Willis Towers Watson PLC(NASDAQ:WTW) 
Willis Towers Watson Public Limited Company operates as an advisory, broking, and solutions company worldwide. It operates through two segments: Health, Wealth and Career; and Risk & Broking. The company offers strategy and design consulting, plan management service and support, broking and administ...
Website: https://www.willistowerswatson.com/
Founded: 1828
Sector: Consumer Cyclical
Industry: Personal Services
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At a glance:
- Global Leader in Insurance Brokerage and Risk Advisory: Willis Towers Watson (WTW) operates a diversified platform spanning insurance broking, risk management consulting, and related advisory services for corporate and institutional clients.
- Revenue Mix Benefits from Recurring, Fee-Based Client Relationships: A meaningful portion of WTW’s business is tied to ongoing brokerage placements and advisory engagements, which can support relatively stable demand versus more transaction-driven financial services models.
- Earnings Sensitivity to Pricing Cycles and Commercial Insurance Markets: Results can be influenced by insurance market conditions (pricing, capacity, and renewal activity), with stronger rate environments generally supporting brokerage economics and organic growth.
- Margin and Cost Discipline Remain Key Performance Levers: Operating margin expansion often depends on expense management, productivity initiatives, and integration of prior restructuring actions, alongside sustained organic growth.
- Capital Allocation Focus: Shareholder Returns and Targeted M&A: WTW historically balances returning capital to shareholders (e.g., buybacks/dividends) with selective acquisitions and investments intended to deepen capabilities or expand distribution in attractive niches.
Bull Thesis:
- Resilient Demand for Core Consulting Services: Willis Towers Watson operates in essential areas like HR, benefits, and risk management consulting. These services are often non-discretionary for businesses, driven by regulatory complexity, talent management needs, and evolving risk landscapes, ensuring stable and growing demand regardless of broader economic cycles.
- Strategic Focus and Capital Allocation Post-Divestiture: Following the divestiture of its insurance brokerage business (Willis Re), WTW has a clearer strategic focus on its core consulting and solutions segments. This allows for more targeted investments, operational efficiencies, and significant capital returns to shareholders through buybacks, enhancing shareholder value.
- Global Reach and Diversified Revenue Streams: WTW's extensive global footprint and diverse client base across various industries and geographies provide revenue stability and resilience. This diversification mitigates risks associated with reliance on any single market or sector, supporting consistent performance and growth.
- Recurring Revenue Model and High Client Retention: Many of WTW's services involve long-term client relationships, recurring consulting engagements, and software subscriptions. This model provides a stable and predictable revenue base, supported by high client retention rates due to the embedded nature of its services within client operations.
Bear Thesis:
- Intense Competition and Pricing Pressure: The HR, benefits, and risk consulting market is highly competitive, with major players like Mercer (Marsh McLennan), Aon, and numerous specialized firms vying for market share. This intense competition can lead to pricing pressure, impacting WTW's margins and making it challenging to achieve significant organic growth.
- Sensitivity to Economic Downturns: While some services are essential, a significant economic downturn could lead clients to reduce discretionary consulting spend, delay projects, or scale back on benefits programs. This could negatively impact WTW's revenue growth and profitability, particularly in its advisory and project-based segments.
- Talent Acquisition and Retention Challenges: As a professional services firm, WTW's success is heavily reliant on its human capital. Attracting, developing, and retaining top-tier consulting talent in a competitive labor market is a continuous challenge. Wage inflation and the 'great resignation' trends could increase operating costs and impact service delivery.
- Execution Risks and Integration Complexity: Despite past strategic realignments and divestitures, managing a large, global professional services organization involves ongoing execution risks. Integrating various service lines, technologies, and cultures across different regions can be complex, potentially leading to operational inefficiencies or slower-than-expected realization of synergies.
Main Competitors:
- Marsh McLennan ($MMC) (Risk, Strategy, and People Solutions (Marsh, Mercer, Guy Carpenter, Oliver Wyman)), Marsh McLennan is a major global competitor through its distinct operating companies: Marsh (insurance broking), Mercer (HR, health, wealth, career consulting), and Guy Carpenter (reinsurance broking). This structure directly mirrors and competes with Willis Towers Watson's integrated offerings across risk, benefits, and human capital.
- Arthur J. Gallagher & Co. ($AJG) (Insurance Brokerage, Risk Management, and Consulting), Gallagher is a significant global insurance broker and risk management firm that also offers employee benefits consulting. While perhaps not as large as Aon or Marsh McLennan in all segments, it competes directly for clients seeking property & casualty insurance, employee benefits, and specialized risk advisory services, often through an aggressive acquisition strategy.
- Korn Ferry ($KFY) (Organizational Consulting, Executive Search, Leadership Development), Korn Ferry competes with Willis Towers Watson primarily in the human capital and talent management space. They offer services like executive search, leadership development, organizational strategy, and rewards consulting, directly challenging WTW's offerings in talent acquisition, retention, and HR advisory.
Moat:
Willis Towers Watson's competitive moat is built on its global scale, deep domain expertise across risk, benefits, and human capital, and its integrated advisory and broking model. This allows for comprehensive solutions and creates high switching costs for large corporate clients. Competition is fierce, primarily from other global professional services giants like Aon and Marsh McLennan, who offer similar breadth and depth of services. Additionally, specialized consulting firms and regional brokers compete in specific segments, pushing WTW to continuously innovate and leverage its data and analytics capabilities to maintain its market position.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-03-31 | 2018-12-31 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2016-09-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2014-06-30 | 2014-03-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 | 2012-09-30 | 2012-03-31 | 2011-09-30 | 2011-06-30 | 2011-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 2,412,000,000 | 2,936,000,000 | 2,288,000,000 | 2,261,000,000 | 2,223,000,000 | 3,035,000,000 | 2,289,000,000 | 2,265,000,000 | 2,341,000,000 | 2,914,000,000 | 2,166,000,000 | 2,159,000,000 | 2,244,000,000 | 2,722,000,000 | 1,953,000,000 | 2,031,000,000 | 2,160,000,000 | 2,706,000,000 | 1,973,000,000 | 2,286,000,000 | 2,590,000,000 | 2,764,000,000 | 2,009,000,000 | 2,113,000,000 | 2,466,000,000 | 2,690,000,000 | 1,989,000,000 | 2,312,000,000 | 1,990,000,000 | 2,292,000,000 | ||||||||||||||||||||
yoy | 8.50% | -3.26% | -0.04% | -0.18% | -5.04% | 4.15% | 5.68% | 4.91% | 4.32% | 7.05% | 10.91% | 6.30% | 3.89% | 0.59% | -1.01% | -11.15% | -16.60% | -2.10% | -1.79% | 8.19% | 5.03% | 2.75% | 1.01% | -8.61% | 35.18% | -13.22% | ||||||||||||||||||||||||
qoq | -17.85% | 28.32% | 1.19% | 1.71% | -26.75% | 32.59% | 1.06% | -3.25% | -19.66% | 34.53% | 0.32% | -3.79% | -17.56% | 39.38% | -3.84% | -5.97% | -20.18% | 37.15% | -13.69% | -11.74% | -6.30% | 37.58% | -4.92% | -14.31% | -8.33% | 35.24% | -13.97% | -13.18% | ||||||||||||||||||||||
costs of providing services | ||||||||||||||||||||||||||||||||||||||||||||||||||
salaries and benefits | 1,434,000,000 | 1,439,000,000 | 1,413,000,000 | 1,449,000,000 | 1,324,000,000 | 1,367,000,000 | 1,396,000,000 | 1,397,000,000 | 1,342,000,000 | 1,325,000,000 | 1,359,000,000 | 1,347,000,000 | 1,313,000,000 | 1,263,000,000 | 1,225,000,000 | 1,259,000,000 | 1,318,000,000 | 1,262,000,000 | 1,255,000,000 | 1,407,000,000 | 1,523,000,000 | 1,419,000,000 | 1,331,000,000 | 1,363,000,000 | 1,394,000,000 | 1,340,000,000 | 1,283,000,000 | 1,348,000,000 | 1,275,000,000 | 1,377,000,000 | 1,261,000,000 | 1,145,000,000 | 1,148,000,000 | 1,119,000,000 | 1,196,000,000 | -608,000,000 | -570,000,000 | -561,000,000 | -575,000,000 | -570,000,000 | -541,000,000 | -529,000,000 | -568,000,000 | -967,000,000 | -502,000,000 | -506,000,000 | -490,000,000 | -506,000,000 | -584,000,000 | |
other operating expenses | 385,000,000 | 355,000,000 | 352,000,000 | 336,000,000 | 365,000,000 | 518,000,000 | 419,000,000 | 439,000,000 | 457,000,000 | 533,000,000 | 396,000,000 | 433,000,000 | 453,000,000 | 513,000,000 | 384,000,000 | 393,000,000 | 486,000,000 | 504,000,000 | 385,000,000 | 398,000,000 | 417,000,000 | 505,000,000 | 382,000,000 | 387,000,000 | 484,000,000 | 472,000,000 | 417,000,000 | 418,000,000 | 406,000,000 | 423,000,000 | 376,000,000 | 366,000,000 | 391,000,000 | 370,000,000 | 431,000,000 | -283,000,000 | -177,000,000 | -179,000,000 | -173,000,000 | -165,000,000 | -144,000,000 | -155,000,000 | -156,000,000 | -150,000,000 | -146,000,000 | -156,000,000 | -147,000,000 | -164,000,000 | -153,000,000 | |
depreciation | 56,000,000 | 59,000,000 | 56,000,000 | 57,000,000 | 54,000,000 | 54,000,000 | 60,000,000 | 57,000,000 | 59,000,000 | 58,000,000 | 60,000,000 | 64,000,000 | 60,000,000 | 64,000,000 | 60,000,000 | 65,000,000 | 66,000,000 | 69,000,000 | 69,000,000 | 72,000,000 | 71,000,000 | 70,000,000 | 73,000,000 | 67,000,000 | 98,000,000 | 69,000,000 | 58,000,000 | 54,000,000 | 51,000,000 | 49,000,000 | 52,000,000 | 54,000,000 | 51,000,000 | 45,000,000 | 43,000,000 | |||||||||||||||
amortization | 48,000,000 | 48,000,000 | 47,000,000 | 49,000,000 | 48,000,000 | 50,000,000 | 56,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 62,000,000 | 70,000,000 | 71,000,000 | 73,000,000 | 71,000,000 | 83,000,000 | 85,000,000 | 84,000,000 | 85,000,000 | 98,000,000 | 103,000,000 | 114,000,000 | 108,000,000 | 119,000,000 | 121,000,000 | 121,000,000 | 118,000,000 | 127,000,000 | 140,000,000 | 141,000,000 | 140,000,000 | 141,000,000 | 149,000,000 | 157,000,000 | 161,000,000 | |||||||||||||||
transaction and integration expenses | 41,000,000 | 51,000,000 | 24,000,000 | 45,000,000 | 42,000,000 | 14,000,000 | 9,000,000 | 1,000,000 | 6,000,000 | 6,000,000 | 55,000,000 | 43,000,000 | 92,000,000 | 74,000,000 | ||||||||||||||||||||||||||||||||||||
total costs of providing services | 1,964,000,000 | 1,920,000,000 | 1,870,000,000 | 1,893,000,000 | 1,791,000,000 | 2,134,000,000 | 3,055,000,000 | 2,053,000,000 | 2,061,000,000 | 2,135,000,000 | 2,007,000,000 | 2,017,000,000 | 1,959,000,000 | 2,014,000,000 | 1,799,000,000 | 1,894,000,000 | 1,981,000,000 | 2,016,000,000 | 842,000,000 | 2,026,000,000 | 2,138,000,000 | 2,177,000,000 | 1,936,000,000 | 1,950,000,000 | 2,106,000,000 | 2,003,000,000 | 1,882,000,000 | 1,953,000,000 | 1,927,000,000 | 2,033,000,000 | 1,968,000,000 | 1,811,000,000 | 1,829,000,000 | 1,776,000,000 | 1,908,000,000 | |||||||||||||||
income from operations | 448,000,000 | 1,016,000,000 | 418,000,000 | 368,000,000 | 432,000,000 | 901,000,000 | -766,000,000 | 212,000,000 | 280,000,000 | 779,000,000 | 159,000,000 | 142,000,000 | 285,000,000 | 708,000,000 | 154,000,000 | 137,000,000 | 179,000,000 | 690,000,000 | 1,131,000,000 | 260,000,000 | 452,000,000 | 587,000,000 | 73,000,000 | 163,000,000 | 360,000,000 | 687,000,000 | 107,000,000 | 359,000,000 | 63,000,000 | 259,000,000 | 110,000,000 | 41,000,000 | 124,000,000 | 1,000,000 | 326,000,000 | |||||||||||||||
yoy | 3.70% | 12.76% | -154.57% | 73.58% | 54.29% | 15.66% | -581.76% | 49.30% | -1.75% | 10.03% | 3.25% | 3.65% | 59.22% | 2.61% | -86.38% | -47.31% | -60.40% | 17.55% | 1449.32% | 59.51% | 25.56% | -14.56% | -31.78% | -54.60% | 990.48% | -58.69% | 226.36% | -49.19% | 25800.00% | -66.26% | ||||||||||||||||||||
qoq | -55.91% | 143.06% | 13.59% | -14.81% | -52.05% | -217.62% | -461.32% | -24.29% | -64.06% | 389.94% | 11.97% | -50.18% | -59.75% | 359.74% | 12.41% | -23.46% | -74.06% | -38.99% | 335.00% | -42.48% | -23.00% | 704.11% | -55.21% | -54.72% | -47.60% | 542.06% | -70.19% | -75.68% | 135.45% | 168.29% | -66.94% | 12300.00% | -99.69% | |||||||||||||||||
operating margin % | 18.57% | 34.60% | 18.27% | 16.28% | 19.43% | 29.69% | -33.46% | 9.36% | 11.96% | 26.73% | 7.34% | 6.58% | 12.70% | 26.01% | 7.89% | 6.75% | 8.29% | 25.50% | 57.32% | 11.37% | 17.45% | 21.24% | 3.63% | 7.71% | 14.60% | 25.54% | 5.38% | 15.53% | NaN% | 3.17% | 11.30% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
interest expense | -77,000,000 | -66,000,000 | -65,000,000 | -64,000,000 | -65,000,000 | -66,000,000 | -65,000,000 | -68,000,000 | -64,000,000 | -63,000,000 | -61,000,000 | -57,000,000 | -54,000,000 | -54,000,000 | -54,000,000 | -51,000,000 | -49,000,000 | -50,000,000 | -50,000,000 | -52,000,000 | -59,000,000 | -60,000,000 | -61,000,000 | -62,000,000 | -61,000,000 | -62,000,000 | -62,000,000 | -54,000,000 | -52,000,000 | 51,000,000 | 49,000,000 | 47,000,000 | 46,000,000 | 45,000,000 | 46,000,000 | -39,000,000 | -35,000,000 | -35,000,000 | -35,000,000 | -32,000,000 | -30,000,000 | -32,000,000 | -31,000,000 | -31,000,000 | -32,000,000 | -32,000,000 | -38,000,000 | -34,000,000 | -40,000,000 | |
other income | 5,000,000 | -3,000,000 | 37,000,000 | 9,000,000 | -64,000,000 | 853,000,000 | -1,163,000,000 | 24,000,000 | 26,000,000 | 23,000,000 | 66,000,000 | 35,000,000 | 25,000,000 | 83,000,000 | 85,000,000 | 93,000,000 | 27,000,000 | 84,000,000 | 105,000,000 | 74,000,000 | 439,000,000 | 75,000,000 | 156,000,000 | 76,000,000 | 92,000,000 | 50,000,000 | 55,000,000 | 55,000,000 | 63,000,000 | -56,000,000 | 19,750,000 | 29,000,000 | 18,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 3,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 3,000,000 | 1,000,000 | |||||||
income from operations before income taxes and interest in earnings of associates | 376,000,000 | 947,000,000 | 390,000,000 | 313,000,000 | 303,000,000 | 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
provision for income taxes | -70,000,000 | -65,000,000 | -26,000,000 | -48,000,000 | -116,000,000 | -25,000,000 | -24,000,000 | -50,000,000 | -131,000,000 | -1,000,000 | -19,000,000 | -43,000,000 | -150,000,000 | -267,000,000 | -96,000,000 | -96,000,000 | -49,750,000 | -46,000,000 | -75,000,000 | -78,000,000 | -67,000,000 | -9,000,000 | 43,000,000 | |||||||||||||||||||||||||||
income from operations before interest in earnings of associates | 306,000,000 | 750,000,000 | 313,000,000 | 334,000,000 | 238,000,000 | 40,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
interests in earnings of associates, net of tax | -3,000,000 | -2,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
net income | 303,000,000 | 736,000,000 | 306,000,000 | 332,000,000 | 239,000,000 | 1,248,000,000 | -1,672,000,000 | 142,000,000 | 194,000,000 | 623,000,000 | 139,000,000 | 96,000,000 | 206,000,000 | 593,000,000 | 192,000,000 | 114,000,000 | 125,000,000 | 2,407,000,000 | 907,000,000 | 186,000,000 | 736,000,000 | 134,250,000 | 122,000,000 | 102,000,000 | 313,000,000 | 551,000,000 | 80,000,000 | 293,000,000 | 65,000,000 | 221,000,000 | 41,000,000 | 245,000,000 | -18,000,000 | 116,000,000 | 72,000,000 | 48,000,000 | 250,000,000 | -27,000,000 | 107,000,000 | 223,000,000 | -801,000,000 | 26,000,000 | 232,000,000 | 60,000,000 | 89,000,000 | 42,000,000 | ||||
yoy | 26.78% | -41.03% | -118.30% | 133.80% | 23.20% | 100.32% | -1302.88% | 47.92% | -5.83% | 5.06% | -27.60% | -15.79% | 64.80% | -75.36% | -78.83% | -38.71% | -83.02% | 1692.92% | 643.44% | 82.35% | 135.14% | -75.64% | 52.50% | -65.19% | 747.69% | -63.80% | 58.54% | -64.66% | 410.42% | -107.20% | -529.63% | -32.71% | -78.48% | -131.21% | -203.85% | -53.88% | 271.67% | -1000.00% | -38.10% | |||||||||||
qoq | -58.83% | 140.52% | -7.83% | 38.91% | -80.85% | -174.64% | -1277.46% | -26.80% | -68.86% | 348.20% | 44.79% | -53.40% | -65.26% | 208.85% | 68.42% | -8.80% | -94.81% | 165.38% | 387.63% | -74.73% | 448.23% | 10.04% | 19.61% | -67.41% | -43.19% | 588.75% | -72.70% | -70.59% | -1461.11% | -115.52% | 61.11% | 50.00% | -80.80% | -1025.93% | -125.23% | -52.02% | -127.84% | -3180.77% | -88.79% | 286.67% | -32.58% | 111.90% | ||||||||
net income margin % | 12.56% | 25.07% | 13.37% | 14.68% | 10.75% | 41.12% | -73.04% | 6.27% | 8.29% | 21.38% | 6.42% | 4.45% | 9.18% | 21.79% | 9.83% | 5.61% | 5.79% | 88.95% | 45.97% | 8.14% | 28.42% | 4.86% | 6.07% | 4.83% | 12.69% | 20.48% | 4.02% | 12.67% | NaN% | 3.27% | 9.64% | NaN% | NaN% | Infinity% | NaN% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% |
income attributable to non-controlling interests | -6,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | -4,000,000 | -2,000,000 | -3,000,000 | -1,000,000 | -4,000,000 | -1,000,000 | -3,000,000 | -2,000,000 | -3,000,000 | -5,000,000 | -2,000,000 | -5,000,000 | -3,000,000 | -5,000,000 | -4,000,000 | -2,000,000 | -3,000,000 | -7,000,000 | -1,000,000 | -8,000,000 | -8,000,000 | -7,000,000 | -5,000,000 | -6,000,000 | -7,000,000 | -6,000,000 | -8,000,000 | -8,000,000 | -7,000,000 | |||||||||||||||||
net income attributable to wtw | 297,000,000 | 735,000,000 | 304,000,000 | 331,000,000 | 235,000,000 | 1,246,000,000 | -1,675,000,000 | 141,000,000 | 190,000,000 | 622,000,000 | 136,000,000 | 94,000,000 | 203,000,000 | 588,000,000 | 190,000,000 | 109,000,000 | 122,000,000 | |||||||||||||||||||||||||||||||||
earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||||
basic earnings per share | 3.12 | 7.54 | 3.12 | 3.34 | 2.34 | 12.15 | -16.44 | 1.37 | 1.84 | 5.93 | 1.3 | 0.88 | 1.89 | 5.29 | 1.72 | 0.97 | 1.03 | 18.84 | 7.01 | 1.42 | 5.64 | 1.003 | 0.93 | 0.73 | 2.36 | 4.19 | 0.58 | 2.21 | 0.44 | 1.62 | 0.24 | 1.76 | ||||||||||||||||||
diluted earnings per share | 3.1 | 7.52 | 3.11 | 3.32 | 2.33 | 12.15 | -16.44 | 1.36 | 1.83 | 5.89 | 1.29 | 0.88 | 1.88 | 5.27 | 1.72 | 0.97 | 1.03 | 18.78 | 6.99 | 1.41 | 5.63 | 3.66 | 0.93 | 0.72 | 2.34 | 4.18 | 0.58 | 2.2 | 0.44 | 1.61 | 0.24 | 1.75 | ||||||||||||||||||
comprehensive income before non-controlling interests | 267 | 611 | 303 | 561 | 462 | 900 | -1,561 | 126 | 145 | 387 | 61 | 124 | 259 | 691 | -42 | -130 | 69 | 2,580 | 826 | 219 | 786 | 127.75 | 260 | 158 | 93 | 438 | -42 | 315 | -111 | 305 | ||||||||||||||||||||
comprehensive income attributable to non-controlling interests | -6 | -1 | -2 | -1 | -4 | -2 | -3 | -1 | -4 | -1 | -5 | -2 | -3 | -4 | -2 | -5 | -3 | -5 | -4 | -2 | -5 | -4.25 | -2 | -8 | -7 | -8 | -3 | -5 | -6 | -7 | ||||||||||||||||||||
comprehensive income attributable to wtw | 261 | 610 | 301 | 560 | 458 | 898 | -1,564 | 125 | 141 | 386 | 56 | 122 | 256 | 687 | -44 | -135 | 66 | |||||||||||||||||||||||||||||||||
impairment | 1,042,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
restructuring costs | 32,000,000 | 8,000,000 | 3,000,000 | 18,000,000 | 38,000,000 | 17,000,000 | 10,000,000 | 3,000,000 | 28,000,000 | 9,000,000 | 56,000,000 | 6,000,000 | 47,000,000 | 31,000,000 | 27,000,000 | 49,000,000 | 25,000,000 | -33,000,000 | -24,000,000 | -38,000,000 | -3,000,000 | |||||||||||||||||||||||||||||
transaction and transformation | 19,000,000 | 2,000,000 | 2,000,000 | 113,000,000 | 74,000,000 | 97,000,000 | 125,000,000 | 121,000,000 | 113,000,000 | 93,000,000 | 59,000,000 | 73,000,000 | 50,000,000 | 38,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||
benefit from income taxes | -30,250,000 | -77,000,000 | 21,000,000 | 62,000,000 | 322,000,000 | -124,000,000 | -20,000,000 | 8,000,000 | 18,000,000 | |||||||||||||||||||||||||||||||||||||||||
interest in earnings of associates, net of tax | -14,000,000 | -7,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | -6,000,000 | 3,000,000 | -2,000,000 | 19,000,000 | -1,000,000 | -3,000,000 | 15,000,000 | -7,000,000 | -2,000,000 | 15,000,000 | 10,000,000 | -3,000,000 | 16,000,000 | |||||||||||||||||||||||||||||||
income from operations before income taxes | -396,000,000 | -1,994,000,000 | 168,000,000 | 242,000,000 | 282,000,000 | 832,000,000 | 184,000,000 | 168,000,000 | 177,000,000 | 391,000,000 | 675,000,000 | 100,000,000 | 360,000,000 | 74,000,000 | 264,000,000 | |||||||||||||||||||||||||||||||||||
income from continuing operations before income taxes | 739,000,000 | 164,000,000 | 120,000,000 | 256,000,000 | 737,000,000 | 185,000,000 | 179,000,000 | 157,000,000 | 724,000,000 | 1,186,000,000 | ||||||||||||||||||||||||||||||||||||||||
income from continuing operations | 623,000,000 | 139,000,000 | 96,000,000 | 206,000,000 | 606,000,000 | 184,000,000 | 160,000,000 | 114,000,000 | 574,000,000 | 919,000,000 | -27,000,000 | 107,000,000 | -800,000,000 | 26,000,000 | 232,000,000 | |||||||||||||||||||||||||||||||||||
income from discontinued operations, net of tax | -13,000,000 | 8,000,000 | -46,000,000 | 11,000,000 | 1,833,000,000 | -12,000,000 | 250,000 | |||||||||||||||||||||||||||||||||||||||||||
basic earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations per share | 5.93 | 1.3 | 0.88 | 1.89 | 5.41 | 1.65 | 1.38 | 0.94 | 4.54 | 7.1 | ||||||||||||||||||||||||||||||||||||||||
income from discontinued operations per share | -0.12 | 0.07 | -0.41 | 0.09 | 14.3 | -0.09 | ||||||||||||||||||||||||||||||||||||||||||||
diluted earnings per share: | ||||||||||||||||||||||||||||||||||||||||||||||||||
loss from discontinued operations, net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||||
loss from discontinued operations per share | ||||||||||||||||||||||||||||||||||||||||||||||||||
transaction and integration | 71,000,000 | -952,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations before income taxes | 79,250,000 | -15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
benefit from income taxes on discontinued operations | -17,500,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to willis towers watson | 455,000,000 | 903,000,000 | 184,000,000 | 733,000,000 | 476,000,000 | 121,000,000 | 94,000,000 | 305,000,000 | 544,000,000 | 75,000,000 | 287,000,000 | 58,000,000 | 215,000,000 | 33,000,000 | 238,000,000 | |||||||||||||||||||||||||||||||||||
x | ||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable to willis towers watson | 455 | 822 | 217 | 781 | 123.5 | 258 | 150 | 86 | 430 | -45 | 310 | -117 | 298 | |||||||||||||||||||||||||||||||||||||
cash dividends declared per share | 0.6 | 0.6 | 0.53 | 0.53 | 0.53 | 0.48 | 0.48 | 0.27 | 0.26 | 0.26 | 0.26 | |||||||||||||||||||||||||||||||||||||||
revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
commissions and fees | 2,051,000,000 | 1,832,000,000 | 1,930,000,000 | 1,761,000,000 | 970,000,000 | 841,000,000 | 917,000,000 | 930,000,000 | 1,090,000,000 | 791,000,000 | 885,000,000 | 1,046,000,000 | 867,000,000 | 749,000,000 | 1,005,000,000 | 755,000,000 | 854,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||||||||
interest and other income | 27,000,000 | 20,000,000 | 23,000,000 | 16,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
total revenues | 2,078,000,000 | 1,852,000,000 | 1,953,000,000 | 1,777,000,000 | 2,234,000,000 | 974,000,000 | 846,000,000 | 922,000,000 | 935,000,000 | 1,097,000,000 | 795,000,000 | 890,000,000 | 1,051,000,000 | 871,000,000 | 754,000,000 | 1,013,000,000 | 762,000,000 | 863,000,000 | 1,008,000,000 | |||||||||||||||||||||||||||||||
(loss)/income from operations before income taxes and interest in earnings of associates | 102,500,000 | -35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
benefit from/(benefit from) income taxes | 18,250,000 | 19,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
(loss)/income from operations before interest in earnings of associates | 84,250,000 | -54,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
net (loss)/income | 84,750,000 | -54,000,000 | -31,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
net (loss)/income attributable to willis towers watson | 80,750,000 | -54,000,000 | -32,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
basic (loss)/earnings per share | 0.595 | -0.4 | -0.23 | |||||||||||||||||||||||||||||||||||||||||||||||
diluted (loss)/earnings per share | 0.59 | -0.4 | -0.23 | |||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income/(loss) before non-controlling interests | 430 | 34 | 181 | |||||||||||||||||||||||||||||||||||||||||||||||
comprehensive loss/(income) attributable to non-controlling interests | -3.75 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income/(loss) attributable to willis towers watson | 408 | 46 | 165 | |||||||||||||||||||||||||||||||||||||||||||||||
integration expenses | 63,000,000 | 36,000,000 | 52,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
other income/(income) | 30,000,000 | 14,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive (income)/loss attributable to non-controlling interests | -16 | |||||||||||||||||||||||||||||||||||||||||||||||||
(loss)/income from continuing operations before income taxes and interest in earnings of associates | -58,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
(benefit from)/benefit from income taxes | -26,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
(loss)/income from continuing operations before interest in earnings of associates | -32,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
(income)/loss attributable to non-controlling interests | -1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
commissions, fees and consulting revenue | 2,219,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations before income taxes and interest in earnings of associates | 262,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations before interest in earnings of associates | 244,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
investment income | 2,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 5,000,000 | 7,000,000 | 8,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||
expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation expense | -25,000,000 | -25,000,000 | -23,000,000 | -24,000,000 | -23,000,000 | -21,000,000 | -21,000,000 | -26,000,000 | -20,000,000 | -21,000,000 | -19,000,000 | -17,000,000 | -19,000,000 | -20,000,000 | ||||||||||||||||||||||||||||||||||||
amortization of intangible assets | -23,000,000 | -23,000,000 | -16,000,000 | -12,000,000 | -13,000,000 | -14,000,000 | -14,000,000 | -14,000,000 | -15,000,000 | -14,000,000 | -15,000,000 | -18,000,000 | -17,000,000 | -17,000,000 | ||||||||||||||||||||||||||||||||||||
total expenses | -972,000,000 | -819,000,000 | -817,000,000 | -787,000,000 | -771,000,000 | -720,000,000 | -719,000,000 | -764,000,000 | -1,646,000,000 | -684,000,000 | -696,000,000 | -672,000,000 | -706,000,000 | -770,000,000 | ||||||||||||||||||||||||||||||||||||
operating income | 2,000,000 | 27,000,000 | 105,000,000 | 148,000,000 | 326,000,000 | 75,000,000 | 171,000,000 | 287,000,000 | -775,000,000 | 70,000,000 | 317,000,000 | 90,000,000 | 157,000,000 | 238,000,000 | ||||||||||||||||||||||||||||||||||||
income before income taxes and interest in earnings of associates | -8,000,000 | 1,000,000 | 93,000,000 | 110,000,000 | 294,000,000 | -15,000,000 | 139,000,000 | 256,000,000 | 117,250,000 | 38,000,000 | 285,000,000 | 52,000,000 | 123,000,000 | 27,000,000 | ||||||||||||||||||||||||||||||||||||
income tax benefit | -4,000,000 | 112,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
income before interest in earnings of associates | -12,000,000 | 113,000,000 | 74,000,000 | 51,000,000 | 231,000,000 | -26,000,000 | 110,000,000 | 208,000,000 | 88,750,000 | 28,000,000 | 217,000,000 | 50,000,000 | 92,000,000 | 26,000,000 | ||||||||||||||||||||||||||||||||||||
less: net income (income) attributable to noncontrolling interests | -1,250,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to willis group holdings | 99,250,000 | 117,000,000 | 70,000,000 | 47,000,000 | 246,000,000 | -27,000,000 | 105,000,000 | 219,000,000 | -805,000,000 | 26,000,000 | 225,000,000 | 60,000,000 | 85,000,000 | 34,000,000 | ||||||||||||||||||||||||||||||||||||
income taxes | -19,000,000 | -59,000,000 | -63,000,000 | -11,000,000 | -29,000,000 | -48,000,000 | 13,000,000 | -10,000,000 | -68,000,000 | -2,000,000 | -31,000,000 | -1,000,000 | ||||||||||||||||||||||||||||||||||||||
less: net income attributable to noncontrolling interests | -2,000,000 | -1,000,000 | -4,000,000 | -2,000,000 | -4,000,000 | -4,000,000 | -7,000,000 | -4,000,000 | -8,000,000 | |||||||||||||||||||||||||||||||||||||||||
interest in (losses) / earnings of associates, net of tax | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
net income on disposal of operations | ||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | -60,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
discontinued operations, net of tax | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
amounts attributable to willis group holdings shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations, net of tax | -27,000,000 | 105,000,000 | -804,000,000 | 26,000,000 | 225,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
net gain on disposal of operations | -2,000,000 | -1,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | -171,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
total comprehensive income attributable to willis group holdings | 256,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share — basic and diluted | ||||||||||||||||||||||||||||||||||||||||||||||||||
— basic earnings per share — continuing operations | 1.29 | |||||||||||||||||||||||||||||||||||||||||||||||||
— diluted earnings per share — continuing operations | 1.28 | |||||||||||||||||||||||||||||||||||||||||||||||||
— basic earnings per share | 0.35 | |||||||||||||||||||||||||||||||||||||||||||||||||
— diluted earnings per share | 0.34 | |||||||||||||||||||||||||||||||||||||||||||||||||
—basic earnings per share | 0.49 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
—diluted earnings per share | 0.48 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share—basic and diluted |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-03-31 | 2018-12-31 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2016-09-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2014-06-30 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 | 2012-09-30 | 2012-03-31 | 2011-09-30 | 2011-06-30 | 2011-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 1,855,000,000 | 3,132,000,000 | 1,895,000,000 | 1,963,000,000 | 1,507,000,000 | 1,890,000,000 | 1,372,000,000 | 1,247,000,000 | 1,893,000,000 | 1,424,000,000 | 1,247,000,000 | 1,602,000,000 | 1,135,000,000 | 1,262,000,000 | 1,496,000,000 | 1,920,000,000 | 2,198,000,000 | 4,486,000,000 | 2,162,000,000 | 2,217,000,000 | 1,960,000,000 | 2,089,000,000 | 1,647,000,000 | 1,087,000,000 | 898,000,000 | 887,000,000 | 867,000,000 | 992,000,000 | 1,033,000,000 | 911,000,000 | 954,000,000 | 1,030,000,000 | 912,000,000 | 852,000,000 | 767,000,000 | 954,000,000 | 532,000,000 | 466,000,000 | 483,000,000 | 708,000,000 | 623,000,000 | 503,000,000 | 531,000,000 | 500,000,000 | 424,000,000 | 464,000,000 | 363,000,000 | 317,000,000 | 432,000,000 |
fiduciary assets | 10,981,000,000 | 10,445,000,000 | 9,967,000,000 | 10,720,000,000 | 10,293,000,000 | 9,504,000,000 | 9,176,000,000 | 9,925,000,000 | 9,940,000,000 | 9,073,000,000 | 8,039,000,000 | 8,608,000,000 | 12,213,000,000 | 11,772,000,000 | 11,190,000,000 | 11,988,000,000 | 11,631,000,000 | 11,014,000,000 | 10,923,000,000 | 15,379,000,000 | 15,911,000,000 | 15,160,000,000 | 15,560,000,000 | 16,042,000,000 | 15,589,000,000 | 13,004,000,000 | 13,779,000,000 | 15,129,000,000 | 12,604,000,000 | 14,126,000,000 | 13,613,000,000 | 12,155,000,000 | 12,206,000,000 | 12,751,000,000 | 11,604,000,000 | 12,031,000,000 | 10,458,000,000 | 10,509,000,000 | 11,006,000,000 | 9,983,000,000 | 9,197,000,000 | 9,910,000,000 | 9,811,000,000 | 9,271,000,000 | 10,425,000,000 | 10,368,000,000 | 10,090,000,000 | 11,256,000,000 | 10,484,000,000 |
accounts receivable | 2,648,000,000 | 2,702,000,000 | 2,189,000,000 | 2,364,000,000 | 2,366,000,000 | 2,494,000,000 | 2,118,000,000 | 2,425,000,000 | 2,430,000,000 | 2,572,000,000 | 2,079,000,000 | 2,206,000,000 | 2,261,000,000 | 2,387,000,000 | 1,884,000,000 | 2,025,000,000 | 2,186,000,000 | 2,370,000,000 | 2,065,000,000 | 2,507,000,000 | 2,569,000,000 | 2,555,000,000 | 2,223,000,000 | 2,430,000,000 | 2,594,000,000 | 2,621,000,000 | 2,167,000,000 | 2,490,000,000 | 2,379,000,000 | 2,394,000,000 | 2,600,000,000 | 2,246,000,000 | 2,155,000,000 | 2,288,000,000 | 2,043,000,000 | 2,268,000,000 | 1,258,000,000 | 1,100,000,000 | 1,226,000,000 | 1,175,000,000 | 985,000,000 | 1,044,000,000 | 1,051,000,000 | 933,000,000 | 908,000,000 | 1,009,000,000 | 911,000,000 | 1,049,000,000 | 992,000,000 |
prepaid and other current assets | 601,000,000 | 595,000,000 | 570,000,000 | 558,000,000 | 1,295,000,000 | 1,217,000,000 | 558,000,000 | 432,000,000 | 379,000,000 | 364,000,000 | 469,000,000 | 401,000,000 | 337,000,000 | 414,000,000 | 476,000,000 | 432,000,000 | 390,000,000 | 612,000,000 | 480,000,000 | 465,000,000 | 432,000,000 | 497,000,000 | 484,000,000 | 363,000,000 | 469,000,000 | 525,000,000 | 587,000,000 | 409,000,000 | 404,000,000 | 458,000,000 | 439,000,000 | 430,000,000 | 418,000,000 | 342,000,000 | 319,000,000 | 326,000,000 | |||||||||||||
total current assets | 16,085,000,000 | 16,874,000,000 | 14,621,000,000 | 15,605,000,000 | 15,461,000,000 | 15,105,000,000 | 14,313,000,000 | 14,029,000,000 | 14,642,000,000 | 13,433,000,000 | 11,834,000,000 | 12,817,000,000 | 15,946,000,000 | 15,835,000,000 | 15,051,000,000 | 16,370,000,000 | 16,412,000,000 | 18,488,000,000 | 20,591,000,000 | 20,568,000,000 | 20,872,000,000 | 20,301,000,000 | 19,914,000,000 | 19,922,000,000 | 19,550,000,000 | 17,037,000,000 | 17,400,000,000 | 19,020,000,000 | 16,420,000,000 | 17,889,000,000 | 17,606,000,000 | 15,861,000,000 | 15,691,000,000 | 16,233,000,000 | 14,733,000,000 | 15,579,000,000 | 12,503,000,000 | 12,334,000,000 | 12,946,000,000 | 12,072,000,000 | 11,014,000,000 | 11,674,000,000 | 11,595,000,000 | 10,898,000,000 | 12,116,000,000 | 12,217,000,000 | 11,700,000,000 | 12,981,000,000 | 12,304,000,000 |
fixed assets | 671,000,000 | 695,000,000 | 686,000,000 | 696,000,000 | 667,000,000 | 661,000,000 | 710,000,000 | 709,000,000 | 703,000,000 | 720,000,000 | 710,000,000 | 725,000,000 | 723,000,000 | 718,000,000 | 701,000,000 | 744,000,000 | 817,000,000 | 851,000,000 | 881,000,000 | 927,000,000 | 951,000,000 | 1,014,000,000 | 997,000,000 | 989,000,000 | 974,000,000 | 1,046,000,000 | 963,000,000 | 957,000,000 | 942,000,000 | 924,000,000 | 926,000,000 | 985,000,000 | 937,000,000 | 895,000,000 | 811,000,000 | 790,000,000 | 563,000,000 | 531,000,000 | 516,000,000 | 496,000,000 | 472,000,000 | 452,000,000 | 447,000,000 | 468,000,000 | 446,000,000 | 426,000,000 | 387,000,000 | 391,000,000 | 386,000,000 |
goodwill | 9,662,000,000 | 8,938,000,000 | 8,936,000,000 | 8,938,000,000 | 8,841,000,000 | 8,799,000,000 | 8,882,000,000 | 10,184,000,000 | 10,186,000,000 | 10,195,000,000 | 10,143,000,000 | 10,202,000,000 | 10,193,000,000 | 10,173,000,000 | 10,089,000,000 | 10,158,000,000 | 10,200,000,000 | 10,183,000,000 | 10,146,000,000 | 10,995,000,000 | 10,986,000,000 | 11,204,000,000 | 11,131,000,000 | 11,196,000,000 | 11,162,000,000 | 11,194,000,000 | 11,187,000,000 | 10,456,000,000 | 10,465,000,000 | 10,468,000,000 | 10,555,000,000 | 10,519,000,000 | 10,529,000,000 | 10,509,000,000 | 10,483,000,000 | 10,477,000,000 | 3,737,000,000 | 3,150,000,000 | 3,097,000,000 | 2,870,000,000 | 2,846,000,000 | 2,829,000,000 | 2,813,000,000 | 2,827,000,000 | 3,304,000,000 | 3,308,000,000 | 3,297,000,000 | 3,317,000,000 | 3,312,000,000 |
other intangible assets | 1,275,000,000 | 1,141,000,000 | 1,185,000,000 | 1,232,000,000 | 1,255,000,000 | 1,295,000,000 | 1,360,000,000 | 1,898,000,000 | 1,960,000,000 | 2,016,000,000 | 2,064,000,000 | 2,146,000,000 | 2,212,000,000 | 2,273,000,000 | 2,314,000,000 | 2,408,000,000 | 2,492,000,000 | 2,555,000,000 | 2,681,000,000 | 2,786,000,000 | 2,878,000,000 | 3,043,000,000 | 3,125,000,000 | 3,257,000,000 | 3,360,000,000 | 3,478,000,000 | 3,561,000,000 | 3,187,000,000 | 3,318,000,000 | 3,562,000,000 | 3,761,000,000 | 3,882,000,000 | 4,034,000,000 | 4,156,000,000 | 4,589,000,000 | 5,086,000,000 | 1,115,000,000 | 665,000,000 | 675,000,000 | 360,000,000 | 361,000,000 | 373,000,000 | 369,000,000 | 385,000,000 | 379,000,000 | 406,000,000 | 440,000,000 | 461,000,000 | 477,000,000 |
right-of-use assets | 499,000,000 | 487,000,000 | 480,000,000 | 495,000,000 | 487,000,000 | 485,000,000 | 539,000,000 | 536,000,000 | 542,000,000 | 565,000,000 | 533,000,000 | 570,000,000 | 577,000,000 | 586,000,000 | 584,000,000 | 621,000,000 | 701,000,000 | 720,000,000 | 795,000,000 | 830,000,000 | 841,000,000 | 902,000,000 | 894,000,000 | 894,000,000 | 906,000,000 | 968,000,000 | 959,000,000 | 946,000,000 | |||||||||||||||||||||
pension benefits assets | 541,000,000 | 529,000,000 | 589,000,000 | 578,000,000 | 550,000,000 | 530,000,000 | 632,000,000 | 611,000,000 | 598,000,000 | 588,000,000 | 908,000,000 | 893,000,000 | 863,000,000 | 827,000,000 | 1,008,000,000 | 1,002,000,000 | 992,000,000 | 971,000,000 | 1,056,000,000 | 1,026,000,000 | 991,000,000 | 971,000,000 | 1,041,000,000 | 975,000,000 | 915,000,000 | 868,000,000 | 932,000,000 | 833,000,000 | 773,000,000 | 902,000,000 | 832,000,000 | 764,000,000 | 649,000,000 | 595,000,000 | 857,000,000 | 749,000,000 | |||||||||||||
other non-current assets | 904,000,000 | 866,000,000 | 942,000,000 | 934,000,000 | 803,000,000 | 806,000,000 | 732,000,000 | 1,655,000,000 | 1,606,000,000 | 1,573,000,000 | 1,431,000,000 | 1,420,000,000 | 1,392,000,000 | 1,357,000,000 | 1,244,000,000 | 1,206,000,000 | 1,227,000,000 | 1,202,000,000 | 1,132,000,000 | 1,135,000,000 | 1,113,000,000 | 1,096,000,000 | 935,000,000 | 877,000,000 | 860,000,000 | 835,000,000 | 701,000,000 | 494,000,000 | 467,000,000 | 468,000,000 | 532,000,000 | 447,000,000 | 432,000,000 | 386,000,000 | 328,000,000 | 348,000,000 | 209,000,000 | 211,000,000 | 234,000,000 | 194,000,000 | 187,000,000 | 205,000,000 | 199,000,000 | 206,000,000 | 328,000,000 | 353,000,000 | 339,000,000 | 365,000,000 | 357,000,000 |
total non-current assets | 13,552,000,000 | 12,656,000,000 | 12,818,000,000 | 12,873,000,000 | 12,603,000,000 | 12,576,000,000 | 12,855,000,000 | 15,593,000,000 | 15,595,000,000 | 15,657,000,000 | 15,789,000,000 | 15,956,000,000 | 15,960,000,000 | 15,934,000,000 | 15,940,000,000 | 16,139,000,000 | 16,429,000,000 | 16,482,000,000 | 16,691,000,000 | 17,699,000,000 | 17,760,000,000 | 18,230,000,000 | 18,123,000,000 | 18,188,000,000 | 18,177,000,000 | 18,389,000,000 | 18,303,000,000 | 16,873,000,000 | 15,965,000,000 | 16,324,000,000 | 16,606,000,000 | 16,597,000,000 | 16,581,000,000 | 16,541,000,000 | 17,068,000,000 | 17,450,000,000 | 6,336,000,000 | 5,479,000,000 | 5,373,000,000 | 4,479,000,000 | 4,309,000,000 | 4,264,000,000 | 4,207,000,000 | 4,214,000,000 | 4,887,000,000 | 4,874,000,000 | 4,915,000,000 | 4,960,000,000 | 4,934,000,000 |
total assets | 29,637,000,000 | 29,530,000,000 | 27,439,000,000 | 28,478,000,000 | 28,064,000,000 | 27,681,000,000 | 27,168,000,000 | 29,622,000,000 | 30,237,000,000 | 29,090,000,000 | 27,623,000,000 | 28,773,000,000 | 31,906,000,000 | 31,769,000,000 | 30,991,000,000 | 32,509,000,000 | 32,841,000,000 | 34,970,000,000 | 37,282,000,000 | 38,267,000,000 | 38,632,000,000 | 38,531,000,000 | 38,037,000,000 | 38,110,000,000 | 37,727,000,000 | 35,426,000,000 | 35,703,000,000 | 35,893,000,000 | 32,385,000,000 | 34,213,000,000 | 34,212,000,000 | 32,458,000,000 | 32,272,000,000 | 32,774,000,000 | 31,801,000,000 | 33,029,000,000 | 18,839,000,000 | 17,813,000,000 | 18,319,000,000 | 16,551,000,000 | 15,323,000,000 | 15,938,000,000 | 15,802,000,000 | 15,112,000,000 | 17,003,000,000 | 17,091,000,000 | 16,615,000,000 | 17,941,000,000 | 17,238,000,000 |
liabilities and equity | |||||||||||||||||||||||||||||||||||||||||||||||||
fiduciary liabilities | 10,981,000,000 | 10,445,000,000 | 9,967,000,000 | 10,720,000,000 | 10,293,000,000 | 9,504,000,000 | 9,176,000,000 | 9,925,000,000 | 9,940,000,000 | 9,073,000,000 | 8,039,000,000 | 8,608,000,000 | 12,213,000,000 | 11,772,000,000 | 11,190,000,000 | 11,988,000,000 | 11,631,000,000 | 11,014,000,000 | 10,923,000,000 | 15,379,000,000 | 15,911,000,000 | 15,160,000,000 | 15,560,000,000 | 16,042,000,000 | 15,589,000,000 | 13,004,000,000 | 13,779,000,000 | 15,129,000,000 | 12,604,000,000 | 14,126,000,000 | 13,613,000,000 | 12,155,000,000 | 12,206,000,000 | 12,751,000,000 | 11,604,000,000 | 12,031,000,000 | 10,458,000,000 | 10,509,000,000 | 11,006,000,000 | 9,983,000,000 | 9,197,000,000 | 9,910,000,000 | 9,811,000,000 | 9,271,000,000 | 10,425,000,000 | 10,368,000,000 | 10,090,000,000 | 11,256,000,000 | 10,484,000,000 |
deferred revenue and accrued expenses | 1,543,000,000 | 2,087,000,000 | 1,868,000,000 | 1,726,000,000 | 1,499,000,000 | 2,211,000,000 | 2,027,000,000 | 1,891,000,000 | 1,638,000,000 | 2,104,000,000 | 1,868,000,000 | 1,685,000,000 | 1,485,000,000 | 1,915,000,000 | 1,640,000,000 | 1,534,000,000 | 1,398,000,000 | 1,926,000,000 | 1,829,000,000 | 1,782,000,000 | 1,526,000,000 | 2,161,000,000 | 1,733,000,000 | 1,504,000,000 | 1,329,000,000 | 1,784,000,000 | 1,521,000,000 | 1,240,000,000 | 1,647,000,000 | 1,357,000,000 | 1,239,000,000 | 1,711,000,000 | 1,472,000,000 | 1,311,000,000 | 1,282,000,000 | 1,109,000,000 | 752,000,000 | 520,000,000 | 443,000,000 | 418,000,000 | 489,000,000 | 414,000,000 | 455,000,000 | 541,000,000 | 279,000,000 | 285,000,000 | 287,000,000 | 323,000,000 | 349,000,000 |
current debt | 550,000,000 | 550,000,000 | 549,000,000 | 549,000,000 | 650,000,000 | 650,000,000 | 649,000,000 | 899,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 599,000,000 | 613,000,000 | 644,000,000 | 1,110,000,000 | 471,000,000 | 971,000,000 | 973,000,000 | 525,000,000 | 697,000,000 | 316,000,000 | 484,000,000 | 187,000,000 | ||||||||||||||||||||||||||
current lease liabilities | 117,000,000 | 125,000,000 | 123,000,000 | 124,000,000 | 120,000,000 | 118,000,000 | 122,000,000 | 118,000,000 | 123,000,000 | 125,000,000 | 119,000,000 | 125,000,000 | 127,000,000 | 126,000,000 | 126,000,000 | 137,000,000 | 142,000,000 | 150,000,000 | 150,000,000 | 152,000,000 | 147,000,000 | 152,000,000 | 143,000,000 | 144,000,000 | 151,000,000 | 164,000,000 | 151,000,000 | 158,000,000 | |||||||||||||||||||||
other current liabilities | 906,000,000 | 797,000,000 | 735,000,000 | 752,000,000 | 923,000,000 | 765,000,000 | 735,000,000 | 740,000,000 | 767,000,000 | 678,000,000 | 630,000,000 | 652,000,000 | 814,000,000 | 716,000,000 | 851,000,000 | 969,000,000 | 1,137,000,000 | 1,015,000,000 | 950,000,000 | 751,000,000 | 965,000,000 | 888,000,000 | 811,000,000 | 804,000,000 | 858,000,000 | 802,000,000 | 801,000,000 | 940,000,000 | 864,000,000 | 814,000,000 | 867,000,000 | 804,000,000 | 793,000,000 | 882,000,000 | 812,000,000 | 972,000,000 | 558,000,000 | 488,000,000 | 522,000,000 | 467,000,000 | 381,000,000 | 358,000,000 | 333,000,000 | 327,000,000 | 289,000,000 | 334,000,000 | 274,000,000 | 318,000,000 | 343,000,000 |
total current liabilities | 13,547,000,000 | 14,004,000,000 | 13,243,000,000 | 13,871,000,000 | 13,384,000,000 | 12,598,000,000 | 12,535,000,000 | 12,674,000,000 | 13,118,000,000 | 12,630,000,000 | 11,305,000,000 | 11,969,000,000 | 14,889,000,000 | 14,779,000,000 | 14,122,000,000 | 14,692,000,000 | 14,914,000,000 | 14,724,000,000 | 18,616,000,000 | 19,174,000,000 | 19,020,000,000 | 19,332,000,000 | 19,220,000,000 | 19,019,000,000 | 18,624,000,000 | 16,070,000,000 | 16,736,000,000 | 17,654,000,000 | 15,301,000,000 | 16,382,000,000 | 15,804,000,000 | 14,755,000,000 | 14,556,000,000 | 15,029,000,000 | 14,217,000,000 | 15,256,000,000 | 12,801,000,000 | 11,881,000,000 | 12,495,000,000 | 10,984,000,000 | 10,135,000,000 | 10,765,000,000 | 10,671,000,000 | 10,194,000,000 | 11,086,000,000 | 11,091,000,000 | 10,820,000,000 | 12,083,000,000 | 11,358,000,000 |
long-term debt | 6,304,000,000 | 5,756,000,000 | 4,763,000,000 | 4,762,000,000 | 4,761,000,000 | 5,309,000,000 | 5,308,000,000 | 5,307,000,000 | 5,307,000,000 | 4,567,000,000 | 4,565,000,000 | 4,565,000,000 | 4,472,000,000 | 4,471,000,000 | 4,470,000,000 | 4,720,000,000 | 3,975,000,000 | 3,974,000,000 | 3,993,000,000 | 3,995,000,000 | 4,632,000,000 | 4,664,000,000 | 4,641,000,000 | 5,068,000,000 | 5,177,000,000 | 5,301,000,000 | 5,381,000,000 | 4,518,000,000 | 4,389,000,000 | 4,589,000,000 | 4,507,000,000 | 4,450,000,000 | 4,493,000,000 | 4,097,000,000 | 3,267,000,000 | 2,767,000,000 | 2,278,000,000 | 2,248,000,000 | 2,052,000,000 | 2,302,000,000 | 2,315,000,000 | 2,326,000,000 | 2,387,000,000 | 2,338,000,000 | 2,364,000,000 | 2,435,000,000 | 2,285,000,000 | 2,307,000,000 | 2,432,000,000 |
liability for pension benefits | 630,000,000 | 660,000,000 | 524,000,000 | 550,000,000 | 552,000,000 | 615,000,000 | 487,000,000 | 505,000,000 | 526,000,000 | 563,000,000 | 433,000,000 | 452,000,000 | 457,000,000 | 480,000,000 | 552,000,000 | 638,000,000 | 698,000,000 | 757,000,000 | 1,188,000,000 | 1,238,000,000 | 1,278,000,000 | 1,405,000,000 | 1,172,000,000 | 1,235,000,000 | 1,261,000,000 | 1,324,000,000 | 1,039,000,000 | 1,135,000,000 | 1,170,000,000 | 1,185,000,000 | 1,230,000,000 | 1,259,000,000 | 1,207,000,000 | 1,271,000,000 | 1,089,000,000 | 1,210,000,000 | 279,000,000 | 285,000,000 | 294,000,000 | 126,000,000 | 229,000,000 | 256,000,000 | 269,000,000 | 282,000,000 | 223,000,000 | 261,000,000 | 128,000,000 | 150,000,000 | 156,000,000 |
provision for liabilities | 361,000,000 | 340,000,000 | 369,000,000 | 369,000,000 | 359,000,000 | 341,000,000 | 416,000,000 | 409,000,000 | 377,000,000 | 360,000,000 | 386,000,000 | 366,000,000 | 357,000,000 | 365,000,000 | 378,000,000 | 385,000,000 | 375,000,000 | 401,000,000 | 399,000,000 | 390,000,000 | 560,000,000 | 534,000,000 | 541,000,000 | 537,000,000 | 555,000,000 | 543,000,000 | 546,000,000 | 624,000,000 | |||||||||||||||||||||
long-term lease liabilities | 485,000,000 | 472,000,000 | 475,000,000 | 500,000,000 | 498,000,000 | 502,000,000 | 556,000,000 | 564,000,000 | 570,000,000 | 592,000,000 | 569,000,000 | 602,000,000 | 610,000,000 | 620,000,000 | 608,000,000 | 645,000,000 | 715,000,000 | 734,000,000 | 800,000,000 | 838,000,000 | 857,000,000 | 918,000,000 | 915,000,000 | 906,000,000 | 914,000,000 | 964,000,000 | 957,000,000 | 961,000,000 | |||||||||||||||||||||
other non-current liabilities | 251,000,000 | 246,000,000 | 255,000,000 | 246,000,000 | 296,000,000 | 254,000,000 | 202,000,000 | 196,000,000 | 221,000,000 | 238,000,000 | 200,000,000 | 201,000,000 | 200,000,000 | 221,000,000 | 203,000,000 | 215,000,000 | 244,000,000 | 253,000,000 | 239,000,000 | 280,000,000 | 305,000,000 | 312,000,000 | 322,000,000 | 317,000,000 | 320,000,000 | 335,000,000 | 314,000,000 | 296,000,000 | 429,000,000 | 446,000,000 | 506,000,000 | 544,000,000 | 476,000,000 | 473,000,000 | 544,000,000 | 605,000,000 | 533,000,000 | 502,000,000 | 506,000,000 | 362,000,000 | 353,000,000 | 371,000,000 | 378,000,000 | 375,000,000 | 376,000,000 | 371,000,000 | 362,000,000 | 367,000,000 | 371,000,000 |
total non-current liabilities | 8,031,000,000 | 7,474,000,000 | 6,386,000,000 | 6,427,000,000 | 6,466,000,000 | 7,066,000,000 | 7,063,000,000 | 7,533,000,000 | 7,551,000,000 | 6,867,000,000 | 6,833,000,000 | 6,927,000,000 | 6,841,000,000 | 6,897,000,000 | 6,956,000,000 | 7,400,000,000 | 6,852,000,000 | 6,938,000,000 | 7,233,000,000 | 7,378,000,000 | 8,038,000,000 | 8,267,000,000 | 8,197,000,000 | 8,635,000,000 | 8,714,000,000 | 8,987,000,000 | 8,936,000,000 | 7,997,000,000 | 7,087,000,000 | 7,457,000,000 | 7,578,000,000 | 7,426,000,000 | 7,635,000,000 | 7,301,000,000 | 6,630,000,000 | 6,416,000,000 | 3,625,000,000 | 3,394,000,000 | 3,283,000,000 | 3,105,000,000 | 3,141,000,000 | 3,173,000,000 | 3,238,000,000 | 3,193,000,000 | 3,219,000,000 | 3,296,000,000 | 3,078,000,000 | 3,119,000,000 | 3,211,000,000 |
total liabilities | 21,578,000,000 | 21,478,000,000 | 19,629,000,000 | 20,298,000,000 | 19,850,000,000 | 19,664,000,000 | 19,598,000,000 | 20,207,000,000 | 20,669,000,000 | 19,497,000,000 | 18,138,000,000 | 18,896,000,000 | 21,730,000,000 | 21,676,000,000 | 21,078,000,000 | 22,092,000,000 | 21,766,000,000 | 21,662,000,000 | 25,849,000,000 | 26,552,000,000 | 27,058,000,000 | 27,599,000,000 | 27,417,000,000 | 27,654,000,000 | 27,338,000,000 | 25,057,000,000 | 25,672,000,000 | 25,651,000,000 | 22,388,000,000 | 23,839,000,000 | 23,382,000,000 | 22,181,000,000 | 22,191,000,000 | 22,330,000,000 | 20,847,000,000 | 21,672,000,000 | 16,426,000,000 | 15,275,000,000 | 15,778,000,000 | 14,089,000,000 | 13,276,000,000 | 13,938,000,000 | 13,909,000,000 | 13,387,000,000 | 14,305,000,000 | 14,387,000,000 | 13,898,000,000 | 15,202,000,000 | 14,569,000,000 |
commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||
equity | |||||||||||||||||||||||||||||||||||||||||||||||||
additional paid-in capital | 11,239,000,000 | 11,106,000,000 | 11,037,000,000 | 11,012,000,000 | 11,017,000,000 | 10,989,000,000 | 10,957,000,000 | 10,943,000,000 | 10,930,000,000 | 10,910,000,000 | 10,903,000,000 | 10,910,000,000 | 10,890,000,000 | 10,876,000,000 | 10,855,000,000 | 10,855,000,000 | 10,826,000,000 | 10,804,000,000 | 10,786,000,000 | 10,785,000,000 | 10,765,000,000 | 10,748,000,000 | 10,724,000,000 | 10,713,000,000 | 10,703,000,000 | 10,687,000,000 | 10,667,000,000 | 10,630,000,000 | 10,615,000,000 | 10,566,000,000 | 10,548,000,000 | 10,538,000,000 | 10,501,000,000 | 10,658,000,000 | 10,536,000,000 | 10,436,000,000 | |||||||||||||
accumulated deficit | -392,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax | -2,870,000,000 | -2,834,000,000 | -2,709,000,000 | -2,706,000,000 | -2,935,000,000 | -3,158,000,000 | -2,810,000,000 | -2,921,000,000 | -2,905,000,000 | -2,856,000,000 | -2,620,000,000 | -2,540,000,000 | -2,568,000,000 | -2,621,000,000 | -2,720,000,000 | -2,486,000,000 | -2,242,000,000 | -2,186,000,000 | -2,359,000,000 | -2,278,000,000 | -2,311,000,000 | -2,359,000,000 | -2,253,000,000 | -2,390,000,000 | -2,446,000,000 | -2,227,000,000 | -2,113,000,000 | -1,974,000,000 | -1,961,000,000 | -1,605,000,000 | -1,430,000,000 | -1,513,000,000 | -1,676,000,000 | -1,776,000,000 | -1,221,000,000 | -1,053,000,000 | |||||||||||||
total wtw shareholders’ equity | 7,977,000,000 | 7,976,000,000 | 7,735,000,000 | 8,100,000,000 | 8,133,000,000 | 7,940,000,000 | 7,492,000,000 | 9,337,000,000 | 9,489,000,000 | 9,520,000,000 | 9,410,000,000 | 9,799,000,000 | 10,096,000,000 | 10,016,000,000 | 9,838,000,000 | 10,337,000,000 | 11,004,000,000 | 13,260,000,000 | |||||||||||||||||||||||||||||||
non-controlling interests | 82,000,000 | 76,000,000 | 75,000,000 | 80,000,000 | 81,000,000 | 77,000,000 | 78,000,000 | 78,000,000 | 79,000,000 | 73,000,000 | 75,000,000 | 78,000,000 | 80,000,000 | 77,000,000 | 75,000,000 | 80,000,000 | 71,000,000 | 48,000,000 | 40,000,000 | 45,000,000 | 48,000,000 | 112,000,000 | 105,000,000 | 121,000,000 | 126,000,000 | 120,000,000 | 114,000,000 | 122,000,000 | 119,000,000 | 119,000,000 | 130,000,000 | 123,000,000 | 111,000,000 | 124,000,000 | |||||||||||||||
total equity | 8,059,000,000 | 8,052,000,000 | 7,810,000,000 | 8,180,000,000 | 8,214,000,000 | 8,017,000,000 | 7,570,000,000 | 9,415,000,000 | 9,568,000,000 | 9,593,000,000 | 9,485,000,000 | 9,877,000,000 | 10,176,000,000 | 10,093,000,000 | 9,913,000,000 | 10,417,000,000 | 11,075,000,000 | 13,308,000,000 | 11,433,000,000 | 11,715,000,000 | 11,574,000,000 | 10,932,000,000 | 10,620,000,000 | 10,456,000,000 | 10,389,000,000 | 10,369,000,000 | 10,001,000,000 | 10,214,000,000 | 9,971,000,000 | 10,347,000,000 | 10,802,000,000 | 10,249,000,000 | 10,026,000,000 | 10,387,000,000 | 10,901,000,000 | 11,304,000,000 | |||||||||||||
total liabilities and equity | 29,637,000,000 | 29,530,000,000 | 27,439,000,000 | 28,478,000,000 | 28,064,000,000 | 27,681,000,000 | 27,168,000,000 | 29,622,000,000 | 30,237,000,000 | 29,090,000,000 | 27,623,000,000 | 28,773,000,000 | 31,906,000,000 | 31,769,000,000 | 30,991,000,000 | 32,509,000,000 | 32,841,000,000 | 34,970,000,000 | 37,282,000,000 | 38,267,000,000 | 38,632,000,000 | 38,531,000,000 | 38,037,000,000 | 38,110,000,000 | 37,727,000,000 | 35,426,000,000 | 35,703,000,000 | 35,893,000,000 | 32,385,000,000 | 34,213,000,000 | 34,212,000,000 | 32,458,000,000 | 32,272,000,000 | 32,774,000,000 | 31,801,000,000 | 33,029,000,000 | |||||||||||||
(accumulated deficit)/retained earnings | -296,000,000 | -593,000,000 | -206,000,000 | -650,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
retained earnings | 51,000,000 | 109,000,000 | 1,315,000,000 | 1,464,000,000 | 1,466,000,000 | 1,127,000,000 | 1,429,000,000 | 1,774,000,000 | 1,764,000,000 | 1,706,000,000 | 1,971,000,000 | 2,423,000,000 | 4,645,000,000 | 2,969,000,000 | 3,166,000,000 | 3,075,000,000 | 2,434,000,000 | 2,047,000,000 | 2,015,000,000 | 2,009,000,000 | 1,792,000,000 | 1,336,000,000 | 1,439,000,000 | 1,201,000,000 | 1,270,000,000 | 1,557,000,000 | 1,104,000,000 | 1,130,000,000 | 1,402,000,000 | 1,455,000,000 | 1,771,000,000 | ||||||||||||||||||
deferred tax liabilities | 45,000,000 | 94,000,000 | 552,000,000 | 550,000,000 | 542,000,000 | 706,000,000 | 721,000,000 | 736,000,000 | 748,000,000 | 758,000,000 | 804,000,000 | 835,000,000 | 845,000,000 | 612,000,000 | 628,000,000 | 576,000,000 | 561,000,000 | 587,000,000 | 575,000,000 | 501,000,000 | 526,000,000 | 690,000,000 | 544,000,000 | 559,000,000 | 691,000,000 | 711,000,000 | 615,000,000 | 856,000,000 | 823,000,000 | 1,137,000,000 | 1,234,000,000 | 240,000,000 | 20,000,000 | 21,000,000 | 28,000,000 | 18,000,000 | 32,000,000 | 23,000,000 | 21,000,000 | 20,000,000 | 25,000,000 | 17,000,000 | 22,000,000 | 8,000,000 | |||||
current assets held for sale | 1,089,000,000 | 5,000,000 | 5,000,000 | 7,000,000 | 6,000,000 | 4,961,000,000 | |||||||||||||||||||||||||||||||||||||||||||
current liabilities held for sale | 475,000,000 | 65,000,000 | 64,000,000 | 7,000,000 | 6,000,000 | 4,120,000,000 | |||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 15,574 shares in 2024 | -5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
benefit from liabilities | 365,000,000 | 407,000,000 | 540,000,000 | 558,000,000 | 603,000,000 | 637,000,000 | 593,000,000 | 600,000,000 | |||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2022 and 2021 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2022 and 2021 | -3,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 128,391 shares in 2022 and 17,519 in 2021 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
non-current assets held for sale | |||||||||||||||||||||||||||||||||||||||||||||||||
non-current liabilities held for sale | |||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2021 and 2020 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2021 and 2020 | -3,000,000 | -3,000,000 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
total willis towers watson shareholders’ equity | 11,393,000,000 | 11,670,000,000 | 11,526,000,000 | 10,820,000,000 | 10,515,000,000 | 10,335,000,000 | 10,263,000,000 | 10,249,000,000 | 9,887,000,000 | 10,092,000,000 | 9,852,000,000 | 10,228,000,000 | 10,672,000,000 | 10,126,000,000 | 9,915,000,000 | 10,263,000,000 | 10,767,000,000 | 11,151,000,000 | |||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2020 and 2019 and 40,000 shares, €1 nominal value, in 2019 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2020 and 2019, and 40,000 shares, €1 nominal value in 2019 | -3,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2020 and 2019, and 40,000 shares, €1 nominal value, in 2020 and 2019 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
redeemable non-controlling interest | 30,000,000 | 28,000,000 | 26,000,000 | 27,000,000 | 28,000,000 | 28,000,000 | 55,000,000 | 57,000,000 | |||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2019 and 2018 and 40,000 shares, €1 nominal value, in 2019 and 2018 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2019 and 2018, and 40,000 shares, €1 nominal value, in 2019 and 2018 | -3,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
short-term debt and current portion of long-term debt | 186,000,000 | 85,000,000 | 85,000,000 | 85,000,000 | 85,000,000 | 85,000,000 | 519,000,000 | 1,144,000,000 | 988,000,000 | 15,000,000 | 17,000,000 | 17,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 17,000,000 | 114,000,000 | 114,000,000 | 145,000,000 | ||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2018 and 2017 and 40,000 shares, €1 nominal value, in 2018 and 2017 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2018 and 2017, and 40,000 shares, €1 nominal value, in 2018 and 2017 | -3,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 in 2017 and 795,816 in 2016, and 40,000 shares, €1 nominal value, in 2017 and 2016 | -3,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 263,899 shares in 2017 and 795,816 shares in 2016, and 40,000 shares, €1 nominal value, in 2017 and 2016 | -40,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 149,572 shares in 2017 and 795,816 shares in 2016, and 40,000 shares, €1 nominal value, in 2017 and 2016 | -21,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
redeemable noncontrolling interest | 53,000,000 | 53,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares, 0.000304635 nominal value; authorized: 1,510,003,775; issued 137,206,851 shares in 2016 and 68,624,892 in 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares, €1 nominal value; authorized: 40,000; issued 40,000 shares in 2016 and 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
preference shares, 0.000115 nominal value; authorized: 1,000,000,000; issued nil shares in 2016 and 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
treasury shares, at cost, 17,519 shares in 2016 and 2015, and 40,000 shares, €1 nominal value, in 2016 and 2015 | -3,000,000 | -3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
noncontrolling interests | 134,000,000 | 153,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares, 0.000304635 nominal value; authorized: 1,510,003,775; issued 138,398,396 shares in 2016 and 68,624,892 in 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
current assets | |||||||||||||||||||||||||||||||||||||||||||||||||
other current assets | 255,000,000 | 240,000,000 | 222,000,000 | 195,000,000 | 195,000,000 | 207,000,000 | 186,000,000 | 181,000,000 | 317,000,000 | 325,000,000 | 315,000,000 | 327,000,000 | 369,000,000 | ||||||||||||||||||||||||||||||||||||
non-current assets | |||||||||||||||||||||||||||||||||||||||||||||||||
investments in associates | 13,000,000 | 171,000,000 | 168,000,000 | 190,000,000 | 184,000,000 | 177,000,000 | 183,000,000 | 174,000,000 | 175,000,000 | 187,000,000 | 186,000,000 | 186,000,000 | 193,000,000 | ||||||||||||||||||||||||||||||||||||
deferred tax assets | 76,000,000 | 19,000,000 | 9,000,000 | 11,000,000 | 14,000,000 | 10,000,000 | 16,000,000 | 13,000,000 | 42,000,000 | 51,000,000 | 21,000,000 | 32,000,000 | 27,000,000 | ||||||||||||||||||||||||||||||||||||
pension benefits asset | 623,000,000 | 700,000,000 | 677,000,000 | 359,000,000 | 253,000,000 | 213,000,000 | 181,000,000 | 136,000,000 | 241,000,000 | 170,000,000 | 261,000,000 | 231,000,000 | 202,000,000 | ||||||||||||||||||||||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
income taxes payable | 45,000,000 | 21,000,000 | 35,000,000 | 73,000,000 | 33,000,000 | 34,000,000 | 34,000,000 | 19,000,000 | 58,000,000 | 62,000,000 | 38,000,000 | 50,000,000 | 29,000,000 | ||||||||||||||||||||||||||||||||||||
non-current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
provisions for liabilities | 295,000,000 | 199,000,000 | 220,000,000 | 212,000,000 | 208,000,000 | 202,000,000 | 189,000,000 | 180,000,000 | 181,000,000 | 182,000,000 | 179,000,000 | 184,000,000 | 187,000,000 | ||||||||||||||||||||||||||||||||||||
current portion of long-term debt | 323,000,000 | 468,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-03-31 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2016-03-31 | 2015-09-30 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||||||||||||||||||
net income | 303,000,000 | 736,000,000 | 306,000,000 | 332,000,000 | 239,000,000 | 1,248,000,000 | -1,672,000,000 | 142,000,000 | 194,000,000 | 623,000,000 | 139,000,000 | 96,000,000 | 206,000,000 | 593,000,000 | 192,000,000 | 114,000,000 | 125,000,000 | 2,407,000,000 | 907,000,000 | 186,000,000 | 736,000,000 | 483,000,000 | 122,000,000 | 102,000,000 | 313,000,000 | 551,000,000 | 293,000,000 | 65,000,000 | 221,000,000 | 253,000,000 | -54,000,000 | 245,000,000 | 116,000,000 | -27,000,000 | 107,000,000 | 223,000,000 | 232,000,000 |
adjustments to reconcile net income to total net cash from operating activities: | |||||||||||||||||||||||||||||||||||||
depreciation | 56,000,000 | 59,000,000 | 56,000,000 | 57,000,000 | 54,000,000 | 54,000,000 | 60,000,000 | 57,000,000 | 59,000,000 | 58,000,000 | 60,000,000 | 64,000,000 | 60,000,000 | 64,000,000 | 60,000,000 | 65,000,000 | 66,000,000 | 69,000,000 | 69,000,000 | 72,000,000 | 71,000,000 | 70,000,000 | 73,000,000 | 67,000,000 | 98,000,000 | 69,000,000 | 54,000,000 | 53,000,000 | 51,000,000 | 83,000,000 | 57,000,000 | ||||||
amortization | 48,000,000 | 48,000,000 | 47,000,000 | 49,000,000 | 48,000,000 | 50,000,000 | 56,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 62,000,000 | 70,000,000 | 71,000,000 | 73,000,000 | 71,000,000 | 83,000,000 | 85,000,000 | 83,000,000 | 85,000,000 | 98,000,000 | 103,000,000 | 114,000,000 | 108,000,000 | 119,000,000 | 121,000,000 | 121,000,000 | 127,000,000 | 140,000,000 | 141,000,000 | 140,000,000 | 141,000,000 | ||||||
non-cash lease expense | 25,000,000 | 26,000,000 | 24,000,000 | 22,000,000 | 25,000,000 | 22,000,000 | 27,000,000 | 22,000,000 | 27,000,000 | 22,000,000 | 25,000,000 | 31,000,000 | 27,000,000 | 26,000,000 | 30,000,000 | 31,000,000 | 33,000,000 | 52,000,000 | 35,000,000 | 36,000,000 | 37,000,000 | 36,000,000 | 36,000,000 | 40,000,000 | 34,000,000 | 41,000,000 | 36,000,000 | ||||||||||
net periodic cost of defined benefit pension plans | 6,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||
provision for doubtful receivables from clients | 6,000,000 | -2,000,000 | 1,000,000 | 2,000,000 | 5,000,000 | 0 | 3,000,000 | 2,000,000 | 8,000,000 | 3,000,000 | -2,000,000 | 7,000,000 | 0 | 1,000,000 | 7,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 0 | 8,000,000 | 0 | 4,000,000 | 24,000,000 | -3,000,000 | 8,000,000 | 3,000,000 | 7,000,000 | ||||||||||
benefit from deferred income taxes | -30,000,000 | 8,000,000 | -47,000,000 | -23,000,000 | 166,000,000 | -354,000,000 | -16,000,000 | -9,000,000 | -21,000,000 | -22,000,000 | -15,000,000 | -23,000,000 | -28,000,000 | -28,000,000 | -22,000,000 | -26,000,000 | -229,000,000 | 18,000,000 | 7,000,000 | ||||||||||||||||||
share-based compensation | 42,000,000 | 49,000,000 | 36,000,000 | 31,000,000 | 37,000,000 | 36,000,000 | 31,000,000 | 30,000,000 | 24,000,000 | 38,000,000 | 29,000,000 | 32,000,000 | 26,000,000 | 28,000,000 | 24,000,000 | 25,000,000 | 22,000,000 | 30,000,000 | 19,000,000 | 25,000,000 | 27,000,000 | 31,000,000 | 31,000,000 | 29,000,000 | -1,000,000 | 26,000,000 | 10,000,000 | 1,000,000 | 3,000,000 | 19,000,000 | 15,000,000 | 35,000,000 | 12,000,000 | 10,000,000 | 9,000,000 | 12,000,000 | 9,000,000 |
gain on disposal of operations | 0 | -14,000,000 | |||||||||||||||||||||||||||||||||||
non-cash foreign exchange loss | -14,000,000 | -17,000,000 | 0 | 21,000,000 | 9,000,000 | -6,000,000 | -13,000,000 | -11,000,000 | -1,000,000 | -5,000,000 | -5,000,000 | 11,000,000 | 2,000,000 | 0 | -12,000,000 | 10,000,000 | 8,000,000 | -2,000,000 | 17,000,000 | ||||||||||||||||||
other | 18,000,000 | 25,000,000 | 16,000,000 | 9,000,000 | 9,000,000 | 26,000,000 | 10,000,000 | 14,000,000 | 8,000,000 | 10,000,000 | 5,000,000 | 6,000,000 | 10,000,000 | 7,000,000 | 11,000,000 | -7,000,000 | -5,000,000 | -4,000,000 | -9,000,000 | 12,000,000 | -24,000,000 | -20,000,000 | -22,000,000 | -22,000,000 | 23,000,000 | 28,000,000 | 4,000,000 | 11,000,000 | -8,000,000 | -36,000,000 | -54,000,000 | ||||||
changes in operating assets and liabilities, net of effects from purchase of subsidiaries: | |||||||||||||||||||||||||||||||||||||
accounts receivable | 75,000,000 | -510,000,000 | 157,000,000 | 63,000,000 | 162,000,000 | -504,000,000 | 153,000,000 | 5,000,000 | 113,000,000 | -467,000,000 | 97,000,000 | 35,000,000 | 129,000,000 | -458,000,000 | 90,000,000 | 98,000,000 | 82,000,000 | -309,000,000 | 214,000,000 | 76,000,000 | -115,000,000 | -287,000,000 | 231,000,000 | 174,000,000 | -46,000,000 | -454,000,000 | -121,000,000 | 124,000,000 | -43,000,000 | -95,000,000 | 205,000,000 | -161,000,000 | 105,000,000 | 68,000,000 | 4,000,000 | -128,000,000 | -80,000,000 |
other assets | -51,000,000 | 26,000,000 | -43,000,000 | -100,000,000 | 1,000,000 | -74,000,000 | -138,000,000 | -108,000,000 | -53,000,000 | -10,000,000 | -94,000,000 | -92,000,000 | 11,000,000 | 1,000,000 | -87,000,000 | -89,000,000 | -22,000,000 | 13,000,000 | -44,000,000 | -76,000,000 | -15,000,000 | -127,000,000 | -160,000,000 | 75,000,000 | 7,000,000 | 133,000,000 | -37,000,000 | 24,000,000 | 46,000,000 | -33,000,000 | 121,000,000 | -118,000,000 | -24,000,000 | 35,000,000 | -17,000,000 | -4,000,000 | -7,000,000 |
other liabilities | -517,000,000 | 231,000,000 | 89,000,000 | -87,000,000 | -691,000,000 | 460,000,000 | 83,000,000 | 184,000,000 | -426,000,000 | 207,000,000 | 155,000,000 | 65,000,000 | -411,000,000 | 15,000,000 | 63,000,000 | -115,000,000 | -458,000,000 | 24,000,000 | 307,000,000 | 50,000,000 | -556,000,000 | 432,000,000 | 200,000,000 | 65,000,000 | -482,000,000 | 32,000,000 | -379,000,000 | 68,000,000 | -393,000,000 | 300,000,000 | -278,000,000 | -81,000,000 | 40,000,000 | 80,000,000 | 72,000,000 | 142,000,000 | 74,000,000 |
provisions | 23,000,000 | -29,000,000 | 1,000,000 | 3,000,000 | 16,000,000 | -69,000,000 | 3,000,000 | 32,000,000 | 13,000,000 | 1,000,000 | -23,000,000 | 18,000,000 | 8,000,000 | -15,000,000 | -6,000,000 | 0 | 13,000,000 | -25,000,000 | 6,000,000 | 8,000,000 | -7,000,000 | -161,000,000 | 20,000,000 | -10,000,000 | 13,000,000 | -25,000,000 | 10,000,000 | -66,000,000 | 49,000,000 | -47,000,000 | -40,000,000 | ||||||
net cash from operating activities | -10,000,000 | 771,000,000 | 678,000,000 | 599,000,000 | 482,000,000 | 407,000,000 | 24,000,000 | 522,000,000 | 393,000,000 | 296,000,000 | 134,000,000 | 375,000,000 | 179,000,000 | 237,000,000 | 21,000,000 | 184,000,000 | 1,511,000,000 | 568,000,000 | 521,000,000 | 662,000,000 | 23,000,000 | 461,000,000 | 377,000,000 | 18,000,000 | 347,000,000 | 196,000,000 | 118,000,000 | 106,000,000 | 98,000,000 | 39,000,000 | |||||||
capital expenditures | 0 | 0 | 0 | -26,000,000 | -27,000,000 | -29,000,000 | -27,000,000 | -23,000,000 | -25,000,000 | -22,000,000 | -19,000,000 | -16,000,000 | -17,000,000 | -18,000,000 | -15,000,000 | -13,000,000 | -13,000,000 | -14,000,000 | -16,000,000 | -18,000,000 | -15,000,000 | -16,000,000 | -12,000,000 | -13,000,000 | -23,000,000 | -20,000,000 | -18,000,000 | 0 | 0 | 0 | |||||||
free cash flows | -10,000,000 | 771,000,000 | 678,000,000 | 573,000,000 | 455,000,000 | 378,000,000 | -3,000,000 | 499,000,000 | 368,000,000 | 274,000,000 | 115,000,000 | 359,000,000 | 162,000,000 | 219,000,000 | 6,000,000 | 171,000,000 | 1,498,000,000 | 554,000,000 | 505,000,000 | 644,000,000 | 8,000,000 | 445,000,000 | 365,000,000 | 5,000,000 | 324,000,000 | 176,000,000 | 100,000,000 | 106,000,000 | 98,000,000 | 39,000,000 | |||||||
cash flows from investing activities | |||||||||||||||||||||||||||||||||||||
additions to fixed assets and software | -55,000,000 | -63,000,000 | -57,000,000 | -58,000,000 | -51,000,000 | ||||||||||||||||||||||||||||||||
acquisitions of operations, net of cash acquired | -792,000,000 | -1,000,000 | 0 | -13,000,000 | -1,000,000 | -79,000,000 | -10,000,000 | -3,000,000 | -15,000,000 | 0 | -2,000,000 | 0 | -4,000,000 | -1,000,000 | -4,000,000 | -8,000,000 | -68,000,000 | -3,000,000 | 0 | 0 | -66,000,000 | -5,000,000 | -1,000,000 | -3,000,000 | -5,000,000 | 0 | 0 | 469,000,000 | -65,000,000 | ||||||||
contributions to investments in associates | -9,000,000 | -19,000,000 | -8,000,000 | ||||||||||||||||||||||||||||||||||
net sales/(purchases) of available-for-sale securities | 16,000,000 | ||||||||||||||||||||||||||||||||||||
net cash from investing activities | -840,000,000 | -83,000,000 | -82,000,000 | 696,000,000 | -84,000,000 | 480,000,000 | -72,000,000 | -84,000,000 | -74,000,000 | -55,000,000 | 74,000,000 | 1,993,000,000 | -13,000,000 | -55,000,000 | 645,000,000 | -52,000,000 | 141,000,000 | -87,000,000 | -162,000,000 | -83,000,000 | -75,000,000 | -74,000,000 | -79,000,000 | 417,000,000 | -100,000,000 | -54,000,000 | -21,000,000 | ||||||||||
cash flows (used in)/from financing activities | |||||||||||||||||||||||||||||||||||||
borrowing of other debt | 550,000,000 | ||||||||||||||||||||||||||||||||||||
debt issuance costs | -4,000,000 | 0 | 0 | -2,000,000 | -7,000,000 | 0 | -1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
repayments of debt | -551,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | -651,000,000 | -1,000,000 | -1,000,000 | -251,000,000 | -1,000,000 | -1,000,000 | 0 | -2,000,000 | -582,000,000 | -1,000,000 | -38,000,000 | -455,000,000 | -7,000,000 | -508,000,000 | -8,000,000 | -8,000,000 | -183,000,000 | -128,000,000 | -170,000,000 | -1,000,000 | -22,000,000 | -21,000,000 | -20,000,000 | -19,000,000 | -1,181,000,000 | -151,000,000 | -524,000,000 | -4,000,000 | -4,000,000 | -2,000,000 |
repurchase of shares | -300,000,000 | -350,000,000 | -600,000,000 | -500,000,000 | -200,000,000 | -395,000,000 | -205,000,000 | -200,000,000 | -101,000,000 | -196,000,000 | -350,000,000 | -350,000,000 | -104,000,000 | -440,000,000 | -369,000,000 | -471,000,000 | -2,250,000,000 | -627,000,000 | -3,000,000 | -70,000,000 | -166,000,000 | -3,000,000 | -19,000,000 | ||||||||||||||
net proceeds from fiduciary funds held for clients | 192,000,000 | -171,000,000 | 202,000,000 | -174,000,000 | 315,000,000 | -149,000,000 | 151,000,000 | -228,000,000 | 1,011,000,000 | 123,000,000 | 197,000,000 | 72,000,000 | |||||||||||||||||||||||||
cash paid for employee taxes on withholding shares | -2,000,000 | -3,000,000 | -10,000,000 | -41,000,000 | -2,000,000 | -26,000,000 | -6,000,000 | -19,000,000 | -5,000,000 | -5,000,000 | -4,000,000 | -12,000,000 | -5,000,000 | -2,000,000 | -27,000,000 | -4,000,000 | -1,000,000 | -8,000,000 | -7,000,000 | 0 | -13,000,000 | -1,000,000 | -23,000,000 | -7,000,000 | -4,000,000 | -11,000,000 | |||||||||||
dividends paid | -88,000,000 | -89,000,000 | -90,000,000 | -91,000,000 | -88,000,000 | -89,000,000 | -89,000,000 | -90,000,000 | -86,000,000 | -87,000,000 | -88,000,000 | -90,000,000 | -87,000,000 | -89,000,000 | -91,000,000 | -91,000,000 | -98,000,000 | -99,000,000 | -6,000,000 | -177,000,000 | -92,000,000 | -87,000,000 | -88,000,000 | -87,000,000 | -84,000,000 | -84,000,000 | -77,000,000 | -81,000,000 | -68,000,000 | -68,000,000 | -72,000,000 | -56,000,000 | -49,000,000 | -48,000,000 | -47,000,000 | -46,000,000 | |
net cash (used in)/from financing activities | -203,000,000 | -511,000,000 | -633,000,000 | -100,000,000 | -24,000,000 | ||||||||||||||||||||||||||||||||
decrease in cash, cash equivalents and restricted cash | -1,053,000,000 | -217,000,000 | -338,000,000 | -380,000,000 | -317,000,000 | 72,000,000 | -2,485,000,000 | ||||||||||||||||||||||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -29,000,000 | 1,000,000 | -5,000,000 | 127,000,000 | 80,000,000 | -129,000,000 | 85,000,000 | -6,000,000 | -47,000,000 | 65,000,000 | -55,000,000 | -20,000,000 | 21,000,000 | 126,000,000 | -120,000,000 | -136,000,000 | -34,000,000 | -103,000,000 | -14,000,000 | 4,000,000 | -14,000,000 | 26,000,000 | 17,000,000 | 14,000,000 | -36,000,000 | 20,000,000 | |||||||||||
cash, cash equivalents and restricted cash, beginning of period | 6,487,000,000 | 0 | 0 | 4,998,000,000 | 0 | 0 | 3,792,000,000 | 0 | 0 | 4,721,000,000 | 0 | 0 | 7,691,000,000 | 0 | 0 | 2,096,000,000 | 0 | 0 | 895,000,000 | ||||||||||||||||||
cash, cash equivalents and restricted cash, end of period | 5,405,000,000 | 80,000,000 | 360,000,000 | 4,983,000,000 | 336,000,000 | -875,000,000 | 5,251,000,000 | -272,000,000 | -358,000,000 | 4,362,000,000 | -437,000,000 | -64,000,000 | 5,172,000,000 | 0 | 255,000,000 | 1,966,000,000 | 560,000,000 | 188,000,000 | 906,000,000 | ||||||||||||||||||
impairment | 0 | 0 | 0 | 0 | 81,000,000 | ||||||||||||||||||||||||||||||||
non-cash restructuring charges | 24,000,000 | 5,000,000 | 1,000,000 | 11,000,000 | 19,000,000 | 11,000,000 | 6,000,000 | 2,000,000 | 15,000,000 | 7,000,000 | |||||||||||||||||||||||||||
net periodic cost of/(credit for) defined benefit pension plans | |||||||||||||||||||||||||||||||||||||
provision for deferred income taxes | 42,000,000 | -47,000,000 | -28,000,000 | -17,000,000 | 185,000,000 | -15,000,000 | 46,000,000 | 10,000,000 | 15,000,000 | 2,000,000 | |||||||||||||||||||||||||||
net loss on disposal of operations | -853,000,000 | -41,000,000 | -17,000,000 | -20,000,000 | 40,000,000 | 56,000,000 | 0 | 9,000,000 | |||||||||||||||||||||||||||||
net proceeds from sale of operations | 0 | 34,000,000 | 30,000,000 | 0 | 696,000,000 | 0 | 210,000,000 | 0 | 0 | 4,000,000 | |||||||||||||||||||||||||||
cash and fiduciary funds transferred in sale of operations | 0 | 0 | -6,000,000 | 0 | -17,000,000 | 0 | -12,000,000 | ||||||||||||||||||||||||||||||
net purchases of held-to-maturity securities | 0 | 0 | |||||||||||||||||||||||||||||||||||
net purchases of available-for-sale securities | 0 | 3,000,000 | |||||||||||||||||||||||||||||||||||
cash flows from financing activities | |||||||||||||||||||||||||||||||||||||
senior notes issued | 0 | 0 | 0 | 746,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000,000 | 0 | 997,000,000 | |||||||||||||||||||||||
payments of deferred and contingent consideration related to acquisitions | 0 | -4,000,000 | 0 | -4,000,000 | -1,000,000 | -1,000,000 | -6,000,000 | 0 | -2,000,000 | 0 | -20,000,000 | 0 | -2,000,000 | 0 | -17,000,000 | -10,000,000 | -22,000,000 | 1,000,000 | |||||||||||||||||||
acquisitions of and dividends paid to non-controlling interests | 0 | -7,000,000 | -3,000,000 | -7,000,000 | -2,000,000 | -1,000,000 | -16,000,000 | -43,000,000 | -2,000,000 | -6,000,000 | -1,000,000 | -14,000,000 | -4,000,000 | -17,000,000 | -1,000,000 | -13,000,000 | -13,000,000 | -1,000,000 | -33,000,000 | -32,000,000 | -5,000,000 | ||||||||||||||||
net cash from financing activities | 24,000,000 | -664,000,000 | -159,000,000 | -1,192,000,000 | 1,556,000,000 | -472,000,000 | -615,000,000 | 340,000,000 | -453,000,000 | -419,000,000 | -110,000,000 | -2,580,000,000 | -1,484,000,000 | -401,000,000 | 186,000,000 | -377,000,000 | 82,000,000 | -50,000,000 | -115,000,000 | -10,000,000 | -68,000,000 | 18,000,000 | |||||||||||||||
increase in cash, cash equivalents and restricted cash | 1,063,000,000 | 85,000,000 | 233,000,000 | -95,000,000 | 415,000,000 | 251,000,000 | -869,000,000 | 1,506,000,000 | 1,368,000,000 | 14,000,000 | 251,000,000 | -116,000,000 | 543,000,000 | 174,000,000 | 47,000,000 | ||||||||||||||||||||||
cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, end of year | |||||||||||||||||||||||||||||||||||||
net periodic cost/(benefit) of defined benefit pension plans | 6,000,000 | 6,000,000 | 88,000,000 | ||||||||||||||||||||||||||||||||||
loss on disposal of operations | |||||||||||||||||||||||||||||||||||||
cash flows (used in)/from operating activities | |||||||||||||||||||||||||||||||||||||
net cash (used in)/from operating activities | -35,000,000 | -128,000,000 | -47,000,000 | ||||||||||||||||||||||||||||||||||
sale of investments | -32,000,000 | 1,000,000 | -3,000,000 | -7,000,000 | 4,000,000 | 0 | 0 | 0 | 200,000,000 | ||||||||||||||||||||||||||||
additions to fixed assets and software for internal use | -30,000,000 | -36,000,000 | -37,000,000 | -33,000,000 | -37,000,000 | -36,000,000 | -38,000,000 | -42,000,000 | -38,000,000 | -40,000,000 | -29,000,000 | -31,000,000 | -39,000,000 | -30,000,000 | -42,000,000 | -37,000,000 | -40,000,000 | -48,000,000 | -69,000,000 | -66,000,000 | -71,000,000 | -57,000,000 | -76,000,000 | -65,000,000 | -102,000,000 | -79,000,000 | -48,000,000 | ||||||||||
capitalized software costs | -26,000,000 | -27,000,000 | -29,000,000 | -27,000,000 | -23,000,000 | -25,000,000 | -22,000,000 | -19,000,000 | -16,000,000 | -17,000,000 | -18,000,000 | -15,000,000 | -13,000,000 | -13,000,000 | -13,000,000 | -14,000,000 | -14,000,000 | -16,000,000 | -18,000,000 | -15,000,000 | -16,000,000 | -17,000,000 | -12,000,000 | -13,000,000 | -23,000,000 | -20,000,000 | -18,000,000 | ||||||||||
proceeds from issuance of shares | 0 | 6,000,000 | 0 | 1,000,000 | 8,000,000 | 0 | 1,000,000 | 1,000,000 | 8,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 14,000,000 | 22,000,000 | 7,000,000 | 11,000,000 | 17,000,000 | 7,000,000 | |||||||||||||||||||
net periodic benefit of defined benefit pension plans | -4,000,000 | -7,000,000 | -4,000,000 | -6,000,000 | -9,000,000 | -3,000,000 | -8,000,000 | -40,000,000 | -33,000,000 | -40,000,000 | -40,000,000 | -43,000,000 | -44,000,000 | -39,000,000 | -42,000,000 | -54,000,000 | -50,000,000 | -46,000,000 | -46,000,000 | -42,000,000 | -32,000,000 | -17,000,000 | -61,000,000 | 15,000,000 | -41,000,000 | -23,000,000 | |||||||||||
proceeds from sale of operations | 77,000,000 | ||||||||||||||||||||||||||||||||||||
purchase of investments | 1,000,000 | ||||||||||||||||||||||||||||||||||||
net gain on disposal of operations | -359,000,000 | ||||||||||||||||||||||||||||||||||||
benefit from doubtful receivables from clients | 2,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||
(benefit from)/benefit from deferred income taxes | |||||||||||||||||||||||||||||||||||||
net (gain)/loss on disposal of operations | |||||||||||||||||||||||||||||||||||||
non-cash foreign exchange loss/ | -2,000,000 | ||||||||||||||||||||||||||||||||||||
cash flows (used in)/from investing activities | |||||||||||||||||||||||||||||||||||||
net proceeds/(payments) from sale of operations | |||||||||||||||||||||||||||||||||||||
(purchase)/sale of investments | |||||||||||||||||||||||||||||||||||||
net cash (used in)/from investing activities | -974,000,000 | -61,000,000 | -115,000,000 | -73,000,000 | |||||||||||||||||||||||||||||||||
cash flows used in financing activities | |||||||||||||||||||||||||||||||||||||
net (payments)/proceeds from fiduciary funds held for clients | |||||||||||||||||||||||||||||||||||||
net payments from fiduciary funds held for clients | -250,000,000 | -211,000,000 | |||||||||||||||||||||||||||||||||||
non-cash foreign exchange gain | 41,000,000 | -177,000,000 | 4,000,000 | -5,000,000 | -1,000,000 | -2,000,000 | -2,000,000 | ||||||||||||||||||||||||||||||
net payments on revolving credit facility | -338,000,000 | ||||||||||||||||||||||||||||||||||||
proceeds from issuance of other debt | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
fiduciary assets | 483,000,000 | 586,000,000 | -1,784,000,000 | 679,000,000 | 747,000,000 | -327,000,000 | -2,873,000,000 | 977,000,000 | -2,490,000,000 | -867,000,000 | -1,326,000,000 | 66,000,000 | 701,000,000 | -1,379,000,000 | 361,000,000 | 830,000,000 | -131,000,000 | -672,000,000 | -924,000,000 | ||||||||||||||||||
fiduciary liabilities | -483,000,000 | -586,000,000 | 1,784,000,000 | -679,000,000 | -747,000,000 | 327,000,000 | 2,873,000,000 | -977,000,000 | 2,490,000,000 | 867,000,000 | 1,326,000,000 | -66,000,000 | -701,000,000 | 1,379,000,000 | -361,000,000 | -830,000,000 | 131,000,000 | 672,000,000 | 924,000,000 | ||||||||||||||||||
net borrowings on revolving credit facility | 396,000,000 | 138,000,000 | 136,000,000 | 61,000,000 | |||||||||||||||||||||||||||||||||
benefit from/(benefit from) deferred income taxes | |||||||||||||||||||||||||||||||||||||
non-cash foreign exchange (gain)/loss | |||||||||||||||||||||||||||||||||||||
cash flows used in investing activities | |||||||||||||||||||||||||||||||||||||
increase/(decrease) in cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||||||||||
net (payments)/borrowings on revolving credit facility | |||||||||||||||||||||||||||||||||||||
payments related to share cancellation | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of year | |||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of period | 1,033,000,000 | 0 | 1,030,000,000 | 0 | 532,000,000 | 0 | 0 | 0 | 500,000,000 | 436,000,000 | |||||||||||||||||||||||||||
decrease in cash and cash equivalents | -40,000,000 | -4,000,000 | |||||||||||||||||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents | -1,000,000 | -35,000,000 | 9,000,000 | 77,000,000 | 21,000,000 | 2,000,000 | -13,000,000 | 3,000,000 | -4,000,000 | -5,000,000 | 3,000,000 | ||||||||||||||||||||||||||
cash and cash equivalents, end of period | 992,000,000 | -43,000,000 | 954,000,000 | 60,000,000 | 954,000,000 | -17,000,000 | 120,000,000 | -28,000,000 | 531,000,000 | 464,000,000 | |||||||||||||||||||||||||||
net income/(gain) on disposal of operations | |||||||||||||||||||||||||||||||||||||
increase in cash and cash equivalents | -85,000,000 | 420,000,000 | 117,000,000 | -24,000,000 | 36,000,000 | 25,000,000 | |||||||||||||||||||||||||||||||
cash and cash equivalents, end of year | |||||||||||||||||||||||||||||||||||||
amortization of non-current deferred fulfillment costs | 5,000,000 | ||||||||||||||||||||||||||||||||||||
net gain on disposal of operations and fixed and intangible assets and gain on re-measurement of equity interests | |||||||||||||||||||||||||||||||||||||
net disposals of operations | |||||||||||||||||||||||||||||||||||||
net borrowings/(payments) on revolving credit facility | -33,000,000 | 392,000,000 | |||||||||||||||||||||||||||||||||||
payments for share cancellation related to legal settlement | |||||||||||||||||||||||||||||||||||||
increase/(decrease) in cash and cash equivalents | |||||||||||||||||||||||||||||||||||||
net income on disposal of operations | |||||||||||||||||||||||||||||||||||||
net cash from/(used in) investing activities | |||||||||||||||||||||||||||||||||||||
(decrease)/increase in cash and cash equivalents | |||||||||||||||||||||||||||||||||||||
net gain on disposal of operations and fixed and intangible assets | -15,000,000 | 0 | -2,000,000 | -1,000,000 | -3,000,000 | ||||||||||||||||||||||||||||||||
movement on provisions | 69,000,000 | -16,000,000 | 1,000,000 | 14,000,000 | 13,000,000 | -17,000,000 | |||||||||||||||||||||||||||||||
cash flows from/(used in) investing activities | |||||||||||||||||||||||||||||||||||||
net (repayments)/borrowings on revolving credit facility | |||||||||||||||||||||||||||||||||||||
proceeds from issue of other debt | 400,000,000 | ||||||||||||||||||||||||||||||||||||
proceeds from issuance of shares and excess tax benefit | 11,000,000 | ||||||||||||||||||||||||||||||||||||
acquisitions of and dividends paid to noncontrolling interests | -4,000,000 | ||||||||||||||||||||||||||||||||||||
supplemental disclosures: | |||||||||||||||||||||||||||||||||||||
cash paid for interest | 54,000,000 | ||||||||||||||||||||||||||||||||||||
cash paid for income taxes | 19,000,000 | ||||||||||||||||||||||||||||||||||||
issuance of shares and assumed awards in connection with the merger | |||||||||||||||||||||||||||||||||||||
cash flows from (used in) operating activities | |||||||||||||||||||||||||||||||||||||
depreciation expense | 43,000,000 | 25,000,000 | 21,000,000 | 21,000,000 | 26,000,000 | 19,000,000 | |||||||||||||||||||||||||||||||
amortization of intangible assets | 161,000,000 | 23,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 15,000,000 | |||||||||||||||||||||||||||||||
benefit from doubtful accounts | 13,000,000 | ||||||||||||||||||||||||||||||||||||
(benefit from) benefit from deferred income taxes | -70,000,000 | ||||||||||||||||||||||||||||||||||||
effect of exchange rate changes on net income | 5,000,000 | 14,000,000 | 3,000,000 | -4,000,000 | -5,000,000 | -5,000,000 | |||||||||||||||||||||||||||||||
cash flows from (used in) investing activities | |||||||||||||||||||||||||||||||||||||
redemptions of held-to-maturity investments | 11,000,000 | ||||||||||||||||||||||||||||||||||||
sales and redemptions of available for sale securities | 9,000,000 | ||||||||||||||||||||||||||||||||||||
amortization of cash retention awards | 4,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 62,000,000 | ||||||||||||||||||||||||||||||||
net periodic income of defined benefit pension plans | -21,000,000 | ||||||||||||||||||||||||||||||||||||
benefit from doubtful debts | 2,000,000 | 1,000,000 | 4,000,000 | ||||||||||||||||||||||||||||||||||
net movement in deferred taxes | |||||||||||||||||||||||||||||||||||||
excess tax benefits from share-based payment arrangements | 0 | 0 | |||||||||||||||||||||||||||||||||||
net gain on derivative instruments | |||||||||||||||||||||||||||||||||||||
undistributed earnings of associates | -3,000,000 | 1,000,000 | 9,000,000 | -13,000,000 | -15,000,000 | ||||||||||||||||||||||||||||||||
change in operating assets and liabilities, net of effects from purchase of subsidiaries: | |||||||||||||||||||||||||||||||||||||
cash incentives paid | -28,000,000 | -28,000,000 | |||||||||||||||||||||||||||||||||||
funding of defined benefit pension plans | -24,000,000 | -48,000,000 | -33,000,000 | -44,000,000 | -33,000,000 | ||||||||||||||||||||||||||||||||
proceeds on disposal of fixed and intangible assets | 2,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||
additions to fixed assets | -53,000,000 | -27,000,000 | -28,000,000 | -23,000,000 | -36,000,000 | ||||||||||||||||||||||||||||||||
additions to intangible assets | -1,000,000 | 0 | |||||||||||||||||||||||||||||||||||
payments to acquire other investments, net of distributions received | |||||||||||||||||||||||||||||||||||||
proceeds on sale of operations, net of cash disposed | 17,000,000 | ||||||||||||||||||||||||||||||||||||
note | 0 | 0 | 0 | 2,013,000,000 | |||||||||||||||||||||||||||||||||
net proceeds from draw down of revolving credit facilities | |||||||||||||||||||||||||||||||||||||
proceeds from issue of shares | 11,000,000 | 43,000,000 | 43,000,000 | 19,000,000 | 11,000,000 | ||||||||||||||||||||||||||||||||
acquisition of noncontrolling interests | 0 | 0 | -4,000,000 | -29,000,000 | |||||||||||||||||||||||||||||||||
dividends paid to noncontrolling interests | -6,000,000 | -1,000,000 | -7,000,000 | -1,000,000 | -3,000,000 | ||||||||||||||||||||||||||||||||
gain on derivative instruments | 25,000,000 | -1,000,000 | -4,000,000 | ||||||||||||||||||||||||||||||||||
proceeds from draw down of revolving credit facilities | 0 | ||||||||||||||||||||||||||||||||||||
net cash from continuing operating activities | 62,000,000 | ||||||||||||||||||||||||||||||||||||
acquisitions of subsidiaries, net of cash acquired | -1,000,000 | -28,000,000 | -1,000,000 | -2,000,000 | |||||||||||||||||||||||||||||||||
payments to acquire other investments | -3,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | |||||||||||||||||||||||||||||||||
net cash from continuing investing activities | -37,000,000 | ||||||||||||||||||||||||||||||||||||
net cash from continuing financing activities | |||||||||||||||||||||||||||||||||||||
income from discontinued operations | |||||||||||||||||||||||||||||||||||||
net periodic (income) cost of defined benefit pension plans | -1,000,000 | -1,000,000 | -1,000,000 | ||||||||||||||||||||||||||||||||||
tender premium included in loss on extinguishment of debt | |||||||||||||||||||||||||||||||||||||
increase in cash and cash equivalents from operating and investing activities | 199,000,000 | 44,000,000 | 18,000,000 | 25,000,000 | |||||||||||||||||||||||||||||||||
tender premium on extinguishment of senior notes | |||||||||||||||||||||||||||||||||||||
proceeds from sale of noncontrolling interests | 3,000,000 | ||||||||||||||||||||||||||||||||||||
provision for doubtful debts | 1,000,000 | ||||||||||||||||||||||||||||||||||||
cash awards paid | -196,000,000 | ||||||||||||||||||||||||||||||||||||
proceeds from draw down of revolving credit facility | 55,000,000 | 85,000,000 | |||||||||||||||||||||||||||||||||||
benefit for deferred income taxes | -2,000,000 | ||||||||||||||||||||||||||||||||||||
make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | |||||||||||||||||||||||||||||||||||||
cash retention awards paid | -192,000,000 | ||||||||||||||||||||||||||||||||||||
acquisition of investments in associates | |||||||||||||||||||||||||||||||||||||
proceeds from (repayment on) draw down of revolving credit facility | |||||||||||||||||||||||||||||||||||||
make-whole on repurchase and redemption of senior notes | |||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to total net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||||
net loss on disposal of operations and fixed and intangible assets | |||||||||||||||||||||||||||||||||||||
non-cash venezuela currency devaluation | |||||||||||||||||||||||||||||||||||||
investment in trident v parallel fund, lp | |||||||||||||||||||||||||||||||||||||
(repayment of) proceeds from draw down of revolving credit facility |