557
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	$ 2,557

Goodwill and Other Intangible53

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	$ 4,332
Intangible assets acquired	47
Intangible assets disposed	0
Amortization (ii)	(151)	$ (161)
Foreign Exchange	17
Balance as of March 31, 2017	4,245
Finite-lived intangible assets, gross carrying amount	5,325		$ 5,275
Finite-lived intangible assets, accumulated amortization	(1,080)		(943)
Finite-lived intangible liabilities, gross carrying amount	35		34
Finite-lived intangible liabilities, accumulated amortization	(6)		(5)
Client relationships
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	2,655
Intangible assets acquired	11
Intangible assets disposed	0
Amortization (ii)	(98)
Foreign Exchange	13
Balance as of March 31, 2017	2,581
Finite-lived intangible assets, gross carrying amount	3,413		3,396
Finite-lived intangible assets, accumulated amortization	(832)		(741)
Management contracts
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	54
Intangible assets acquired	0
Intangible assets disposed	0
Amortization (ii)	(1)
Foreign Exchange	1
Balance as of March 31, 2017	54
Finite-lived intangible assets, gross carrying amount	63		62
Finite-lived intangible assets, accumulated amortization	(9)		(8)
Software - income approach
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	570
Intangible assets acquired	36
Intangible assets disposed	0
Amortization (ii)	(39)
Foreign Exchange	1
Balance as of March 31, 2017	568
Finite-lived intangible assets, gross carrying amount	742		711
Finite-lived intangible assets, accumulated amortization	(174)		(141)
Trademark and trade name
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	1,006
Intangible assets acquired	0
Intangible assets disposed	0
Amortization (ii)	(12)
Foreign Exchange	2
Balance as of March 31, 2017	996
Finite-lived intangible assets, gross carrying amount	1,052		1,051
Finite-lived intangible assets, accumulated amortization	(56)		(45)
Product
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	33
Intangible assets acquired	0
Intangible assets disposed	0
Amortization (ii)	(1)
Foreign Exchange	0
Balance as of March 31, 2017	32
Finite-lived intangible assets, gross carrying amount	36		36
Finite-lived intangible assets, accumulated amortization	(4)		(3)
Favorable agreements
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	11
Intangible assets acquired	0
Intangible assets disposed	0
Amortization (ii)	0
Foreign Exchange	0
Balance as of March 31, 2017	11
Finite-lived intangible assets, gross carrying amount	13		13
Finite-lived intangible assets, accumulated amortization	(2)		(2)
Other
Finite-lived Intangible Assets [Roll Forward]
Balance as of December 31, 2016	3
Intangible assets acquired	0
Intangible assets disposed	0
Amortization (ii)	0
Foreign Exchange	0
Balance as of March 31, 2017	3
Finite-lived intangible assets, gross carrying amount	6		6
Finite-lived intangible assets, accumulated amortization	$ (3)		$ (3)

Goodwill and Other Intangible54

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 04, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets, excluding above market leases	$ 151	$ 161
Acquired unfavorable lease liabilities	$ 29		$ 29
Weighted average remaining life of amortizable intangible assets	14 years 8 months
In Process Research and Development
Finite-Lived Intangible Assets [Line Items]
Intangible asset	$ 36			$ 39

Goodwill and Other Intangible55

Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense and Rent Offset (Details) $ in Millions	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2017	$ 424
2,018	524
2,019	468
2,020	416
2,021	342
Thereafter	2,060
Total	4,234
Rent offset
Remainder of 2017	(3)
2,018	(3)
2,019	(2)
2,020	(2)
2,021	(2)
Thereafter	(6)
Total	$ (18)

Derivative Financial Instrume56

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Derivative [Line Items]
Loss on derivatives to be reclassified within the next twelve months	$ 57,000,000
Gain (loss) in earnings for derivatives not designated as hedging instruments	$ 8,000,000	$ (10,000,000)
Maximum
Derivative [Line Items]
Longest outstanding maturity	2 years 2 months
Not Designated as Hedging Instrument | Forward exchange contracts
Derivative [Line Items]
Derivative, notional amount	$ 461,000,000			$ 630,000,000
Derivative liability, fair value	0			8,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	300,000,000			300,000,000
Derivative asset, fair value	1,000,000			0
Cash Flow Hedges | Designated as Hedging Instrument | Forward exchange contracts
Derivative [Line Items]
Derivative, notional amount	787,000,000			945,000,000
Derivative liability, fair value	85,000,000			$ 110,000,000
Gain /(loss) recognized in OCI (effective portion)	3,000,000		$ (28,000,000)
Loss reclassified from Accumulated OCI into income (effective element)	(23,000,000)	$ (4,000,000)
Gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	$ 1,000,000		$ 0

Debt - Schedule of Short-term D

Debt - Schedule of Short-term Debt and Current Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Jan. 04, 2016	Mar. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		$ 120	$ 508
Senior Notes | 6.200% senior notes due 2017
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		$ 0	394
Stated interest rate (as a percent)		6.20%
Term Loan Facility | 7-year term loan facility (expiring 2018)
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		$ 0	22
Term loan period		7 years
Term Loan Facility | Term loan due 2019
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		$ 85	85
Term loan period	1 year
Bank Overdrafts
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		33	5
Other debt
Short-term Debt [Line Items]
Short-term debt and current portion of the long-term debt		$ 2	$ 2

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 07, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 3,975,000,000		$ 3,357,000,000
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	1,064,000,000		0
Maximum borrowing capacity	1,250,000,000	$ 1,250,000,000
Line of Credit | Revolving Credit Facility | Revolving $800 million credit facility
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	0		238,000,000
Maximum borrowing capacity	800,000,000		800,000,000
Term Loan | 7-year term loan facility (expiring 2018)
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 0		196,000,000
Term loan period	7 years
Term Loan | Term loan due 2019
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 148,000,000		169,000,000
Senior Notes | 7.000% senior notes due 2019
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 186,000,000		186,000,000
Stated interest rate (as a percent)	7.00%
Senior Notes | 5.750% senior notes due 2021
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 496,000,000		496,000,000
Stated interest rate (as a percent)	5.75%
Senior Notes | 3.500% senior notes due 2021
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 446,000,000		446,000,000
Stated interest rate (as a percent)	3.50%
Senior Notes | 2.125% senior notes due 2022
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 573,000,000		565,000,000
Stated interest rate (as a percent)	2.125%
Senior Notes | 4.625% senior notes due 2023
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 248,000,000		247,000,000
Stated interest rate (as a percent)	4.625%
Senior Notes | 4.625% senior notes due 2023
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 543,000,000		543,000,000
Stated interest rate (as a percent)	4.40%
Senior Notes | 4.400% senior notes due 2026
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 271,000,000		$ 271,000,000
Stated interest rate (as a percent)	6.125%

Debt - Narrative (Details)

Debt - Narrative (Details) € in Millions	Mar. 28, 2017USD ($)	Mar. 07, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Dec. 31, 2016USD ($)
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,250,000,000	$ 1,250,000,000
Long-term borrowings outstanding			409,000,000	€ 45
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate spread (as a percent)		1.00%
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate spread (as a percent)		1.75%
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility | Bank Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate spread (as a percent)		0.00%
Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility | Bank Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate spread (as a percent)		0.75%
Line of Credit | Revolving Credit Facility | Revolving $800 million Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 800,000,000		$ 800,000,000
Term Loan | 7-year term loan facility (expiring 2018)
Debt Instrument [Line Items]
Term loan period			7 years
Senior Notes | 6.200% senior notes due 2017
Debt Instrument [Line Items]
Repayments of debt	$ 407,000,000
Stated interest rate (as a percent)			6.20%	6.20%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.02%	10.76%
Recurring
Assets:
Mutual funds / exchange traded funds	$ 38	$ 37
Derivative financial instruments	13	15
Liabilities:
Contingent Consideration	54	55
Derivative financial instruments	99	133
Recurring | Level 1
Assets:
Mutual funds / exchange traded funds	38	37
Derivative financial instruments	0	0
Liabilities:
Contingent Consideration	0	0
Derivative financial instruments	0	0
Recurring | Level 2
Assets:
Mutual funds / exchange traded funds	0	0
Derivative financial instruments	13	15
Liabilities:
Contingent Consideration	0	0
Derivative financial instruments	99	133
Recurring | Level 3
Assets:
Mutual funds / exchange traded funds	0	0
Derivative financial instruments	0	0
Liabilities:
Contingent Consideration	54	55
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Liabilities Measured Using Significant Unobservable Inputs Level 3 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 55
Obligations assumed	0
Payments	(2)
Realized and unrealized losses	0
Foreign exchange	1
Balance as of end of period	$ 54

Fair Value Measurements - Sch62

Fair Value Measurements - Schedule of Liabilities Whose Carrying Values Differ From the Fair Value and are Not Measured on a Recurring Basis (Details) - Nonrecurring - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 120	$ 508
Long-term debt	3,975	3,357
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	120	513
Long-term debt	$ 4,216	$ 3,504

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Portion of pension and OPEB obligation attributed to disclosed plans (as a percent)	99.00%
Defined contribution plan, employer contribution	$ 42,000,000	$ 36,000,000
U.S.
Defined Benefit Plan Disclosure [Line Items]
Funding of defined benefit pension plans	0
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	50,000,000
U.K.
Defined Benefit Plan Disclosure [Line Items]
Funding of defined benefit pension plans	12,000,000
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	48,000,000
Other
Defined Benefit Plan Disclosure [Line Items]
Funding of defined benefit pension plans	5,000,000
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	$ 9,000,000

Retirement Benefits - Net Perio

Retirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 16	$ 15
Interest cost	35	34
Expected return on plan assets	(61)	(59)
Settlement	0	0
Amortization of net loss	3	3
Amortization of prior service (credit)	0	0
Net periodic benefit (income) /cost	(7)	(7)
U.K.
Defined Benefit Plan Disclosure [Line Items]
Service cost	8	6
Interest cost	22	28
Expected return on plan assets	(68)	(64)
Settlement	0	0
Amortization of net loss	13	11
Amortization of prior service (credit)	(5)	(5)
Net periodic benefit (income) /cost	(30)	(24)
Other
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	5
Interest cost	4	6
Expected return on plan assets	(7)	(8)
Settlement	0	2
Amortization of net loss	0	0
Amortization of prior service (credit)	0	0
Net periodic benefit (income) /cost	2	5
PRW
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	1
Expected return on plan assets	0	0
Settlement	0	0
Amortization of net loss	0	0
Amortization of prior service (credit)	0	0
Net periodic benefit (income) /cost	$ 1	$ 1

Commitments and Contingencies (

Commitments and Contingencies (Details)

Mar. 01, 2017USD ($)

Sep. 12, 2016USD ($)plaintiff

Aug. 05, 2016USD ($)plaintiff

Mar. 31, 2016USD ($)

Jul. 21, 2015

Jul. 15, 2015

Aug. 01, 2014USD ($)

Jan. 10, 2014plaintiff

Oct. 01, 2013USD ($)

Aug. 06, 2013plaintiff

Jun. 20, 2013lawsuit

Jun. 11, 2013lawsuit

Jun. 03, 2013lawsuit

Feb. 14, 2013USD ($)lawsuitplaintiff

Feb. 08, 2013USD ($)plaintiff

Mar. 11, 2011USD ($)plaintiff

Sep. 16, 2010USD ($)plaintiff

Sep. 14, 2009USD ($)plaintiff

Aug. 06, 2009USD ($)

Jul. 02, 2009USD ($)

Mar. 23, 2016complaintshareholdershares

Dec. 10, 2015plaintiff

Mar. 31, 2017USD ($)lawsuit

Mar. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2015USD ($)

May 08, 2017USD ($)

May 09, 2016complaint

Mar. 25, 2014action

Loss Contingencies [Line Items]

Provision for litigation losses

$ 0

$ 50,000,000

Aviation broking revenue (less than)

$ 100,000,000

Stanford Financial Group

Loss Contingencies [Line Items]

Number of complaints filed | lawsuit

15

de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Period to replead dismissed claim

21 days

Pending Litigation | Canabal, et al. v. Willis of Colorado, Inc., et al.

Loss Contingencies [Line Items]

Damages sought (in excess of)

$ 1,000,000,000

Pending Litigation | Rupert, et al. v. Winter, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

97

Damages sought (in excess of)

$ 300,000,000

Pending Litigation | Casanova, et al. v. Willis of Colorado, Inc., et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

7

Damages sought (in excess of)

$ 5,000,000

Pending Litigation | Rishmague, et ano. v. Winter, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

2

Damages sought (in excess of)

$ 37,000,000

Pending Litigation | MacArthur v. Winter, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

2

Damages sought (in excess of)

$ 4,000,000

Pending Litigation | Stanford Financial Group, Florida Suits

Loss Contingencies [Line Items]

Number of complaints filed | lawsuit

5

Number of cases removed | lawsuit

5

Number of cases moved to stay | lawsuit

4

Number of cases transferred | lawsuit

5

Period that case is stayed

7 days

Pending Litigation | Barbar, et al. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

35

Damages sought (in excess of)

$ 30,000,000

Pending Litigation | de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

64

Damages sought (in excess of)

$ 83,500,000

Pending Litigation | Ranni, et ano. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

2

Damages sought (in excess of)

$ 3,000,000

Pending Litigation | Tisminesky, et al. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

11

Damages sought (in excess of)

$ 6,500,000

Period to replead dismissed claim

21 days

Pending Litigation | Zacarias, et al. v. Willis Group Holdings Public Limited Company, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

10

Damages sought (in excess of)

$ 12,500,000

Period to replead dismissed claim

21 days

Pending Litigation | Martin v. Willis of Colorado, Inc., et. al. [Member]

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

5

1

Damages sought (in excess of)

$ 1,000,000

$ 100,000

Pending Litigation | Abel, et al. v. Willis of Colorado, Inc., et al [Member]

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

300

Damages sought (in excess of)

$ 135,000,000

Pending Litigation | City of Houston

Loss Contingencies [Line Items]

Increase to actuarial accrued liability alleged by plaintiff

$ 163,000,000

Pending Litigation | Meriter

Loss Contingencies [Line Items]

Damages sought (in excess of)

$ 135,000,000

Pending Litigation | Towers Watson | Towers Watson Merger, Demand for Appraisal

Loss Contingencies [Line Items]

Number of plaintiffs

3

10

Percentage of stock owned by plaintiffs

2.40%

Number of complaints filed | complaint

3

Number of shares owned by plaintiffs | shares

1,354,338

Number of actions consolidated | complaint

3

Settled Litigation | Stanford Financial Group

Loss Contingencies [Line Items]

Provision for litigation losses

$ 70,000,000

Settled Litigation | Troice and Janvey Cases

Loss Contingencies [Line Items]

Provision for litigation losses

$ 50,000,000

Settlement amount against the Company

$ 120,000,000

Settled Litigation | Troice, et al. v. Willis of Colorado, Inc., et al.

Loss Contingencies [Line Items]

Number of actions consolidated | action

2

Damages sought (in excess of)

$ 1,000,000,000

Settled Litigation | Janvey, et al. v. Willis of Colorado, Inc., et al.

Loss Contingencies [Line Items]

Damages sought (in excess of)

$ 1,000,000,000

Total losses incurred by plaintiff

$ 4,600,000,000

Settled Litigation | Elma Sanchez, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

3

3

Damages paid

$ 9,750,000

Premium rate increase

85.00%

Settled Litigation | Meriter

Loss Contingencies [Line Items]

Damages paid

$ 82,000,000

Subsequent Event | Pending Litigation | City of Houston

Loss Contingencies [Line Items]

Estimated damages incurred (through July 1, 2017)

$ 430,000,000

Estimated future damages incurred (as of July 1, 2017)

$ 400,000,000

Supplementary Information for66

Supplementary Information for Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 2,307	$ 2,080
Billed, net of allowance for doubtful debts of $46 million and $40 million
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	1,956	1,789
Allowance for doubtful debts	46	40
Accrued and unbilled, at estimated net realizable value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 351	$ 291

Supplementary Information for67

Supplementary Information for Certain Balance Sheet Accounts - Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accounts payable	$ 135	$ 117
Income and other taxes payable	179	91
Contingent and deferred consideration on acquisition	54	53
Payroll-related liabilities	275	200
Derivatives	66	80
Third-party commissions	186	184
Other current liabilities	101	151
Total other current liabilities	$ 996	$ 876

Supplementary Information for68

Supplementary Information for Certain Balance Sheet Accounts - Provision for Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Claims, lawsuits and other proceedings	$ 465	$ 456
Other provisions	153	119
Total provision for liabilities	$ 618	$ 575

Accumulated Other Comprehensi69

Accumulated Other Comprehensive Income/(Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	$ 10,065
Ending Balance	[1]	10,278
Amounts reclassified from accumulated other comprehensive income, tax		3	$ 6
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(650)	(314)
Other comprehensive income/(loss) before reclassifications		(74)	4
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)		0	0
Net current-period other comprehensive income/(loss)		(74)	4
Ending Balance		(724)	(310)
Gains and losses on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(82)	(10)
Other comprehensive income/(loss) before reclassifications		1	(26)
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)		19	4
Net current-period other comprehensive income/(loss)		20	(22)
Ending Balance		(62)	(32)
Defined pension and post-retirement benefit costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(1,152)	(713)
Other comprehensive income/(loss) before reclassifications		20	(6)
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)		10	8
Net current-period other comprehensive income/(loss)		30	2
Ending Balance		(1,122)	(711)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(1,884)	(1,037)
Other comprehensive income/(loss) before reclassifications		(53)	(28)
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)		29	12
Net current-period other comprehensive income/(loss)		(24)	(16)
Ending Balance		$ (1,908)	$ (1,053)
[1]	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 135,432,801 (2017) and 137,075,068 (2016); Outstanding 135,432,801 (2017) and 136,296,771 (2016); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2017 and 2016; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2017 and 2016.

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Time-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share	0.1	0.7
Time-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1	1.5
Performance based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1.1	1.3
Restricted share units outstanding	0.6	0.7
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding	0.5	1.2

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to Willis Towers Watson	$ 344	$ 238
Basic average number of shares outstanding (shares)	137	135
Dilutive effect of potentially issuable shares (shares)	1	1
Diluted average number of shares outstanding (shares)	138	136
Basic earnings per share (usd per share)	$ 2.51	$ 1.76
Dilutive effect of potentially issuable shares (usd per share)	(0.01)	(0.01)
Diluted earnings per share (usd per share)	$ 2.50	$ 1.75

Financial Information for Par72

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2017	Jul. 01, 2015
Willis North America | Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 148
The Other Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent	100.00%
6.200% senior notes due 2017 | Willis North America | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 394
7.000% senior notes due 2019 | Willis North America | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 187

Financial Information for Par73

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Commissions and fees	$ 2,303	$ 2,219
Interest and other income	16	15
Total revenues	2,319	2,234
Costs of providing services
Salaries and benefits	1,191	1,196
Other operating expenses	401	431
Depreciation	46	43
Amortization	151	161
Restructuring costs	27	25
Integration expenses	40	52
Total costs of providing services	1,856	1,908
Income from operations	463	326
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	46	46
Other expense, net	20	18
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	397	262
Provision for income taxes	46	18
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	351	244
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	352	245
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	331	231
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	320	222
Consolidating adjustments | Parent Guarantor
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	0
Total costs of providing services	0	0
Income from operations	0	0
Income from Group undertakings	259	205
Expenses due to Group undertakings	(259)	(205)
Interest expense	0	0
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	0	0
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	0	0
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	(839)	(465)
NET INCOME	(839)	(465)
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(839)	(465)
Comprehensive income before noncontrolling interests	(756)	(406)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	(756)	(406)
Willis Towers Watson | Reportable Legal Entities
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	1	0
Other operating expenses	1	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	1
Total costs of providing services	2	2
Income from operations	(2)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	11
Other expense, net	0	1
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	353	252
NET INCOME	344	238
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	320	222
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	320	222
The Other Guarantors | Reportable Legal Entities
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	7	35
Depreciation	1	1
Amortization	0	0
Restructuring costs	4	4
Integration expenses	1	12
Total costs of providing services	13	52
Income from operations	(13)	(52)
Income from Group undertakings	(128)	(121)
Expenses due to Group undertakings	39	14
Interest expense	24	17
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	52	38
Provision for income taxes	4	(13)
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	48	51
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	311	199
NET INCOME	359	250
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	359	250
Comprehensive income before noncontrolling interests	334	232
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	334	232
The Issuer | Reportable Legal Entities
Revenues
Commissions and fees	6	7
Interest and other income	0	0
Total revenues	6	7
Costs of providing services
Salaries and benefits	10	14
Other operating expenses	10	58
Depreciation	0	4
Amortization	0	0
Restructuring costs	3	9
Integration expenses	3	6
Total costs of providing services	26	91
Income from operations	(20)	(84)
Income from Group undertakings	(73)	(54)
Expenses due to Group undertakings	46	43
Interest expense	10	10
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(3)	(83)
Provision for income taxes	(2)	(28)
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	(1)	(55)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	175	14
NET INCOME	174	(41)
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	174	(41)
Comprehensive income before noncontrolling interests	147	(58)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	147	(58)
Other | Reportable Legal Entities
Revenues
Commissions and fees	2,297	2,212
Interest and other income	16	15
Total revenues	2,313	2,227
Costs of providing services
Salaries and benefits	1,180	1,182
Other operating expenses	383	337
Depreciation	45	38
Amortization	151	161
Restructuring costs	20	12
Integration expenses	36	33
Total costs of providing services	1,815	1,763
Income from operations	498	464
Income from Group undertakings	(58)	(30)
Expenses due to Group undertakings	174	148
Interest expense	5	8
Other expense, net	20	17
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	357	321
Provision for income taxes	44	59
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	313	262
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	314	263
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	306	256
Comprehensive income before noncontrolling interests	286	241
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	$ 275	$ 232

Financial Information for Par74

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 901	$ 870	$ 954	$ 532
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,307	2,080
Prepaid and other current assets		321	337
Amounts due from group undertakings		0	0
Total current assets		15,795	13,792
Investments in subsidiaries		0	0
Fixed assets, net		863	839
Goodwill		10,442	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		351	353
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,437	16,461
TOTAL ASSETS		32,232	30,253
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,203	1,481
Short-term debt and current portion of long-term debt		120	508
Other current liabilities		996	876
Amounts due to group undertakings		0	0
Total current liabilities		14,585	13,370
Long-term debt		3,975	3,357
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		799	864
Provision for liabilities		618	575
Other non-current liabilities		512	532
Amounts due to group undertakings		0	0
Total non-current liabilities		7,190	6,649
TOTAL LIABILITIES		21,775	20,019
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity	[1]	10,278	10,065
Noncontrolling interests		126	118
Total equity		10,404	10,183	11,304	2,360
TOTAL LIABILITIES AND EQUITY		32,232	30,253
Consolidating adjustments | Parent Guarantor
ASSETS
Cash and cash equivalents		0	0	0	0
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		(40)	(59)
Amounts due from group undertakings		(12,387)	(12,495)
Total current assets		(12,427)	(12,554)
Investments in subsidiaries		(18,041)	(16,622)
Fixed assets, net		0	0
Goodwill		0	0
Other intangible assets, net		(64)	(64)
Pension benefits assets		0	0
Other non-current assets		(225)	(47)
Non-current amounts due from group undertakings		(5,948)	(5,491)
Total non-current assets		(24,278)	(22,224)
TOTAL ASSETS		(36,705)	(34,778)
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		(46)	(49)
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		17	(2)
Amounts due to group undertakings		(12,387)	(12,495)
Total current liabilities		(12,416)	(12,546)
Long-term debt		0	0
Liability for pension benefits		0	0
Deferred tax liabilities		(219)	(149)
Provision for liabilities		0	0
Other non-current liabilities		(14)	(14)
Amounts due to group undertakings		(5,948)	(5,491)
Total non-current liabilities		(6,181)	(5,654)
TOTAL LIABILITIES		(18,597)	(18,200)
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		(18,108)	(16,578)
Noncontrolling interests		0	0
Total equity		(18,108)	(16,578)
TOTAL LIABILITIES AND EQUITY		(36,705)	(34,778)
Willis Towers Watson | Reportable Legal Entities
ASSETS
Cash and cash equivalents		0	0	2	3
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		1	0
Amounts due from group undertakings		6,098	7,229
Total current assets		6,099	7,229
Investments in subsidiaries		4,753	3,409
Fixed assets, net		0	0
Goodwill		1	0
Other intangible assets, net		0	0
Pension benefits assets		0	0
Other non-current assets		0	0
Non-current amounts due from group undertakings		0	0
Total non-current assets		4,754	3,409
TOTAL ASSETS		10,853	10,638
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		0	0
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		79	77
Amounts due to group undertakings		0	0
Total current liabilities		79	77
Long-term debt		496	496
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		0	0
Other non-current liabilities		0	0
Amounts due to group undertakings		0	0
Total non-current liabilities		496	496
TOTAL LIABILITIES		575	573
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		10,278	10,065
Noncontrolling interests		0	0
Total equity		10,278	10,065
TOTAL LIABILITIES AND EQUITY		10,853	10,638
The Other Guarantors | Reportable Legal Entities
ASSETS
Cash and cash equivalents		1	0	0	2
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		43	49
Amounts due from group undertakings		2,242	1,706
Total current assets		2,286	1,755
Investments in subsidiaries		7,992	7,733
Fixed assets, net		35	34
Goodwill		0	0
Other intangible assets, net		64	64
Pension benefits assets		0	0
Other non-current assets		12	10
Non-current amounts due from group undertakings		5,100	4,655
Total non-current assets		13,203	12,496
TOTAL ASSETS		15,489	14,251
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		4	15
Short-term debt and current portion of long-term debt		0	22
Other current liabilities		70	94
Amounts due to group undertakings		7,721	8,323
Total current liabilities		7,795	8,454
Long-term debt		3,145	2,506
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		0	0
Other non-current liabilities		32	48
Amounts due to group undertakings		0	0
Total non-current liabilities		3,177	2,554
TOTAL LIABILITIES		10,972	11,008
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		4,517	3,243
Noncontrolling interests		0	0
Total equity		4,517	3,243
TOTAL LIABILITIES AND EQUITY		15,489	14,251
The Issuer | Reportable Legal Entities
ASSETS
Cash and cash equivalents		0	0	0	0
Fiduciary assets		0	0
Accounts receivable, net		3	7
Prepaid and other current assets		82	23
Amounts due from group undertakings		1,231	1,190
Total current assets		1,316	1,220
Investments in subsidiaries		5,296	5,480
Fixed assets, net		0	0
Goodwill		0	0
Other intangible assets, net		0	0
Pension benefits assets		0	0
Other non-current assets		259	80
Non-current amounts due from group undertakings		848	836
Total non-current assets		6,403	6,396
TOTAL ASSETS		7,719	7,616
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		17	27
Short-term debt and current portion of long-term debt		0	394
Other current liabilities		18	23
Amounts due to group undertakings		2,517	2,075
Total current liabilities		2,552	2,519
Long-term debt		186	186
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		120	120
Other non-current liabilities		15	15
Amounts due to group undertakings		518	518
Total non-current liabilities		839	839
TOTAL LIABILITIES		3,391	3,358
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		4,328	4,258
Noncontrolling interests		0	0
Total equity		4,328	4,258
TOTAL LIABILITIES AND EQUITY		7,719	7,616
Other | Reportable Legal Entities
ASSETS
Cash and cash equivalents		900	870	$ 952	$ 527
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,304	2,073
Prepaid and other current assets		235	324
Amounts due from group undertakings		2,816	2,370
Total current assets		18,521	16,142
Investments in subsidiaries		0	0
Fixed assets, net		828	805
Goodwill		10,441	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		305	310
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,355	16,384
TOTAL ASSETS		34,876	32,526
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,228	1,488
Short-term debt and current portion of long-term debt		120	92
Other current liabilities		812	684
Amounts due to group undertakings		2,149	2,097
Total current liabilities		16,575	14,866
Long-term debt		148	169
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		1,018	1,013
Provision for liabilities		498	455
Other non-current liabilities		479	483
Amounts due to group undertakings		5,430	4,973
Total non-current liabilities		8,859	8,414
TOTAL LIABILITIES		25,434	23,280
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		9,263	9,077
Noncontrolling interests		126	118
Total equity		9,389	9,195
TOTAL LIABILITIES AND EQUITY		$ 34,876	$ 32,526
[1]	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 135,432,801 (2017) and 137,075,068 (2016); Outstanding 135,432,801 (2017) and 136,296,771 (2016); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2017 and 2016; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2017 and 2016.

Financial Information for Par75

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$ 95	$ 119
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(62)	(48)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries	0	0
Additional investment in subsidiaries	0	0
Net cash (used in)/from investing activities	(82)	417
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued	0	997
Proceeds from issue of other debt	32	400
Debt issuance costs	(3)	0
Repayments of debt	(636)	(1,181)
Repurchase of shares	(156)	0
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(65)	0
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	14	(116)
INCREASE IN CASH AND CASH EQUIVALENTS	27	420
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	532
CASH AND CASH EQUIVALENTS, END OF PERIOD	901	954
Consolidating adjustments | Parent Guarantor
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(117)	0
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	(1,136)	(9)
Repayments of intercompany investing activities	2,486	9,095
Reduction in investment in subsidiaries	(1,059)	(8,200)
Additional investment in subsidiaries	1,059	8,200
Net cash (used in)/from investing activities	1,350	9,086
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	0	0
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	117
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	(2,486)	(9,095)
Repayments of intercompany financing activities	1,136	9
Net cash provided by (used in) financing activities	(1,233)	(9,086)
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Willis Towers Watson | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	79	(4)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	1,122	0
Repayments of intercompany investing activities	0	(4,308)
Reduction in investment in subsidiaries	0	4,600
Additional investment in subsidiaries	(1,000)	0
Net cash (used in)/from investing activities	122	292
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	0	(300)
Repurchase of shares	(156)
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	0
Dividends paid	(65)
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(201)	(289)
INCREASE IN CASH AND CASH EQUIVALENTS	0	(1)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	3
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	2
The Other Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(158)	(47)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(2)	(5)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	(1,379)	(4,227)
Reduction in investment in subsidiaries	1,000	3,600
Additional investment in subsidiaries	(59)	(4,600)
Net cash (used in)/from investing activities	(440)	(5,232)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued		997
Proceeds from issue of other debt	0	400
Debt issuance costs	(3)
Repayments of debt	(219)	(406)
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	0
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	1,018	4,633
Repayments of intercompany financing activities	(1,023)	(9)
Net cash provided by (used in) financing activities	599	5,277
INCREASE IN CASH AND CASH EQUIVALENTS	1	(2)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	2
CASH AND CASH EQUIVALENTS, END OF PERIOD	1	0
The Issuer | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(31)	(191)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	(4)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries	0	0
Additional investment in subsidiaries	0	0
Net cash (used in)/from investing activities	0	(4)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	(394)	0
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	(59)
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	484	195
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	31	195
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Other | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	322	361
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(60)	(39)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	14	9
Repayments of intercompany investing activities	(1,107)	(560)
Reduction in investment in subsidiaries	59	0
Additional investment in subsidiaries	0	(3,600)
Net cash (used in)/from investing activities	(1,114)	(3,725)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	32	0
Debt issuance costs	0
Repayments of debt	(23)	(475)
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(58)
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	984	4,267
Repayments of intercompany financing activities	(113)	0
Net cash provided by (used in) financing activities	818	3,787
INCREASE IN CASH AND CASH EQUIVALENTS	26	423
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	527
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 900	$ 952

Financial Information for Par76

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) - USD ($)	Mar. 15, 2016	Mar. 31, 2017	Mar. 17, 2011
Senior Notes | 5.750% senior notes due 2021
Debt Instrument [Line Items]
Face amount of note			$ 800,000,000
Repayments of debt	$ 300,000,000
Long-term debt	$ 500,000,000
The Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent		100.00%

Financial Information for Par77

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Commissions and fees	$ 2,303	$ 2,219
Interest and other income	16	15
Total revenues	2,319	2,234
Costs of providing services
Salaries and benefits	1,191	1,196
Other operating expenses	401	431
Depreciation	46	43
Amortization	151	161
Restructuring costs	27	25
Integration expenses	40	52
Total costs of providing services	1,856	1,908
Income from operations	463	326
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	46	46
Other expense, net	20	18
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	397	262
Provision for income taxes	46	18
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	351	244
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	352	245
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	331	231
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	320	222
Consolidating adjustments | Parent Issuer
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	0
Total costs of providing services	0	0
Income from operations	0	0
Income from Group undertakings	232	177
Expenses due to Group undertakings	(232)	(177)
Interest expense	0	0
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	0	0
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	0	0
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	(665)	(506)
NET INCOME	(665)	(506)
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(665)	(506)
Comprehensive income before noncontrolling interests	(609)	(464)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	(609)	(464)
Willis Towers Watson — the Parent Issuer | Reportable Legal Entities
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	1	0
Other operating expenses	1	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	1
Total costs of providing services	2	2
Income from operations	(2)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	11
Other expense, net	0	1
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	353	252
NET INCOME	344	238
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	320	222
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	320	222
The Guarantors | Reportable Legal Entities
Revenues
Commissions and fees	6	7
Interest and other income	0	0
Total revenues	6	7
Costs of providing services
Salaries and benefits	10	14
Other operating expenses	17	93
Depreciation	1	5
Amortization	0	0
Restructuring costs	7	13
Integration expenses	4	18
Total costs of providing services	39	143
Income from operations	(33)	(136)
Income from Group undertakings	(174)	(147)
Expenses due to Group undertakings	58	29
Interest expense	34	27
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	49	(45)
Provision for income taxes	2	(41)
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	47	(4)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	312	254
NET INCOME	359	250
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	359	250
Comprehensive income before noncontrolling interests	334	232
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	334	232
Other | Reportable Legal Entities
Revenues
Commissions and fees	2,297	2,212
Interest and other income	16	15
Total revenues	2,313	2,227
Costs of providing services
Salaries and benefits	1,180	1,182
Other operating expenses	383	337
Depreciation	45	38
Amortization	151	161
Restructuring costs	20	12
Integration expenses	36	33
Total costs of providing services	1,815	1,763
Income from operations	498	464
Income from Group undertakings	(58)	(30)
Expenses due to Group undertakings	174	148
Interest expense	5	8
Other expense, net	20	17
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	357	321
Provision for income taxes	44	59
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	313	262
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	314	263
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	306	256
Comprehensive income before noncontrolling interests	286	241
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	$ 275	$ 232

Financial Information for Par78

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 901	$ 870	$ 954	$ 532
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,307	2,080
Prepaid and other current assets		321	337
Amounts due from group undertakings		0	0
Total current assets		15,795	13,792
Investments in subsidiaries		0	0
Fixed assets, net		863	839
Goodwill		10,442	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		351	353
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,437	16,461
TOTAL ASSETS		32,232	30,253
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,203	1,481
Short-term debt and current portion of long-term debt		120	508
Other current liabilities		996	876
Amounts due to group undertakings		0	0
Total current liabilities		14,585	13,370
Long-term debt		3,975	3,357
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		799	864
Provision for liabilities		618	575
Other non-current liabilities		512	532
Amounts due to group undertakings		0	0
Total non-current liabilities		7,190	6,649
TOTAL LIABILITIES		21,775	20,019
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity	[1]	10,278	10,065
Noncontrolling interests		126	118
Total equity		10,404	10,183	11,304	2,360
TOTAL LIABILITIES AND EQUITY		32,232	30,253
Consolidating adjustments | Parent Issuer
ASSETS
Cash and cash equivalents		0	0	0	0
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		(40)	(59)
Amounts due from group undertakings		(10,732)	(11,247)
Total current assets		(10,772)	(11,306)
Investments in subsidiaries		(13,713)	(12,364)
Fixed assets, net		0	0
Goodwill		0	0
Other intangible assets, net		(64)	(64)
Pension benefits assets		0	0
Other non-current assets		(225)	(47)
Non-current amounts due from group undertakings		(5,430)	(4,973)
Total non-current assets		(19,432)	(17,448)
TOTAL ASSETS		(30,204)	(28,754)
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		(46)	(49)
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		17	(2)
Amounts due to group undertakings		(10,732)	(11,247)
Total current liabilities		(10,761)	(11,298)
Long-term debt		0	0
Liability for pension benefits		0	0
Deferred tax liabilities		(219)	(149)
Provision for liabilities		0	0
Other non-current liabilities		(14)	(14)
Amounts due to group undertakings		(5,430)	(4,973)
Total non-current liabilities		(5,663)	(5,136)
TOTAL LIABILITIES		(16,424)	(16,434)
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		(13,780)	(12,320)
Noncontrolling interests		0	0
Total equity		(13,780)	(12,320)
TOTAL LIABILITIES AND EQUITY		(30,204)	(28,754)
Willis Towers Watson — the Parent Issuer | Reportable Legal Entities
ASSETS
Cash and cash equivalents		0	0	2	3
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		1	0
Amounts due from group undertakings		6,098	7,229
Total current assets		6,099	7,229
Investments in subsidiaries		4,753	3,409
Fixed assets, net		0	0
Goodwill		1	0
Other intangible assets, net		0	0
Pension benefits assets		0	0
Other non-current assets		0	0
Non-current amounts due from group undertakings		0	0
Total non-current assets		4,754	3,409
TOTAL ASSETS		10,853	10,638
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		0	0
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		79	77
Amounts due to group undertakings		0	0
Total current liabilities		79	77
Long-term debt		496	496
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		0	0
Other non-current liabilities		0	0
Amounts due to group undertakings		0	0
Total non-current liabilities		496	496
TOTAL LIABILITIES		575	573
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		10,278	10,065
Noncontrolling interests		0	0
Total equity		10,278	10,065
TOTAL LIABILITIES AND EQUITY		10,853	10,638
The Guarantors | Reportable Legal Entities
ASSETS
Cash and cash equivalents		1	0	0	2
Fiduciary assets		0	0
Accounts receivable, net		3	7
Prepaid and other current assets		125	72
Amounts due from group undertakings		1,818	1,648
Total current assets		1,947	1,727
Investments in subsidiaries		8,960	8,955
Fixed assets, net		35	34
Goodwill		0	0
Other intangible assets, net		64	64
Pension benefits assets		0	0
Other non-current assets		271	90
Non-current amounts due from group undertakings		5,430	4,973
Total non-current assets		14,760	14,116
TOTAL ASSETS		16,707	15,843
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		21	42
Short-term debt and current portion of long-term debt		0	416
Other current liabilities		88	117
Amounts due to group undertakings		8,583	9,150
Total current liabilities		8,692	9,725
Long-term debt		3,331	2,692
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		120	120
Other non-current liabilities		47	63
Amounts due to group undertakings		0	0
Total non-current liabilities		3,498	2,875
TOTAL LIABILITIES		12,190	12,600
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		4,517	3,243
Noncontrolling interests		0	0
Total equity		4,517	3,243
TOTAL LIABILITIES AND EQUITY		16,707	15,843
Other | Reportable Legal Entities
ASSETS
Cash and cash equivalents		900	870	$ 952	$ 527
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,304	2,073
Prepaid and other current assets		235	324
Amounts due from group undertakings		2,816	2,370
Total current assets		18,521	16,142
Investments in subsidiaries		0	0
Fixed assets, net		828	805
Goodwill		10,441	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		305	310
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,355	16,384
TOTAL ASSETS		34,876	32,526
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,228	1,488
Short-term debt and current portion of long-term debt		120	92
Other current liabilities		812	684
Amounts due to group undertakings		2,149	2,097
Total current liabilities		16,575	14,866
Long-term debt		148	169
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		1,018	1,013
Provision for liabilities		498	455
Other non-current liabilities		479	483
Amounts due to group undertakings		5,430	4,973
Total non-current liabilities		8,859	8,414
TOTAL LIABILITIES		25,434	23,280
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		9,263	9,077
Noncontrolling interests		126	118
Total equity		9,389	9,195
TOTAL LIABILITIES AND EQUITY		$ 34,876	$ 32,526
[1]	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 135,432,801 (2017) and 137,075,068 (2016); Outstanding 135,432,801 (2017) and 136,296,771 (2016); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2017 and 2016; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2017 and 2016.

Financial Information for Par79

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$ 95	$ 119
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(62)	(48)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries	0	0
Additional investment in subsidiaries	0	0
Net cash (used in)/from investing activities	(82)	417
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued	0	997
Proceeds from issue of other debt	32	400
Debt issuance costs	(3)	0
Repayments of debt	(636)	(1,181)
Repurchase of shares	(156)	0
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(65)	0
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	14	(116)
INCREASE IN CASH AND CASH EQUIVALENTS	27	420
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	532
CASH AND CASH EQUIVALENTS, END OF PERIOD	901	954
Consolidating adjustments | Parent Issuer
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(58)	0
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	(1,136)	(9)
Repayments of intercompany investing activities	2,092	9,095
Reduction in investment in subsidiaries	(1,059)	(8,200)
Additional investment in subsidiaries	1,059	8,200
Net cash (used in)/from investing activities	956	9,086
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Repayments of debt	0	0
Proceeds from issuance of shares	0	0
Dividends paid	58
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	(2,092)	(9,095)
Repayments of intercompany financing activities	1,136	9
Net cash provided by (used in) financing activities	(898)	(9,086)
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Willis Towers Watson — the Parent Issuer | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	79	(4)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	1,122	0
Repayments of intercompany investing activities	0	(4,308)
Reduction in investment in subsidiaries	0	4,600
Additional investment in subsidiaries	(1,000)	0
Net cash (used in)/from investing activities	122	292
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	0	(300)
Repurchase of shares	(156)
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	0
Dividends paid	(65)
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(201)	(289)
INCREASE IN CASH AND CASH EQUIVALENTS	0	(1)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	3
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	2
The Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(248)	(238)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(2)	(9)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	(985)	(4,227)
Reduction in investment in subsidiaries	1,000	3,600
Additional investment in subsidiaries	(59)	(4,600)
Net cash (used in)/from investing activities	(46)	(5,236)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued		997
Proceeds from issue of other debt	0	400
Debt issuance costs	(3)
Repayments of debt	(613)	(406)
Proceeds from issuance of shares	0	0
Dividends paid	0
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	1,108	4,828
Repayments of intercompany financing activities	(1,023)	(9)
Net cash provided by (used in) financing activities	295	5,472
INCREASE IN CASH AND CASH EQUIVALENTS	1	(2)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	2
CASH AND CASH EQUIVALENTS, END OF PERIOD	1	0
Other | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	322	361
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(60)	(39)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	14	9
Repayments of intercompany investing activities	(1,107)	(560)
Reduction in investment in subsidiaries	59	0
Additional investment in subsidiaries	0	(3,600)
Net cash (used in)/from investing activities	(1,114)	(3,725)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	32	0
Repayments of debt	(23)	(475)
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(58)
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	984	4,267
Repayments of intercompany financing activities	(113)	0
Net cash provided by (used in) financing activities	818	3,787
INCREASE IN CASH AND CASH EQUIVALENTS	26	423
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	527
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 900	$ 952

Financial Information for Iss80

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) € in Millions	Mar. 31, 2017USD ($)	Mar. 07, 2017USD ($)	Dec. 31, 2016USD ($)	May 26, 2016USD ($)	May 26, 2016EUR (€)	Mar. 22, 2016USD ($)	Aug. 15, 2013USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 3,975,000,000		$ 3,357,000,000
Line of Credit | Revolving $1.25 billion credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,064,000,000		$ 0
Maximum borrowing capacity	1,250,000,000	$ 1,250,000,000
Trinity Acquisition plc | Senior Notes
Debt Instrument [Line Items]
Face amount of note	$ 2,134,000,000			$ 609,000,000	€ 540	$ 1,000,000,000	$ 525,000,000
The Other Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent	100.00%

Financial Information for Iss81

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Commissions and fees	$ 2,303	$ 2,219
Interest and other income	16	15
Total revenues	2,319	2,234
Costs of providing services
Salaries and benefits	1,191	1,196
Other operating expenses	401	431
Depreciation	46	43
Amortization	151	161
Restructuring costs	27	25
Integration expenses	40	52
Total costs of providing services	1,856	1,908
Income from operations	463	326
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	46	46
Other expense, net	20	18
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	397	262
Provision for income taxes	46	18
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	351	244
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	352	245
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	331	231
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	320	222
Consolidating adjustments | Issuer
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	0
Total costs of providing services	0	0
Income from operations	0	0
Income from Group undertakings	260	207
Expenses due to Group undertakings	(260)	(207)
Interest expense	0	0
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	0	0
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	0	0
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	(1,008)	(685)
NET INCOME	(1,008)	(685)
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(1,008)	(685)
Comprehensive income before noncontrolling interests	(928)	(625)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	(928)	(625)
Willis Towers Watson | Reportable Legal Entities
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	1	0
Other operating expenses	1	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	1
Total costs of providing services	2	2
Income from operations	(2)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	11
Other expense, net	0	1
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Provision for income taxes	0	0
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	(9)	(14)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	353	252
NET INCOME	344	238
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	344	238
Comprehensive income before noncontrolling interests	320	222
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	320	222
The Other Guarantors | Reportable Legal Entities
Revenues
Commissions and fees	6	7
Interest and other income	0	0
Total revenues	6	7
Costs of providing services
Salaries and benefits	10	14
Other operating expenses	17	93
Depreciation	1	5
Amortization	0	0
Restructuring costs	7	13
Integration expenses	4	18
Total costs of providing services	39	143
Income from operations	(33)	(136)
Income from Group undertakings	(168)	(146)
Expenses due to Group undertakings	80	52
Interest expense	9	9
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	46	(51)
Provision for income taxes	2	(42)
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	44	(9)
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	315	259
NET INCOME	359	250
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	359	250
Comprehensive income before noncontrolling interests	334	232
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	334	232
The Issuer | Reportable Legal Entities
Revenues
Commissions and fees	0	0
Interest and other income	0	0
Total revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Integration expenses	0	0
Total costs of providing services	0	0
Income from operations	0	0
Income from Group undertakings	(34)	(31)
Expenses due to Group undertakings	6	7
Interest expense	25	18
Other expense, net	0	0
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	3	6
Provision for income taxes	0	1
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	3	5
Interest in earnings of associates, net of tax	0	0
Equity account for subsidiaries	340	174
NET INCOME	343	179
Income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	343	179
Comprehensive income before noncontrolling interests	319	161
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to Willis Towers Watson	319	161
Other | Reportable Legal Entities
Revenues
Commissions and fees	2,297	2,212
Interest and other income	16	15
Total revenues	2,313	2,227
Costs of providing services
Salaries and benefits	1,180	1,182
Other operating expenses	383	337
Depreciation	45	38
Amortization	151	161
Restructuring costs	20	12
Integration expenses	36	33
Total costs of providing services	1,815	1,763
Income from operations	498	464
Income from Group undertakings	(58)	(30)
Expenses due to Group undertakings	174	148
Interest expense	5	8
Other expense, net	20	17
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	357	321
Provision for income taxes	44	59
INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES	313	262
Interest in earnings of associates, net of tax	1	1
Equity account for subsidiaries	0	0
NET INCOME	314	263
Income attributable to noncontrolling interests	(8)	(7)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	306	256
Comprehensive income before noncontrolling interests	286	241
Comprehensive income attributable to noncontrolling interest	(11)	(9)
Comprehensive income attributable to Willis Towers Watson	$ 275	$ 232

Financial Information for Iss82

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 901	$ 870	$ 954	$ 532
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,307	2,080
Prepaid and other current assets		321	337
Amounts due from group undertakings		0	0
Total current assets		15,795	13,792
Investments in subsidiaries		0	0
Fixed assets, net		863	839
Goodwill		10,442	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		351	353
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,437	16,461
TOTAL ASSETS		32,232	30,253
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,203	1,481
Short-term debt and current portion of long-term debt		120	508
Other current liabilities		996	876
Amounts due to group undertakings		0	0
Total current liabilities		14,585	13,370
Long-term debt		3,975	3,357
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		799	864
Provision for liabilities		618	575
Other non-current liabilities		512	532
Amounts due to group undertakings		0	0
Total non-current liabilities		7,190	6,649
TOTAL LIABILITIES		21,775	20,019
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity	[1]	10,278	10,065
Noncontrolling interests		126	118
Total equity		10,404	10,183	11,304	2,360
TOTAL LIABILITIES AND EQUITY		32,232	30,253
Consolidating adjustments | Issuer
ASSETS
Cash and cash equivalents		0	0	0	0
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		(43)	(62)
Amounts due from group undertakings		(11,542)	(12,043)
Total current assets		(11,585)	(12,105)
Investments in subsidiaries		(21,076)	(19,339)
Fixed assets, net		0	0
Goodwill		0	0
Other intangible assets, net		(64)	(64)
Pension benefits assets		0	0
Other non-current assets		(225)	(47)
Non-current amounts due from group undertakings		(6,371)	(5,914)
Total non-current assets		(27,736)	(25,364)
TOTAL ASSETS		(39,321)	(37,469)
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		(46)	(49)
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		14	(5)
Amounts due to group undertakings		(11,542)	(12,043)
Total current liabilities		(11,574)	(12,097)
Long-term debt		0	0
Liability for pension benefits		0	0
Deferred tax liabilities		(219)	(149)
Provision for liabilities		0	0
Other non-current liabilities		(14)	(14)
Amounts due to group undertakings		(6,371)	(5,914)
Total non-current liabilities		(6,604)	(6,077)
TOTAL LIABILITIES		(18,178)	(18,174)
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		(21,143)	(19,295)
Noncontrolling interests		0	0
Total equity		(21,143)	(19,295)
TOTAL LIABILITIES AND EQUITY		(39,321)	(37,469)
Willis Towers Watson | Reportable Legal Entities
ASSETS
Cash and cash equivalents		0	0	2	3
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		1	0
Amounts due from group undertakings		6,098	7,229
Total current assets		6,099	7,229
Investments in subsidiaries		4,753	3,409
Fixed assets, net		0	0
Goodwill		1	0
Other intangible assets, net		0	0
Pension benefits assets		0	0
Other non-current assets		0	0
Non-current amounts due from group undertakings		0	0
Total non-current assets		4,754	3,409
TOTAL ASSETS		10,853	10,638
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		0	0
Short-term debt and current portion of long-term debt		0	0
Other current liabilities		79	77
Amounts due to group undertakings		0	0
Total current liabilities		79	77
Long-term debt		496	496
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		0	0
Other non-current liabilities		0	0
Amounts due to group undertakings		0	0
Total non-current liabilities		496	496
TOTAL LIABILITIES		575	573
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		10,278	10,065
Noncontrolling interests		0	0
Total equity		10,278	10,065
TOTAL LIABILITIES AND EQUITY		10,853	10,638
The Other Guarantors | Reportable Legal Entities
ASSETS
Cash and cash equivalents		1	0	0	2
Fiduciary assets		0	0
Accounts receivable, net		3	7
Prepaid and other current assets		128	74
Amounts due from group undertakings		868	849
Total current assets		1,000	930
Investments in subsidiaries		8,630	8,621
Fixed assets, net		35	34
Goodwill		0	0
Other intangible assets, net		64	64
Pension benefits assets		0	0
Other non-current assets		268	90
Non-current amounts due from group undertakings		4,871	4,859
Total non-current assets		13,868	13,668
TOTAL ASSETS		14,868	14,598
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		21	41
Short-term debt and current portion of long-term debt		0	394
Other current liabilities		72	87
Amounts due to group undertakings		9,387	9,946
Total current liabilities		9,480	10,468
Long-term debt		186	186
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		120	120
Other non-current liabilities		47	63
Amounts due to group undertakings		518	518
Total non-current liabilities		871	887
TOTAL LIABILITIES		10,351	11,355
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		4,517	3,243
Noncontrolling interests		0	0
Total equity		4,517	3,243
TOTAL LIABILITIES AND EQUITY		14,868	14,598
The Issuer | Reportable Legal Entities
ASSETS
Cash and cash equivalents		0	0	0	0
Fiduciary assets		0	0
Accounts receivable, net		0	0
Prepaid and other current assets		0	1
Amounts due from group undertakings		1,760	1,595
Total current assets		1,760	1,596
Investments in subsidiaries		7,693	7,309
Fixed assets, net		0	0
Goodwill		0	0
Other intangible assets, net		0	0
Pension benefits assets		0	0
Other non-current assets		3	0
Non-current amounts due from group undertakings		1,500	1,055
Total non-current assets		9,196	8,364
TOTAL ASSETS		10,956	9,960
LIABILITIES AND EQUITY
Fiduciary liabilities		0	0
Deferred revenue and accrued expenses		0	1
Short-term debt and current portion of long-term debt		0	22
Other current liabilities		19	33
Amounts due to group undertakings		6	0
Total current liabilities		25	56
Long-term debt		3,145	2,506
Liability for pension benefits		0	0
Deferred tax liabilities		0	0
Provision for liabilities		0	0
Other non-current liabilities		0	0
Amounts due to group undertakings		423	423
Total non-current liabilities		3,568	2,929
TOTAL LIABILITIES		3,593	2,985
REDEEMABLE NONCONTROLLING INTEREST		0	0
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		7,363	6,975
Noncontrolling interests		0	0
Total equity		7,363	6,975
TOTAL LIABILITIES AND EQUITY		10,956	9,960
Other | Reportable Legal Entities
ASSETS
Cash and cash equivalents		900	870	$ 952	$ 527
Fiduciary assets		12,266	10,505
Accounts receivable, net		2,304	2,073
Prepaid and other current assets		235	324
Amounts due from group undertakings		2,816	2,370
Total current assets		18,521	16,142
Investments in subsidiaries		0	0
Fixed assets, net		828	805
Goodwill		10,441	10,413
Other intangible assets, net		4,245	4,368
Pension benefits assets		536	488
Other non-current assets		305	310
Non-current amounts due from group undertakings		0	0
Total non-current assets		16,355	16,384
TOTAL ASSETS		34,876	32,526
LIABILITIES AND EQUITY
Fiduciary liabilities		12,266	10,505
Deferred revenue and accrued expenses		1,228	1,488
Short-term debt and current portion of long-term debt		120	92
Other current liabilities		812	684
Amounts due to group undertakings		2,149	2,097
Total current liabilities		16,575	14,866
Long-term debt		148	169
Liability for pension benefits		1,286	1,321
Deferred tax liabilities		1,018	1,013
Provision for liabilities		498	455
Other non-current liabilities		479	483
Amounts due to group undertakings		5,430	4,973
Total non-current liabilities		8,859	8,414
TOTAL LIABILITIES		25,434	23,280
REDEEMABLE NONCONTROLLING INTEREST		53	51
EQUITY (i)
Total Willis Towers Watson shareholders’ equity		9,263	9,077
Noncontrolling interests		126	118
Total equity		9,389	9,195
TOTAL LIABILITIES AND EQUITY		$ 34,876	$ 32,526
[1]	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 135,432,801 (2017) and 137,075,068 (2016); Outstanding 135,432,801 (2017) and 136,296,771 (2016); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2017 and 2016; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2017 and 2016.

Financial Information for Iss83

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$ 95	$ 119
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(62)	(48)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries	0	0
Additional investment in subsidiaries	0	0
Net cash (used in)/from investing activities	(82)	417
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued	0	997
Proceeds from issue of other debt	32	400
Debt issuance costs	(3)	0
Repayments of debt	(636)	(1,181)
Repurchase of shares	(156)	0
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(65)	0
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	14	(116)
INCREASE IN CASH AND CASH EQUIVALENTS	27	420
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	532
CASH AND CASH EQUIVALENTS, END OF PERIOD	901	954
Consolidating adjustments | Issuer
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(58)	0
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	(1,136)	(9)
Repayments of intercompany investing activities	2,092	9,095
Reduction in investment in subsidiaries	(1,059)	(8,200)
Additional investment in subsidiaries	1,059	8,200
Net cash (used in)/from investing activities	956	9,086
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Repayments of debt	0	0
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	58
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	(2,092)	(9,095)
Repayments of intercompany financing activities	1,136	9
Net cash provided by (used in) financing activities	(898)	(9,086)
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Willis Towers Watson | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	79	(4)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	1,122	0
Repayments of intercompany investing activities	0	(4,308)
Reduction in investment in subsidiaries	0	4,600
Additional investment in subsidiaries	(1,000)	0
Net cash (used in)/from investing activities	122	292
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	0	(300)
Repurchase of shares	(156)
Proceeds from issuance of shares	20	11
Cash paid for employee taxes on withholding shares	0
Dividends paid	(65)
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(201)	(289)
INCREASE IN CASH AND CASH EQUIVALENTS	0	(1)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	3
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	2
The Other Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(635)	(211)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(2)	(9)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	(3,600)
Reduction in investment in subsidiaries	1,000	3,600
Additional investment in subsidiaries	(59)	(4,600)
Net cash (used in)/from investing activities	939	(4,609)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	0	0
Debt issuance costs	0
Repayments of debt	(394)	0
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	0
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	1,108	4,827
Repayments of intercompany financing activities	(1,017)	(9)
Net cash provided by (used in) financing activities	(303)	4,818
INCREASE IN CASH AND CASH EQUIVALENTS	1	(2)
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	2
CASH AND CASH EQUIVALENTS, END OF PERIOD	1	0
The Issuer | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	387	(27)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Other, net	0	0
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	(985)	(627)
Reduction in investment in subsidiaries	0	0
Additional investment in subsidiaries	0	0
Net cash (used in)/from investing activities	(985)	(627)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	826	(338)
Senior notes issued		997
Proceeds from issue of other debt	0	400
Debt issuance costs	(3)
Repayments of debt	(219)	(406)
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0
Dividends paid	0
Acquisitions of and dividends paid to noncontrolling interests	0	0
Proceeds from intercompany financing activities	0	1
Repayments of intercompany financing activities	(6)	0
Net cash provided by (used in) financing activities	598	654
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Other | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	322	361
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(60)	(39)
Capitalized software costs	(15)	(18)
Acquisitions of operations, net of cash acquired	(12)	469
Other, net	7	14
Proceeds from intercompany investing activities	14	9
Repayments of intercompany investing activities	(1,107)	(560)
Reduction in investment in subsidiaries	59	0
Additional investment in subsidiaries	0	(3,600)
Net cash (used in)/from investing activities	(1,114)	(3,725)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings/(payments) on revolving credit facility	0	0
Senior notes issued		0
Proceeds from issue of other debt	32	0
Repayments of debt	(23)	(475)
Repurchase of shares	0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	(3)	(1)
Dividends paid	(58)
Acquisitions of and dividends paid to noncontrolling interests	(1)	(4)
Proceeds from intercompany financing activities	984	4,267
Repayments of intercompany financing activities	(113)	0
Net cash provided by (used in) financing activities	818	3,787
INCREASE IN CASH AND CASH EQUIVALENTS	26	423
Effect of exchange rate changes on cash and cash equivalents	4	2
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	870	527
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 900	$ 952