$ 954

$ 1,030

13,613

12,155

2,600

2,246

439

430

17,606

15,861

926

985

10,555

10,519

3,761

3,882

832

764

532

447

16,606

16,597

34,212

32,458

13,613

12,155

Short-term debt and current portion of long-term debt

1,239

1,711

867

804

15,804

14,755

4,507

4,450

1,230

1,259

711

615

624

558

506

544

7,578

7,426

COMMITMENTS AND CONTINGENCIES

23,382

22,181

Additional paid-in capital

10,548

10,538

Accumulated other comprehensive loss, net of tax

1,557

1,104

(1,430)

(1,513)

Treasury shares, at cost, 17,519 shares in 2018 and 2017, and 40,000 shares, €1 nominal value, in 2018 and 2017

(3)

^[1]

10,672

10,126

130

123

10,802

10,249

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 34,212

$ 32,458

[1]

Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 132,417,453 (2018) and 132,139,581 (2017); Outstanding 132,417,453 (2018) and 132,139,581 (2017); (b) Ordinary shares, €1 nominal value; Authorized and Issued 40,000 shares in 2018 and 2017; and (c) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2018 and 2017.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)	Mar. 31, 2018 $ / shares shares	Mar. 31, 2018 € / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2017 € / shares shares
Ordinary shares, $0.000304635 nominal value
Ordinary shares, nominal value (euro per share) \| $ / shares	$ 0.000304635		$ 0.000304635
Ordinary shares, shares authorized	1,510,003,775	1,510,003,775	1,510,003,775	1,510,003,775
Ordinary shares, shares issued	132,417,453	132,417,453	132,139,581	132,139,581
Ordinary shares, shares outstanding	132,417,453	132,417,453	132,139,581	132,139,581
Treasury shares	17,519	17,519	17,519	17,519
Ordinary shares, €1 nominal value
Ordinary shares, nominal value (euro per share) \| € / shares		€ 1		€ 1
Ordinary shares, shares authorized	40,000	40,000	40,000	40,000
Ordinary shares, shares issued	40,000	40,000	40,000	40,000
Treasury shares	40,000	40,000	40,000	40,000
Preference shares, $0.000115 nominal value
Preference shares, nominal value (usd per share) \| $ / shares	$ 0.000115		$ 0.000115
Preference shares, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Preference shares, shares issued	0	0	0	0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 221	$ 352
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation	51	52
Amortization	141	151
Amortization of non-current deferred fulfillment costs	5	0
Net periodic benefit of defined benefit pension plans	(61)	(31)
Provision for doubtful receivables from clients	7	9
Benefit from deferred income taxes	(26)	(74)
Share-based compensation	3	14
Net loss on disposal of operations	9	0
Non-cash foreign exchange loss/(gain)	17	(11)
Other, net	(8)	9
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable	(43)	(253)
Fiduciary assets	(1,326)	(1,657)
Fiduciary liabilities	1,326	1,657
Other assets	46	(62)
Other liabilities	(393)	(109)
Provisions	49	48
Net cash from operating activities	18	95
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(65)	(62)
Capitalized software costs	(13)	(15)
Acquisitions of operations, net of cash acquired	(5)	(12)
Net proceeds from sale of operations	4	0
Other, net	0	7
Net cash used in investing activities	(79)	(82)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	61	826
Proceeds from issuance of other debt	0	32
Debt issuance costs	0	(3)
Repayments of debt	(21)	(636)
Repurchase of shares	0	(156)
Proceeds from issuance of shares	11	20
Cash paid for employee taxes on withholding shares	(7)	(3)
Dividends paid	(68)	(65)
Acquisitions of and dividends paid to non-controlling interests	0	(1)
Net cash (used in)/from financing activities	(24)	14
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(85)	27
Effect of exchange rate changes on cash and cash equivalents	9	4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,030	870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 954	$ 901

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions

Total

Shares outstanding

Ordinary shares and APIC

Retained earnings

Treasury shares

AOCL

Total WTW shareholders’ equity

Non-controlling interests

Redeemable Noncontrolling interests

Adoption of New Pronouncement | Accounting Standards Update 2016-16

$ (3)

Equity, beginning balance (in shares) at Dec. 31, 2016

136,297

Equity, beginning balance at Dec. 31, 2016

10,183

$ 10,596

^[1]

1,452

$ (99)

$ (1,884)

^[1]

10,065

$ 118

Temporary equity, beginning balance at Dec. 31, 2016

^[2]

$ 51

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares repurchased (in shares)

(1,237)

Shares repurchased

$ (156)

(156)

Shares canceled, shares

Shares canceled

$ 96

Net income

352

344

Net income, redeemable

Net income, total

352

Dividends

(77)

(76)

(1)

Other comprehensive income

(23)

(24)

^[1]

(24)

Other comprehensive income, redeemable

^[2]

Other comprehensive income, total

(21)

Issue of shares under employee stock compensation plans and related tax benefits (in shares)

373

Issuance of shares under employee stock compensation plans

Share-based compensation

Foreign currency translation

(2)

Equity, ending balance (in shares) at Mar. 31, 2017

135,433

Equity, ending balance at Mar. 31, 2017

10,404

10,628

1,561

(3)

(1,908)

^[1]

10,278

126

Temporary equity, ending balance at Mar. 31, 2017

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adoption of New Pronouncement | Accounting Standards Update 2014-09 [Member]

317

Equity, beginning balance (in shares) at Dec. 31, 2017

132,140

Equity, beginning balance at Dec. 31, 2017

10,249

10,538

1,104

(3)

(1,513)

^[1]

10,126

123

Temporary equity, beginning balance at Dec. 31, 2017

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

221

215

Net income, redeemable

Net income, total

221

Dividends

(79)

Other comprehensive income

^[1]

Other comprehensive income, redeemable

Other comprehensive income, total

Issue of shares under employee stock compensation plans and related tax benefits (in shares)

277

Issuance of shares under employee stock compensation plans

Share-based compensation

Foreign currency translation

(4)

Equity, ending balance (in shares) at Mar. 31, 2018

132,417

Equity, ending balance at Mar. 31, 2018

$ 10,802

$ 10,548

$ 1,557

$ (3)

$ (1,430)

$ 10,672

$ 130

Temporary equity, ending balance at Mar. 31, 2018

^[2]

$ 28

[1]	Accumulated other comprehensive loss, net of tax (‘AOCL’).
[2]	The non-controlling interest is related to Max Matthiessen Holding AB.

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Willis Towers Watson plc is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. The Company has over 43,000 employees servicing more than 140 countries. We offer our clients a broad range of services to help them identify and control their risks, and to enhance business performance by improving their ability to attract, retain and engage a talented workforce. Our risk control services range from strategic risk consulting (including providing actuarial analysis), to a variety of due diligence services, to the provision of practical on-site risk control services (such as health and safety or property loss control consulting), as well as analytical and advisory services (such as hazard modeling and reinsurance optimization studies). We assist clients in planning how to manage incidents or crises when they occur. These services include contingency planning, security audits and product tampering plans. We help our clients enhance their business performance by delivering consulting services, technology and solutions that help them anticipate, identify and capitalize on emerging opportunities in human capital management, including areas such as employee benefits, total rewards, talent and benefits outsourcing. In addition, we provide investment advice to help clients develop disciplined and efficient strategies to meet their investment goals. As an insurance broker, we act as an intermediary between our clients and insurance carriers by advising our clients on their risk management requirements, helping them determine the best means of managing risk and negotiating and placing insurance with insurance carriers through our global distribution network. We operate the largest private Medicare exchange in the U.S. Through this exchange and those for active employees, we help our clients move to a more sustainable economic model by capping and controlling the costs associated with healthcare benefits. We are not an insurance company, and therefore we do not underwrite insurable risks for our own account. We believe our broad perspective allows us to see the critical intersections between talent, assets and ideas - the dynamic formula that drives business performance.

Basis of Presentation and Recent Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Recent Accounting Policies

Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation

The accompanying unaudited quarterly condensed consolidated financial statements of Willis Towers Watson and our subsidiaries are presented in accordance with the rules and regulations of the Securities and Exchange Commission (‘SEC’) for quarterly reports on Form 10-Q and therefore do not include all of the information and footnotes required by U.S. generally accepted accounting principles (‘GAAP’). We have reclassified certain prior period amounts to conform to current period presentation due to the adoption of certain updated accounting standards (see below for further discussion). In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial statements and results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated financial statements should be read together with the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2018, and may be accessed via EDGAR on the SEC’s web site at www.sec.gov.

The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that can be expected for the entire year. The Company experiences seasonal fluctuations of its revenue. Revenue is typically higher during the Company’s first and fourth quarters due to the timing of broking-related activities. The results reflect certain estimates and assumptions made by management, including those estimates used in calculating acquisition consideration and fair value of tangible and intangible assets and liabilities, professional liability claims, estimated bonuses, valuation of billed and unbilled receivables, and anticipated tax liabilities that affect the amounts reported in the condensed consolidated financial statements and related notes.

Recent Accounting Pronouncements

Not Yet Adopted

In February 2016, the Financial Accounting Standards Board (‘FASB’) issued Accounting Standard Update (‘ASU’) No. 2016-02, Leases, which requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The ASU becomes effective for the Company at the beginning of its 2019 calendar year, at which time the Company will adopt it, although early adoption is permitted. While the Company continues to assess the impact of the ASU to its condensed consolidated financial statements, the majority of its leases are currently considered operating leases and will be capitalized as a lease asset on its balance sheet with a related lease liability for the obligated lease payments.

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, current U.S. GAAP requires the performance of procedures to determine the fair value at the impairment testing date of assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, the amendments under this ASU require the goodwill impairment test to be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU becomes effective for the Company on January 1, 2020. The amendments in this ASU should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017, and the Company is still evaluating when to adopt this ASU. The Company does not expect an immediate impact to its condensed consolidated financial statements upon adopting this ASU since the most recent Step 1 goodwill impairment test resulted in fair values in excess of carrying values for all reporting units at October 1, 2017.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which provides amendments under six specific objectives to better align risk management activities and financial reporting, and to simplify disclosure, presentation, hedging and the testing and measurement of ineffectiveness. The ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted, and any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company is currently assessing when it will adopt this standard, and the impact that this standard will have on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for a reclassification from accumulated other comprehensive income to retained earnings for ‘stranded’ tax effects (those tax effects of items within accumulated other comprehensive income resulting from the historical corporate income tax rate reduction) resulting from the Tax Cuts and Jobs Act. The amendments within this ASU also require certain disclosures about stranded tax effects. The ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted, and any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company will adopt this standard on January 1, 2019, and is evaluating the impact that this standard will have on its condensed consolidated financial statements.

Adopted

In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers. The new standard supersedes most current revenue recognition guidance and eliminates most industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. Additional ASUs have since been issued which provide further guidance, examples and technical corrections for the implementation of ASU No. 2014-09. All related guidance has been codified into, and is now known as, Accounting Standards Codification 606, Revenue From Contracts With Customers (‘ASC 606’). The guidance was effective for, and was adopted by, the Company as of January 1, 2018 using the modified retrospective method, and has a material impact on the condensed consolidated financial statements and their accompanying notes containing our 2018 information. A full description of each impact, as well as the new disclosures required by ASC 606, is discussed below and in Note 3 — Revenue.

In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires entities to (1) disaggregate the current service-cost component from the other components of net benefit cost (the ‘other components’) and present it in the income statement with other current compensation costs for related employees and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented or included in appropriately described separate lines. The ASU became effective for the Company on January 1, 2018 and it has applied the standard retrospectively in this Quarterly Report on Form 10-Q. As a result of adopting this ASU, the Company classified or reclassified net periodic pension and postretirement benefit credits totaling $79 million and $62 million for the three months ended March 31, 2018 and 2017, respectively, from salaries and benefits expense to other income, net, in the condensed consolidated statements of comprehensive income.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which amends guidance on presentation and classification of eight specific cash flow issues with the objective of reducing diversity in practice. The ASU became effective for the Company on January 1, 2018 on a prospective basis. While there was no impact to the condensed consolidated statement of cash flows for the three months ended March 31, 2018, the Company will reflect the new guidance prospectively as applicable transactions occur.

In May 2017, the FASB issued ASU No. 2017-09, Stock Compensation - Scope of Modification Accounting, which provides guidance on which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The ASU requires that an entity should account for the effects of a modification unless the fair value (or calculated value or intrinsic value, if used), vesting conditions and classification (as equity or liability) of the modified award are all the same as for the original award immediately before the modification. The ASU became effective for the Company on January 1, 2018 and will be applied prospectively to any award modified on or after this date. There is no immediate impact to the accompanying condensed consolidated financial statements, until such time as an award may be modified in 2018 or forward.

Changes to Accounting Policies

As a result of the adoption of ASC 606 on January 1, 2018, we have updated our accounting policies for each revenue stream. These policies relate to the accounting for revenue and certain related costs for our 2018 results, consistent with the modified retrospective adoption guidance we have elected to apply. Our revenue recognition policies for 2017 and prior reporting periods are reflected in the notes to our annual consolidated financial statements as filed on February 28, 2018 in our Annual Report on Form 10-K. We have also included an accounting policy resulting from U.S. Tax Reform.

Accounting for income taxes on Global Intangible Low-Taxed Income (‘GILTI’)

We recognize the tax on GILTI as a period expense in the period the tax is incurred. Under this policy, we have not provided deferred taxes related to temporary differences, that upon their reversal, will affect the amount of income subject to GILTI in the period.

Revenue Recognition

We recognize revenue from a variety of services, with broking, consulting and outsourced administration representing our most significant offerings. All other revenue streams, which can be recognized at either point in time or over time, are individually less significant and are grouped in Other in our revenue disaggregation disclosures in Note 3 — Revenue. These Other revenue streams represent approximately 5% of customer contract revenue for the three months ended March 31, 2018.

Broking — Representing approximately 50% of customer contract revenue for the three months ended March 31, 2018, in our broking arrangements, we earn revenue by acting as an intermediary in the placement of effective insurance policies. Generally, we act as an agent and view our clients to be the party looking to obtain insurance coverage for various risks, or employers or sponsoring organizations looking to obtain insurance coverage for their employees or members. Also, we act as an agent in reinsurance broking arrangements where our client is the party looking to cede risks to the reinsurance markets. Our primary performance obligation under the majority of these arrangements is to place an effective insurance or reinsurance policy, but there can also be significant post-placement obligations in certain contracts to which we need to allocate revenue. The most common of these is for claims handling or call center support. The revenue recognition method for these, after the relative fair value allocation, is described further as part of the ‘Outsourced Administration’ description below.

Due to the nature of the majority of our broking arrangements, no single document constitutes the contract for ASC 606 purposes. Our services may be governed by a mixture of different types of contractual arrangements depending on the jurisdiction or type of coverage, including terms of business agreements, broker-of-record letters, statements of work or local custom and practice. This is then confirmed by the client’s acceptance of the underlying insurance contract. Prior to the policy inception date, the client has not accepted nor formally committed to perform under the arrangement (i.e. pay for the insurance coverage in place). Therefore in the majority of broking arrangements, the contract date is the date the insurance policy incepts. However, in certain instances such as Medicare broking or Affinity arrangements, where the employer or sponsoring organization is our customer, client acceptance of underlying individual policy placements is not required, and therefore the date at which we have a contract with a customer is not dependent upon placement.

As noted, our primary performance obligations typically consist of only the placement of an effective insurance policy which precedes the inception date of the policy. Therefore, most of our fulfillment costs are incurred before we can recognize revenue, and are thus deferred during the pre-placement process. Where we have material post-placement services obligations, we estimate the relative fair value of the post-placement services using either the expected cost-plus-margin or the market assessment approach.

Fees for our broking services consist of commissions or fees negotiated in lieu of commissions. At times, we may receive additional income for performing these services from the insurance and reinsurance carriers market, which is collectively referred to as ‘market derived income’. In situations in which our fees are not fixed but are variable, we must estimate the likely commission per policy, taking into account the likelihood of cancellation before the end of the policy. For Medicare broking, Affinity arrangements and proportional treaty reinsurance broking, the commissions to which we will be entitled can vary based on the underlying individual insurance policies that are placed. For proportional treaty reinsurance broking in particular, we base the estimate of transaction prices on supportable evidence from an analysis of past transactions, and only include amounts that are probable of being received or not refunded (referred to as applying ‘constraint’ under ASC 606). This results in us estimating a transaction price that may be significantly lower than the ultimate amount of commissions we may collect. The transaction price is then adjusted over time as we receive confirmation of our remuneration through receipt of treaty statements.

We recognize revenue for most broking arrangements as of a point in time at the later of the policy inception date or when the policy placement is complete, because this is viewed as the date when control is transferred to the client. For Medicare broking, we recognize revenue over time, as we stand ready under our agreements to place retiree Medicare coverage. For this type of broking arrangement, we recognize the majority of our placement revenue in the fourth quarter of the calendar year when the majority of the placement or renewal activity occurs.

Consulting — we earn revenue for advisory and consulting work that may be structured as different types of service offerings, including annual recurring projects, projects of a short duration or stand-ready obligations. Collectively, our consulting arrangements represent approximately 35% of customer contract revenue for the three months ended March 31, 2018.

We have engagement letters with our clients that specify the terms and conditions upon which the engagements are based. These terms and conditions can only be changed upon agreement by both parties.

In assessing our performance obligations, our consulting work is typically highly integrated, with the various promised services representing inputs of the combined overall output. We view these arrangements to represent a single performance obligation. To the extent we do not integrate our services, as is the case with unrelated services that may be sourced from different areas of our business, we consider these separate performance obligations.

Fee terms can be in the form of fixed-fees (including fixed-fees offset by commissions), time-and-expense fees, commissions, per-participant fees, or fees based on assets under management. Payment is typically due on a monthly basis as we perform under the contract, and we are entitled to be reimbursed for work performed to date in the event of termination.

The majority of our revenue from these consulting engagements is recognized over time, either because our clients are simultaneously receiving and consuming the benefits of our services, or because we have an enforceable right to payment for performance rendered to date. Additionally, from time to time, we may be entitled to an additional fee based on achieving certain performance criteria. To the extent that we cannot estimate with reasonable assurance the likelihood that we will achieve the performance target, we will ‘constrain’ this portion of the transaction price and recognize it when or as the uncertainty is resolved.

We use different performance measures to determine our revenue depending on the nature of the engagement:

•

Annual recurring projects and projects of short duration. These projects are typically straightforward and highly predictable in nature with either time and expense or fixed fee terms. Time-and-expense fees are recognized as hours or expenses are incurred using the ‘right to invoice’ practical expedient allowed under ASC 606. For fixed-fee arrangements, to the extent estimates can be made of the remaining work required under the arrangement, revenues are based upon the proportional performance method, using the value of labor hours compared to the estimated total value of labor hours. We believe that cost represents a faithful depiction of transfer of value because the completion of these performance obligations is based upon the professional services of employees of differing experience levels and thereby costs. It is appropriate that satisfaction of these performance obligations considers both the number of hours incurred by each employee and the value of each labor hour worked (as opposed to simply the hours worked).

•

Stand-ready obligations. These projects consist of repetitive monthly or quarterly services performed consistently each period. As none of the activities provided under these services are performed at specified times and quantities, but at the discretion of each customer, our obligation is to stand-ready to perform these services on an as-needed basis. These arrangements represent a ‘series’ performance obligation in accordance with ASC 606. Each time increment (i.e. each month or quarter) of standing ready to provide the overall services is distinct and the customer obtains value from each period of service independent of the other periods of service.

Where we recognize revenue on a proportional performance basis, the amount we recognize is affected by a number of factors that can change the estimated amount of work required to complete the project such as the staffing on the engagement and/or the level of client participation. Our periodic engagement evaluations require us to make judgments and estimates regarding the overall profitability and stage of project completion that, in turn, affect how we recognize revenue. We recognize a loss on an engagement when estimated revenues to be received for that engagement are less than the total estimated costs associated with the engagement. Losses are recognized in the period in which the loss becomes probable and the amount of the loss is reasonably estimable.

Outsourced Administration — we provide customized benefits outsourcing and co-sourcing solutions services in relation to the administration of defined benefit, defined contribution, and health and welfare plans. These plans are sponsored by our clients to provide benefits to their active or retired employees. Additionally, these services include operating call centers, and may include providing access to, and managing a variety of consumer-directed savings accounts. The operation of call centers and consumer-directed accounts can be provisioned as part of an ongoing administration or solutions service, or separately as part of a broking arrangement. The products and services available to all clients are the same, but the selections by the client can vary and portray customized products and services based on the customer’s specific needs. Our services often include the use of proprietary systems that are configured for each of our clients’ needs. In total, our outsourced administration services represent approximately 9% of customer contract revenue for the three months ended March 31, 2018.

These contracts typically consist of an implementation phase and an ongoing administration phase:

•

Implementation phase. Work performed during the implementation phase is considered a set-up activity because it does not transfer a service to the customer, and therefore costs are deferred during this phase of the arrangement. Since these arrangements are longer term in nature and subject to more changes in scope as the project progresses, our contracts generally provide that if the client terminates a contract, we are entitled to an additional payment for services performed through the termination date designed to recover our up-front costs of implementation.

•

Ongoing administration phase. The ongoing administration phase includes a variety of plan administration services, system hosting and support services. More specifically, these services include data management, calculations, reporting, fulfillment/communications, compliance services, call center support, and in our health and welfare arrangements, annual onboarding and enrollment support. While there are a variety of activities performed, the overall nature of the obligation is to provide an integrated outsourcing solution to the customer. The arrangement represents a stand-ready obligation to perform these activities on an as-needed basis. The customer obtains value from each period of service, and each time increment (i.e., each month, or each benefits cycle in our health and welfare arrangements) is distinct and substantially the same. Accordingly, the ongoing administration services represent a ‘series’ in accordance with ASC 606 and are deemed one performance obligation.

We have engagement letters with our clients that specify the terms and conditions upon which the engagements are based. These terms and conditions can only be changed upon agreement by both parties. Fees for these arrangements can be fixed, per- participant-per-month, or in the case of call center services provided in conjunction with our broking services, an allocation based on commissions. Our fees are not typically payable until the commencement of the ongoing administration phase. However, in our health and welfare arrangements, we begin transferring services to our customers approximately four months prior to payments being due as part of our annual onboarding and enrollment work. Although our per-participant-per-month and commission-based fees are considered variable, they are typically predictable in nature, and therefore we generally do not ‘constrain’ any portion of our transaction price estimates. Once fees become payable, payment is typically due on a monthly basis as we perform under the contract, and are entitled to be reimbursed for work performed to date in the event of termination.

Revenue is recognized over time as the services are performed because our clients are simultaneously receiving and consuming the benefits of our services. For our health and welfare arrangements where each benefits cycle represents a time increment under the series guidance, revenue is recognized based on proportional performance. We use an input measure (value of labor hours worked) as the measure of progress. Given that the service is stand-ready in nature, it can be difficult to predict the remaining obligation under the benefits cycle. Therefore, the input measure is based on the historical effort expended each month, which is measured as labor cost. This results in slightly more revenue being recognized during periods of annual onboarding since we are performing both our normal monthly services and our annual services during this portion of the benefits cycle.

For all other outsourced administration arrangements where a month represents our time increment under the series guidance, we allocate transaction price to the month we are performing our services. Therefore, the amount recognized each month is the variable consideration related to that month plus the fixed monthly or annual fee. The fixed annual or monthly fee is recognized on a straight-line basis. Revenue recognition for these types of arrangements is therefore more consistent throughout the year.

Reimbursed expenses — client reimbursable expenses, including those relating to travel, other out-of-pocket expenses and any third-party costs, are included in revenue, and an equivalent amount of reimbursable expenses is included in other operating expenses as a cost of revenue as incurred. Reimbursed expenses represented less than 1% of customer contract revenue for the three months ended March 31, 2018. Taxes collected from customers and remitted to government authorities are recorded net and are excluded from revenue.

Cost to obtain or fulfill contracts

Costs to obtain customers include commissions for brokers under specific agreements that would not be incurred without a contract being signed and executed. The Company has elected to apply the ASC 606 ‘practical expedient’ which allows us to expense these costs as incurred if the amortization period related to the resulting asset would be one year or less. The Company has no significant instances of contracts that would be amortized for a period greater than a year, and therefore has no contract costs capitalized for these arrangements.

Costs to fulfill include costs incurred by the Company that are expected to be recovered within the expected contract period. The costs associated with our system implementation activities and consulting contracts are recorded through time entry.

For our broking business, the Company must estimate the fulfillment costs incurred during the pre-placement of the broking contracts. These judgments include:


•	which activities in the pre-placement process should be eligible for capitalization;


•	the amount of time and effort expended on those pre-placement activities;


•	the amount of payroll and related costs eligible for capitalization; and,


•	the monthly or quarterly timing of underlying insurance and reinsurance policy inception dates.

We amortize costs to fulfill over the period we receive the related benefits. For broking pre-placement costs, this is typically less than a year. In our system implementation and consulting arrangements, we include the likelihood of contract renewals in our estimate of the amortization period, resulting in most costs being amortized for a greater length of time than the initial contract term.

Revenue Revenue

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

As of January 1, 2018, the Company adopted ASC 606. The adoption of this new guidance had a material impact to the amounts and classification of certain balances within our condensed consolidated financial statements and disclosures in the accompanying notes.

We adopted ASC 606 using the modified retrospective approach, and elected to apply the following ‘practical expedients’ during adoption:


•	We elected to apply the new standard only to contracts that are not completed as of the transition date. This had the net effect of reducing revenue recognized under ASC 606 due to the change in method in our Health and Benefits broking business. See a further discussion and quantification for the quarterly results below.


•	We elected to reflect the aggregate effect of all modifications made to contracts prior to the transition date, January 1, 2018, rather than retrospectively restating the contracts for each of these modifications.

We recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings. The comparative periods included within this Quarterly Report on Form 10-Q have not been restated and continue to be reported under the accounting standards in effect for those periods.

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:



Balance Sheet	Balance at December 31, 2017		Adjustments due to ASC 606				Balance at January 1, 2018
ASSETS
Accounts receivable, net	$	2,246	$	309		a	$	2,555
Prepaid and other current assets	430		89			b	519
Fixed assets, net	985		(83		)	c	902
Other non-current assets	447		39			c	486
LIABILITIES
Deferred revenue and accrued expenses	1,711		(74		)	d	1,637
Deferred tax liabilities	615		99			e	714
Provision for liabilities	558		12			f	570
EQUITY
Retained earnings	1,104		317			g	1,421

In accordance with the modified retrospective adoption requirements of ASC 606, the following disclosure represents the impact of adoption on our condensed consolidated statement of comprehensive income, balance sheet and statement of cash flows:



	Three Months Ended March 31, 2018
Statement of Comprehensive Income	As Reported		Balances Without Adoption of ASC 606		Effect of Change

Revenue	$	2,292	$	2,551	$	(259	)	h
Costs of providing services
Salaries and benefits	1,377		1,352		25			i
Depreciation	49		54		(5		)	i
Income from operations	259		538		(279		)
INCOME FROM OPERATIONS BEFORE INCOME TAXES	264		543		(279		)
Provision for income taxes	43		96		(53		)	j
NET INCOME	221		447		(226		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215		441		(226		)

EARNINGS PER SHARE
Basic earnings per share	$	1.62	$	3.33	$	(1.71	)
Diluted earnings per share	$	1.61	$	3.31	$	(1.70	)



	As of March 31, 2018
Balance Sheet	As Reported		Balances Without Adoption of ASC 606		Effect of Change
ASSETS
Accounts receivable, net	$	2,600	$	2,584	$	16		a
Prepaid and other current assets	439		370		69			b
Fixed assets, net	926		1,015		(89		)	c
Other non-current assets	532		488		44			c
LIABILITIES
Deferred revenue and accrued expenses	1,239		1,348		(109		)	d
Other current liabilities	867		919		(52		)	e
Deferred tax liabilities	711		612		99			e
Provision for liabilities	624		612		12			f
EQUITY
Retained earnings	1,557		1,466		91			g



	Three Months Ended March 31, 2018
Statement of Cash Flows	As Reported			Balances Without Adoption of ASC 606			Effect of Change
Net cash from operating activities	$	18		$	28		$	(10	)	k
Capitalized software costs	(13		)	(23		)	10			k

Explanation of Changes

The adoption of ASC 606 had the following impacts to our balance sheets at January 1, 2018 and March 31, 2018:

Accounts receivable, net, now includes receivables that have been billed, not yet billed and short-term contract assets. This adjustment is the result of the cumulative adjustments to revenue that have not yet been collected from our customers, but are expected to be collected within the next twelve months. The most significant increases to this balance result from revenue acceleration under ASC 606 for Medicare and proportional treaty broking commissions.

Prepaid and other current assets include the impact of costs deferred in connection with our broking pre-placement activities. These costs are being deferred while the related pre-placement work is performed, and amortized as the related revenue is recognized, typically upon policy inception. Since the amortization period associated with these fulfillment costs is less than one year, these deferred costs have been classified as a current asset.

Prior to the adoption of ASC 606, costs that we deferred related to certain system implementation activities had been included in fixed assets, net. These costs, adjusted based on the guidance in ASC 606, have now been included in other non-current assets. Additionally we have included less significant impacts of adjustments to deferred tax assets and have classified non-current contract assets within non-current assets.


d.	Deferred revenue has been adjusted primarily to reflect revenue acceleration in our Medicare broking business. Additional adjustments were included to accelerate the license component of certain software arrangements and to net deferred revenue with contract assets.


e.	Other current liabilities, which includes current taxes payable, and deferred tax liabilities, have been adjusted for the tax effects of the individual changes resulting from the adoption of ASC 606. The income tax expense was calculated based on the U.S. and foreign statutory rates applicable to adjustments made. Where applicable, a U.S. statutory rate of 21% was used.


f.	Provision for liabilities has been adjusted for additional reserves for long-term post-placement obligations in our broking business.


g.	Retained earnings has been adjusted for the net impact of the adoption of ASC 606. See the discussion of the significant pre-tax changes by revenue stream in the following section.

The following changes are now reflected in our condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. Each description also includes a discussion of the impact to retained earnings as of the adoption date.



	Retained Earnings Increase/(Decrease) at January 1, 2018			Increase/(Decrease) for the Three Months Ended March 31, 2018
Revenue adjustments
Medicare broking	$	311		$	(73	)
Proportional treaty reinsurance broking	50			24
Health and benefits broking	—			(190		)
Other adjustments	28			(20		)
Total adjustments related to revenue	389			(259		)

Cost adjustments
System implementation activities	(46		)	2
Other cost adjustments	75			18
Total adjustments related to costs	29			20

Tax effect	(101		)	(53		)
Total net adjustments	$	317		$	(226	)


h.	Revenue was adjusted for the following significant changes:

•

Medicare broking — the majority of revenue recognition for this offering, within our Individual Marketplace business, has moved from monthly ratable recognition over the policy period, to recognition upon placement of the policy. Consequently, the Company will now recognize approximately two-thirds of one calendar year of expected commissions during its fourth quarter of the preceding calendar year. The remainder of the revenue is recognized consistently with methods used prior to the adoption of ASC 606. Therefore, at the adoption date, we have reflected a $271 million pre-tax increase to retained earnings for the portion of the revenue that would otherwise have been recognized during our 2018 calendar year since our earnings process was largely completed during the fourth quarter of 2017. Additionally, we have reflected a $40 million pretax adjustment to increase retained earnings related to previously deferred contingent revenue from placements made prior to 2018 because the earnings process was complete under ASC 606. During the three months ended March 31, 2018, the accounting for this revenue stream under ASC 606 represented a reduction of revenue from ASC 605, Revenue Recognition (‘ASC 605’) accounting methods of $73 million.

•

Proportional treaty reinsurance broking — the revenue recognition for proportional treaty reinsurance broking commissions, within our Investment, Risk and Reinsurance (‘IRR’) segment, has moved from recognition upon the receipt of the monthly or quarterly treaty statements from the ceding insurance carriers, to the recognition of an estimate of expected commissions upon the policy effective date. Since the majority of revenue recognized historically based on these monthly or quarterly statements was received over a two-year period, we reflected a $50 million pretax increase to retained earnings at the adoption date for the portion of revenue that would otherwise have been recognized during our 2018 calendar year related to policies effective in 2017 or prior years. For the three months ended March 31, 2018, ASC 606 revenue was higher than ASC 605 revenue by approximately $24 million related to this adjustment.

•

Health and benefits broking — revenue for certain Health and Benefits broking arrangements, in our Human Capital and Benefits (‘HCB’) segment, will now be recognized evenly over the year to reflect the nature of the ongoing obligations to our customers as well as receipt of the monthly commissions. These contracts are monthly or annual in nature, and are considered complete as of the transition date. Therefore, no retained earnings adjustment is required. The total reduction to revenue as a result of this change for the three months ended March 31, 2018 was $190 million.


•	Other adjustments — certain other revenue changes with individually less significant adjustments were made to retained earnings as of the adoption date totaling $28 million. The cumulative decrease to revenue for the three months ended March 31, 2018 for other revenue streams not discussed above resulting from the ASC 606 adoption was $20 million.


i.	Salaries and benefits and depreciation expense have been impacted by the guidance for deferred costs. Our accounting for these deferred costs has changed for certain revenue streams with system implementation activities, and other types of arrangements with associated costs, that now meet the criteria for cost deferral under ASC 606:

•

System implementation activities — For those portions of the business that previously deferred costs, the length of time over which we amortize those costs will extend to a longer estimated contract term. For 2017 and prior years, these costs were amortized over a typical period of 3-5 years in accordance with the initial stated terms of the customer agreements. Additionally, the composition of deferred costs has been adjusted to reflect the guidance in ASC 606. A reduction adjustment to retained earnings of $46 million was recorded on the adoption date to reflect these changes. Further, the amortization of the costs are no longer classified as depreciation expense, but rather included in salaries and benefits. These adjustments resulted in an increase in expenses of $2 million for the three months ended March 31, 2018.

•

Other cost adjustments —This guidance now applies to our broking arrangements and certain consulting engagements. While the costs deferred for our broking arrangements will typically be amortized within one year, costs now deferred related to certain consulting arrangements will be amortized over a longer term. We have increased pre-tax retained earnings by $75 million primarily to reflect the total changes to contract costs as of the adoption date. For the three months ended March 31, 2018, these changes resulted in an increase in expenses of $18 million.


j.	The provision for income taxes for the three months ended March 31, 2018 was $53 million lower than our provision on an ASC 605 basis. The income tax expense was calculated based on the U.S. and foreign statutory rates applicable to adjustments made. Where applicable, a U.S. statutory rate of 21% was used. There was a $101 million net tax reduction to retained earnings upon adoption of ASC 606.

The following changes are now reflected in our condensed consolidated statement of cash flows for the three months ended March 31, 2018.


k.	As part of the changes in accounting for deferred costs, amounts capitalized relating to system implementation activities are now classified as operating cash outflows. Previously, those costs capitalized under previous guidance were included in the Capitalized software costs as an investing cash outflow.

Disaggregation of Revenue

The Company reports revenue by segment in Note 4 — Segment Information. The following table presents revenues by service offering and segment, as well as a reconciliation to total revenues for the three months ended March 31, 2018. Along with reimbursable expenses and other, total revenues by service offering represents our revenues from customer contracts.



	HCB		CRB		IRR		BDA		Corporate ⁽ⁱ⁾		Total
Broking	$	76	$	664	$	391	$	4	$	—	$	1,135
Consulting	631		44		117		—		3		795
Outsourced administration	74		23		—		118		—		215
Other	47		3		59		—		1		110
Total revenues by service offering	828		734		567		122		4		2,255
Reimbursable expenses and other ⁽ⁱ⁾	14		—		2		2		1		19
Total revenue from customer contracts	$	842	$	734	$	569	$	124	$	5	$	2,274
Interest and other income ⁽ⁱⁱ⁾	4		6		7		—		1		18
Total revenue	$	846	$	740	$	576	$	124	$	6	$	2,292

____________________


(i)	Reimbursable expenses and other, as well as Corporate revenue, are excluded from segment revenue, but included in total revenue on the condensed consolidated statements of comprehensive income.


(ii)	Interest and other income is included in segment revenue and total revenue, however it has been presented separately in the above table because it does not arise directly from contracts with customers.

Individual revenue streams aggregating to less than 5% of total revenue have been included within the Other line in the table above.

The following table presents revenue by the geography where our work is performed. The reconciliation to total revenue on our condensed consolidated statement of comprehensive income and to segment revenue is shown in the table above.



	HCB		CRB		IRR		BDA		Corporate		Total
North America	$	462	$	215	$	153	$	122	$	4	$	956
Great Britain	129		148		295		—		—		572
Western Europe	154		239		71		—		—		464
International	83		132		48		—		—		263
Total revenue by geography	$	828	$	734	$	567	$	122	$	4	$	2,255

Contract Balances

The Company reports accounts receivable, net on the balance sheet, which includes billed and unbilled receivables and current contract assets. In addition to accounts receivable, net, the Company had the following non-current contract assets and deferred revenue balances at March 31, 2018 and January 1, 2018:



	March 31, 2018		January 1, 2018
Billed receivables, net of allowance for doubtful debts of $48 million and $45 million	$	2,059	$	1,933
Unbilled receivables	345		276
Current contract assets	196		346
Accounts receivable, net	$	2,600	$	2,555
Non-current contract assets	$	5	$	5
Deferred revenue	$	460	$	463

The Company receives payments from customers based on billing schedules or terms as written in our contracts. Those balances denoted as contract assets relate to situations where we have completed some or all performance under the contract, however our right to consideration is conditional. Contract assets result most materially in our Medicare broking business and proportional treaty broking business. Billed and unbilled receivables are recorded when the right to consideration becomes unconditional. Deferred revenue relates to payments received in advance of performance under the contract, and is recognized as revenue as (or when) we perform under the contract.

During the three months ended March 31, 2018, approximately $92 million of revenue was recognized that was reflected as deferred revenue at January 1, 2018. The primary driver for the changes in contract assets and liabilities from January 1, 2018 to March 31, 2018 was the collection of cash, which either reduced the contract assets, or added additional deferred revenue.

During the three months ended March 31, 2018, the Company recognized no material revenue related to performance obligations satisfied in a prior period.

Performance Obligations

The Company has contracts for which performance obligations have not been satisfied as of March 31, 2018 or have been partially satisfied as of March 31, 2018. The following table shows the expected timing for the satisfaction of the remaining performance obligations. This table does not include contract renewals nor variable consideration which was excluded from the transaction prices in accordance with the guidance on constraining estimates of variable consideration.

In addition, the Company has elected not to disclose the remaining performance obligations when one or both of the following circumstances apply:


•	Performance obligations which are part of a contract that has an original expected duration of less than one year, and


•	Performance obligations satisfied in accordance with ASC 606-10-55-18 (‘right to invoice’)



	Remainder of 2018		2019		2020 onward		Total
Revenue expected to be recognized on contracts as of March 31, 2018	$	311	$	369	$	604	$	1,284

Since most of the Company’s contracts are cancellable with less than one year’s notice, and have no substantive penalty for cancellation, the majority of the Company’s remaining performance obligations as of March 31, 2018 has been excluded from the table above.

Costs to obtain or fulfill a contract

The Company incurs costs to obtain or fulfill contracts which it would not incur if a contract with a customer was not executed.

The following table shows the categories of costs that are capitalized and deferred over the expected life of a contract.



	Costs to fulfill
Balance at January 1, 2018	$	126
New capitalized costs	103
Amortization	(122		)
Impairments	—
Foreign currency translation	2
Balance at March 31, 2018	$	109

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

Willis Towers Watson has four reportable operating segments or business areas:


•	Human Capital and Benefits


•	Corporate Risk and Broking (‘CRB’)


•	Investment, Risk and Reinsurance


•	Benefits Delivery and Administration (‘BDA’)

Willis Towers Watson’s chief operating decision maker is its chief executive officer. We determined that the operational data used by the chief operating decision maker is at the segment level. Management bases strategic goals and decisions on these segments and the data presented below is used to assess the adequacy of strategic decisions, the method of achieving these strategies and related financial results. Management evaluates the performance of its segments and allocates resources to them based on net operating income on a pre-bonus, pre-tax basis.

The Company experiences seasonal fluctuations of its revenue. Revenue is typically higher during the Company’s first and fourth quarters due to timing of broking-related activities, and although the mix of quarterly income will change as a result of the adoption of ASC 606, our first and fourth quarters will continue to be the highest.

Beginning in 2018, we made certain changes that affect our segment results that are not material. These changes include the following:


•	To better align our business within our segments, we (1) moved portions of our Insurance, Consulting and Technology business from IRR to CRB; (2) moved certain resources that support our outsourced administration offerings from HCB to BDA; and (3) moved our CEEMEA-based strategy study business from our Health and Benefits business in HCB to CRB.

•

As part of the continued integration of our businesses, we have applied our 2018 corporate expense allocation methodology to our 2017 segment results in order to standardize our methodologies and allocate those expenses for period over period comparatives. Such methodology updates include (1) an increased allocation for Gras Savoye as it no longer benefits as a new acquisition; (2) adjustments relating to changes in segment and total headcount; and (3) the addition of certain allocable direct expenses, which lowers the corporate expense allocation.

In connection with our segment realignment, we reassigned a proportional amount of the carrying value of goodwill between the CRB and IRR segments. See Note 7 — Goodwill and Other Intangible Assets for further information.

The prior period comparatives reflected in the tables below have been retrospectively adjusted to reflect our current segment presentation.

The following table presents segment revenue and segment operating income for our reportable segments for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	HCB				CRB				IRR				BDA					Total
	2018		2017		2018		2017		2018		2017		2018			2017		2018		2017
Segment revenue	$	832	$	949	$	740	$	672	$	574	$	491	$	122		$	181	$	2,268	$	2,293

Segment operating income/(loss)	$	193	$	345	$	125	$	117	$	261	$	214	$	(32	)	$	38	$	547	$	714

The following table presents a reconciliation of the information reported by segment to the Company’s consolidated amounts reported for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	2018			2017
Revenue:
Total segment revenue	$	2,268		$	2,293
Reimbursable expenses and other	24			26
Revenue	$	2,292		$	2,319

Total segment operating income	$	547		$	714
Amortization	(141		)	(151		)
Restructuring costs	—			(27		)
Transaction and integration expenses	(43		)	(40		)
Unallocated, net ⁽ⁱ⁾	(104		)	(95		)
Income from operations	259			401
Interest expense	51			46
Other income, net	(56		)	(43		)
Income from operations before income taxes	$	264		$	398

________________________


(i)	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment.

Restructuring Costs

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring Costs

The Company has two major elements of the restructuring costs included in its condensed consolidated financial statements, which are the Operational Improvement Program and the Business Restructure Program. Both programs were fully accrued and completed by the end of 2017 and 2016, respectively.

Operational Improvement Program - In April 2014, Legacy Willis announced a multi-year operational improvement program designed to strengthen its client service capabilities and to deliver future cost savings. The main elements of the program included: moving more than 3,500 support roles from higher cost locations to facilities in lower cost locations; net workforce reductions in support positions; lease consolidation in real estate; and information technology systems simplification and rationalization.

The Company recognized restructuring costs of $27 million for the three months ended March 31, 2017 related to the Operational Improvement Program. The Company spent a cumulative amount of $441 million on restructuring charges for this program.

Business Restructure Program - In the second quarter of 2016, we began planning targeted staffing reductions in certain portions of the business due to a reduction in business demand or change in business focus (hereinafter referred to as the Business Restructure Program). The main element of the program included workforce reductions and was completed in 2016, however, cash payments pertaining to the program were made primarily in 2017.

An analysis of total restructuring costs recognized in the condensed consolidated statements of comprehensive income for the three months ended March 31, 2017 by segment is as follows:



	Three Months Ended March 31, 2017
	HCB		CRB		IRR		BDA		Corporate		Total
Termination benefits	$	—	$	4	$	2	$	—	$	—	$	6
Professional services and other	1		15		1		—		4		21
Total	$	1	$	19	$	3	$	—	$	4	$	27

The changes in the Company’s liability under the Operational Improvement Program from its commencement to March 31, 2018 are as follows:



	Termination Benefits			Professional Services and Other			Total
Balance at January 1, 2014	$	—		$	—		$	—
Charges incurred	16			20			36
Cash payments	(11		)	(14		)	(25		)
Balance at December 31, 2014	5			6			11
Charges incurred	36			90			126
Cash payments	(26		)	(85		)	(111		)
Balance at December 31, 2015	15			11			26
Charges incurred	23			122			145
Cash payments	(31		)	(115		)	(146		)
Balance at December 31, 2016	7			18			25
Charges incurred	48			86			134
Cash payments	(41		)	(97		)	(138		)
Balance at December 31, 2017	14			7			21
Charges incurred	—			—			—
Cash payments	(5		)	(2		)	(7		)
Balance at March 31, 2018	$	9		$	5		$	14

The changes in the Company’s liability under the Business Restructure Program from its commencement to March 31, 2018 are as follows:



	Termination Benefits			Professional Services and Other			Total
Balance at January 1, 2016	$	—		$	—		$	—
Charges incurred	45			3			48
Cash payments	(19		)	(3		)	(22		)
Balance at December 31, 2016	26			—			26
Adjustment to prior charges incurred	(2		)	—			(2		)
Cash payments	(23		)	—			(23		)
Balance at December 31, 2017	1			—			1
Cash payments	—			—			—
Balance at March 31, 2018	$	1		$	—		$	1

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Impact of U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation, commonly referred to as ‘U.S. Tax Reform’. U.S. Tax Reform makes broad and complex changes to the U.S. tax code, including, but not limited to: (1) requiring a one-time transition tax on certain unremitted earnings of foreign subsidiaries that may be payable over eight years; (2) bonus depreciation that will allow for a full expensing of qualified property; (3) reduction of the federal corporate tax rate from 35% to 21%; (4) a new provision designed to tax global intangible low-taxed income (‘GILTI’), which allows for the possibility of using foreign tax credits (‘FTCs’) and a deduction of up to 50% to offset the income tax liability (subject to some limitations); (5) a new limitation on deductible interest expense; (6) limitations on the deductibility of certain executive compensation; (7) limitations on the use of FTCs to reduce the U.S. income tax liability; (8) the creation of the base erosion anti-abuse tax (‘BEAT’), a new minimum tax; and (9) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries. Also on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (‘SAB 118’), which provides guidance on accounting for the tax effects of the U.S. Tax Reform. SAB 118 provides for a measurement period that should not extend beyond one year from the U.S. Tax Reform enactment date for companies to complete the accounting under Accounting Standards Codification (‘ASC’) 740, Income Taxes (‘ASC 740’). In accordance with SAB 118, a company must reflect the income tax effects of those aspects of U.S. Tax Reform for which the accounting under ASC 740 is complete. Adjustments to incomplete and unknown amounts will be recorded and disclosed prospectively during the measurement period. To the extent that a company’s accounting for certain income tax effects of U.S. Tax Reform is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of U.S. Tax Reform. As of March 31, 2018, our accounting for U.S. Tax Reform is incomplete. However, as noted in our 2017 Annual Report on Form 10-K, the Company was able to make reasonable estimates of certain effects and recorded provisional adjustments. We expect to complete our accounting within the measurement period for all provisional amounts. For the following provisional items, we did not record any additional measurement period adjustments during the period ended March 31, 2018, for the following reasons: Reduction of the federal corporate tax rate – The provisional amount of $208 million income tax benefit recorded at December 31, 2017 may be affected due to the continued refinement of our transition tax calculation, additional analysis of tax amounts in other comprehensive income, future guidance issued or other items relating to U.S. Tax Reform. We will continue to analyze and refine our calculations related to the measurement of the deferred tax balances. Indefinite reinvestment assertion – The provisional amount of $1 million for foreign withholding and state income taxes in relation to the future repatriation of earnings previously deemed indefinitely reinvested may be affected by our global working capital and cash requirements. Bonus Depreciation – The provisional tax deduction of $40 million may be affected by the Company’s ongoing analysis of capital expenditures that qualify for immediate expensing. Executive compensation – The provisional income tax expense of $8 million relating to our compensation plans not qualifying for the binding contract exception may be affected by the completion of our analysis of the binding contract requirement on our various compensation plans. For the following provisional items, incremental measurement adjustments were recognized during the period ended March 31, 2018, but the item is still determined to be provisional for the following reasons: One-time transition tax – The one-time transition tax is based on the Company’s total post-1986 earnings and profits (‘E&P’) that it previously deferred from U.S. income taxes. The Company originally recorded a provisional amount for the one time transition tax liability for its foreign subsidiaries owned by U.S. corporate shareholders, resulting in a U.S. federal income tax expense of $70 million and state income tax expense of $2 million. However, the Internal Revenue Service (‘IRS’) clarified the application of the ‘with’ and ‘without’ approach for calculating the transition tax liability in determining the amount payable over eight years, and as it will appear on the U.S. federal corporate income tax return. Based on this guidance the Company has revised its provisional estimate for the U.S. federal transition tax liability. The provisional amount of U.S. federal transition tax liability has been reduced by $64 million due to the utilization of interest loss carryforwards resulting from the transition tax income inclusion. The Company has not made any further measurement period adjustments related to the transition tax. The Company expects to revise its estimates of E&P, non-U.S. income taxes and cash balances throughout 2018 which could affect the measurement of this liability. Furthermore, additional guidance may be released which could also impact these estimates. GILTI – U.S. Tax Reform creates a new requirement that certain income (i.e., GILTI) earned by controlled foreign corporations (‘CFCs’) must be included currently in the gross income of the CFCs’ U.S. shareholder. The FASB Staff Q&A, Topic 740 No. 5, Accounting for GILTI, states that an entity can make a policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the period the tax is incurred. The Company is treating the taxes due on U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the ‘period cost method’) and has included a reasonable estimate of the GILTI in its full year estimated annual effective tax rate; it is not expected to be material. We will continue to refine our calculations based on future guidance and actual results, which may result in changes to this amount. The Company's accounting for changes in its valuation allowance as a result of U.S. Tax Reform is incomplete, and it is not yet able to make reasonable estimates of the realizability of certain deferred tax assets. The Company must assess whether valuation allowance assessments are affected by various aspects of U.S. Tax Reform (e.g., limitation on net interest expense in excess of 30% of adjusted taxable income). As of March 31, 2018, no provisional adjustments have been recorded. Provision for income taxes for the three months ended March 31, 2018 was $43 million compared to $46 million for the three months ended March 31, 2017. The effective tax rate was 16.3% for the three months ended March 31, 2018 and 11.6% for the three months ended March 31, 2017. These effective tax rates are calculated using extended values from our condensed consolidated statements of comprehensive income, and are therefore more precise tax rates than can be calculated from rounded values. Historically, our effective tax rate was low as compared to the U.S statutory tax rate of 35% due to our global mix of income and deductions in jurisdictions with high statutory tax rates, primarily the U.S. While the U.S. federal corporate income tax rate has decreased, effective January 1, 2018, from 35% to 21% as a result of U.S. Tax Reform, certain deferred tax benefits realized as a result of the Merger have now been reduced as well. This offsets, in part, the benefit of U.S. Tax Reform, thus increasing our effective income tax rate between the periods. Historically, we provided taxes on the cumulative earnings of certain legacy Towers Watson subsidiaries. The historical cumulative earnings of other legacy Towers Watson subsidiaries have been reinvested indefinitely. However, as a result of U.S. Tax Reform, we have analyzed our global working capital and cash requirements and the potential tax liabilities attributable to a repatriation, and have changed our assertion with respect to certain legacy Towers Watson subsidiaries. For those subsidiaries from which we were able to make a reasonable estimate of the tax effects of such repatriation, we have recorded an estimate for foreign withholding and state income taxes. For all other subsidiaries, we continue to assert that the historical cumulative earnings have been reinvested indefinitely. The Company records valuation allowances against net deferred tax assets based on whether it is more likely than not that the deferred tax assets will be realized. We have liabilities for uncertain tax positions under ASC 740 of $62 million, excluding interest and penalties. The Company believes the outcomes that are reasonably possible within the next 12 months may result in a reduction in the liability for uncertain tax positions of approximately $3 million to $5 million, excluding interest and penalties.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The components of goodwill are outlined below for the three months ended March 31, 2018:



	HCB			CRB			IRR			BDA		Total
Balance at December 31, 2017:
Goodwill, gross	$	4,342		$	2,261		$	1,851		$	2,557	$	11,011
Accumulated impairment losses	(130		)	(362		)	—			—		(492		)
Goodwill, net - December 31, 2017	4,212			1,899			1,851			2,557		10,519
Goodwill reassigned in segment realignment⁽ⁱ⁾	—			72			(72		)	—		—
Goodwill acquired during the period	—			—			5			—		5
Goodwill disposed of during the period	—			—			(5		)	—		(5		)
Foreign exchange	16			13			7			—		36
Balance at March 31, 2018:
Goodwill, gross	4,358			2,346			1,786			2,557		11,047
Accumulated impairment losses	(130		)	(362		)	—			—		(492		)
Goodwill, net - March 31, 2018	$	4,228		$	1,984		$	1,786		$	2,557	$	10,555

____________________


(i)	Represents the preliminary reallocation of goodwill related to certain businesses which were realigned among the segments as of January 1, 2018. See Note 4 — Segment Information for further information.

Other Intangible Assets

The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the three months ended March 31, 2018:



	Balance at December 31, 2017		Intangible assets acquired		Intangible assets disposed			Amortization ⁽ⁱ⁾			Foreign exchange			Balance at March 31, 2018
Client relationships	$	2,342	$	—	$	(5	)	$	(92	)	$	18		$	2,263
Management contracts	56		—		—			(1		)	(1		)	54
Software	473		—		—			(36		)	5			442
Trademark and trade name	966		—		—			(11		)	2			957
Product	33		—		—			(1		)	1			33
Favorable agreements	10		—		—			—			—			10
Other	2		—		—			—			—			2
Total amortizable intangible assets	$	3,882	$	—	$	(5	)	$	(141	)	$	25		$	3,761


(i)	Amortization associated with favorable lease agreements is recorded in Other operating expenses in the condensed consolidated statements of comprehensive income.

We recorded amortization related to our finite-lived intangible assets, exclusive of the amortization of our favorable lease agreements, of $141 million and $151 million for the three months ended March 31, 2018 and 2017, respectively.

Our acquired unfavorable lease liabilities were $26 million at March 31, 2018 and December 31, 2017, and are recorded in other non-current liabilities in the condensed consolidated balance sheet.

The following table reflects the carrying value of finite-lived intangible assets and liabilities at March 31, 2018 and December 31, 2017:



	March 31, 2018					December 31, 2017
	Gross carrying amount		Accumulated amortization			Gross carrying amount		Accumulated amortization
Client relationships	$	3,470	$	(1,207	)	$	3,462	$	(1,120	)
Management contracts	67		(13		)	68		(12		)
Software	772		(330		)	764		(291		)
Trademark and trade name	1,057		(100		)	1,055		(89		)
Product	40		(7		)	39		(6		)
Favorable agreements	14		(4		)	14		(4		)
Other	5		(3		)	6		(4		)
Total finite-lived assets	$	5,425	$	(1,664	)	$	5,408	$	(1,526	)

Unfavorable agreements	$	34	$	(8	)	$	34	$	(8	)
Total finite-lived intangible liabilities	$	34	$	(8	)	$	34	$	(8	)

The weighted average remaining life of amortizable intangible assets and liabilities at March 31, 2018 was 14.1 years.

The table below reflects the future estimated amortization expense for amortizable intangible assets and the rent offset resulting from amortization of the net lease intangible assets and liabilities for the remainder of 2018 and for subsequent years:



	Amortization		Rent offset
Remainder of 2018	$	398	$	(3	)
2019	482		(3		)
2020	429		(2		)
2021	350		(2		)
2022	290		(2		)
Thereafter	1,802		(4		)
Total	$	3,751	$	(16	)

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2018

Derivative Financial Instruments

We are exposed to certain interest rate and foreign currency risks. Where possible, we identify exposures in our business that can be offset internally. Where no natural offset is identified, we may choose to enter into various derivative transactions. These instruments have the effect of reducing our exposure to unfavorable changes in interest and foreign currency rates. The Company’s board of directors reviews and approves policies for managing each of these risks as summarized below. Additional information regarding our derivative financial instruments can be found in Note 10 — Fair Value Measurements and Note 14 — Accumulated Other Comprehensive Loss.

Interest Rate Risk - Investment Income

As a result of the Company’s operating activities, the Company holds fiduciary funds. The Company earns interest on these funds, which is included in the Company’s condensed consolidated financial statements in interest and other income. These funds are regulated in terms of access as are the instruments in which they may be invested, most of which are short-term in nature.

During 2015, in order to manage interest rate risk arising from these financial assets, the Company entered into interest rate swaps to receive a fixed rate of interest and pay a variable rate of interest. These derivatives, with total notional amounts of $300 million, were designated as hedging instruments at March 31, 2018 and December 31, 2017, and had net fair value liabilities of $1 million at both balance sheet dates presented.

Foreign Currency Risk

Certain non-U.S. subsidiaries receive revenue and incur expenses in currencies other than their functional currency, and as a result, the foreign subsidiary’s functional currency revenue will fluctuate as the currency rates change. Additionally, the forecast Pounds sterling expenses of our London brokerage market operations may exceed their Pounds sterling revenue, and they may also hold a significant net Pounds sterling asset or liability position in the consolidated balance sheet. To reduce such variability, we use foreign exchange contracts to hedge against this currency risk.

These derivatives were designated as hedging instruments and at March 31, 2018 and December 31, 2017 had total notional amounts of $808 million and $937 million, respectively, and had a net fair value asset of $5 million and a net fair value liability of $21 million, respectively.

At March 31, 2018, the Company estimates, based on current interest and exchange rates, there will be $9 million of net derivative losses on forward exchange rates, interest rate swaps, and treasury locks reclassified from accumulated other comprehensive income/(loss) into earnings within the next twelve months as the forecast transactions affect earnings. At March 31, 2018, our longest outstanding maturity was 2.7 years.

The effects of the material derivative instruments that are designated as hedging instruments on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2018 and 2017 are as follows:



Three Months Ended March 31,	Gain recognized in OCI (effective portion)				Location of loss reclassified from Accumulated OCI into income (effective element)	Loss reclassified from Accumulated OCI into income (effective element)						Location of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	Gain recognized in income (ineffective portion and amount excluded from effectiveness testing)
	2018		2017			2018			2017				2018		2017
Forward exchange contracts	$	15	$	3	Other income, net	$	(11	)	$	(23	)	Interest expense	$	—	$	1

We also enter into foreign currency transactions, primarily to hedge certain intercompany loans. These derivatives are not generally designated as hedging instruments, and at March 31, 2018 and December 31, 2017, we had notional amounts of $966 million and $971 million, respectively, and had net a fair value liability of $2 million and a net fair value asset of $3 million, respectively.

The effects of derivatives that have not been designated as hedging instruments on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2018 and 2017 are as follows:



		(Loss)/gain recognized in income
		Three Months Ended March 31,
Derivatives not designated as hedging instruments:	Location of (loss)/gain recognized in income	2018			2017
Forward exchange contracts	Other income, net	$	(5	)	$	8

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

Short-term debt and current portion of long-term debt consists of the following:



	March 31, 2018		December 31, 2017
Current portion of term loan due 2019	$	85	$	85

Long-term debt consists of the following:



	March 31, 2018		December 31, 2017
Revolving $1.25 billion credit facility	$	945	$	884
Term loan due 2019	63		84
7.000% senior notes due 2019	186		186
5.750% senior notes due 2021	497		497
3.500% senior notes due 2021	447		447
2.125% senior notes due 2022 ⁽ⁱ⁾	661		644
4.625% senior notes due 2023	248		248
3.600% senior notes due 2024	645		645
4.400% senior notes due 2026	544		544
6.125% senior notes due 2043	271		271
	$	4,507	$	4,450

________________________


(i)	Notes issued in Euro (€540 million)

At March 31, 2018 and December 31, 2017, we were in compliance with all financial covenants.

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company has categorized its assets and liabilities that are measured at fair value on a recurring and non-recurring basis into a three-level fair value hierarchy, based on the reliability of the inputs used to determine fair value as follows:


•	Level 1: refers to fair values determined based on quoted market prices in active markets for identical assets;


•	Level 2: refers to fair values estimated using observable market based inputs or unobservable inputs that are corroborated by market data; and


•	Level 3: includes fair values estimated using unobservable inputs that are not corroborated by market data.

The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments:


•	Available-for-sale securities are classified as Level 1 because we use quoted market prices in determining the fair value of these securities.

•

Market values for our derivative instruments have been used to determine the fair value of interest rate swaps and forward foreign exchange contracts based on estimated amounts the Company would receive or have to pay to terminate the agreements, taking into account observable information about the current interest rate environment or current foreign currency forward rates. Such financial instruments are classified as Level 2 in the fair value hierarchy.

•

Contingent consideration payable is classified as Level 3, and we estimate fair value based on the likelihood and timing of achieving the relevant milestones of each arrangement, applying a probability assessment to each of the potential outcomes, and discounting the probability-weighted payout. Typically, milestones are based on revenue or Earnings Before Interest, Tax, Depreciation and Amortization (‘EBITDA’) growth for the acquired business.

The following table presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:



		Fair Value Measurements on a Recurring Basis at March 31, 2018
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities:
Mutual funds / exchange traded funds	Prepaid and other current assets and other non-current assets	$	34	$	—	$	—	$	34
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Prepaid and other current assets and other non-current assets	$	—	$	27	$	—	$	27
Liabilities:
Contingent consideration:
Contingent consideration ⁽ⁱⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	—	$	54	$	54
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	25	$	—	$	25



		Fair Value Measurements on a Recurring Basis at December 31, 2017
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities:
Mutual funds / exchange traded funds	Prepaid and other current assets and other non-current assets	$	40	$	—	$	—	$	40
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Prepaid and other current assets and other non-current assets	$	—	$	18	$	—	$	18
Liabilities:
Contingent consideration:
Contingent consideration ⁽ⁱⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	—	$	51	$	51
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	37	$	—	$	37

_________________________


(i)	See Note 8 — Derivative Financial Instruments for further information on our derivative investments.

(ii)

Probability weightings are based on our knowledge of the past and planned performance of the acquired entity to which the contingent consideration applies. The weighted average discount rate used on our material contingent consideration calculations was 9.41% and 9.64% at March 31, 2018 and December 31, 2017, respectively. Using different probability weightings and discount rates could result in an increase or decrease of the contingent consideration payable.

The following table summarizes the change in fair value of the Level 3 liabilities:



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	March 31, 2018
Balance at December 31, 2017	$	51
Obligations assumed	—
Payments	—
Realized and unrealized gains	1
Foreign exchange	2
Balance at March 31, 2018	$	54

There were no significant transfers between Levels 1, 2 or 3 in the three months ended March 31, 2018 and 2017, respectively.

The following tables present our liabilities not measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:



	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Short-term debt and current portion of long-term debt	$	85	$	85	$	85	$	85
Long-term debt	$	4,507	$	4,671	$	4,450	$	4,706

The carrying values of our revolving lines of credit and term loans approximate their fair values. The fair values above are not necessarily indicative of the amounts that the Company would realize upon disposition nor do they indicate the Company’s intent or ability to dispose of the financial instrument. The fair value of our respective senior notes are considered level 2 financial instruments as they are corroborated by observable market data.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Commitments and Contingencies Disclosure [Abstract]

Retirement Benefits

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Retirement Benefits

Defined Benefit Plans and Post-retirement Welfare Plan

Willis Towers Watson sponsors both qualified and non-qualified defined benefit pension plans and other post-retirement welfare (‘PRW’) plans throughout the world. The majority of our plan assets and obligations are in the U.S. and the U.K. We have also included disclosures related to defined benefit plans in certain other countries, including Canada, France, Germany, Ireland and the Netherlands. Together, these disclosed funded and unfunded plans represent 99% of Willis Towers Watson’s pension and PRW obligations and are disclosed herein.

Components of Net Periodic Benefit (Income)/Cost for Defined Benefit Pension and Post-retirement Welfare Plans

The following table sets forth the components of net periodic benefit (income)/cost for the Company’s defined benefit pension and PRW plans for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018											2017
	U.S.			U.K.			Other			PRW		U.S.			U.K.			Other			PRW
Service cost	$	16		$	5		$	5		$	—	$	16		$	8		$	5		$	—
Interest cost	35			24			5			1		35			22			4			1
Expected return on plan assets	(68		)	(78		)	(8		)	—		(61		)	(68		)	(7		)	—
Amortization of net loss	3			12			—			—		3			13			—			—
Amortization of prior service credit	—			(5		)	—			—		—			(5		)	—			—
Net periodic benefit (income)/cost	$	(14	)	$	(42	)	$	2		$	1	$	(7	)	$	(30	)	$	2		$	1

As a result of adopting ASU 2017-07, within the condensed consolidated statements of comprehensive income, service cost is included within salaries and benefits expense, whereas the remainder of the components of net periodic benefit income of $79 million and $62 million for the three months ended March 31, 2018 and 2017, respectively, are included within other income, net. These reclassifications include amounts for those plans which are immaterial for disclosure.

Employer Contributions to Defined Benefit Pension Plans

The Company made no contributions to its U.S. plans for the three months ended March 31, 2018 but anticipates making $50 million in contributions over the remainder of the fiscal year. The Company made contributions of $13 million to its U.K. plans for the three months ended March 31, 2018 and anticipates making additional contributions of $72 million for the remainder of the fiscal year. The Company made contributions of $4 million to its other plans for the three months ended March 31, 2018 and anticipates making additional contributions of $9 million for the remainder of the fiscal year.

Defined Contribution Plans

The Company made contributions to its defined contribution plans of $48 million and $42 million during the three months ended March 31, 2018 and 2017, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies

Indemnification Agreements

Willis Towers Watson has various agreements which provide that it may be obligated to indemnify the other party to the agreement with respect to certain matters. Generally, these indemnification provisions are included in contracts arising in the normal course of business and in connection with the purchase and sale of certain businesses. Although it is not possible to predict the maximum potential amount of future payments that may become due under these indemnification agreements because of the conditional nature of Willis Towers Watson’s obligations and the unique facts of each particular agreement, the Company does not believe that any potential liability that might arise from such indemnity provisions is probable or material. There are no provisions for recourse to third parties, nor are any assets held by any third parties that any guarantor can liquidate to recover amounts paid under such indemnities.

Legal Proceedings

In the ordinary course of business, the Company is subject to various actual and potential claims, lawsuits and other proceedings. Some of the claims, lawsuits and other proceedings seek damages in amounts which could, if assessed, be significant. We do not expect the impact of claims or demands not described below to be material to the Company’s condensed consolidated financial statements. The Company also receives subpoenas in the ordinary course of business and, from time to time, receives requests for information in connection with governmental investigations.

Errors and omissions claims, lawsuits, and other proceedings arising in the ordinary course of business are covered in part by professional indemnity or other appropriate insurance. See Note 13 for the amounts accrued at March 31, 2018 and December 31, 2017 in the condensed consolidated balance sheets. The terms of this insurance vary by policy year. Regarding self-insured risks, the Company has established provisions which are believed to be adequate in light of current information and legal advice, or, in certain cases, where a range of loss exists, the Company accrues the minimum amount in the range if no amount within the range is a better estimate than any other amount. The Company adjusts such provisions from time to time according to developments.

On the basis of current information, the Company does not expect that the actual claims, lawsuits and other proceedings to which the Company is subject, or potential claims, lawsuits, and other proceedings relating to matters of which it is aware, will ultimately have a material adverse effect on the Company’s financial condition, results of operations or liquidity. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation and disputes with insurance companies, it is possible that an adverse outcome or settlement in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. In addition, given the early stages of some litigation or regulatory proceedings described below, it is not possible to predict their outcome or resolution, and it is possible that these events may have a material adverse effect on the Company.

The Company provides for contingent liabilities based on ASC 450, Contingencies, when it is determined that a liability, inclusive of defense costs, is probable and reasonably estimable. The contingent liabilities recorded are primarily developed actuarially. Litigation is subject to many factors which are difficult to predict so there can be no assurance that in the event of a material unfavorable result in one or more claims, we will not incur material costs.

Merger-Related Securities Litigation

On November 21, 2017, a purported former stockholder of Legacy Towers Watson filed a putative class action complaint on behalf of a putative class consisting of all Legacy Towers Watson stockholders as of October 2, 2015 against the Company, Legacy Towers Watson, Legacy Willis, ValueAct Capital Management (‘ValueAct’), and certain current and former directors and officers of Legacy Towers Watson and Legacy Willis (John Haley, Dominic Casserley, and Jeffrey Ubben), in the United States District Court for the Eastern District of Virginia. The complaint asserts claims against certain defendants under Section 14(a) of the Securities Exchange Act of 1934 (the ‘Exchange Act’) for allegedly false and misleading statements in the proxy statement for the Merger; and against other defendants under Section 20(a) of the Exchange Act for alleged “control person” liability with respect to such allegedly false and misleading statements. The complaint further contends that the allegedly false and misleading statements caused stockholders of Legacy Towers Watson to accept inadequate Merger consideration. The complaint seeks damages in an unspecified amount. On February 20, 2018, the court appointed the Regents of the University of California (‘Regents’) as Lead Plaintiff and Bernstein Litowitz Berger & Grossman LLP (‘Bernstein’) as Lead Counsel for the putative class, consolidated all subsequently filed, removed, or transferred actions, and captioned the consolidated action “In re Willis Towers Watson plc Proxy Litigation,” Master File No. 1:17-cv-1338-AJT-JFA. On March 9, 2018, Lead Plaintiff filed an Amended Complaint. On April 13, 2018, the defendants filed motions to dismiss the Amended Complaint, which motions are currently pending.

On February 27, 2018 and March 8, 2018, two additional purported former stockholders of Legacy Towers Watson filed putative class action complaints on behalf of a putative class of Legacy Towers Watson stockholders against the former members of the Legacy Towers Watson board of directors, Legacy Towers Watson, Legacy Willis and ValueAct, in the Delaware Court of Chancery, captioned City of Fort Myers General Employees’ Pension Fund v. Towers Watson & Co., et al., C.A. No. 2018-0132, and Alaska Laborers-Employers Retirement Trust v. Victor F. Ganzi, et al., C.A. No. 2018-0155, respectively. Based on similar allegations as the Eastern District of Virginia action described above, the complaints assert claims against the former directors of Legacy Towers Watson for breach of fiduciary duty and against Legacy Willis and ValueAct for aiding and abetting breach of fiduciary duty. The defendants have not yet responded to the complaints.

On March 9, 2018, Regents filed a putative class action complaint on behalf of a putative class of Legacy Towers Watson stockholders against the Company, Legacy Willis, ValueAct, and Messrs. Haley, Casserley, and Ubben, in the Delaware Court of Chancery, captioned The Regents of the University of California v. John J. Haley, et al., C.A. No. 2018-0166. Based on similar allegations as the Eastern District of Virginia action described above, the complaint asserts claims against Mr. Haley for breach of fiduciary duty and against all other defendants for aiding and abetting breach of fiduciary duty. The defendants have not yet responded to the complaint. Also on March 9, 2018, Regents filed a motion for consolidation of all pending and subsequently filed Delaware Court of Chancery actions, and for appointment as Lead Plaintiff and for the appointment of Bernstein as Lead Counsel for the putative class. On April 2, 2018, the court consolidated the Delaware Court of Chancery actions and all related actions subsequently filed in or transferred to the Delaware Court of Chancery. Regents’ motion for appointment of Lead Plaintiff and Lead Counsel remains pending.

The Company disputes the allegations in these actions and intends to defend the lawsuits vigorously. Given the stage of the proceedings, the Company is unable to provide an estimate of the reasonably possible loss or range of loss in respect of the complaints.

Stanford Financial Group

The Company has been named as a defendant in 15 similar lawsuits relating to the collapse of The Stanford Financial Group (‘Stanford’), for which Willis of Colorado, Inc. acted as broker of record on certain lines of insurance. The complaints in these actions generally allege that the defendants actively and materially aided Stanford’s alleged fraud by providing Stanford with certain letters regarding coverage that they knew would be used to help retain or attract actual or prospective Stanford client investors. The complaints further allege that these letters, which contain statements about Stanford and the insurance policies that the defendants placed for Stanford, contained untruths and omitted material facts and were drafted in this manner to help Stanford promote and sell its allegedly fraudulent certificates of deposit.

The 15 actions are as follows:

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Troice, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:9-CV-1274-N, was filed on July 2, 2009 in the U.S. District Court for the Northern District of Texas against Willis Group Holdings plc, Willis of Colorado, Inc. and a Willis associate, among others. On April 1, 2011, plaintiffs filed the operative Third Amended Class Action Complaint individually and on behalf of a putative, worldwide class of Stanford investors, adding Willis Limited as a defendant and alleging claims under Texas statutory and common law and seeking damages in excess of $1 billion, punitive damages and costs. On May 2, 2011, the defendants filed motions to dismiss the Third Amended Class Action Complaint, arguing, inter alia, that the plaintiffs’ claims are precluded by the Securities Litigation Uniform Standards Act of 1998 (‘SLUSA’).

On May 10, 2011, the court presiding over the Stanford-related actions in the Northern District of Texas entered an order providing that it would consider the applicability of SLUSA to the Stanford-related actions based on the decision in a separate Stanford action not involving a Willis entity, Roland v. Green, Civil Action No. 3:10-CV-0224-N (‘Roland’). On August 31, 2011, the court issued its decision in Roland, dismissing that action with prejudice under SLUSA.

On October 27, 2011, the court in Troice entered an order (i) dismissing with prejudice those claims asserted in the Third Amended Class Action Complaint on a class basis on the grounds set forth in the Roland decision discussed above and (ii) dismissing without prejudice those claims asserted in the Third Amended Class Action Complaint on an individual basis. Also on October 27, 2011, the court entered a final judgment in the action.

On October 28, 2011, the plaintiffs in Troice filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit. Subsequently, Troice, Roland and a third action captioned Troice, et al. v. Proskauer Rose LLP, Civil Action No. 3:09-CV-01600-N, which also was dismissed on the grounds set forth in the Roland decision discussed above and on appeal to the U.S. Court of Appeals for the Fifth Circuit, were consolidated for purposes of briefing and oral argument. Following the completion of briefing and oral argument, on March 19, 2012, the Fifth Circuit reversed and remanded the actions. On April 2, 2012, the defendants-appellees filed petitions for rehearing en banc. On April 19, 2012, the petitions for rehearing en banc were denied. On July 18, 2012, defendants-appellees filed a petition for writ of certiorari with the United States Supreme Court regarding the Fifth Circuit’s reversal in Troice. On January 18, 2013, the Supreme Court granted our petition. Opening briefs were filed on May 3, 2013 and the Supreme Court heard oral argument on October 7, 2013. On February 26, 2014, the Supreme Court affirmed the Fifth Circuit’s decision.

On March 19, 2014, the plaintiffs in Troice filed a Motion to Defer Resolution of Motions to Dismiss, to Compel Rule 26(f) Conference and For Entry of Scheduling Order.

On March 25, 2014, the parties in Troice and the Janvey, et al. v. Willis of Colorado, Inc., et al. action discussed below stipulated to the consolidation of the two actions for pre-trial purposes under Rule 42(a) of the Federal Rules of Civil Procedure. On March 28, 2014, the Court ‘so ordered’ that stipulation and, thus, consolidated Troice and Janvey for pre-trial purposes under Rule 42(a).

On September 16, 2014, the court (a) denied the plaintiffs’ request to defer resolution of the defendants’ motions to dismiss, but granted the plaintiffs’ request to enter a scheduling order; (b) requested the submission of supplemental briefing by all parties on the defendants’ motions to dismiss, which the parties submitted on September 30, 2014; and (c) entered an order setting a schedule for briefing and discovery regarding plaintiffs’ motion for class certification, which schedule, among other things, provided for the submission of the plaintiffs’ motion for class certification (following the completion of briefing and discovery) on April 20, 2015.

On December 15, 2014, the court granted in part and denied in part the defendants’ motions to dismiss. On January 30, 2015, the defendants except Willis Group Holdings plc answered the Third Amended Class Action Complaint.

On April 20, 2015, the plaintiffs filed their motion for class certification, the defendants filed their opposition to plaintiffs’ motion, and the plaintiffs filed their reply in further support of the motion. Pursuant to an agreed stipulation also filed with the court on April 20, 2015, the defendants on June 4, 2015 filed sur-replies in further opposition to the motion. The Court has not yet scheduled a hearing on the motion.

On June 19, 2015, Willis Group Holdings plc filed a motion to dismiss the complaint for lack of personal jurisdiction. On November 17, 2015, Willis Group Holdings plc withdrew the motion.

On March 31, 2016, the parties in the Troice and Janvey actions entered into a settlement in principle that is described in more detail below.

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Ranni v. Willis of Colorado, Inc., et al., C.A. No. 9-22085, was filed on July 17, 2009 against Willis Group Holdings plc and Willis of Colorado, Inc. in the U.S. District Court for the Southern District of Florida. The complaint was filed on behalf of a putative class of Venezuelan and other South American Stanford investors and alleges claims under Section 10(b) of the Securities Exchange Act of 1934 (and Rule 10b-5 thereunder) and Florida statutory and common law and seeks damages in an amount to be determined at trial. On October 6, 2009, Ranni was transferred, for consolidation or coordination with other Stanford-related actions (including Troice), to the Northern District of Texas by the U.S. Judicial Panel on Multidistrict Litigation (the ‘JPML’). The defendants have not yet responded to the complaint in Ranni. On August 26, 2014, the plaintiff filed a notice of voluntary dismissal of the action without prejudice.

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Canabal, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:9-CV-1474-D, was filed on August 6, 2009 against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate named as a defendant in Troice, among others, also in the Northern District of Texas. The complaint was filed individually and on behalf of a putative class of Venezuelan Stanford investors, alleged claims under Texas statutory and common law and sought damages in excess of $1 billion, punitive damages, attorneys’ fees and costs. On December 18, 2009, the parties in Troice and Canabal stipulated to the consolidation of those actions (under the Troice civil action number), and, on December 31, 2009, the plaintiffs in Canabal filed a notice of dismissal, dismissing the action without prejudice.

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Rupert, et al. v. Winter, et al., Case No. 2009C115137, was filed on September 14, 2009 on behalf of 97 Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under the Securities Act of 1933, Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $300 million, attorneys’ fees and costs. On October 20, 2009, certain defendants, including Willis of Colorado, Inc., (i) removed Rupert to the U.S. District Court for the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On April 1, 2010, the JPML issued a final transfer order for the transfer of Rupert to the Northern District of Texas. On January 24, 2012, the court remanded Rupert to Texas state court (Bexar County), but stayed the action until further order of the court. On August 13, 2012, the plaintiffs filed a motion to lift the stay, which motion was denied by the court on September 16, 2014. On October 10, 2014, the plaintiffs appealed the court’s denial of their motion to lift the stay to the U.S. Court of Appeals for the Fifth Circuit. On January 5, 2015, the Fifth Circuit consolidated the appeal with the appeal in the Rishmague, et ano. v. Winter, et al. action discussed below, and the consolidated appeal, was fully briefed as of March 24, 2015. Oral argument on the consolidated appeal was held on September 2, 2015. On September 16, 2015, the Fifth Circuit affirmed. The defendants have not yet responded to the complaint in Rupert.

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Casanova, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:10-CV-1862-O, was filed on September 16, 2010 on behalf of seven Stanford investors against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate, among others, also in the Northern District of Texas. The complaint alleges claims under Texas statutory and common law and seeks actual damages in excess of $5 million, punitive damages, attorneys’ fees and costs. On February 13, 2015, the parties filed an Agreed Motion for Partial Dismissal pursuant to which they agreed to the dismissal of certain claims pursuant to the motion to dismiss decisions in the Troice action discussed above and the Janvey action discussed below. Also on February 13, 2015, the defendants except Willis Group Holdings plc answered the complaint in the Casanova action. On June 19, 2015, Willis Group Holdings plc filed a motion to dismiss the complaint for lack of personal jurisdiction. Plaintiffs have not opposed the motion.

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Rishmague, et ano. v. Winter, et al., Case No. 2011CI2585, was filed on March 11, 2011 on behalf of two Stanford investors, individually and as representatives of certain trusts, against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $37 million and attorneys’ fees and costs. On April 11, 2011, certain defendants, including Willis of Colorado, Inc., (i) removed Rishmague to the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On August 8, 2011, the JPML issued a final transfer order for the transfer of Rishmague to the Northern District of Texas, where it is currently pending. On August 13, 2012, the plaintiffs joined with the plaintiffs in the Rupert action in their motion to lift the court’s stay of the Rupert action. On September 9, 2014, the court remanded Rishmague to Texas state court (Bexar County), but stayed the action until further order of the court and denied the plaintiffs’ motion to lift the stay. On October 10, 2014, the plaintiffs appealed the court’s denial of their motion to lift the stay to the Fifth Circuit. On January 5, 2015, the Fifth Circuit consolidated the appeal with the appeal in the Rupert action, and the consolidated appeal was fully briefed as of March 24, 2015. Oral argument on the consolidated appeal was held on September 2, 2015. On September 16, 2015, the Fifth Circuit affirmed. The defendants have not yet responded to the complaint in Rishmague.

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MacArthur v. Winter, et al., Case No. 2013-07840, was filed on February 8, 2013 on behalf of two Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Harris County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks actual, special, consequential and treble damages of approximately $4 million and attorneys’ fees and costs. On March 29, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. (i) removed MacArthur to the U.S. District Court for the Southern District of Texas and (ii) notified the JPML of the pendency of this related action. On April 2, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. filed a motion in the Southern District of Texas to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. Also on April 2, 2013, the court presiding over MacArthur in the Southern District of Texas transferred the action to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On September 29, 2014, the parties stipulated to the remand (to Texas state court (Harris County)) and stay of MacArthur until further order of the court (in accordance with the court’s September 9, 2014 decision in Rishmague (discussed above)), which stipulation was ‘so ordered’ by the court on October 14, 2014. The defendants have not yet responded to the complaint in MacArthur.

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Florida suits: On February 14, 2013, five lawsuits were filed against Willis Group Holdings plc, Willis Limited and Willis of Colorado, Inc. in Florida state court (Miami-Dade County) alleging violations of Florida common law. The five suits are: (1) Barbar, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05666CA27, filed on behalf of 35 Stanford investors seeking compensatory damages in excess of $30 million; (2) de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05669CA30, filed on behalf of 64 Stanford investors seeking compensatory damages in excess of $83.5 million; (3) Ranni, et ano. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05673CA06, filed on behalf of two Stanford investors seeking compensatory damages in excess of $3 million; (4) Tisminesky, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05676CA09, filed on behalf of 11 Stanford investors seeking compensatory damages in excess of $6.5 million; and (5) Zacarias, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05678CA11, filed on behalf of 10 Stanford investors seeking compensatory damages in excess of $12.5 million. On June 3, 2013, Willis of Colorado, Inc. removed all five cases to the Southern District of Florida and, on June 4, 2013, notified the JPML of the pendency of these related actions. On June 10, 2013, the court in Tisminesky issued an order sua sponte staying and administratively closing that action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation and coordination with the other Stanford-related actions. On June 11, 2013, Willis of Colorado, Inc. moved to stay the other four actions pending the JPML’s transfer decision. On June 20, 2013, the JPML issued a conditional transfer order for the transfer of the five actions to the Northern District of Texas, the transmittal of which was stayed for seven days to allow for any opposition to be filed. On June 28, 2013, with no opposition having been filed, the JPML lifted the stay, enabling the transfer to go forward.

On September 30, 2014, the court denied the plaintiffs’ motion to remand in Zacarias, and, on October 3, 2014, the court denied the plaintiffs’ motions to remand in Tisminesky and de Gadala Maria. On December 3, 2014 and March 3, 2015, the court granted the plaintiffs’ motions to remand in Barbar and Ranni, respectively, remanded both actions to Florida state court (Miami-Dade County) and stayed both actions until further order of the court. On January 2, 2015 and April 1, 2015, the plaintiffs in Barbar and Ranni, respectively, appealed the court’s December 3, 2014 and March 3, 2015 decisions to the Fifth Circuit. On April 22, 2015 and July 22, 2015, respectively, the Fifth Circuit dismissed the Barbar and Ranni appeals sua sponte for lack of jurisdiction. The defendants have not yet responded to the complaints in Ranni or Barbar.

On April 1, 2015, the defendants except Willis Group Holdings plc filed motions to dismiss the complaints in Zacarias, Tisminesky and de Gadala-Maria. On June 19, 2015, Willis Group Holdings plc filed motions to dismiss the complaints in Zacarias, Tisminesky and de Gadala-Maria for lack of personal jurisdiction. On July 15, 2015, the court dismissed the complaint in Zacarias in its entirety with leave to replead within 21 days. On July 21, 2015, the court dismissed the complaints in Tisminesky and de Gadala-Maria in their entirety with leave to replead within 21 days. On August 6, 2015, the plaintiffs in Zacarias, Tisminesky and de Gadala-Maria filed amended complaints (in which, among other things, Willis Group Holdings plc was no longer named as a defendant). On September 11, 2015, the defendants filed motions to dismiss the amended complaints. The motions await disposition by the court.

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Janvey, et al. v. Willis of Colorado, Inc., et al., Case No. 3:13-CV-03980-D, was filed on October 1, 2013 also in the Northern District of Texas against Willis Group Holdings plc, Willis Limited, Willis North America Inc., Willis of Colorado, Inc. and the same Willis associate. The complaint was filed (i) by Ralph S. Janvey, in his capacity as Court-Appointed Receiver for the Stanford Receivership Estate, and the Official Stanford Investors Committee (the ‘OSIC’) against all defendants and (ii) on behalf of a putative, worldwide class of Stanford investors against Willis North America Inc. Plaintiffs Janvey and the OSIC allege claims under Texas common law and the court’s Amended Order Appointing Receiver, and the putative class plaintiffs allege claims under Texas statutory and common law. Plaintiffs seek actual damages in excess of $1 billion, punitive damages and costs. As alleged by the Stanford Receiver, the total amount of collective losses allegedly sustained by all investors in Stanford certificates of deposit is approximately $4.6 billion.

On November 15, 2013, plaintiffs in Janvey filed the operative First Amended Complaint, which added certain defendants unaffiliated with Willis. On February 28, 2014, the defendants filed motions to dismiss the First Amended Complaint, which motions, other than with respect to Willis Group Holding plc’s motion to dismiss for lack of personal jurisdiction, were granted in part and denied in part by the court on December 5, 2014. On December 22, 2014, Willis filed a motion to amend the court’s December 5 order to certify an interlocutory appeal to the Fifth Circuit, and, on December 23, 2014, Willis filed a motion to amend and, to the extent necessary, reconsider the court’s December 5 order. On January 16, 2015, the defendants answered the First Amended Complaint. On January 28, 2015, the court denied Willis’s motion to amend the court’s December 5 order to certify an interlocutory appeal to the Fifth Circuit. On February 4, 2015, the court granted Willis’s motion to amend and, to the extent necessary, reconsider the December 5 order.

As discussed above, on March 25, 2014, the parties in Troice and Janvey stipulated to the consolidation of the two actions for pre-trial purposes under Rule 42(a) of the Federal Rules of Civil Procedure. On March 28, 2014, the Court ‘so ordered’ that stipulation and, thus, consolidated Troice and Janvey for pre-trial purposes under Rule 42(a).

On January 26, 2015, the court entered an order setting a schedule for briefing and discovery regarding the plaintiffs’ motion for class certification, which schedule, among other things, provided for the submission of the plaintiffs’ motion for class certification (following the completion of briefing and discovery) on July 20, 2015. By letter dated March 4, 2015, the parties requested that the court consolidate the scheduling orders entered in Troice and Janvey to provide for a class certification submission date of April 20, 2015 in both cases. On March 6, 2015, the court entered an order consolidating the scheduling orders in Troice and Janvey, providing for a class certification submission date of April 20, 2015 in both cases, and vacating the July 20, 2015 class certification submission date in the original Janvey scheduling order.

On November 17, 2015, Willis Group Holdings plc withdrew its motion to dismiss for lack of personal jurisdiction.

On March 31, 2016, the parties in the Troice and Janvey actions entered into a settlement in principle that is described in more detail below.

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Martin v. Willis of Colorado, Inc., et al., Case No. 201652115, was filed on August 5, 2016, on behalf of one Stanford investor against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate in Texas state court (Harris County). The complaint alleges claims under Texas statutory and common law and seeks actual damages of less than $100,000, exemplary damages, attorneys’ fees and costs. On September 12, 2016, the plaintiff filed an amended complaint, which added five more Stanford investors as plaintiffs and seeks damages in excess of $1 million. The defendants have not yet responded to the amended complaint in Martin.

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Abel, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:16-cv-2601, was filed on September 12, 2016, on behalf of more than 300 Stanford investors against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate, also in the Northern District of Texas. The complaint alleges claims under Texas statutory and common law and seeks actual damages in excess of $135 million, exemplary damages, attorneys’ fees and costs. On November 10, 2016, the plaintiffs filed an amended complaint, which, among other things, added several more Stanford investors as plaintiffs. The defendants have not yet responded to the complaint in Abel.

The plaintiffs in Janvey and Troice and the other actions above seek overlapping damages, representing either the entirety or a portion of the total alleged collective losses incurred by investors in Stanford certificates of deposit, notwithstanding the fact that Legacy Willis acted as broker of record for only a portion of time that Stanford issued certificates of deposit. In the fourth quarter of 2015, the Company recognized a $70 million litigation provision for loss contingencies relating to the Stanford matters based on its ongoing review of a variety of factors as required by accounting standards.

On March 31, 2016, the Company entered into a settlement in principle for $120 million relating to this litigation, and increased its provisions by $50 million during that quarter. Further details on this settlement in principle are given below.

The settlement is contingent on a number of conditions, including court approval of the settlement and a bar order prohibiting any continued or future litigation against Willis related to Stanford, which may not be given. Therefore, the ultimate resolution of these matters may differ from the amount provided for. The Company continues to dispute the allegations and, to the extent litigation proceeds, to defend the lawsuits vigorously.

Settlement. On March 31, 2016, the Company entered into a settlement in principle, as reflected in a Settlement Term Sheet, relating to the Stanford litigation matter. The Company agreed to the Settlement Term Sheet to eliminate the distraction, burden, expense and uncertainty of further litigation. In particular, the settlement and the related bar orders described below, if upheld through any appeals, would enable the Company (a newly-combined firm) to conduct itself with the bar orders’ protection from the continued overhang of matters alleged to have occurred approximately a decade ago. Further, the Settlement Term Sheet provided that the parties understood and agreed that there is no admission of liability or wrongdoing by the Company. The Company expressly denies any liability or wrongdoing with respect to the matters alleged in the Stanford litigation.

On or about August 31, 2016, the parties to the settlement signed a formal Settlement Agreement memorializing the terms of the settlement as originally set forth in the Settlement Term Sheet. The parties to the Settlement Agreement are Ralph S. Janvey (in his capacity as the Court-appointed receiver (the ‘Receiver’) for The Stanford Financial Group and its affiliated entities in receivership (collectively, ‘Stanford’)), the Official Stanford Investors Committee, Samuel Troice, Martha Diaz, Paula Gilly-Flores, Punga Punga Financial, Ltd., Manuel Canabal, Daniel Gomez Ferreiro and Promotora Villa Marina, C.A. (collectively, ‘Plaintiffs’), on the one hand, and Willis Towers Watson Public Limited Company (formerly Willis Group Holdings Public Limited Company), Willis Limited, Willis North America Inc., Willis of Colorado, Inc. and the Willis associate referenced above (collectively, ‘Defendants’), on the other hand. Under the terms of the Settlement Agreement, the parties agreed to settle and dismiss the Janvey and Troice actions (collectively, the ‘Actions’) and all current or future claims arising from or related to Stanford in exchange for a one-time cash payment to the Receiver by the Company of $120 million to be distributed to all Stanford investors who have claims recognized by the Receiver pursuant to the distribution plan in place at the time the payment is made.

The Settlement Agreement also provides the parties’ agreement to seek the Court’s entry of bar orders prohibiting any continued or future litigation against the Defendants and their related parties of claims relating to Stanford, whether asserted to date or not. The terms of the bar orders therefore would prohibit all Stanford-related litigation described above, and not just the Actions, but including any pending matters and any actions that may be brought in the future. Final Court approval of these bar orders is a condition of the settlement.

On September 7, 2016, Plaintiffs filed with the Court a motion to approve the settlement. On October 19, 2016, the Court preliminarily approved the settlement. Several of the plaintiffs in the other actions above objected to the settlement, and a hearing to consider final approval of the settlement was held on January 20, 2017, after which the Court reserved decision. On August 23, 2017, the Court approved the settlement, including the bar orders. Several of the objectors have since appealed the settlement approval and bar orders to the Fifth Circuit. The briefing related to the appeals is now completed. There is no date certain for when the appeal will be decided. The Company will not make the $120 million settlement payment unless and until the appeals are decided in its favor and the settlement is not subject to any further appeal.

City of Houston

On August 1, 2014, the City of Houston (‘plaintiff’) filed suit against Legacy Towers Watson in the United States District Court for the Southern District of Texas, Houston Division. On March 8, 2016, plaintiff filed its First Amended Complaint.

In the amended complaint, plaintiff alleges various deficiencies in pension actuarial work-product and advice stated to have been provided by Legacy Towers Watson’s predecessor firm, Towers Perrin, in its capacity as principal actuary to the Houston Firefighters’ Relief and Retirement Fund (the ‘Fund’). Towers Perrin is stated to have acted in this capacity between “the early 1980s until 2003.”

In particular, the amended complaint alleges “misrepresentations and miscalculations” in valuation reports allegedly issued by Towers Perrin from 2000 through 2002 upon which plaintiff claims to have relied. Plaintiff asserts that Towers Perrin assigned a new team of actuaries to the Fund in 2002 “to correct Towers’ own earlier mistakes” and that the new team “altered” certain calculations which “increased the actuarial accrued liability by $163 million.” Plaintiff claims that the reports indicated that the City’s minimum contribution percentages to the Fund would remain in place through at least 2019 and that existing benefits under the Fund could be increased, and new benefits could be added, without increasing plaintiff’s financial burden, and without increasing plaintiff’s rate of annual contributions to the Fund. The amended complaint alleges that plaintiff relied on these reports when supporting a new benefits package for the Fund. These reports, and other advice, are alleged, among other things, to have been negligent, to have misrepresented the present and future financial condition of the Fund and the contributions required to be made by plaintiff to support those benefits. Plaintiff asserts that, but for Towers Perrin’s alleged negligence and misrepresentations, plaintiff would not have supported the benefits increase, and that such increased benefits would not and could not have been approved or enacted. It is further asserted that Towers Perrin’s alleged “negligence and misrepresentations damaged the City to the tune of tens of millions of dollars in annual contributions.” The amended complaint seeks the award of punitive damages, actual damages, exemplary damages, special damages, attorney’s fees and expenses, costs of suit, pre- and post- judgment interest at the maximum legal rate, and other unspecified legal and equitable relief.

On October 10, 2014, Legacy Towers Watson filed a motion to dismiss plaintiff’s entire complaint on the basis that the complaint fails to state a claim upon which relief can be granted. On November 21, 2014, the City filed its response in opposition to Legacy Towers Watson’s motion to dismiss. On September 23, 2015, Legacy Towers Watson’s motion to dismiss was denied by the United States District Court for the Southern District of Texas, Houston Division. The court entered a Scheduling Order setting trial for May 30, 2017. On June 20, 2016, the Court entered a Second Amended Scheduling Order setting trial for October 31, 2017. On March 27, 2017, the Court entered a Third Amended Scheduling Order setting trial for January 16, 2018.

On May 8, 2017, Legacy Towers Watson received the City’s expert’s damages report, which asserted the City has incurred actual damages of approximately $430 million through July 1, 2017, and will incur future damages that have a present value of approximately $400 million as of July 1, 2017 if the Fund pension benefits remain unchanged. On June 30, 2017, Legacy Towers Watson served its expert reports in rebuttal to the City’s expert reports. Legacy Towers Watson’s experts concluded that Legacy Towers Watson’s work was reasonable and conformed with the actuarial standards of practice, and that Legacy Towers Watson did not cause any damages to the City. Legacy Towers Watson’s experts also concluded that the City’s damages model is flawed.

On January 9, 2018, Legacy Towers Watson and the City participated in a mediation and reached a settlement in principle. On April 4, 2018, the City of Houston City Council approved the settlement. On April 13, 2018, the court entered an order dismissing the case with prejudice, and the settlement became effective on that date. The settlement provides that in exchange for a dismissal of the claims of the City related to Legacy Towers Watson’s pension actuarial advice to the Fund, and any potential claims the City may have related to Legacy Towers Watson’s pension actuarial advice to the Houston Municipal Employees Pension System and the Houston Police Officers Pension System, Legacy Towers Watson agreed to pay a total of $40 million, which was paid in full in April 2018. The Company accrued its portion of the settlement prior to 2018.

Elma Sanchez, et. al

On August 6, 2013, three individual plaintiffs filed a putative class action suit against the California Public Employees’ Retirement System (‘CalPERS’) in Los Angeles County Superior Court. On January 10, 2014, plaintiffs filed an amended complaint, which added as defendants several members of CalPERS’ Board of Administration and three Legacy Towers Watson entities, Towers Watson & Co., Towers Perrin, and Tillinghast-Towers Perrin (‘Towers Perrin’).

Plaintiffs’ claims all relate to a self-funded, non-profit Long Term Care Program that CalPERS established in 1995 (the ‘LTC Program’). Plaintiffs’ claims seek unspecified damages allegedly resulting from CalPERS’ 2012 decision to implement in 2015 and 2016 an 85 percent increase in the premium rates of certain of the long term care policies it issued between 1995 and 2004 (the ‘85% Increase’).

The amended complaint alleges claims against CalPERS for breach of contract and breach of fiduciary duty. It also includes a single cause of action against Towers Perrin for professional negligence relating to actuarial services Towers Perrin provided to CalPERS relating to the LTC Program between 1995 and 2004.

Plaintiffs principally allege that CalPERS mismanaged the LTC Program and its investment assets in multiple respects and breached its contractual and fiduciary duties to plaintiffs and other class members by impermissibly imposing the 85% Increase to make up for investment losses. Plaintiffs also allege that Towers Perrin recommended inadequate initial premium rates at the outset of the LTC Program and used unspecified inappropriate assumptions in its annual valuations for CalPERS. Plaintiffs claim that Towers Perrin’s allegedly negligent acts and omissions, prior to the end of its retainer in 2004, contributed to the need for the 85% Increase.

In May 2014, the court denied the motions to dismiss filed by CalPERS and Towers Perrin addressed to the sufficiency of the complaint. On January 28, 2016, the court granted plaintiffs’ motion for class certification. The certified class as currently defined includes those long term care policy holders whose policies were “subject to” the 85% Increase. The court thereafter set an October 2, 2017 trial date.

In May 2016, the case was reassigned to a different judge. The court agreed that Towers Perrin may file a motion for summary judgment which was initially scheduled to be heard on February 3, 2017. The motion was then fully briefed, and the hearing date was thereafter moved to March 8, 2017.

On March 1, 2017, Towers Perrin and Plaintiffs participated in a mediation and reached a settlement in principle. Pursuant to the settlement in principle, in exchange for a dismissal of the claims of all class members and a release of Towers Perrin by all class members, Towers Perrin would pay a total of $9.75 million into an interest-bearing settlement fund, to be used to reimburse class counsel's costs, and for later distribution to class members as approved by the Court. This proposed settlement amount was accrued during the three months ended March 31, 2017. A formal settlement agreement was submitted to the Court for its preliminary approval on May 18, 2017. On October 25, 2017, the Court preliminarily approved the settlement and granted the Company’s unopposed motion for a good faith settlement determination. At the hearing on final approval held on January 26, 2018, the Court granted final approval of the settlement. Class members who properly objected to the settlement had standing to appeal by April 9, 2018. No class members filed an appeal and, therefore, the judgment is now final. The settlement amount will be paid by June 8, 2018.

European Commission and FCA Regulatory Investigations

In April 2017, the Financial Conduct Authority (‘FCA’) informed Willis Limited, our U.K. broking subsidiary, that it had opened a formal investigation into possible agreements/concerted practices in the aviation broking sector.

In October 2017, the European Commission (‘Commission’) disclosed to us that it has initiated civil investigation proceedings in respect of a suspected infringement of E.U. competition rules involving several broking firms, including our principal U.K. broking subsidiary and one of its parent entities. In particular, the Commission has stated that the civil proceedings concern the exchange of commercially sensitive information between competitors in relation to aviation and aerospace insurance and reinsurance broking products and services in the European Economic Area, as well as possible coordination between competitors. The initiation of proceedings does not mean there has been a finding of infringement, merely that the Commission will investigate the case.

When the Commission initiated these proceedings, the FCA closed its related competition investigation, but still retained jurisdiction over broking regulatory matters arising from this conduct. More recently, the FCA advised that it will not be taking enforcement action against Willis Limited in connection with any such broking regulatory matters.

Given the status of the investigation, the Company is currently unable to assess the terms on which the Commission investigation, or any other regulatory matter or civil claims emanating from the conduct being investigated, will be resolved, and thus is unable to provide an estimate of the reasonably possible loss or range of loss.

U.K. Investment Consulting Investigation

In September 2017, the FCA announced that it would make a referral with respect to the investment consulting industry to the U.K. Competition & Markets Authority (the ‘CMA’). The CMA then commenced a market investigation, and the Company is currently cooperating with the investigation.

The CMA investigation of the investment consulting market is expected to take at least 18 months and should conclude by March 2019. Provisional findings should be issued in the third quarter of 2018. Given the early stage of the investigation, the Company is currently unable to assess whether the CMA will find any adverse effects on competition, and, if the CMA does find any adverse effects on competition, what remedies it may impose on the industry. Given this, the Company is unable to provide an estimate of the reasonably possible loss or range of loss.

London Wholesale Insurance Broker Market Study

In November 2017, the FCA published its Terms of Reference for its Market Study into insurance broking activities in the London Wholesale Market including market power, conflicts of interest and broker conduct. This is an industry-wide inquiry and not particular to the Company. The FCA is using its powers under the UK Financial Services and Markets Act 2000 and will collate information and aims to issue an interim report in or about the fourth quarter of 2018. The Study is expected to take 2 years to conclude. Extensive data requests have been received by two of the Company’s subsidiaries with phased response times through May 2018. It is possible that outcomes of the Study could include new rules, changes to market practices, referral to the U.K. Competition & Markets Authority for a market investigation, and/or individual firm investigations on specific issues. Given the early stage of the Study, the Company is currently unable to assess whether the FCA will find that competition in the sector is working in the interests of clients or not, and, if the FCA does find that competition in the sector is not working in the interests of clients, what remedies it may impose on the industry or on any industry participants. Given this, the Company is unable to provide an estimate of the reasonably possible loss or range of loss.

Supplementary Information for Certain Balance Sheet Accounts Supplementary Information for Certain Balance Sheet Accounts (Notes)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

Supplementary Information for Certain Balance Sheet Accounts

Additional details of specific balance sheet accounts are detailed below.

Other non-current assets consists of the following:



	March 31, 2018		December 31, 2017
Prepayments and accrued income	$	19	$	18
Deferred contract costs	46		—
Deferred compensation plan assets	136		135
Deferred tax assets	58		46
Accounts receivable, net	22		33
Other investments	32		26
Other non-current assets	219		189
Total other non-current assets	$	532	$	447

Deferred revenue and accrued expenses consists of the following:



	March 31, 2018		December 31, 2017
Accounts payable, accrued liabilities and deferred income	$	670	$	772
Discretionary compensation	88		313
Accrued compensation	265		439
Accrued vacation	127		93
Other employee-related liabilities	89		94
Total deferred revenue and accrued expenses	$	1,239	$	1,711

Provision for liabilities consists of the following:



	March 31, 2018		December 31, 2017
Claims, lawsuits and other proceedings	$	523	$	474
Other provisions	101		84
Total provision for liabilities	$	624	$	558

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Accumulated Other Comprehensive Income/(Loss)

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of non-controlling interests, and net of tax are provided in the following table for the three months ended March 31, 2018 and 2017. This table excludes amounts attributable to non-controlling interests, which are not material for further disclosure.



	Foreign currency translation ⁽ⁱ⁾						Cash flow hedges ⁽ⁱ⁾						Defined pension and post-retirement benefit costs ⁽ⁱⁱ⁾						Total
	2018			2017			2018			2017			2018			2017			2018			2017
Balance at December 31, 2017 and 2016, respectively	$	(365	)	$	(650	)	$	(10	)	$	(82	)	$	(1,138	)	$	(1,152	)	$	(1,513	)	$	(1,884	)
Other comprehensive income/(loss) before reclassifications	58			(74		)	9			1			(1		)	20			66			(53		)
Loss reclassified from accumulated other comprehensive loss (net of income tax benefits of $1 and $6, respectively)	—			—			10			19			7			10			17			29
Net current-period other comprehensive income/(loss)	58			(74		)	19			20			6			30			83			(24		)
Balance at March 31, 2018 and 2017, respectively	$	(307	)	$	(724	)	$	9		$	(62	)	$	(1,132	)	$	(1,122	)	$	(1,430	)	$	(1,908	)

________________________


(i)	Reclassification adjustments from accumulated other comprehensive loss related to foreign currency translation and cash flow hedges are included in Other income, net in the accompanying condensed consolidated statements of comprehensive income. See Note 8 — Derivative Financial Instruments for additional details regarding the reclassification adjustments for the hedge settlements.


(ii)	Reclassification adjustments from accumulated other comprehensive loss are included in the computation of net periodic pension cost (see Note 11 — Retirement Benefits). These components are included in Other income, net in the accompanying condensed consolidated statements of comprehensive income.

Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share are calculated by dividing net income attributable to Willis Towers Watson by the average number of ordinary shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company.

At March 31, 2018 and 2017, there were 0.7 million and 1.0 million time-based share options; 0.6 million and 1.1 million performance-based options; 0.1 million and 0.5 million restricted time-based stock units; and 0.7 million and 0.6 million restricted performance-based stock units outstanding, respectively.

Basic and diluted earnings per share are as follows:



	Three Months Ended March 31,
	2018			2017
Net income attributable to Willis Towers Watson	$	215		$	344

Basic average number of shares outstanding	133			137
Dilutive effect of potentially issuable shares	—			1
Diluted average number of shares outstanding	133			138

Basic earnings per share	$	1.62		$	2.51
Dilutive effect of potentially issuable shares	(0.01		)	(0.01		)
Diluted earnings per share	$	1.61		$	2.50

There were no anti-dilutive options for the three months ended March 31, 2018. Options to purchase 0.1 million shares for the three months ended March 31, 2017 were not included in the computation of the dilutive effect of stock options because their effect was anti-dilutive.

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Willis North America Inc. (‘Willis North America’) has $837 million senior notes outstanding of which $187 million were issued on September 29, 2009, and $650 million were issued on May 16, 2017.

All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis Towers Watson Sub Holdings Unlimited Company and Willis Towers Watson UK Holdings Limited, collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’.

On August 11, 2017 a newly formed entity, Willis Towers Watson UK Holdings Limited, became the successor to, and assumed all guarantees of, WTW Bermuda Holdings Ltd. under the outstanding indentures for the senior notes described above. As both entities are direct subsidiaries of TA I Limited, and sub-consolidate within the ‘Other Guarantors’ columns of the financial statements presented herein, there is no significant impact on the condensed consolidating financial statements from what has previously been disclosed.

The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis Towers Watson described in Note 17 and the guarantor structure associated with the senior notes and revolving credit facility issued by Trinity Acquisition plc described in Note 18.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;


(ii)	the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer;


(iii)	the Issuer, Willis North America;


(iv)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(v)	Consolidating adjustments; and


(vi)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries

On March 17, 2011, the Company issued senior notes totaling $800 million in a registered public offering. On March 15, 2016, $300 million of these senior notes was repaid, leaving $500 million outstanding. These debt securities were issued by Willis Towers Watson (‘WTW Debt Securities’) and are guaranteed by certain of the Company’s subsidiaries. Therefore, the Company is providing the condensed consolidating financial information below. The following wholly owned subsidiaries (directly or indirectly) fully and unconditionally guarantee the WTW Debt Securities on a joint and several basis: Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and Willis Towers Watson UK Holdings Limited (the ‘Guarantors’).

The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America described in Note 16 and the guarantor structure associated with the senior notes and revolving credit facility issued by Trinity Acquisition plc described in Note 18.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is the Parent Issuer;


(ii)	the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent;


(iii)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(iv)	Consolidating adjustments; and


(v)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Trinity Acquisition plc has $2.1 billion senior notes outstanding, of which $525 million were issued on August 15, 2013, $1.0 billion were issued on March 22, 2016 and €540 million ($609 million) were issued on May 26, 2016, and $945 million currently outstanding under the $1.25 billion revolving credit facility issued March 7, 2017.

All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and Willis Towers Watson UK Holdings Limited, collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’.

The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America described in Note 16 and the guarantor structure associated with the senior notes issued by Willis Towers Watson described in Note 17.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;

(ii)

the Other Guarantors, which are all wholly owned subsidiaries (directly or indirectly) of the parent. Willis Towers Watson Sub Holdings Unlimited Company, Willis Netherlands Holdings B.V, Willis Investment U.K. Holdings Limited, TA I Limited and Willis Towers Watson UK Holdings Limited are all direct or indirect parents of Trinity Acquisition plc and Willis Group Limited and Willis North America Inc., are direct or indirect wholly owned subsidiaries of Trinity Acquisition plc;


(iii)	Trinity Acquisition plc, which is the issuer of the notes and is a 100 percent indirectly owned subsidiary of the parent;


(iv)	Trinity Acquisition plc, which is the initial borrower and, together with co-borrowers Willis North America, Inc. and Willis Netherlands Holdings B.V., are each 100 percent indirectly owned subsidiaries of the parent.


(v)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(vi)	Consolidating adjustments; and


(vii)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and Trinity Acquisition plc.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2018

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Willis North America Inc. (‘Willis North America’) has $837 million senior notes outstanding of which $187 million were issued on September 29, 2009, and $650 million were issued on May 16, 2017.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;


(ii)	the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer;


(iii)	the Issuer, Willis North America;


(iv)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(v)	Consolidating adjustments; and


(vi)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is the Parent Issuer;


(ii)	the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent;


(iii)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(iv)	Consolidating adjustments; and


(v)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and Willis Towers Watson UK Holdings Limited, collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’.

The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America described in Note 16 and the guarantor structure associated with the senior notes issued by Willis Towers Watson described in Note 17.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;

(ii)


(iii)	Trinity Acquisition plc, which is the issuer of the notes and is a 100 percent indirectly owned subsidiary of the parent;


(iv)	Trinity Acquisition plc, which is the initial borrower and, together with co-borrowers Willis North America, Inc. and Willis Netherlands Holdings B.V., are each 100 percent indirectly owned subsidiaries of the parent.


(v)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(vi)	Consolidating adjustments; and


(vii)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and Trinity Acquisition plc.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2018

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Willis North America Inc. (‘Willis North America’) has $837 million senior notes outstanding of which $187 million were issued on September 29, 2009, and $650 million were issued on May 16, 2017.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;


(ii)	the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer;


(iii)	the Issuer, Willis North America;


(iv)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(v)	Consolidating adjustments; and


(vi)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and the Issuer.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is the Parent Issuer;


(ii)	the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent;


(iii)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(iv)	Consolidating adjustments; and


(v)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson and the Guarantors.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries

All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment U.K. Holdings Limited, TA I Limited, Willis Group Limited, Willis North America Inc., Willis Towers Watson Sub Holdings Unlimited Company and Willis Towers Watson UK Holdings Limited, collectively the ‘Other Guarantors’, and with Willis Towers Watson, the ‘Guarantor Companies’.

The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America described in Note 16 and the guarantor structure associated with the senior notes issued by Willis Towers Watson described in Note 17.

Presented below is condensed consolidating financial information for:


(i)	Willis Towers Watson, which is a guarantor, on a parent company only basis;

(ii)


(iii)	Trinity Acquisition plc, which is the issuer of the notes and is a 100 percent indirectly owned subsidiary of the parent;


(iv)	Trinity Acquisition plc, which is the initial borrower and, together with co-borrowers Willis North America, Inc. and Willis Netherlands Holdings B.V., are each 100 percent indirectly owned subsidiaries of the parent.


(v)	Other, which are the non-guarantor subsidiaries, on a combined basis;


(vi)	Consolidating adjustments; and


(vii)	the Consolidated Company.

The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Towers Watson, the Other Guarantors and Trinity Acquisition plc.

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Recent Accounting Pronouncements

Basis of Presentation and Recent Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Not Yet Adopted

Adopted

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

We have engagement letters with our clients that specify the terms and conditions upon which the engagements are based. These terms and conditions can only be changed upon agreement by both parties.

We use different performance measures to determine our revenue depending on the nature of the engagement:

•

These contracts typically consist of an implementation phase and an ongoing administration phase:

•

Cost to obtain or fulfill contracts

For our broking business, the Company must estimate the fulfillment costs incurred during the pre-placement of the broking contracts. These judgments include:


•	which activities in the pre-placement process should be eligible for capitalization;


•	the amount of time and effort expended on those pre-placement activities;


•	the amount of payroll and related costs eligible for capitalization; and,


•	the monthly or quarterly timing of underlying insurance and reinsurance policy inception dates.

Income Tax, Policy - GILTI [Policy Text Block]

Accounting for income taxes on Global Intangible Low-Taxed Income (‘GILTI’)

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Revenue from Contract with Customer [Abstract]

Revenue Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Effect of ASC 606 on Financial Statements [Table Text Block]

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:



Balance Sheet	Balance at December 31, 2017		Adjustments due to ASC 606				Balance at January 1, 2018
ASSETS
Accounts receivable, net	$	2,246	$	309		a	$	2,555
Prepaid and other current assets	430		89			b	519
Fixed assets, net	985		(83		)	c	902
Other non-current assets	447		39			c	486
LIABILITIES
Deferred revenue and accrued expenses	1,711		(74		)	d	1,637
Deferred tax liabilities	615		99			e	714
Provision for liabilities	558		12			f	570
EQUITY
Retained earnings	1,104		317			g	1,421



	Three Months Ended March 31, 2018
Statement of Comprehensive Income	As Reported		Balances Without Adoption of ASC 606		Effect of Change

Revenue	$	2,292	$	2,551	$	(259	)	h
Costs of providing services
Salaries and benefits	1,377		1,352		25			i
Depreciation	49		54		(5		)	i
Income from operations	259		538		(279		)
INCOME FROM OPERATIONS BEFORE INCOME TAXES	264		543		(279		)
Provision for income taxes	43		96		(53		)	j
NET INCOME	221		447		(226		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215		441		(226		)

EARNINGS PER SHARE
Basic earnings per share	$	1.62	$	3.33	$	(1.71	)
Diluted earnings per share	$	1.61	$	3.31	$	(1.70	)



	As of March 31, 2018
Balance Sheet	As Reported		Balances Without Adoption of ASC 606		Effect of Change
ASSETS
Accounts receivable, net	$	2,600	$	2,584	$	16		a
Prepaid and other current assets	439		370		69			b
Fixed assets, net	926		1,015		(89		)	c
Other non-current assets	532		488		44			c
LIABILITIES
Deferred revenue and accrued expenses	1,239		1,348		(109		)	d
Other current liabilities	867		919		(52		)	e
Deferred tax liabilities	711		612		99			e
Provision for liabilities	624		612		12			f
EQUITY
Retained earnings	1,557		1,466		91			g



	Three Months Ended March 31, 2018
Statement of Cash Flows	As Reported			Balances Without Adoption of ASC 606			Effect of Change
Net cash from operating activities	$	18		$	28		$	(10	)	k
Capitalized software costs	(13		)	(23		)	10			k



	Retained Earnings Increase/(Decrease) at January 1, 2018			Increase/(Decrease) for the Three Months Ended March 31, 2018
Revenue adjustments
Medicare broking	$	311		$	(73	)
Proportional treaty reinsurance broking	50			24
Health and benefits broking	—			(190		)
Other adjustments	28			(20		)
Total adjustments related to revenue	389			(259		)

Cost adjustments
System implementation activities	(46		)	2
Other cost adjustments	75			18
Total adjustments related to costs	29			20

Tax effect	(101		)	(53		)
Total net adjustments	$	317		$	(226	)

Disaggregation of Revenue [Table Text Block]



	HCB		CRB		IRR		BDA		Corporate ⁽ⁱ⁾		Total
Broking	$	76	$	664	$	391	$	4	$	—	$	1,135
Consulting	631		44		117		—		3		795
Outsourced administration	74		23		—		118		—		215
Other	47		3		59		—		1		110
Total revenues by service offering	828		734		567		122		4		2,255
Reimbursable expenses and other ⁽ⁱ⁾	14		—		2		2		1		19
Total revenue from customer contracts	$	842	$	734	$	569	$	124	$	5	$	2,274
Interest and other income ⁽ⁱⁱ⁾	4		6		7		—		1		18
Total revenue	$	846	$	740	$	576	$	124	$	6	$	2,292

____________________


(i)	Reimbursable expenses and other, as well as Corporate revenue, are excluded from segment revenue, but included in total revenue on the condensed consolidated statements of comprehensive income.


(ii)	Interest and other income is included in segment revenue and total revenue, however it has been presented separately in the above table because it does not arise directly from contracts with customers.

Individual revenue streams aggregating to less than 5% of total revenue have been included within the Other line in the table above.



	HCB		CRB		IRR		BDA		Corporate		Total
North America	$	462	$	215	$	153	$	122	$	4	$	956
Great Britain	129		148		295		—		—		572
Western Europe	154		239		71		—		—		464
International	83		132		48		—		—		263
Total revenue by geography	$	828	$	734	$	567	$	122	$	4	$	2,255

Contract with Customer, Asset and Liability [Table Text Block]



	March 31, 2018		January 1, 2018
Billed receivables, net of allowance for doubtful debts of $48 million and $45 million	$	2,059	$	1,933
Unbilled receivables	345		276
Current contract assets	196		346
Accounts receivable, net	$	2,600	$	2,555
Non-current contract assets	$	5	$	5
Deferred revenue	$	460	$	463

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

In addition, the Company has elected not to disclose the remaining performance obligations when one or both of the following circumstances apply:


•	Performance obligations which are part of a contract that has an original expected duration of less than one year, and


•	Performance obligations satisfied in accordance with ASC 606-10-55-18 (‘right to invoice’)



	Remainder of 2018		2019		2020 onward		Total
Revenue expected to be recognized on contracts as of March 31, 2018	$	311	$	369	$	604	$	1,284

Capitalized Contract Cost [Table Text Block]

The following table shows the categories of costs that are capitalized and deferred over the expected life of a contract.



	Costs to fulfill
Balance at January 1, 2018	$	126
New capitalized costs	103
Amortization	(122		)
Impairments	—
Foreign currency translation	2
Balance at March 31, 2018	$	109

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table presents segment revenue and segment operating income for our reportable segments for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	HCB				CRB				IRR				BDA					Total
	2018		2017		2018		2017		2018		2017		2018			2017		2018		2017
Segment revenue	$	832	$	949	$	740	$	672	$	574	$	491	$	122		$	181	$	2,268	$	2,293

Segment operating income/(loss)	$	193	$	345	$	125	$	117	$	261	$	214	$	(32	)	$	38	$	547	$	714

Net Operating Income of the Reported Segments

The following table presents a reconciliation of the information reported by segment to the Company’s consolidated amounts reported for the three months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
	2018			2017
Revenue:
Total segment revenue	$	2,268		$	2,293
Reimbursable expenses and other	24			26
Revenue	$	2,292		$	2,319

Total segment operating income	$	547		$	714
Amortization	(141		)	(151		)
Restructuring costs	—			(27		)
Transaction and integration expenses	(43		)	(40		)
Unallocated, net ⁽ⁱ⁾	(104		)	(95		)
Income from operations	259			401
Interest expense	51			46
Other income, net	(56		)	(43		)
Income from operations before income taxes	$	264		$	398

________________________


(i)	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Analysis of the Cost for Restructuring

An analysis of total restructuring costs recognized in the condensed consolidated statements of comprehensive income for the three months ended March 31, 2017 by segment is as follows:



	Three Months Ended March 31, 2017
	HCB		CRB		IRR		BDA		Corporate		Total
Termination benefits	$	—	$	4	$	2	$	—	$	—	$	6
Professional services and other	1		15		1		—		4		21
Total	$	1	$	19	$	3	$	—	$	4	$	27

Schedule of Restructuring Liability

The changes in the Company’s liability under the Business Restructure Program from its commencement to March 31, 2018 are as follows:



	Termination Benefits			Professional Services and Other			Total
Balance at January 1, 2016	$	—		$	—		$	—
Charges incurred	45			3			48
Cash payments	(19		)	(3		)	(22		)
Balance at December 31, 2016	26			—			26
Adjustment to prior charges incurred	(2		)	—			(2		)
Cash payments	(23		)	—			(23		)
Balance at December 31, 2017	1			—			1
Cash payments	—			—			—
Balance at March 31, 2018	$	1		$	—		$	1

The changes in the Company’s liability under the Operational Improvement Program from its commencement to March 31, 2018 are as follows:



	Termination Benefits			Professional Services and Other			Total
Balance at January 1, 2014	$	—		$	—		$	—
Charges incurred	16			20			36
Cash payments	(11		)	(14		)	(25		)
Balance at December 31, 2014	5			6			11
Charges incurred	36			90			126
Cash payments	(26		)	(85		)	(111		)
Balance at December 31, 2015	15			11			26
Charges incurred	23			122			145
Cash payments	(31		)	(115		)	(146		)
Balance at December 31, 2016	7			18			25
Charges incurred	48			86			134
Cash payments	(41		)	(97		)	(138		)
Balance at December 31, 2017	14			7			21
Charges incurred	—			—			—
Cash payments	(5		)	(2		)	(7		)
Balance at March 31, 2018	$	9		$	5		$	14

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Goodwill

The components of goodwill are outlined below for the three months ended March 31, 2018:



	HCB			CRB			IRR			BDA		Total
Balance at December 31, 2017:
Goodwill, gross	$	4,342		$	2,261		$	1,851		$	2,557	$	11,011
Accumulated impairment losses	(130		)	(362		)	—			—		(492		)
Goodwill, net - December 31, 2017	4,212			1,899			1,851			2,557		10,519
Goodwill reassigned in segment realignment⁽ⁱ⁾	—			72			(72		)	—		—
Goodwill acquired during the period	—			—			5			—		5
Goodwill disposed of during the period	—			—			(5		)	—		(5		)
Foreign exchange	16			13			7			—		36
Balance at March 31, 2018:
Goodwill, gross	4,358			2,346			1,786			2,557		11,047
Accumulated impairment losses	(130		)	(362		)	—			—		(492		)
Goodwill, net - March 31, 2018	$	4,228		$	1,984		$	1,786		$	2,557	$	10,555

____________________


(i)	Represents the preliminary reallocation of goodwill related to certain businesses which were realigned among the segments as of January 1, 2018. See Note 4 — Segment Information for further information.

Changes in the Net Carrying Amount of the Components of Finite-Lived Intangible Assets

The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the three months ended March 31, 2018:



	Balance at December 31, 2017		Intangible assets acquired		Intangible assets disposed			Amortization ⁽ⁱ⁾			Foreign exchange			Balance at March 31, 2018
Client relationships	$	2,342	$	—	$	(5	)	$	(92	)	$	18		$	2,263
Management contracts	56		—		—			(1		)	(1		)	54
Software	473		—		—			(36		)	5			442
Trademark and trade name	966		—		—			(11		)	2			957
Product	33		—		—			(1		)	1			33
Favorable agreements	10		—		—			—			—			10
Other	2		—		—			—			—			2
Total amortizable intangible assets	$	3,882	$	—	$	(5	)	$	(141	)	$	25		$	3,761


(i)	Amortization associated with favorable lease agreements is recorded in Other operating expenses in the condensed consolidated statements of comprehensive income.

Schedule of Carrying Values of Finite-Lived Intangible Assets and Liabilities

The following table reflects the carrying value of finite-lived intangible assets and liabilities at March 31, 2018 and December 31, 2017:



	March 31, 2018					December 31, 2017
	Gross carrying amount		Accumulated amortization			Gross carrying amount		Accumulated amortization
Client relationships	$	3,470	$	(1,207	)	$	3,462	$	(1,120	)
Management contracts	67		(13		)	68		(12		)
Software	772		(330		)	764		(291		)
Trademark and trade name	1,057		(100		)	1,055		(89		)
Product	40		(7		)	39		(6		)
Favorable agreements	14		(4		)	14		(4		)
Other	5		(3		)	6		(4		)
Total finite-lived assets	$	5,425	$	(1,664	)	$	5,408	$	(1,526	)

Unfavorable agreements	$	34	$	(8	)	$	34	$	(8	)
Total finite-lived intangible liabilities	$	34	$	(8	)	$	34	$	(8	)

Schedule of Future Amortization Expense and Rent Offset



	Amortization		Rent offset
Remainder of 2018	$	398	$	(3	)
2019	482		(3		)
2020	429		(2		)
2021	350		(2		)
2022	290		(2		)
Thereafter	1,802		(4		)
Total	$	3,751	$	(16	)

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Designated As Hedging Instrument, Effect on Other Comprehensive Income (Loss)



Three Months Ended March 31,	Gain recognized in OCI (effective portion)				Location of loss reclassified from Accumulated OCI into income (effective element)	Loss reclassified from Accumulated OCI into income (effective element)						Location of gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	Gain recognized in income (ineffective portion and amount excluded from effectiveness testing)
	2018		2017			2018			2017				2018		2017
Forward exchange contracts	$	15	$	3	Other income, net	$	(11	)	$	(23	)	Interest expense	$	—	$	1

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)



		(Loss)/gain recognized in income
		Three Months Ended March 31,
Derivatives not designated as hedging instruments:	Location of (loss)/gain recognized in income	2018			2017
Forward exchange contracts	Other income, net	$	(5	)	$	8

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Short-term debt and current portion of long-term debt consists of the following:



	March 31, 2018		December 31, 2017
Current portion of term loan due 2019	$	85	$	85

Long-term debt consists of the following:



	March 31, 2018		December 31, 2017
Revolving $1.25 billion credit facility	$	945	$	884
Term loan due 2019	63		84
7.000% senior notes due 2019	186		186
5.750% senior notes due 2021	497		497
3.500% senior notes due 2021	447		447
2.125% senior notes due 2022 ⁽ⁱ⁾	661		644
4.625% senior notes due 2023	248		248
3.600% senior notes due 2024	645		645
4.400% senior notes due 2026	544		544
6.125% senior notes due 2043	271		271
	$	4,507	$	4,450

________________________


(i)	Notes issued in Euro (€540 million)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:



		Fair Value Measurements on a Recurring Basis at March 31, 2018
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities:
Mutual funds / exchange traded funds	Prepaid and other current assets and other non-current assets	$	34	$	—	$	—	$	34
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Prepaid and other current assets and other non-current assets	$	—	$	27	$	—	$	27
Liabilities:
Contingent consideration:
Contingent consideration ⁽ⁱⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	—	$	54	$	54
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	25	$	—	$	25



		Fair Value Measurements on a Recurring Basis at December 31, 2017
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities:
Mutual funds / exchange traded funds	Prepaid and other current assets and other non-current assets	$	40	$	—	$	—	$	40
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Prepaid and other current assets and other non-current assets	$	—	$	18	$	—	$	18
Liabilities:
Contingent consideration:
Contingent consideration ⁽ⁱⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	—	$	51	$	51
Derivatives:
Derivative financial instruments ⁽ⁱ⁾	Other current liabilities and other non-current liabilities	$	—	$	37	$	—	$	37

_________________________


(i)	See Note 8 — Derivative Financial Instruments for further information on our derivative investments.

(ii)

Schedule of Change in Fair Value of Level 3 Liabilities

The following table summarizes the change in fair value of the Level 3 liabilities:



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	March 31, 2018
Balance at December 31, 2017	$	51
Obligations assumed	—
Payments	—
Realized and unrealized gains	1
Foreign exchange	2
Balance at March 31, 2018	$	54

Schedule of Liabilities Whose Carrying Values Differ From the Fair Value and are Not Measured on a Recurring Basis

The following tables present our liabilities not measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:



	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities:
Short-term debt and current portion of long-term debt	$	85	$	85	$	85	$	85
Long-term debt	$	4,507	$	4,671	$	4,450	$	4,706

Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The following table sets forth the components of net periodic benefit (income)/cost for the Company’s defined benefit pension and PRW plans for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018											2017
	U.S.			U.K.			Other			PRW		U.S.			U.K.			Other			PRW
Service cost	$	16		$	5		$	5		$	—	$	16		$	8		$	5		$	—
Interest cost	35			24			5			1		35			22			4			1
Expected return on plan assets	(68		)	(78		)	(8		)	—		(61		)	(68		)	(7		)	—
Amortization of net loss	3			12			—			—		3			13			—			—
Amortization of prior service credit	—			(5		)	—			—		—			(5		)	—			—
Net periodic benefit (income)/cost	$	(14	)	$	(42	)	$	2		$	1	$	(7	)	$	(30	)	$	2		$	1

Supplementary Information for Certain Balance Sheet Accounts Supplementary Information for Certain Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Assets, Noncurrent [Table Text Block]

assets consists of the following:



	March 31, 2018		December 31, 2017
Prepayments and accrued income	$	19	$	18
Deferred contract costs	46		—
Deferred compensation plan assets	136		135
Deferred tax assets	58		46
Accounts receivable, net	22		33
Other investments	32		26
Other non-current assets	219		189
Total other non-current assets	$	532	$	447

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

Deferred revenue and accrued expenses consists of the following:



	March 31, 2018		December 31, 2017
Accounts payable, accrued liabilities and deferred income	$	670	$	772
Discretionary compensation	88		313
Accrued compensation	265		439
Accrued vacation	127		93
Other employee-related liabilities	89		94
Total deferred revenue and accrued expenses	$	1,239	$	1,711

Provisions for Liabilities [Table Text Block]

Provision for liabilities consists of the following:



	March 31, 2018		December 31, 2017
Claims, lawsuits and other proceedings	$	523	$	474
Other provisions	101		84
Total provision for liabilities	$	624	$	558

Accumulated Other Comprehensive Income/(Loss) (Tables)

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation ⁽ⁱ⁾						Cash flow hedges ⁽ⁱ⁾						Defined pension and post-retirement benefit costs ⁽ⁱⁱ⁾						Total
	2018			2017			2018			2017			2018			2017			2018			2017
Balance at December 31, 2017 and 2016, respectively	$	(365	)	$	(650	)	$	(10	)	$	(82	)	$	(1,138	)	$	(1,152	)	$	(1,513	)	$	(1,884	)
Other comprehensive income/(loss) before reclassifications	58			(74		)	9			1			(1		)	20			66			(53		)
Loss reclassified from accumulated other comprehensive loss (net of income tax benefits of $1 and $6, respectively)	—			—			10			19			7			10			17			29
Net current-period other comprehensive income/(loss)	58			(74		)	19			20			6			30			83			(24		)
Balance at March 31, 2018 and 2017, respectively	$	(307	)	$	(724	)	$	9		$	(62	)	$	(1,132	)	$	(1,122	)	$	(1,430	)	$	(1,908	)

________________________


(i)	Reclassification adjustments from accumulated other comprehensive loss related to foreign currency translation and cash flow hedges are included in Other income, net in the accompanying condensed consolidated statements of comprehensive income. See Note 8 — Derivative Financial Instruments for additional details regarding the reclassification adjustments for the hedge settlements.


(ii)	Reclassification adjustments from accumulated other comprehensive loss are included in the computation of net periodic pension cost (see Note 11 — Retirement Benefits). These components are included in Other income, net in the accompanying condensed consolidated statements of comprehensive income.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

Basic and diluted earnings per share are as follows:



	Three Months Ended March 31,
	2018			2017
Net income attributable to Willis Towers Watson	$	215		$	344

Basic average number of shares outstanding	133			137
Dilutive effect of potentially issuable shares	—			1
Diluted average number of shares outstanding	133			138

Basic earnings per share	$	1.62		$	2.51
Dilutive effect of potentially issuable shares	(0.01		)	(0.01		)
Diluted earnings per share	$	1.61		$	2.50

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Condensed Consolidated Statement of Comprehensive Income

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidated Balance Sheet

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidated Statement of Cash Flows

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Condensed Consolidated Statement of Comprehensive Income

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidated Balance Sheet

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidated Statement of Cash Flows

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Unaudited Condensed Consolidated Statement of Comprehensive Income

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			—			15			1,361			—			1,377
Other operating expenses	—			42			5			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			1			5			37			—			43
Total costs of providing services	1			45			25			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(45		)	(19		)	323			1			259
Income from Group undertakings	—			(133		)	(39		)	(33		)	205			—
Expenses due to Group undertakings	—			12			44			149			(205		)	—
Interest expense	7			26			11			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	51			(35		)	255			1			264
Provision for/(benefit from) income taxes	—			9			(5		)	39			—			43
Equity account for subsidiaries	223			179			(7		)	—			(395		)	—
NET INCOME/(LOSS)	215			221			(37		)	216			(394		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME/(LOSS) ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	(37	)	$	210		$	(394	)	$	215

Comprehensive income/(loss) before non-controlling interests	$	298		$	303		$	(22	)	$	338		$	(612	)	$	305
Comprehensive income attributable to non-controlling interest	—			—			—			(7		)	—			(7		)
Comprehensive income/(loss) attributable to Willis Towers Watson	$	298		$	303		$	(22	)	$	331		$	(612	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			—			10			1,242			—			1,253
Other operating expenses	1			7			10			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			4			3			20			—			27
Transaction and integration expenses	—			1			3			36			—			40
Total costs of providing services	2			13			26			1,877			—			1,918
(Loss)/income from operations	(2		)	(13		)	(20		)	436			—			401
Income from Group undertakings	—			(128		)	(73		)	(58		)	259			—
Expenses due to Group undertakings	—			39			46			174			(259		)	—
Interest expense	7			24			10			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	52			(3		)	358			—			398
Provision for/(benefit from) income taxes	—			4			(2		)	44			—			46
Equity account for subsidiaries	353			311			175			—			(839		)	—
NET INCOME	344			359			174			314			(839		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	174		$	306		$	(839	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	147		$	286		$	(756	)	$	331
Comprehensive income attributable to non-controlling interest	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	147		$	275		$	(756	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			1,361			—			1,377
Other operating expenses	—			47			376			—			423
Depreciation	—			1			48			—			49
Amortization	—			1			141			(1		)	141
Restructuring costs	—			—			—			—			—
Transaction and integration expenses	—			6			37			—			43
Total costs of providing services	1			70			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	323			1			259
Income from Group undertakings	—			(148		)	(33		)	181			—
Expenses due to Group undertakings	—			32			149			(181		)	—
Interest expense	7			37			7			—			51
Other income, net	—			(1		)	(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	16			255			1			264
Provision for income taxes	—			4			39			—			43
Equity account for subsidiaries	223			209			—			(432		)	—
NET INCOME	215			221			216			(431		)	221
Income attributable to non-controlling interests	—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	210		$	(431	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	338		$	(634	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	331		$	(634	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			1,242			—			1,253
Other operating expenses	1			17			383			—			401
Depreciation	—			1			45			—			46
Amortization	—			—			151			—			151
Restructuring costs	—			7			20			—			27
Transaction and integration expenses	—			4			36			—			40
Total costs of providing services	2			39			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	436			—			401
Income from Group undertakings	—			(174		)	(58		)	232			—
Expenses due to Group undertakings	—			58			174			(232		)	—
Interest expense	7			34			5			—			46
Other income, net	—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	49			358			—			398
Provision for income taxes	—			2			44			—			46
Equity account for subsidiaries	353			312			—			(665		)	—
NET INCOME	344			359			314			(665		)	352
Income attributable to non-controlling interests	—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	306		$	(665	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	286		$	(609	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	275		$	(609	)	$	320

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,286		$	—		$	2,292
Costs of providing services
Salaries and benefits	1			15			—			1,361			—			1,377
Other operating expenses	—			47			—			376			—			423
Depreciation	—			1			—			48			—			49
Amortization	—			1			—			141			(1		)	141
Restructuring costs	—			—			—			—			—			—
Transaction and integration expenses	—			6			—			37			—			43
Total costs of providing services	1			70			—			1,963			(1		)	2,033
(Loss)/income from operations	(1		)	(64		)	—			323			1			259
Income from Group undertakings	—			(142		)	(42		)	(33		)	217			—
Expenses due to Group undertakings	—			56			12			149			(217		)	—
Interest expense	7			10			27			7			—			51
Other income, net	—			(1		)	—			(55		)	—			(56		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(8		)	13			3			255			1			264
Provision for income taxes	—			3			1			39			—			43
Equity account for subsidiaries	223			211			142			—			(576		)	—
NET INCOME	215			221			144			216			(575		)	221
Income attributable to non-controlling interests	—			—			—			(6		)	—			(6		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	215		$	221		$	144		$	210		$	(575	)	$	215

Comprehensive income before non-controlling interests	$	298		$	303		$	226		$	338		$	(860	)	$	305
Comprehensive income attributable to non-controlling interests	—			—			—			(7		)	—			(7		)
Comprehensive income attributable to Willis Towers Watson	$	298		$	303		$	226		$	331		$	(860	)	$	298

Unaudited Condensed Consolidating Statement of Comprehensive Income



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
Revenue	$	—		$	6		$	—		$	2,313		$	—		$	2,319
Costs of providing services
Salaries and benefits	1			10			—			1,242			—			1,253
Other operating expenses	1			17			—			383			—			401
Depreciation	—			1			—			45			—			46
Amortization	—			—			—			151			—			151
Restructuring costs	—			7			—			20			—			27
Transaction and integration expenses	—			4			—			36			—			40
Total costs of providing services	2			39			—			1,877			—			1,918
(Loss)/income from operations	(2		)	(33		)	—			436			—			401
Income from Group undertakings	—			(168		)	(34		)	(58		)	260			—
Expenses due to Group undertakings	—			80			6			174			(260		)	—
Interest expense	7			9			25			5			—			46
Other income, net	—			—			—			(43		)	—			(43		)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES	(9		)	46			3			358			—			398
Provision for income taxes	—			2			—			44			—			46
Equity account for subsidiaries	353			315			340			—			(1,008		)	—
NET INCOME	344			359			343			314			(1,008		)	352
Income attributable to non-controlling interests	—			—			—			(8		)	—			(8		)
NET INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	$	344		$	359		$	343		$	306		$	(1,008	)	$	344

Comprehensive income before non-controlling interests	$	320		$	334		$	319		$	286		$	(928	)	$	331
Comprehensive income attributable to non-controlling interests	—			—			—			(11		)	—			(11		)
Comprehensive income attributable to Willis Towers Watson	$	320		$	334		$	319		$	275		$	(928	)	$	320

Unaudited Condensed Consolidated Balance Sheet

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		—		3		2,597		—			2,600
Prepaid and other current assets	—		42		245		330		(178		)	439
Amounts due from group undertakings	6,224		1,715		1,611		3,495		(13,045		)	—
Total current assets	6,224		1,758		1,859		20,988		(13,223		)	17,606
Investments in subsidiaries	5,034		8,019		5,903		—		(18,956		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		41		141		454		(106		)	532
Non-current amounts due from group undertakings	—		5,305		861		—		(6,166		)	—
Total non-current assets	5,036		13,450		6,905		16,503		(25,288		)	16,606
TOTAL ASSETS	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		6		12		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		36		119		737		(115		)	867
Amounts due to group undertakings	1		8,064		2,652		2,328		(13,045		)	—
Total current liabilities	91		8,106		2,783		17,984		(13,160		)	15,804
Long-term debt	497		2,906		1,041		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		—		120		504		—			624
Other non-current liabilities	—		4		15		487		—			506
Non-current amounts due to group undertakings	—		—		519		5,647		(6,166		)	—
Total non-current liabilities	497		2,910		1,695		8,748		(6,272		)	7,578
TOTAL LIABILITIES	588		11,016		4,478		26,732		(19,432		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		4,286		10,601		(19,079		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,192		4,286		10,731		(19,079		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	15,208	$	8,764	$	37,491	$	(38,511	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		—		4		2,242		—			2,246
Prepaid and other current assets	—		45		267		264		(146		)	430
Amounts due from group undertakings	6,202		1,331		1,661		3,626		(12,820		)	—
Total current assets	6,204		1,377		1,932		19,314		(12,966		)	15,861
Investments in subsidiaries	4,506		8,836		6,125		—		(19,467		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		34		115		388		(90		)	447
Non-current amounts due from group undertakings	—		5,375		861		—		(6,236		)	—
Total non-current assets	4,506		14,330		7,101		16,513		(25,853		)	16,597
TOTAL ASSETS	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		7		19		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		60		83		724		(150		)	804
Amounts due to group undertakings	—		8,100		2,790		1,930		(12,820		)	—
Total current liabilities	87		8,167		2,892		16,579		(12,970		)	14,755
Long-term debt	497		2,883		986		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		—		120		438		—			558
Other non-current liabilities	—		5		19		520		—			544
Non-current amounts due to group undertakings	—		—		519		5,717		(6,236		)	—
Total non-current liabilities	497		2,888		1,644		8,722		(6,325		)	7,426
TOTAL LIABILITIES	584		11,055		4,536		25,301		(19,295		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		4,497		10,375		(19,524		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		4,497		10,498		(19,524		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	15,707	$	9,033	$	35,827	$	(38,819	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	953	$	—		$	954
Fiduciary assets	—		—		13,613		—			13,613
Accounts receivable, net	—		3		2,597		—			2,600
Prepaid and other current assets	—		287		330		(178		)	439
Amounts due from group undertakings	6,224		2,276		3,495		(11,995		)	—
Total current assets	6,224		2,567		20,988		(12,173		)	17,606
Investments in subsidiaries	5,034		9,636		—		(14,670		)	—
Fixed assets, net	—		25		901		—			926
Goodwill	—		—		10,555		—			10,555
Other intangible assets, net	—		60		3,761		(60		)	3,761
Pension benefits assets	—		—		832		—			832
Other non-current assets	2		182		454		(106		)	532
Non-current amounts due from group undertakings	—		5,647		—		(5,647		)	—
Total non-current assets	5,036		15,550		16,503		(20,483		)	16,606
TOTAL ASSETS	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	90		155		737		(115		)	867
Amounts due to group undertakings	1		9,666		2,328		(11,995		)	—
Total current liabilities	91		9,839		17,984		(12,110		)	15,804
Long-term debt	497		3,947		63		—			4,507
Liability for pension benefits	—		—		1,230		—			1,230
Deferred tax liabilities	—		—		817		(106		)	711
Provision for liabilities	—		120		504		—			624
Other non-current liabilities	—		19		487		—			506
Non-current amounts due to group undertakings	—		—		5,647		(5,647		)	—
Total non-current liabilities	497		4,086		8,748		(5,753		)	7,578
TOTAL LIABILITIES	588		13,925		26,732		(17,863		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,192		10,601		(14,793		)	10,672
Non-controlling interests	—		—		130		—			130
Total equity	10,672		4,192		10,731		(14,793		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	18,117	$	37,491	$	(32,656	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson — the Parent Issuer		The Guarantors		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		12,155		—			12,155
Accounts receivable, net	—		4		2,242		—			2,246
Prepaid and other current assets	—		312		264		(146		)	430
Amounts due from group undertakings	6,202		1,949		3,626		(11,777		)	—
Total current assets	6,204		2,266		19,314		(11,923		)	15,861
Investments in subsidiaries	4,506		10,463		—		(14,969		)	—
Fixed assets, net	—		25		960		—			985
Goodwill	—		—		10,519		—			10,519
Other intangible assets, net	—		60		3,882		(60		)	3,882
Pension benefits assets	—		—		764		—			764
Other non-current assets	—		149		388		(90		)	447
Non-current amounts due from group undertakings	—		5,717		—		(5,717		)	—
Total non-current assets	4,506		16,414		16,513		(20,836		)	16,597
TOTAL ASSETS	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		85		—			85
Other current liabilities	87		143		724		(150		)	804
Amounts due to group undertakings	—		9,846		1,930		(11,776		)	—
Total current liabilities	87		10,015		16,579		(11,926		)	14,755
Long-term debt	497		3,869		84		—			4,450
Liability for pension benefits	—		—		1,259		—			1,259
Deferred tax liabilities	—		—		704		(89		)	615
Provision for liabilities	—		120		438		—			558
Other non-current liabilities	—		24		520		—			544
Non-current amounts due to group undertakings	—		—		5,717		(5,717		)	—
Total non-current liabilities	497		4,013		8,722		(5,806		)	7,426
TOTAL LIABILITIES	584		14,028		25,301		(17,732		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		10,375		(15,027		)	10,126
Non-controlling interests	—		—		123		—			123
Total equity	10,126		4,652		10,498		(15,027		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	18,680	$	35,827	$	(32,759	)	$	32,458

Unaudited Condensed Consolidating Balance Sheet



	As of March 31, 2018
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	1	$	—	$	953	$	—		$	954
Fiduciary assets	—		—		—		13,613		—			13,613
Accounts receivable, net	—		3		—		2,597		—			2,600
Prepaid and other current assets	—		289		1		330		(181		)	439
Amounts due from group undertakings	6,224		1,775		2,486		3,495		(13,980		)	—
Total current assets	6,224		2,068		2,487		20,988		(14,161		)	17,606
Investments in subsidiaries	5,034		8,896		2,111		—		(16,041		)	—
Fixed assets, net	—		25		—		901		—			926
Goodwill	—		—		—		10,555		—			10,555
Other intangible assets, net	—		60		—		3,761		(60		)	3,761
Pension benefits assets	—		—		—		832		—			832
Other non-current assets	2		179		3		454		(106		)	532
Non-current amounts due from group undertakings	—		4,784		1,805		—		(6,589		)	—
Total non-current assets	5,036		13,944		3,919		16,503		(22,796		)	16,606
TOTAL ASSETS	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	13,613	$	—		$	13,613
Deferred revenue and accrued expenses	—		18		—		1,221		—			1,239
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	90		137		20		737		(117		)	867
Amounts due to group undertakings	1		9,965		1,686		2,328		(13,980		)	—
Total current liabilities	91		10,120		1,706		17,984		(14,097		)	15,804
Long-term debt	497		1,041		2,906		63		—			4,507
Liability for pension benefits	—		—		—		1,230		—			1,230
Deferred tax liabilities	—		—		—		817		(106		)	711
Provision for liabilities	—		120		—		504		—			624
Other non-current liabilities	—		19		—		487		—			506
Non-current amounts due to group undertakings	—		519		423		5,647		(6,589		)	—
Total non-current liabilities	497		1,699		3,329		8,748		(6,695		)	7,578
TOTAL LIABILITIES	588		11,819		5,035		26,732		(20,792		)	23,382
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,672		4,193		1,371		10,601		(16,165		)	10,672
Non-controlling interests	—		—		—		130		—			130
Total equity	10,672		4,193		1,371		10,731		(16,165		)	10,802
TOTAL LIABILITIES AND EQUITY	$	11,260	$	16,012	$	6,406	$	37,491	$	(36,957	)	$	34,212

Unaudited Condensed Consolidating Balance Sheet



	As of December 31, 2017
	Willis Towers Watson		The Other Guarantors		The Issuer		Other		Consolidating adjustments			Consolidated
ASSETS
Cash and cash equivalents	$	2	$	1	$	—	$	1,027	$	—		$	1,030
Fiduciary assets	—		—		—		12,155		—			12,155
Accounts receivable, net	—		4		—		2,242		—			2,246
Prepaid and other current assets	—		314		1		264		(149		)	430
Amounts due from group undertakings	6,202		1,420		2,807		3,626		(14,055		)	—
Total current assets	6,204		1,739		2,808		19,314		(14,204		)	15,861
Investments in subsidiaries	4,506		10,052		1,918		—		(16,476		)	—
Fixed assets, net	—		25		—		960		—			985
Goodwill	—		—		—		10,519		—			10,519
Other intangible assets, net	—		60		—		3,882		(60		)	3,882
Pension benefits assets	—		—		—		764		—			764
Other non-current assets	—		146		3		388		(90		)	447
Non-current amounts due from group undertakings	—		4,884		1,775		—		(6,659		)	—
Total non-current assets	4,506		15,167		3,696		16,513		(23,285		)	16,597
TOTAL ASSETS	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458
LIABILITIES AND EQUITY
Fiduciary liabilities	$	—	$	—	$	—	$	12,155	$	—		$	12,155
Deferred revenue and accrued expenses	—		26		—		1,685		—			1,711
Short-term debt and current portion of long-term debt	—		—		—		85		—			85
Other current liabilities	87		112		33		724		(152		)	804
Amounts due to group undertakings	—		10,467		1,658		1,930		(14,055		)	—
Total current liabilities	87		10,605		1,691		16,579		(14,207		)	14,755
Long-term debt	497		986		2,883		84		—			4,450
Liability for pension benefits	—		—		—		1,259		—			1,259
Deferred tax liabilities	—		—		—		704		(89		)	615
Provision for liabilities	—		120		—		438		—			558
Other non-current liabilities	—		24		—		520		—			544
Non-current amounts due to group undertakings	—		519		423		5,717		(6,659		)	—
Total non-current liabilities	497		1,649		3,306		8,722		(6,748		)	7,426
TOTAL LIABILITIES	584		12,254		4,997		25,301		(20,955		)	22,181
REDEEMABLE NON-CONTROLLING INTEREST	—		—		—		28		—			28
EQUITY
Total Willis Towers Watson shareholders’ equity	10,126		4,652		1,507		10,375		(16,534		)	10,126
Non-controlling interests	—		—		—		123		—			123
Total equity	10,126		4,652		1,507		10,498		(16,534		)	10,249
TOTAL LIABILITIES AND EQUITY	$	10,710	$	16,906	$	6,504	$	35,827	$	(37,489	)	$	32,458

Unaudited Condensed Consolidated Statement of Cash Flows

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(283	)	$	(98	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			88			67			49			(204		)	—
Repayments of intercompany investing activities	(17		)	(11		)	—			(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	76		$	67		$	(273	)	$	68		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			6			55			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			—			1			(68		)
Proceeds from intercompany financing activities	—			244			—			28			(272		)	—
Repayments of intercompany financing activities	—			(42		)	(24		)	(138		)	204			—
Net cash (used in)/from financing activities	$	(57	)	$	207		$	31		$	(138	)	$	(67	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(158	)	$	(31	)	$	322		$	(117	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(1,379		)	—			(1,107		)	2,486			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(440	)	$	—		$	(1,114	)	$	1,350		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			—			(3		)
Repayments of debt	—			(219		)	(394		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(59		)	(58		)	117			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,018			484			984			(2,486		)	—
Repayments of intercompany financing activities	—			(1,023		)	—			(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	599		$	31		$	818		$	(1,233	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	(381	)	$	328		$	(1	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	(64		)	—			(65		)
Capitalized software costs	—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			4			—			4
Proceeds from intercompany investing activities	—			138			49			(187		)	—
Repayments of intercompany investing activities	(17		)	(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	126		$	(273	)	$	85		$	(79	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			61			—			—			61
Repayments of debt	—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	—			1			(68		)
Proceeds from intercompany financing activities	—			244			28			(272		)	—
Repayments of intercompany financing activities	—			(49		)	(138		)	187			—
Net cash (used in)/from financing activities	$	(57	)	$	255		$	(138	)	$	(84	)	$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson — the Parent Issuer			The Guarantors			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(248	)	$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	(60		)	—			(62		)
Capitalized software costs	—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			(12		)	—			(12		)
Other, net	—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			1,059			—
Net cash from/(used in) investing activities	$	122		$	(46	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			826			—			—			826
Proceeds from issuance of other debt	—			—			32			—			32
Debt issuance costs	—			(3		)	—			—			(3		)
Repayments of debt	—			(613		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,023		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	295		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	900		$	—		$	901

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2018
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	72		$	147		$	(196	)	$	328		$	(333	)	$	18
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(1		)	—			(64		)	—			(65		)
Capitalized software costs	—			—			—			(13		)	—			(13		)
Acquisitions of operations, net of cash acquired	—			—			—			(5		)	—			(5		)
Net proceeds from sale of operations	—			—			—			4			—			4
Proceeds from intercompany investing activities	—			130			337			49			(516		)	—
Repayments of intercompany investing activities	(17		)	—			(11		)	(244		)	272			—
Net cash (used in)/from investing activities	$	(17	)	$	129		$	326		$	(273	)	$	(244	)	$	(79	)
CASH FLOWS USED IN FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			55			6			—			—			61
Repayments of debt	—			—			—			(21		)	—			(21		)
Proceeds from issuance of shares	11			—			—			—			—			11
Cash paid for employee taxes on withholding shares	—			—			—			(7		)	—			(7		)
Dividends paid	(68		)	(1		)	(332		)	—			333			(68		)
Proceeds from intercompany financing activities	—			7			237			28			(272		)	—
Repayments of intercompany financing activities	—			(337		)	(41		)	(138		)	516			—
Net cash used in financing activities	$	(57	)	$	(276	)	$	(130	)	$	(138	)	$	577		$	(24	)
DECREASE IN CASH AND CASH EQUIVALENTS	(2		)	—			—			(83		)	—			(85		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			9			—			9
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2			1			—			1,027			—			1,030
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	953		$	—		$	954

Unaudited Condensed Consolidating Statement of Cash Flows



	Three Months Ended March 31, 2017
	Willis Towers Watson			The Other Guarantors			The Issuer			Other			Consolidating adjustments			Consolidated
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$	79		$	(635	)	$	387		$	322		$	(58	)	$	95
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	—			(2		)	—			(60		)	—			(62		)
Capitalized software costs	—			—			—			(15		)	—			(15		)
Acquisitions of operations, net of cash acquired	—			—			—			(12		)	—			(12		)
Other, net	—			—			—			7			—			7
Proceeds from intercompany investing activities	1,122			—			—			14			(1,136		)	—
Repayments of intercompany investing activities	—			—			(985		)	(1,107		)	2,092			—
Reduction in investment in subsidiaries	—			1,000			—			59			(1,059		)	—
Additional investment in subsidiaries	(1,000		)	(59		)	—			—			1,059			—
Net cash from/(used in) investing activities	$	122		$	939		$	(985	)	$	(1,114	)	$	956		$	(82	)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	—			—			826			—			—			826
Proceeds from issuance of other debt	—			—			—			32			—			32
Debt issuance costs	—			—			(3		)	—			—			(3		)
Repayments of debt	—			(394		)	(219		)	(23		)	—			(636		)
Repurchase of shares	(156		)	—			—			—			—			(156		)
Proceeds from issuance of shares	20			—			—			—			—			20
Cash paid for employee taxes on withholding shares	—			—			—			(3		)	—			(3		)
Dividends paid	(65		)	—			—			(58		)	58			(65		)
Acquisitions of and dividends paid to non-controlling interests	—			—			—			(1		)	—			(1		)
Proceeds from intercompany financing activities	—			1,108			—			984			(2,092		)	—
Repayments of intercompany financing activities	—			(1,017		)	(6		)	(113		)	1,136			—
Net cash (used in)/from financing activities	$	(201	)	$	(303	)	$	598		$	818		$	(898	)	$	14
INCREASE IN CASH AND CASH EQUIVALENTS	—			1			—			26			—			27
Effect of exchange rate changes on cash and cash equivalents	—			—			—			4			—			4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	—			—			—			870			—			870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	—		$	1		$	—		$	900		$	—		$	901

Nature of Operations (Details)	Mar. 31, 2018 employee Country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of employees employed (more than 41,000) \| employee	43,000
Number of countries in which entity operates (more than 140) \| Country	140

Basis of Presentation and Recent Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AccountingStandardsUpdate201707 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification For Presentation	$ 79	$ 62
Accounting Standards Update 2014-09 [Member] \| Broking [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portion Of Revenue	50.00%
Accounting Standards Update 2014-09 [Member] \| Consulting [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portion Of Revenue	35.00%
Accounting Standards Update 2014-09 [Member] \| Outsourced administration [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portion Of Revenue	9.00%
Accounting Standards Update 2014-09 [Member] \| Other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portion Of Revenue	5.00%
Accounting Standards Update 2014-09 [Member] \| Reimbursed Expenses [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Portion Of Revenue	1.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
U.S. statutory tax rate	21.00%	35.00%	35.00%
Contract with Customer, Liability, Revenue Recognized	$ 92
Other \| Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, Percentage of Total Revenue	5.00%
Minimum \| Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| System implementation activities [Member] \| Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Costs, Amortization Time			3 years
Maximum \| Calculated under Revenue Guidance in Effect before Topic 606 [Member] \| System implementation activities [Member] \| Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Costs, Amortization Time			5 years

Revenue - Schedule of Effect of ASC 606 on Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Jan. 01, 2018

Dec. 31, 2017

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 2,600

$ 2,555

$ 2,246

439

430

532

447

926

985

1,239

1,711

867

804

711

615

624

558

1,557

1,104

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES

2,292

$ 2,319

Salaries and benefits

1,377

1,253

Depreciation

Income from operations

259

401

264

398

NET INCOME

221

352

Basic (loss)/earnings per share (usd per share)

$ 215

$ 344

$ 1.62

$ 2.51

Diluted (loss)/earnings per share (usd per share)

$ 1.61

$ 2.50

NET CASH FROM/(USED IN) OPERATING ACTIVITIES

$ 18

$ 95

Payments to Develop Software

$ 15

Calculated under revenue guidance in Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,555

519

486

902

1,637

714

570

Calculated under Revenue Guidance in Effect before Topic 606 [Member]

1,421

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,246

430

447

985

1,711

615

558

Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]

$ 1,104

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

2,584

370

488

1,015

1,348

919

612

612

1,466

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES

2,551

Salaries and benefits

1,352

Depreciation

Income from operations

538

543

NET INCOME

447

Basic (loss)/earnings per share (usd per share)

$ 441

$ 3.33

Diluted (loss)/earnings per share (usd per share)

$ 3.31

NET CASH FROM/(USED IN) OPERATING ACTIVITIES

$ 28

Payments to Develop Software

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[1]

309

^[2]

^[3]

^[3]

(89)

(83)

^[4]

(109)

(74)

^[5]

(52)

^[5]

^[6]

^[7]

$ 317

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES

^{[8],[9],[10],[11]}

(259)

Salaries and benefits

^[12],[13]

Depreciation

^[13]

(5)

Income from operations

(279)

(279)

^[14]

(53)

NET INCOME

(226)

Basic (loss)/earnings per share (usd per share)

$ (226)

$ (1.71)

Diluted (loss)/earnings per share (usd per share)

$ (1.70)

NET CASH FROM/(USED IN) OPERATING ACTIVITIES

^[15]

$ (10)

Payments to Develop Software

^[15]

$ (10)

[1]	Accounts receivable, net, now includes receivables that have been billed, not yet billed and short-term contract assets. This adjustment is the result of the cumulative adjustments to revenue that have not yet been collected from our customers, but are expected to be collected within the next twelve months. The most significant increases to this balance result from revenue acceleration under ASC 606 for Medicare and proportional treaty broking commissions.
[2]	Prepaid and other current assets include the impact of costs deferred in connection with our broking pre-placement activities. These costs are being deferred while the related pre-placement work is performed, and amortized as the related revenue is recognized, typically upon policy inception. Since the amortization period associated with these fulfillment costs is less than one year, these deferred costs have been classified as a current asset.
[3]	Prior to the adoption of ASC 606, costs that we deferred related to certain system implementation activities had been included in fixed assets, net. These costs, adjusted based on the guidance in ASC 606, have now been included in other non-current assets. Additionally we have included less significant impacts of adjustments to deferred tax assets and have classified non-current contract assets within non-current assets.
[4]	Deferred revenue has been adjusted primarily to reflect revenue acceleration in our Medicare broking business. Additional adjustments were included to accelerate the license component of certain software arrangements and to net deferred revenue with contract assets.
[5]	Other current liabilities, which includes current taxes payable, and deferred tax liabilities, have been adjusted for the tax effects of the individual changes resulting from the adoption of ASC 606. The income tax expense was calculated based on the U.S. and foreign statutory rates applicable to adjustments made. Where applicable, a U.S. statutory rate of 21% was used.
[6]	Provision for liabilities has been adjusted for additional reserves for long-term post-placement obligations in our broking business.
[7]	Retained earnings has been adjusted for the net impact of the adoption of ASC 606. See the discussion of the significant pre-tax changes by revenue stream in the following section.
[8]	Health and benefits broking — revenue for certain Health and Benefits broking arrangements, in our Human Capital and Benefits (‘HCB’) segment, will now be recognized evenly over the year to reflect the nature of the ongoing obligations to our customers as well as receipt of the monthly commissions. These contracts are monthly or annual in nature, and are considered complete as of the transition date. Therefore, no retained earnings adjustment is required. The total reduction to revenue as a result of this change for the three months ended March 31, 2018 was $190 million.
[9]	Medicare broking — the majority of revenue recognition for this offering, within our Individual Marketplace business, has moved from monthly ratable recognition over the policy period, to recognition upon placement of the policy. Consequently, the Company will now recognize approximately two-thirds of one calendar year of expected commissions during its fourth quarter of the preceding calendar year. The remainder of the revenue is recognized consistently with methods used prior to the adoption of ASC 606. Therefore, at the adoption date, we have reflected a $271 million pre-tax increase to retained earnings for the portion of the revenue that would otherwise have been recognized during our 2018 calendar year since our earnings process was largely completed during the fourth quarter of 2017. Additionally, we have reflected a $40 million pretax adjustment to increase retained earnings related to previously deferred contingent revenue from placements made prior to 2018 because the earnings process was complete under ASC 606. During the three months ended March 31, 2018, the accounting for this revenue stream under ASC 606 represented a reduction of revenue from ASC 605, Revenue Recognition (‘ASC 605’) accounting methods of $73 million.
[10]	Other adjustments — certain other revenue changes with individually less significant adjustments were made to retained earnings as of the adoption date totaling $28 million. The cumulative decrease to revenue for the three months ended March 31, 2018 for other revenue streams not discussed above resulting from the ASC 606 adoption was $20 million.
[11]	Proportional treaty reinsurance broking — the revenue recognition for proportional treaty reinsurance broking commissions, within our Investment, Risk and Reinsurance (‘IRR’) segment, has moved from recognition upon the receipt of the monthly or quarterly treaty statements from the ceding insurance carriers, to the recognition of an estimate of expected commissions upon the policy effective date. Since the majority of revenue recognized historically based on these monthly or quarterly statements was received over a two-year period, we reflected a $50 million pretax increase to retained earnings at the adoption date for the portion of revenue that would otherwise have been recognized during our 2018 calendar year related to policies effective in 2017 or prior years. For the three months ended March 31, 2018, ASC 606 revenue was higher than ASC 605 revenue by approximately $24 million related to this adjustment.
[12]	Other cost adjustments —This guidance now applies to our broking arrangements and certain consulting engagements. While the costs deferred for our broking arrangements will typically be amortized within one year, costs now deferred related to certain consulting arrangements will be amortized over a longer term. We have increased pre-tax retained earnings by $75 million primarily to reflect the total changes to contract costs as of the adoption date. For the three months ended March 31, 2018, these changes resulted in an increase in expenses of $18 million.
[13]	System implementation activities — For those portions of the business that previously deferred costs, the length of time over which we amortize those costs will extend to a longer estimated contract term. For 2017 and prior years, these costs were amortized over a typical period of 3-5 years in accordance with the initial stated terms of the customer agreements. Additionally, the composition of deferred costs has been adjusted to reflect the guidance in ASC 606. A reduction adjustment to retained earnings of $46 million was recorded on the adoption date to reflect these changes. Further, the amortization of the costs are no longer classified as depreciation expense, but rather included in salaries and benefits. These adjustments resulted in an increase in expenses of $2 million for the three months ended March 31, 2018.
[14]	The provision for income taxes for the three months ended March 31, 2018 was $53 million lower than our provision on an ASC 605 basis. The income tax expense was calculated based on the U.S. and foreign statutory rates applicable to adjustments made. Where applicable, a U.S. statutory rate of 21% was used. There was a $101 million net tax reduction to retained earnings upon adoption of ASC 606.
[15]	As part of the changes in accounting for deferred costs, amounts capitalized relating to system implementation activities are now classified as operating cash outflows. Previously, those costs capitalized under previous guidance were included in the Capitalized software costs as an investing cash outflow.

Revenue - Schedule of Effect of ASC 606 on Items in Retained Earnings and Earnings (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Jan. 01, 2018

Dec. 31, 2017

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 1,557,000

$ 1,104,000

43,000

$ 46,000

2,292,000

2,319,000

2,033,000

1,918,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]

215,000

$ 344,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[1]

91,000

$ 317,000

^[2]

(53,000)

^{[3],[4],[5],[6]}

(259,000)

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Medicare broking [Member]

(226,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[4]

311,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Proportional treaty reinsurance broking [Member]

^[4]

(73,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[6]

50,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Health and benefits broking [Member]

^[6]

24,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[3]

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Other

^[3]

(190,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[5]

28,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Total Revenue Adjustments [Member]

^[5]

(20,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

389,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | System implementation activities [Member]

(259,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[7]

(46,000)

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Other Cost Adjustments [Member]

^[7]

2,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[8]

75,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Total Cost Adjustments [Member]

^[8]

18,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

29,000

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Income Tax Effect [Member]

20,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[2]

(101,000)

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | CurrentYearPolicies [Member] | Accounting Standards Update 2014-09 [Member] | Medicare broking [Member]

^[2]

$ (53,000)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | PriorPolicyYears [Member] | Accounting Standards Update 2014-09 [Member] | Medicare broking [Member]

271,000

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 40,000

[1]	Retained earnings has been adjusted for the net impact of the adoption of ASC 606. See the discussion of the significant pre-tax changes by revenue stream in the following section.
[2]	The provision for income taxes for the three months ended March 31, 2018 was $53 million lower than our provision on an ASC 605 basis. The income tax expense was calculated based on the U.S. and foreign statutory rates applicable to adjustments made. Where applicable, a U.S. statutory rate of 21% was used. There was a $101 million net tax reduction to retained earnings upon adoption of ASC 606.
[3]	Health and benefits broking — revenue for certain Health and Benefits broking arrangements, in our Human Capital and Benefits (‘HCB’) segment, will now be recognized evenly over the year to reflect the nature of the ongoing obligations to our customers as well as receipt of the monthly commissions. These contracts are monthly or annual in nature, and are considered complete as of the transition date. Therefore, no retained earnings adjustment is required. The total reduction to revenue as a result of this change for the three months ended March 31, 2018 was $190 million.
[4]	Medicare broking — the majority of revenue recognition for this offering, within our Individual Marketplace business, has moved from monthly ratable recognition over the policy period, to recognition upon placement of the policy. Consequently, the Company will now recognize approximately two-thirds of one calendar year of expected commissions during its fourth quarter of the preceding calendar year. The remainder of the revenue is recognized consistently with methods used prior to the adoption of ASC 606. Therefore, at the adoption date, we have reflected a $271 million pre-tax increase to retained earnings for the portion of the revenue that would otherwise have been recognized during our 2018 calendar year since our earnings process was largely completed during the fourth quarter of 2017. Additionally, we have reflected a $40 million pretax adjustment to increase retained earnings related to previously deferred contingent revenue from placements made prior to 2018 because the earnings process was complete under ASC 606. During the three months ended March 31, 2018, the accounting for this revenue stream under ASC 606 represented a reduction of revenue from ASC 605, Revenue Recognition (‘ASC 605’) accounting methods of $73 million.
[5]	Other adjustments — certain other revenue changes with individually less significant adjustments were made to retained earnings as of the adoption date totaling $28 million. The cumulative decrease to revenue for the three months ended March 31, 2018 for other revenue streams not discussed above resulting from the ASC 606 adoption was $20 million.
[6]	Proportional treaty reinsurance broking — the revenue recognition for proportional treaty reinsurance broking commissions, within our Investment, Risk and Reinsurance (‘IRR’) segment, has moved from recognition upon the receipt of the monthly or quarterly treaty statements from the ceding insurance carriers, to the recognition of an estimate of expected commissions upon the policy effective date. Since the majority of revenue recognized historically based on these monthly or quarterly statements was received over a two-year period, we reflected a $50 million pretax increase to retained earnings at the adoption date for the portion of revenue that would otherwise have been recognized during our 2018 calendar year related to policies effective in 2017 or prior years. For the three months ended March 31, 2018, ASC 606 revenue was higher than ASC 605 revenue by approximately $24 million related to this adjustment.
[7]	System implementation activities — For those portions of the business that previously deferred costs, the length of time over which we amortize those costs will extend to a longer estimated contract term. For 2017 and prior years, these costs were amortized over a typical period of 3-5 years in accordance with the initial stated terms of the customer agreements. Additionally, the composition of deferred costs has been adjusted to reflect the guidance in ASC 606. A reduction adjustment to retained earnings of $46 million was recorded on the adoption date to reflect these changes. Further, the amortization of the costs are no longer classified as depreciation expense, but rather included in salaries and benefits. These adjustments resulted in an increase in expenses of $2 million for the three months ended March 31, 2018.
[8]	Other cost adjustments —This guidance now applies to our broking arrangements and certain consulting engagements. While the costs deferred for our broking arrangements will typically be amortized within one year, costs now deferred related to certain consulting arrangements will be amortized over a longer term. We have increased pre-tax retained earnings by $75 million primarily to reflect the total changes to contract costs as of the adoption date. For the three months ended March 31, 2018, these changes resulted in an increase in expenses of $18 million.

Revenue - Schedule of Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Billed Receivable, Current	$ 2,059	$ 1,933
Unbilled Receivable, Current	345	276
Contract asset, Current	196	346
Accounts receivable, net	2,600	2,555	$ 2,246
Contract asset, Noncurrent	5	5
Deferred Revenue	460	463
Allowance for doubtful debts	$ 48	$ 45

Revenue - Schedule of Remaining Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, Remaining Performance Obligation	$ 311
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, Remaining Performance Obligation	$ 369
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, Remaining Performance Obligation	$ 1,284
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Revenue - Schedule of Capitalized and Deferred Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Capitalized Contract Cost, Net	$ 109	$ 126
Capitalized Contract Cost, Additions	103
Capitalized Contract Cost, Amortization	(122)
Capitalized Contract Cost, Impairment Loss	0
Capitalized Contract Cost, Foreign Exchange Translation Gain (Loss)	$ 2

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2018 segment
Segment Reporting [Abstract]
Number of operating segments	4
Number of reportable segments	4

Segment Information - Revenue (Net of Reimbursable Expenses) of the Reported Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 2,292	$ 2,319
Income from operations	259	401
HCB
Segment Reporting Information [Line Items]
Revenues	846
CRB
Segment Reporting Information [Line Items]
Revenues	740
IRR
Segment Reporting Information [Line Items]
Revenues	576
BDA
Segment Reporting Information [Line Items]
Revenues	124
Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,268	2,293
Income from operations	547	714
Operating Segments \| HCB
Segment Reporting Information [Line Items]
Revenues	832	949
Income from operations	193	345
Operating Segments \| CRB
Segment Reporting Information [Line Items]
Revenues	740	672
Income from operations	125	117
Operating Segments \| IRR
Segment Reporting Information [Line Items]
Revenues	574	491
Income from operations	261	214
Operating Segments \| BDA
Segment Reporting Information [Line Items]
Revenues	122	181
Income from operations	$ (32)	$ 38

Segment Information - Reconciliation of Information Reported by Segment to Consolidated Amounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Revenues	$ 2,292	$ 2,319
Income from operations	259	401
Amortization	(141)	(151)
Restructuring costs	0	(27)
Interest expense	51	46
Other income, net	(56)	(43)
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	264	398
Operating Segments
Revenue:
Revenues	2,268	2,293
Income from operations	547	714
Segment Reconciling Items [Member]
Revenue:
Revenues	24	26
Amortization	(141)	(151)
Restructuring costs	0	(27)
Transaction and integration expenses	(43)	(40)
Other, net	(104)	(95)
Interest expense	51	46
Other income, net	$ (56)	$ (43)

Restructuring Costs - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended				45 Months Ended
Restructuring Costs - Narrative (Details) $ in Millions	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2017 USD ($) Position
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 27
Operational Improvement Program
Restructuring Cost and Reserve [Line Items]
Number of support roles moved from higher cost locations to lower cost locations (more than) \| Position							3,500
Restructuring costs	$ 0	$ 27	$ 134	$ 145	$ 126	$ 36
Cumulative restructuring cost							$ 441

Restructuring Costs - Analysis of the Cost for Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0	$ 27
Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		6
Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		21
Operating Segments \| HCB
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1
Operating Segments \| HCB \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Operating Segments \| HCB \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1
Operating Segments \| CRB
Restructuring Cost and Reserve [Line Items]
Restructuring costs		19
Operating Segments \| CRB \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		4
Operating Segments \| CRB \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		15
Operating Segments \| IRR
Restructuring Cost and Reserve [Line Items]
Restructuring costs		3
Operating Segments \| IRR \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		2
Operating Segments \| IRR \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1
Operating Segments \| BDA
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Operating Segments \| BDA \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Operating Segments \| BDA \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		4
Corporate, Non-Segment [Member] \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Corporate, Non-Segment [Member] \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs		4
Operational Improvement Program
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	$ 27	$ 134	$ 145	$ 126	$ 36
Operational Improvement Program \| Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0		48	23	36	16
Operational Improvement Program \| Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0		$ 86	$ 122	$ 90	$ 20

Restructuring Costs - Restructuring Liability (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Charges incurred	$ 0	$ 27
Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	21	25	$ 25	$ 26	$ 11	$ 0
Charges incurred	0	27	134	145	126	36
Cash payments	(7)		(138)	(146)	(111)	(25)
Restructuring liability, ending balance	14		21	25	26	11
Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	1	26	26	0
Charges incurred			(2)	48
Cash payments	0		(23)	(22)
Restructuring liability, ending balance	1		1	26	0
Termination benefits
Restructuring Reserve [Roll Forward]
Charges incurred		6
Termination benefits \| Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	14	7	7	15	5	0
Charges incurred	0		48	23	36	16
Cash payments	(5)		(41)	(31)	(26)	(11)
Restructuring liability, ending balance	9		14	7	15	5
Termination benefits \| Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	1	26	26	0
Charges incurred			(2)	45
Cash payments	0		(23)	(19)
Restructuring liability, ending balance	1		1	26	0
Professional services and other
Restructuring Reserve [Roll Forward]
Charges incurred		21
Professional services and other \| Operational Improvement Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	7	18	18	11	6	0
Charges incurred	0		86	122	90	20
Cash payments	(2)		(97)	(115)	(85)	(14)
Restructuring liability, ending balance	5		7	18	11	$ 6
Professional services and other \| Business Restructure Program
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	0	$ 0	0	0
Charges incurred			0	3
Cash payments	0		0	(3)
Restructuring liability, ending balance	$ 0		$ 0	$ 0	$ 0

Income Taxes - Impact of U.S. Tax Reform (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Impact of U.S. Tax Reform [Line Items]
Provision for income taxes	$ 43	$ 46
Effective tax rate	16.30%	11.60%
U.S. statutory tax rate	21.00%	35.00%	35.00%
Liability for uncertain tax position	$ 62
Reduction Of The Federal Corporate Tax Rate [Member]
Impact of U.S. Tax Reform [Line Items]
Deferred Tax Assets, Net			$ 208
Indefinite Reinvestment Assertion [Member]
Impact of U.S. Tax Reform [Line Items]
Deferred Tax Liabilities, Net			(1)
Bonus Depreciation [Member]
Impact of U.S. Tax Reform [Line Items]
Income Taxes Receivable, Current			40
Executive Compensation [Member]
Impact of U.S. Tax Reform [Line Items]
Deferred Tax Liabilities, Net			(8)
One-Time Transition Tax [Member] \| Internal Revenue Service (IRS) [Member]
Impact of U.S. Tax Reform [Line Items]
Accrued Income Taxes, Noncurrent			70
Accrued Income Taxes Reduction	(64)
One-Time Transition Tax [Member] \| State and Local Jurisdiction [Member]
Impact of U.S. Tax Reform [Line Items]
Accrued Income Taxes, Noncurrent			$ 2
Minimum
Impact of U.S. Tax Reform [Line Items]
Expected decrease in liability for uncertain tax position	$ 3
Maximum
Impact of U.S. Tax Reform [Line Items]
GILTI deduction rate	50.00%
Expected decrease in liability for uncertain tax position	$ 5

Goodwill and Other Intangible Assets - Components of Goodwill (Details)
$ in Millions

3 Months Ended

Mar. 31, 2018

USD ($)

$ 11,011

(492)

10,519

11,047

(492)

10,555

HCB

4,342

(130)

4,212

4,358

(130)

4,228

CRB

2,261

(362)

1,899

^[1]

2,346

(362)

1,984

IRR

1,851

1,851

(72)

^[1]

1,786

1,786

BDA

2,557

2,557

2,557

$ 2,557

[1]	Represents the preliminary reallocation of goodwill related to certain businesses which were realigned among the segments as of January 1, 2018. See Note 4 — Segment Information for further information.

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets and Liabilities (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

$ 3,882

(5)

(141)

$ (151)

Finite-lived intangible assets, gross carrying amount

3,761

5,425

$ 5,408

Finite-lived intangible assets, accumulated amortization

(1,664)

(1,526)

Amortization of intangible assets, excluding above market leases

^[1]

141

Finite-lived intangible liabilities, gross carrying amount

Finite-lived intangible liabilities, accumulated amortization

(8)

Acquired unfavorable lease liabilities, net

$ 26

Weighted average remaining life of amortizable intangible assets

14 years 1 month

Client relationships

$ 2,342

(5)

(92)

Finite-lived intangible assets, gross carrying amount

2,263

3,470

3,462

Finite-lived intangible assets, accumulated amortization

(1,207)

(1,120)

Management contracts

(1)

(1)

Finite-lived intangible assets, gross carrying amount

Finite-lived intangible assets, accumulated amortization

(13)

(12)

Software

473

(36)

Finite-lived intangible assets, gross carrying amount

442

772

764

Finite-lived intangible assets, accumulated amortization

(330)

(291)

Trademark and trade name

966

(11)

Finite-lived intangible assets, gross carrying amount

957

1,057

1,055

Finite-lived intangible assets, accumulated amortization

(100)

(89)

Product

(1)

Finite-lived intangible assets, gross carrying amount

Finite-lived intangible assets, accumulated amortization

(7)

(6)

Favorable agreements

^[1]

Finite-lived intangible assets, gross carrying amount

Finite-lived intangible assets, accumulated amortization

(4)

Other

Finite-lived intangible assets, gross carrying amount

Finite-lived intangible assets, accumulated amortization

$ (3)

$ (4)

[1]	Amortization associated with favorable lease agreements is recorded in Other operating expenses in the condensed consolidated statements of comprehensive income.

Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense and Rent Offset (Details) $ in Millions	Mar. 31, 2018 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2018	$ 398
2018	482
2019	429
2020	350
2021	290
Thereafter	1,802
Total	3,751
Rent offset
Remainder of 2018	(3)
2018	(3)
2019	(2)
2020	(2)
2021	(2)
Thereafter	(4)
Total	$ (16)

Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Loss on derivatives to be reclassified within the next twelve months	$ 9
Maximum
Derivative [Line Items]
Longest outstanding maturity	2 years 8 months
Not Designated as Hedging Instrument \| Forward exchange contracts
Derivative [Line Items]
Derivative, notional amount	$ 966		$ 971
Derivative asset, fair value			3
Derivative liability, fair value	2
Cash Flow Hedges \| Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	300		300
Derivative liability, fair value	1		1
Cash Flow Hedges \| Designated as Hedging Instrument \| Forward exchange contracts
Derivative [Line Items]
Derivative, notional amount	808		937
Derivative asset, fair value	5
Derivative liability, fair value			$ 21
Gain recognized in OCI (effective portion)	15	$ 3
Loss reclassified from Accumulated OCI into income (effective element)	(11)	(23)
Gain recognized in income (ineffective portion and amount excluded from effectiveness testing)	0	1
Other income, net \| Not Designated as Hedging Instrument \| Forward exchange contracts
Derivative [Line Items]
(Loss)/gain recognized in income	$ (5)	$ 8

Debt - Schedule of Long-term Debt (Details)
€ in Millions

Mar. 31, 2018

USD ($)

Mar. 31, 2018

EUR (€)

Dec. 31, 2017

USD ($)

Sep. 30, 2017

USD ($)

Short-term debt and current portion of long-term debt

$ 85,000,000

4,507,000,000

4,450,000,000

Term loan due 2019

Short-term debt and current portion of long-term debt

85,000,000

Line of Credit | Revolving Credit Facility | Revolving $1.25 billion credit facility

Maximum borrowing capacity

945,000,000

884,000,000

1,250,000,000.00

$ 1,250,000,000.00

Term Loan | Term loan due 2019

Senior Notes | 7.000% senior notes due 2019

63,000,000

84,000,000

$ 186,000,000

186,000,000

Senior Notes | 5.750% senior notes due 2021

7.00%

$ 497,000,000

497,000,000

Senior Notes | 3.500% senior notes due 2021

5.75%

$ 447,000,000

447,000,000

Senior Notes | 2.125% senior notes due 2022 (i)

3.50%

$ 661,000,000

^[1]

€ 540

644,000,000

^[1]

Senior Notes | 4.625% senior notes due 2023

2.125%

$ 248,000,000

248,000,000

Senior Notes | 3.600% senior notes due 2024

4.625%

$ 271,000,000

271,000,000

Senior Notes | 4.400% senior notes due 2026

3.60%

$ 544,000,000

544,000,000

Senior Notes | 6.125% senior notes due 2043

4.40%

$ 645,000,000

6.125%

[1]	Notes issued in Euro (€540 million)

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions		3 Months Ended
	Dec. 31, 2017	Mar. 31, 2018
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	9.64%	9.41%
Recurring
Assets:
Mutual funds / exchange traded funds	$ 40	$ 34
Derivative financial instruments	18	27
Liabilities:
Contingent consideration	51	54
Derivative financial instruments	37	25
Recurring \| Level 1
Assets:
Mutual funds / exchange traded funds	40	34
Derivative financial instruments	0	0
Liabilities:
Contingent consideration	0	0
Derivative financial instruments	0	0
Recurring \| Level 2
Assets:
Mutual funds / exchange traded funds	0	0
Derivative financial instruments	18	27
Liabilities:
Contingent consideration	0	0
Derivative financial instruments	37	25
Recurring \| Level 3
Assets:
Mutual funds / exchange traded funds	0	0
Derivative financial instruments	0	0
Liabilities:
Contingent consideration	51	54
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements - Fair Value Liabilities Measured Using Significant Unobservable Inputs Level 3 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 51
Obligations assumed	0
Payments	0
Realized and unrealized gains	1
Foreign exchange	2
Balance as of end of period	$ 54

Fair Value Measurements - Schedule of Liabilities Whose Carrying Values Differ From the Fair Value and are Not Measured on a Recurring Basis (Details) - Nonrecurring - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt and current portion of long-term debt	$ 85	$ 85
Long-term debt	4,507	4,450
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt and current portion of long-term debt	85	85
Long-term debt	$ 4,671	$ 4,706

Retirement Benefits - Narrative (Details) - USD ($)	3 Months Ended
Retirement Benefits - Narrative (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Portion of pension and OPEB obligation attributed to disclosed plans (as a percent)	99.00%
Defined contribution plan, employer contribution	$ 48,000,000	$ 42,000,000
Pension Plan [Member] \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans contributions	0
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	50,000,000
Pension Plan [Member] \| UNITED KINGDOM
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans contributions	13,000,000
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	72,000,000
Pension Plan [Member] \| Other Foreign Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans contributions	4,000,000
Defined benefit plan, estimated future employer contributions, remainder of fiscal year	9,000,000
AccountingStandardsUpdate201707 [Member]
Defined Benefit Plan Disclosure [Line Items]
Reclassification For Presentation	$ 79,000,000	$ 62,000,000

Retirement Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plan [Member] \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 16	$ 16
Interest cost	35	35
Expected return on plan assets	(68)	(61)
Amortization of net loss	3	3
Amortization of prior service credit	0	0
Net periodic benefit (income)/cost	(14)	(7)
Pension Plan [Member] \| UNITED KINGDOM
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	8
Interest cost	24	22
Expected return on plan assets	(78)	(68)
Amortization of net loss	12	13
Amortization of prior service credit	(5)	(5)
Net periodic benefit (income)/cost	(42)	(30)
Pension Plan [Member] \| Other Foreign Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	5
Interest cost	5	4
Expected return on plan assets	(8)	(7)
Amortization of net loss	0	0
Amortization of prior service credit	0	0
Net periodic benefit (income)/cost	2	2
PRW
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	1
Expected return on plan assets	0	0
Amortization of net loss	0	0
Amortization of prior service credit	0	0
Net periodic benefit (income)/cost	$ 1	$ 1

Commitments and Contingencies (Details)																					1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Mar. 01, 2017 USD ($)	Sep. 12, 2016 USD ($) plaintiff	Aug. 05, 2016 USD ($) plaintiff	Mar. 31, 2016 USD ($)	Jul. 21, 2015	Jul. 15, 2015	Aug. 01, 2014 USD ($)	Jan. 10, 2014 plaintiff	Oct. 01, 2013 USD ($)	Aug. 06, 2013 plaintiff	Jun. 20, 2013 lawsuit	Jun. 11, 2013 lawsuit	Jun. 03, 2013 lawsuit	Feb. 14, 2013 USD ($) lawsuit plaintiff	Feb. 08, 2013 USD ($) plaintiff	Mar. 11, 2011 USD ($) plaintiff	Sep. 16, 2010 USD ($) plaintiff	Sep. 14, 2009 USD ($) plaintiff	Aug. 06, 2009 USD ($)	Jul. 02, 2009 USD ($)	Apr. 30, 2018 USD ($)	Mar. 31, 2018 lawsuit	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jul. 01, 2017 USD ($)	Mar. 25, 2014 action
de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Period to replead dismissed claim					21 days
Settled Litigation \| Stanford Financial Group
Loss Contingencies [Line Items]
Number of complaints filed \| lawsuit																						15
Provision for litigation losses																							$ 50,000,000	$ 70,000,000
Litigation Settlement amount				$ 120,000,000																			$ 120,000,000
Settled Litigation \| Janvey, et al. v. Willis of Colorado, Inc., et al.
Loss Contingencies [Line Items]
Damages sought (in excess of)									$ 1,000,000,000
Total losses incurred by plaintiff									$ 4,600,000,000
Settled Litigation \| Troice, et al. v. Willis of Colorado, Inc., et al.
Loss Contingencies [Line Items]
Number of actions consolidated \| action																										2
Damages sought (in excess of)																				$ 1,000,000,000
Settled Litigation \| Canabal, et al. v. Willis of Colorado, Inc., et al.
Loss Contingencies [Line Items]
Damages sought (in excess of)																			$ 1,000,000,000
Settled Litigation \| Rupert, et al. v. Winter, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff																		97
Damages sought (in excess of)																		$ 300,000,000
Settled Litigation \| Casanova, et al. v. Willis of Colorado, Inc., et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff																	7
Damages sought (in excess of)																	$ 5,000,000
Settled Litigation \| Rishmague, et ano. v. Winter, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff																2
Damages sought (in excess of)																$ 37,000,000
Settled Litigation \| MacArthur v. Winter, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff															2
Damages sought (in excess of)															$ 4,000,000
Settled Litigation \| Stanford Financial Group, Florida Suits
Loss Contingencies [Line Items]
Number of complaints filed \| lawsuit														5
Number of cases removed \| lawsuit													5
Number of cases moved to stay \| lawsuit												4
Number of cases transferred \| lawsuit											5
Settled Litigation \| Barbar, et al. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff														35
Damages sought (in excess of)														$ 30,000,000
Settled Litigation \| de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff														64
Damages sought (in excess of)														$ 83,500,000
Settled Litigation \| Ranni, et ano. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff														2
Damages sought (in excess of)														$ 3,000,000
Settled Litigation \| Tisminesky, et al. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff														11
Damages sought (in excess of)														$ 6,500,000
Period to replead dismissed claim					21 days
Settled Litigation \| Zacarias, et al. v. Willis Group Holdings Public Limited Company, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff														10
Damages sought (in excess of)														$ 12,500,000
Period to replead dismissed claim						21 days
Settled Litigation \| Abel, et al. v. Willis of Colorado, Inc., et al [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		300
Damages sought (in excess of)		$ 135,000,000
Settled Litigation \| Martin v. Willis of Colorado, Inc., et. al. [Member]
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		5	1
Damages sought (in excess of)		$ 1,000,000	$ 100,000
Settled Litigation \| City of Houston
Loss Contingencies [Line Items]
Increase to actuarial accrued liability alleged by plaintiff							$ 163,000,000
Estimated damages incurred (through July 1, 2017)																									$ 430,000,000
Estimated future damages incurred (as of July 1, 2017)																									$ 400,000,000
Settled Litigation \| City of Houston \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Damages paid																					$ 40,000,000
Settled Litigation \| Elma Sanchez, et al.
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff								3		3
Litigation Settlement amount	$ 9,750,000
Premium rate increase										85.00%

Supplementary Information for Certain Balance Sheet Accounts Supplementary Information for Certain Balance Sheet Accounts (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepayments and accrued income	$ 19	$ 18
Deferred contract costs	46	0
Deferred compensation plan assets	136	135
Deferred tax assets	58	46
Accounts receivable, net	22	33
Other investments	32	26
Other non-current assets	219	189
Total other non-current assets	532	447
Accounts payable, accrued liabilities and deferred income	670	772
Discretionary compensation	88	313
Accrued compensation	265	439
Accrued vacation	127	93
Other employee-related liabilities	89	94
Deferred revenue and accrued expenses	1,239	1,711
Claims, lawsuits and other proceedings	523	474
Other provisions	101	84
Total provision for liabilities	$ 624	$ 558

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, beginning balance	$ 10,249	$ 10,183
Equity, ending balance	10,802	10,404
Reclassification from AOCI, Current Period, Tax	1	6
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, beginning balance	(365)	(650)
Other comprehensive income/(loss) before reclassifications	58	(74)
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)	0	0
Net current-period other comprehensive income/(loss)	58	(74)
Equity, ending balance	(307)	(724)
Gains and losses on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, beginning balance	(10)	(82)
Other comprehensive income/(loss) before reclassifications	9	1
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)	10	19
Net current-period other comprehensive income/(loss)	19	20
Equity, ending balance	9	(62)
Defined pension and post-retirement benefit costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, beginning balance	(1,138)	(1,152)
Other comprehensive income/(loss) before reclassifications	(1)	20
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)	7	10
Net current-period other comprehensive income/(loss)	6	30
Equity, ending balance	(1,132)	(1,122)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Equity, beginning balance	(1,513)	(1,884)
Other comprehensive income/(loss) before reclassifications	66	(53)
Amounts reclassified from accumulated other comprehensive income/(loss) (net of income tax)	17	29
Net current-period other comprehensive income/(loss)	83	(24)
Equity, ending balance	$ (1,430)	$ (1,908)

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share	0.1
Time-based share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1.0	0.7
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1.1	0.6
Restricted share units outstanding	0.6	0.7
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding	0.5	0.1

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to Willis Towers Watson	$ 215	$ 344
Basic average number of shares outstanding (shares)	133	137
Dilutive effect of potentially issuable shares (shares)	0	1
Diluted average number of shares outstanding (shares)	133	138
Basic earnings per share (usd per share)	$ 1.62	$ 2.51
Dilutive effect of potentially issuable shares (usd per share)	(0.01)	(0.01)
Diluted earnings per share (usd per share)	$ 1.61	$ 2.50

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) - USD ($)	Sep. 30, 2017	May 16, 2017	Sep. 29, 2009
The Other Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent	100.00%
Willis North America \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 837,000,000
Face amount of note		$ 650,000,000	$ 187,000,000

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,292	$ 2,319
Costs of providing services
Salaries and benefits	1,377	1,253
Other operating expenses	423	401
Depreciation	49	46
Amortization	141	151
Restructuring costs	0	27
Transaction and integration expenses	43	40
Total costs of providing services	2,033	1,918
Income from operations	259	401
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	51	46
Other income, net	(56)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	264	398
Provision for income taxes	43	46
Equity account for subsidiaries	0	0
NET INCOME	221	352
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	305	331
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
Consolidating adjustments \| Parent Guarantor
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	(1)	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	(1)	0
Income from operations	1	0
Income from Group undertakings	205	259
Expenses due to Group undertakings	(205)	(259)
Interest expense	0	0
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	1	0
Provision for income taxes	0	0
Equity account for subsidiaries	(395)	(839)
NET INCOME	(394)	(839)
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(394)	(839)
Comprehensive income before non-controlling interests	(612)	(756)
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	(612)	(756)
Willis Towers Watson \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	1	1
Other operating expenses	0	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	1	2
Income from operations	(1)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	7
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(8)	(9)
Provision for income taxes	0	0
Equity account for subsidiaries	223	353
NET INCOME	215	344
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	298	320
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
The Other Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	42	7
Depreciation	1	1
Amortization	1	0
Restructuring costs	0	4
Transaction and integration expenses	1	1
Total costs of providing services	45	13
Income from operations	(45)	(13)
Income from Group undertakings	(133)	(128)
Expenses due to Group undertakings	12	39
Interest expense	26	24
Other income, net	(1)	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	51	52
Provision for income taxes	9	4
Equity account for subsidiaries	179	311
NET INCOME	221	359
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	221	359
Comprehensive income before non-controlling interests	303	334
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	303	334
The Issuer \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	6	6
Costs of providing services
Salaries and benefits	15	10
Other operating expenses	5	10
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	3
Transaction and integration expenses	5	3
Total costs of providing services	25	26
Income from operations	(19)	(20)
Income from Group undertakings	(39)	(73)
Expenses due to Group undertakings	44	46
Interest expense	11	10
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(35)	(3)
Provision for income taxes	(5)	(2)
Equity account for subsidiaries	(7)	175
NET INCOME	(37)	174
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(37)	174
Comprehensive income before non-controlling interests	(22)	147
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	(22)	147
Other \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	2,286	2,313
Costs of providing services
Salaries and benefits	1,361	1,242
Other operating expenses	376	383
Depreciation	48	45
Amortization	141	151
Restructuring costs	0	20
Transaction and integration expenses	37	36
Total costs of providing services	1,963	1,877
Income from operations	323	436
Income from Group undertakings	(33)	(58)
Expenses due to Group undertakings	149	174
Interest expense	7	5
Other income, net	(55)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	255	358
Provision for income taxes	39	44
Equity account for subsidiaries	0	0
NET INCOME	216	314
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	210	306
Comprehensive income before non-controlling interests	338	286
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	$ 331	$ 275

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions

Mar. 31, 2018

Jan. 01, 2018

Dec. 31, 2017

Mar. 31, 2017

Dec. 31, 2016

ASSETS

$ 954

$ 1,030

$ 901

$ 870

13,613

12,155

2,600

$ 2,555

2,246

439

430

17,606

15,861

926

985

10,555

10,519

3,761

3,882

832

764

532

447

16,606

16,597

34,212

32,458

13,613

12,155

Short-term debt and current portion of long-term debt

1,239

1,711

867

804

15,804

14,755

4,507

4,450

1,230

1,259

711

615

624

558

506

544

7,578

7,426

23,382

22,181

^[1]

10,672

10,126

130

123

10,802

10,249

10,404

10,183

Consolidating adjustments | Parent Guarantor

34,212

32,458

ASSETS

(178)

(146)

(13,045)

(12,820)

(13,223)

(12,966)

(18,956)

(19,467)

(60)

(106)

(90)

(6,166)

(6,236)

(25,288)

(25,853)

(38,511)

(38,819)

Short-term debt and current portion of long-term debt

(115)

(150)

(13,045)

(12,820)

(13,160)

(12,970)

(106)

(89)

(6,166)

(6,236)

(6,272)

(6,325)

(19,432)

(19,295)

(19,079)

(19,524)

(19,079)

(19,524)

Willis Towers Watson | Reportable Legal Entities

(38,511)

(38,819)

ASSETS

6,224

6,202

6,224

6,204

5,034

4,506

5,036

4,506

11,260

10,710

Short-term debt and current portion of long-term debt

497

497

588

584

10,672

10,126

10,672

10,126

The Other Guarantors | Reportable Legal Entities

11,260

10,710

ASSETS

1,715

1,331

1,758

1,377

8,019

8,836

5,305

5,375

13,450

14,330

15,208

15,707

Short-term debt and current portion of long-term debt

8,064

8,100

8,106

8,167

2,906

2,883

2,910

2,888

11,016

11,055

4,192

4,652

4,192

4,652

The Issuer | Reportable Legal Entities

15,208

15,707

ASSETS

245

267

1,611

1,661

1,859

1,932

5,903

6,125

141

115

861

6,905

7,101

8,764

9,033

Short-term debt and current portion of long-term debt

119

2,652

2,790

2,783

2,892

1,041

986

120

519

1,695

1,644

4,478

4,536

4,286

4,497

4,286

4,497

Other | Reportable Legal Entities

8,764

9,033

ASSETS

953

1,027

$ 900

$ 870

13,613

12,155

2,597

2,242

330

264

3,495

3,626

20,988

19,314

901

960

10,555

10,519

3,761

3,882

832

764

454

388

16,503

16,513

37,491

35,827

13,613

12,155

Short-term debt and current portion of long-term debt

1,221

1,685

737

724

2,328

1,930

17,984

16,579

1,230

1,259

817

704

504

438

487

520

5,647

5,717

8,748

8,722

26,732

25,301

10,601

10,375

130

123

10,731

10,498

$ 37,491

$ 35,827

[1]

Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$ 18	$ 95
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(65)	(62)
Capitalized software costs	(13)	(15)
Acquisitions of operations, net of cash acquired	(5)	(12)
Net proceeds from sale of operations	4	0
Other, net	0	7
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries		0
Additional investment in subsidiaries		0
Net cash (used in)/from investing activities	(79)	(82)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	61	826
Proceeds from issuance of other debt	0	32
Debt issuance costs	0	(3)
Repayments of debt	(21)	(636)
Repurchase of shares	0	(156)
Proceeds from issuance of shares	11	20
Cash paid for employee taxes on withholding shares	(7)	(3)
Dividends paid	(68)	(65)
Acquisitions of and dividends paid to non-controlling interests	0	(1)
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(24)	14
INCREASE IN CASH AND CASH EQUIVALENTS	(85)	27
Effect of exchange rate changes on cash and cash equivalents	9	4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,030	870
CASH AND CASH EQUIVALENTS, END OF PERIOD	954	901
Consolidating adjustments \| Parent Guarantor
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(1)	(117)
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	(204)	(1,136)
Repayments of intercompany investing activities	272	2,486
Reduction in investment in subsidiaries		(1,059)
Additional investment in subsidiaries		1,059
Net cash (used in)/from investing activities	68	1,350
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		0
Debt issuance costs		0
Repayments of debt	0	0
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	1	117
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	(272)	(2,486)
Repayments of intercompany financing activities	204	1,136
Net cash provided by (used in) financing activities	(67)	(1,233)
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Willis Towers Watson \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	72	79
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	0	1,122
Repayments of intercompany investing activities	(17)	0
Reduction in investment in subsidiaries		0
Additional investment in subsidiaries		(1,000)
Net cash (used in)/from investing activities	(17)	122
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		0
Debt issuance costs		0
Repayments of debt	0	0
Repurchase of shares		(156)
Proceeds from issuance of shares	11	20
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	(68)	(65)
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(57)	(201)
INCREASE IN CASH AND CASH EQUIVALENTS	(2)	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
The Other Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(283)	(158)
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(1)	(2)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	88	0
Repayments of intercompany investing activities	(11)	(1,379)
Reduction in investment in subsidiaries		1,000
Additional investment in subsidiaries		(59)
Net cash (used in)/from investing activities	76	(440)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	6	826
Proceeds from issuance of other debt		0
Debt issuance costs		(3)
Repayments of debt	0	(219)
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	(1)	0
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	244	1,018
Repayments of intercompany financing activities	(42)	(1,023)
Net cash provided by (used in) financing activities	207	599
INCREASE IN CASH AND CASH EQUIVALENTS	0	1
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	1	1
The Issuer \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(98)	(31)
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	67	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries		0
Additional investment in subsidiaries		0
Net cash (used in)/from investing activities	67	0
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	55	0
Proceeds from issuance of other debt		0
Debt issuance costs		0
Repayments of debt	0	(394)
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	0	(59)
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	0	484
Repayments of intercompany financing activities	(24)	0
Net cash provided by (used in) financing activities	31	31
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Other \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	328	322
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(64)	(60)
Capitalized software costs	(13)	(15)
Acquisitions of operations, net of cash acquired	(5)	(12)
Net proceeds from sale of operations	4
Other, net		7
Proceeds from intercompany investing activities	49	14
Repayments of intercompany investing activities	(244)	(1,107)
Reduction in investment in subsidiaries		59
Additional investment in subsidiaries		0
Net cash (used in)/from investing activities	(273)	(1,114)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		32
Debt issuance costs		0
Repayments of debt	(21)	(23)
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	(7)	(3)
Dividends paid	0	(58)
Acquisitions of and dividends paid to non-controlling interests		(1)
Proceeds from intercompany financing activities	28	984
Repayments of intercompany financing activities	(138)	(113)
Net cash provided by (used in) financing activities	(138)	818
INCREASE IN CASH AND CASH EQUIVALENTS	(83)	26
Effect of exchange rate changes on cash and cash equivalents	9	4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,027	870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 953	$ 900

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) - USD ($)	Mar. 15, 2016	Sep. 30, 2017	Mar. 16, 2016	Mar. 17, 2011
Senior Notes \| 5.750% senior notes due 2021
Debt Instrument [Line Items]
Face amount of note				$ 800,000,000
Repayments of debt	$ 300,000,000
Long-term debt			$ 500,000,000
The Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent		100.00%

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,292	$ 2,319
Costs of providing services
Salaries and benefits	1,377	1,253
Other operating expenses	423	401
Depreciation	49	46
Amortization	141	151
Restructuring costs	0	27
Transaction and integration expenses	43	40
Total costs of providing services	2,033	1,918
Income from operations	259	401
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	51	46
Other income, net	(56)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	264	398
Provision for income taxes	43	46
Equity account for subsidiaries	0	0
NET INCOME	221	352
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	305	331
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
Consolidating adjustments \| Parent Issuer
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	(1)	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	(1)	0
Income from operations	1	0
Income from Group undertakings	181	232
Expenses due to Group undertakings	(181)	(232)
Interest expense	0	0
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	1	0
Provision for income taxes	0	0
Equity account for subsidiaries	(432)	(665)
NET INCOME	(431)	(665)
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(431)	(665)
Comprehensive income before non-controlling interests	(634)	(609)
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	(634)	(609)
Willis Towers Watson — the Parent Issuer \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	1	1
Other operating expenses	0	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	1	2
Income from operations	(1)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	7
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(8)	(9)
Provision for income taxes	0	0
Equity account for subsidiaries	223	353
NET INCOME	215	344
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	298	320
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
The Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	6	6
Costs of providing services
Salaries and benefits	15	10
Other operating expenses	47	17
Depreciation	1	1
Amortization	1	0
Restructuring costs	0	7
Transaction and integration expenses	6	4
Total costs of providing services	70	39
Income from operations	(64)	(33)
Income from Group undertakings	(148)	(174)
Expenses due to Group undertakings	32	58
Interest expense	37	34
Other income, net	(1)	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	16	49
Provision for income taxes	4	2
Equity account for subsidiaries	209	312
NET INCOME	221	359
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	221	359
Comprehensive income before non-controlling interests	303	334
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	303	334
Other \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	2,286	2,313
Costs of providing services
Salaries and benefits	1,361	1,242
Other operating expenses	376	383
Depreciation	48	45
Amortization	141	151
Restructuring costs	0	20
Transaction and integration expenses	37	36
Total costs of providing services	1,963	1,877
Income from operations	323	436
Income from Group undertakings	(33)	(58)
Expenses due to Group undertakings	149	174
Interest expense	7	5
Other income, net	(55)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	255	358
Provision for income taxes	39	44
Equity account for subsidiaries	0	0
NET INCOME	216	314
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	210	306
Comprehensive income before non-controlling interests	338	286
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	$ 331	$ 275

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions

Mar. 31, 2018

Jan. 01, 2018

Dec. 31, 2017

Mar. 31, 2017

Dec. 31, 2016

ASSETS

$ 954

$ 1,030

$ 901

$ 870

13,613

12,155

2,600

$ 2,555

2,246

439

430

17,606

15,861

926

985

10,555

10,519

3,761

3,882

832

764

532

447

16,606

16,597

34,212

32,458

13,613

12,155

Short-term debt and current portion of long-term debt

1,239

1,711

867

804

15,804

14,755

4,507

4,450

1,230

1,259

711

615

624

558

506

544

7,578

7,426

23,382

22,181

^[1]

10,672

10,126

130

123

10,802

10,249

10,404

10,183

Consolidating adjustments | Parent Issuer

34,212

32,458

ASSETS

(178)

(146)

(11,995)

(11,777)

(12,173)

(11,923)

(14,670)

(14,969)

(60)

(106)

(90)

(5,647)

(5,717)

(20,483)

(20,836)

(32,656)

(32,759)

Short-term debt and current portion of long-term debt

(115)

(150)

(11,995)

(11,776)

(12,110)

(11,926)

(106)

(89)

(5,647)

(5,717)

(5,753)

(5,806)

(17,863)

(17,732)

(14,793)

(15,027)

(14,793)

(15,027)

Willis Towers Watson — the Parent Issuer | Reportable Legal Entities

(32,656)

(32,759)

ASSETS

6,224

6,202

6,224

6,204

5,034

4,506

5,036

4,506

11,260

10,710

Short-term debt and current portion of long-term debt

497

497

588

584

10,672

10,126

10,672

10,126

The Guarantors | Reportable Legal Entities

11,260

10,710

ASSETS

287

312

2,276

1,949

2,567

2,266

9,636

10,463

182

149

5,647

5,717

15,550

16,414

18,117

18,680

Short-term debt and current portion of long-term debt

155

143

9,666

9,846

9,839

10,015

3,947

3,869

120

4,086

4,013

13,925

14,028

4,192

4,652

4,192

4,652

Other | Reportable Legal Entities

18,117

18,680

ASSETS

953

1,027

$ 900

$ 870

13,613

12,155

2,597

2,242

330

264

3,495

3,626

20,988

19,314

901

960

10,555

10,519

3,761

3,882

832

764

454

388

16,503

16,513

37,491

35,827

13,613

12,155

Short-term debt and current portion of long-term debt

1,221

1,685

737

724

2,328

1,930

17,984

16,579

1,230

1,259

817

704

504

438

487

520

5,647

5,717

8,748

8,722

26,732

25,301

10,601

10,375

130

123

10,731

10,498

$ 37,491

$ 35,827

[1]

Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	$ 18	$ 95
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(65)	(62)
Capitalized software costs	(13)	(15)
Acquisitions of operations, net of cash acquired	(5)	(12)
Net proceeds from sale of operations	4	0
Other, net	0	7
Proceeds from intercompany investing activities	0	0
Repayments of intercompany investing activities	0	0
Reduction in investment in subsidiaries		0
Additional investment in subsidiaries		0
Net cash (used in)/from investing activities	(79)	(82)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	61	826
Proceeds from issuance of other debt	0	32
Debt issuance costs	0	(3)
Repayments of debt	(21)	(636)
Repurchase of shares	0	(156)
Proceeds from issuance of shares	11	20
Cash paid for employee taxes on withholding shares	(7)	(3)
Dividends paid	(68)	(65)
Acquisitions of and dividends paid to non-controlling interests	0	(1)
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(24)	14
INCREASE IN CASH AND CASH EQUIVALENTS	(85)	27
Effect of exchange rate changes on cash and cash equivalents	9	4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,030	870
CASH AND CASH EQUIVALENTS, END OF PERIOD	954	901
Consolidating adjustments \| Parent Issuer
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(1)	(58)
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	(187)	(1,136)
Repayments of intercompany investing activities	272	2,092
Reduction in investment in subsidiaries		(1,059)
Additional investment in subsidiaries		1,059
Net cash (used in)/from investing activities	85	956
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		0
Debt issuance costs		0
Repayments of debt	0	0
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	1	58
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	(272)	(2,092)
Repayments of intercompany financing activities	187	1,136
Net cash provided by (used in) financing activities	(84)	(898)
INCREASE IN CASH AND CASH EQUIVALENTS	0	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
Willis Towers Watson — the Parent Issuer \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	72	79
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	0	0
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	0	1,122
Repayments of intercompany investing activities	(17)	0
Reduction in investment in subsidiaries		0
Additional investment in subsidiaries		(1,000)
Net cash (used in)/from investing activities	(17)	122
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		0
Debt issuance costs		0
Repayments of debt	0	0
Repurchase of shares		(156)
Proceeds from issuance of shares	11	20
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	(68)	(65)
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	0	0
Repayments of intercompany financing activities	0	0
Net cash provided by (used in) financing activities	(57)	(201)
INCREASE IN CASH AND CASH EQUIVALENTS	(2)	0
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	0	0
The Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	(381)	(248)
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(1)	(2)
Capitalized software costs	0	0
Acquisitions of operations, net of cash acquired	0	0
Net proceeds from sale of operations	0
Other, net		0
Proceeds from intercompany investing activities	138	0
Repayments of intercompany investing activities	(11)	(985)
Reduction in investment in subsidiaries		1,000
Additional investment in subsidiaries		(59)
Net cash (used in)/from investing activities	126	(46)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	61	826
Proceeds from issuance of other debt		0
Debt issuance costs		(3)
Repayments of debt	0	(613)
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	0	0
Dividends paid	(1)	0
Acquisitions of and dividends paid to non-controlling interests		0
Proceeds from intercompany financing activities	244	1,108
Repayments of intercompany financing activities	(49)	(1,023)
Net cash provided by (used in) financing activities	255	295
INCREASE IN CASH AND CASH EQUIVALENTS	0	1
Effect of exchange rate changes on cash and cash equivalents	0	0
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	1	1
Other \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
NET CASH FROM/(USED IN) OPERATING ACTIVITIES	328	322
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use	(64)	(60)
Capitalized software costs	(13)	(15)
Acquisitions of operations, net of cash acquired	(5)	(12)
Net proceeds from sale of operations	4
Other, net		7
Proceeds from intercompany investing activities	49	14
Repayments of intercompany investing activities	(244)	(1,107)
Reduction in investment in subsidiaries		59
Additional investment in subsidiaries		0
Net cash (used in)/from investing activities	(273)	(1,114)
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Net borrowings on revolving credit facility	0	0
Proceeds from issuance of other debt		32
Debt issuance costs		0
Repayments of debt	(21)	(23)
Repurchase of shares		0
Proceeds from issuance of shares	0	0
Cash paid for employee taxes on withholding shares	(7)	(3)
Dividends paid	0	(58)
Acquisitions of and dividends paid to non-controlling interests		(1)
Proceeds from intercompany financing activities	28	984
Repayments of intercompany financing activities	(138)	(113)
Net cash provided by (used in) financing activities	(138)	818
INCREASE IN CASH AND CASH EQUIVALENTS	(83)	26
Effect of exchange rate changes on cash and cash equivalents	9	4
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,027	870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 953	$ 900

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Narrative (Details) € in Millions	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	May 26, 2016 USD ($)	May 26, 2016 EUR (€)	Mar. 22, 2016 USD ($)	Aug. 15, 2013 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 4,507,000,000	$ 4,450,000,000
Line of Credit \| Revolving $1.25 billion credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	945,000,000	$ 884,000,000
Maximum borrowing capacity	$ 1,250,000,000.00		$ 1,250,000,000.00
Trinity Acquisition plc \| Senior Notes
Debt Instrument [Line Items]
Face amount of note			$ 2,134,000,000	$ 609,000,000	€ 540	$ 1,000,000,000.0	$ 525,000,000
The Other Guarantors
Debt Instrument [Line Items]
Subsidiary, ownership percentage by parent			100.00%

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 2,292	$ 2,319
Costs of providing services
Salaries and benefits	1,377	1,253
Other operating expenses	423	401
Depreciation	49	46
Amortization	141	151
Restructuring costs	0	27
Transaction and integration expenses	43	40
Total costs of providing services	2,033	1,918
Income from operations	259	401
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	51	46
Other income, net	(56)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	264	398
Provision for income taxes	43	46
Equity account for subsidiaries	0	0
NET INCOME	221	352
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	305	331
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
Consolidating adjustments \| Issuer
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	(1)	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	(1)	0
Income from operations	1	0
Income from Group undertakings	217	260
Expenses due to Group undertakings	(217)	(260)
Interest expense	0	0
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	1	0
Provision for income taxes	0	0
Equity account for subsidiaries	(576)	(1,008)
NET INCOME	(575)	(1,008)
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	(575)	(1,008)
Comprehensive income before non-controlling interests	(860)	(928)
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	(860)	(928)
Willis Towers Watson \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	1	1
Other operating expenses	0	1
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	1	2
Income from operations	(1)	(2)
Income from Group undertakings	0	0
Expenses due to Group undertakings	0	0
Interest expense	7	7
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	(8)	(9)
Provision for income taxes	0	0
Equity account for subsidiaries	223	353
NET INCOME	215	344
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	215	344
Comprehensive income before non-controlling interests	298	320
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	298	320
The Other Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	6	6
Costs of providing services
Salaries and benefits	15	10
Other operating expenses	47	17
Depreciation	1	1
Amortization	1	0
Restructuring costs	0	7
Transaction and integration expenses	6	4
Total costs of providing services	70	39
Income from operations	(64)	(33)
Income from Group undertakings	(142)	(168)
Expenses due to Group undertakings	56	80
Interest expense	10	9
Other income, net	(1)	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	13	46
Provision for income taxes	3	2
Equity account for subsidiaries	211	315
NET INCOME	221	359
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	221	359
Comprehensive income before non-controlling interests	303	334
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	303	334
The Issuer \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	0	0
Costs of providing services
Salaries and benefits	0	0
Other operating expenses	0	0
Depreciation	0	0
Amortization	0	0
Restructuring costs	0	0
Transaction and integration expenses	0	0
Total costs of providing services	0	0
Income from operations	0	0
Income from Group undertakings	(42)	(34)
Expenses due to Group undertakings	12	6
Interest expense	27	25
Other income, net	0	0
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	3	3
Provision for income taxes	1	0
Equity account for subsidiaries	142	340
NET INCOME	144	343
Income attributable to non-controlling interests	0	0
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	144	343
Comprehensive income before non-controlling interests	226	319
Comprehensive loss attributable to non-controlling interest	0	0
Comprehensive income/(loss) attributable to Willis Towers Watson	226	319
Other \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Revenues	2,286	2,313
Costs of providing services
Salaries and benefits	1,361	1,242
Other operating expenses	376	383
Depreciation	48	45
Amortization	141	151
Restructuring costs	0	20
Transaction and integration expenses	37	36
Total costs of providing services	1,963	1,877
Income from operations	323	436
Income from Group undertakings	(33)	(58)
Expenses due to Group undertakings	149	174
Interest expense	7	5
Other income, net	(55)	(43)
(LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES	255	358
Provision for income taxes	39	44
Equity account for subsidiaries	0	0
NET INCOME	216	314
Income attributable to non-controlling interests	(6)	(8)
NET (LOSS)/INCOME ATTRIBUTABLE TO WILLIS TOWERS WATSON	210	306
Comprehensive income before non-controlling interests	338	286
Comprehensive loss attributable to non-controlling interest	(7)	(11)
Comprehensive income/(loss) attributable to Willis Towers Watson	$ 331	$ 275

Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions

Mar. 31, 2018

Jan. 01, 2018

Dec. 31, 2017

Mar. 31, 2017

Dec. 31, 2016

ASSETS

$ 954

$ 1,030

$ 901

$ 870

13,613

12,155

2,600

$ 2,555

2,246

439

430

17,606

15,861

926

985

10,555

10,519

3,761

3,882

832

764

532

447

16,606

16,597

34,212

32,458

13,613

12,155

Short-term debt and current portion of long-term debt

1,239

1,711

867

804

15,804

14,755

4,507

4,450

1,230

1,259

711

615

624

558

506

544

7,578

7,426

23,382

22,181

^[1]

10,672

10,126

130

123

10,802

10,249

10,404

10,183

Consolidating adjustments | Issuer

34,212

32,458

ASSETS

(181)

(149)

(13,980)

(14,055)

(14,161)

(14,204)

(16,041)

(16,476)

(60)

(106)

(90)

(6,589)

(6,659)

(22,796)

(23,285)

(36,957)

(37,489)

Short-term debt and current portion of long-term debt

(117)

(152)

(13,980)

(14,055)

(14,097)

(14,207)

(106)

(89)

(6,589)

(6,659)

(6,695)

(6,748)

(20,792)

(20,955)

(16,165)

(16,534)

(16,165)

(16,534)

Willis Towers Watson | Reportable Legal Entities

(36,957)

(37,489)

ASSETS

6,224

6,202

6,224

6,204

5,034

4,506

5,036

4,506

11,260

10,710

Short-term debt and current portion of long-term debt

497

497

588

584

10,672

10,126

10,672

10,126

The Other Guarantors | Reportable Legal Entities

11,260

10,710

ASSETS

289

314

1,775

1,420

2,068

1,739

8,896

10,052

179

146

4,784

4,884

13,944

15,167

16,012

16,906

Short-term debt and current portion of long-term debt

137

112

9,965

10,467

10,120

10,605

1,041

986

120

519

1,699

1,649

11,819

12,254

4,193

4,652

4,193

4,652

The Issuer | Reportable Legal Entities

16,012

16,906

ASSETS

2,486

2,807

2,487

2,808

2,111

1,918

1,805

1,775

3,919

3,696

6,406

6,504

Short-term debt and current portion of long-term debt

1,686

1,658

1,706

1,691

2,906

2,883

423

3,329

3,306

5,035

4,997

1,371

1,507

1,371

1,507

Other | Reportable Legal Entities

6,406

6,504

ASSETS

953

1,027

$ 900

$ 870

13,613

12,155

2,597

2,242

330

264

3,495

3,626

20,988

19,314

901

960

10,555

10,519

3,761

3,882

832

764

454

388

16,503

16,513

37,491

35,827

13,613

12,155

Short-term debt and current portion of long-term debt

1,221

1,685

737

724

2,328

1,930

17,984

16,579

1,230

1,259

817

704

504

438

487

520

5,647

5,717

8,748

8,722

26,732

25,301

10,601

10,375

130

123

10,731

10,498