← WILLIS TOWERS WATSON PLC

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $420.0m
$568.0m +35.24%
$695.0m +22.36%
$1.0b +50.22%
$996.0m -4.60%
$4.2b +323.90%
$1.0b -75.75%
$1.1b +3.03%
($98.0m) -109.29%
$1.6b +1737.76%
—
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $438.0m $592.0m $715.0m $1.1b $1.0b $4.2b $1.0b $1.1b ($88.0m) $1.6b —
Net Income (Loss) Attributable to Noncontrolling Interest $18.0m $24.0m $20.0m $29.0m $24.0m $14.0m — $9.0m $10.0m $8.0m —
Depreciation and amortization $178.0m $252.0m $213.0m $240.0m $308.0m $281.0m $255.0m $242.0m $230.0m $226.0m $424.0m
Amortization $591.0m $581.0m $534.0m $489.0m $462.0m $369.0m $312.0m $263.0m $226.0m $192.0m $198.0m
Depreciation Amortization Depletion — — — — — — $567.0m $505.0m $456.0m $418.0m $424.0m
Deferred Income Tax Expense (Benefit) ($244.0m) ($285.0m) ($115.0m) ($72.0m) $99.0m $96.0m ($50.0m) ($109.0m) ($213.0m) $55.0m $83.0m
Deferred Other Tax Expense (Benefit) — — — — — — — — — — —
Deferred Tax — — — — — — ($50.0m) ($109.0m) ($213.0m) $55.0m $83.0m
Share-based Payment Arrangement, Noncash Expense $123.0m $67.0m $50.0m $74.0m $90.0m $101.0m — $125.0m $121.0m $153.0m $194.0m
Payment, Tax Withholding, Share-based Payment Arrangement — $18.0m $30.0m $15.0m $14.0m $16.0m — $26.0m $56.0m $56.0m —
Share-based Payment Arrangement, Expense $123.0m $67.0m $50.0m $74.0m $90.0m $101.0m — $125.0m $121.0m $153.0m $194.0m
Share-based compensation $123.0m $67.0m $50.0m $74.0m $90.0m $101.0m $99.0m $125.0m $121.0m $153.0m $194.0m
Goodwill, Impairment Loss — — — — $0 $0 $81.0m $0 $1.0b $0 $0
Asset Impairment Charge — — — — — — $81.0m $0 $1.0b $0 $0
Income (Loss) from Equity Method Investments $2.0m $3.0m — — $6.0m $8.0m — $3.0m $2.0m ($22.0m) —
Other Nonoperating Income (Expense) ($27.0m) ($61.0m) $250.0m $227.0m $399.0m $701.0m — $149.0m ($260.0m) ($21.0m) —
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions — — — — — — — — — — —
Changes in operating assets and liabilities:
Change In Working Capital — — — — — — ($888.0m) ($371.0m) ($326.0m) ($711.0m) ($508.0m)
Increase (Decrease) in Accounts Receivable $101.0m $64.0m ($68.0m) $261.0m ($72.0m) $134.0m — $206.0m $233.0m $128.0m ($232.0m)
Provision for doubtful receivables from clients $36.0m $17.0m $8.0m $9.0m $29.0m $19.0m $13.0m $6.0m $13.0m $6.0m —
Accounts receivable ($101.0m) ($64.0m) $68.0m ($261.0m) $72.0m ($134.0m) ($188.0m) ($206.0m) ($233.0m) ($128.0m) ($232.0m)
Change In Receivables — — — — — — ($188.0m) ($206.0m) ($233.0m) ($128.0m) ($232.0m)
Changes In Account Receivables — — — — — — ($188.0m) ($206.0m) ($233.0m) ($128.0m) ($232.0m)
Gain (Loss) on Disposition of Other Assets — — — — — — — — — — —
Other assets ($233.0m) ($128.0m) ($22.0m) ($269.0m) ($205.0m) ($122.0m) ($197.0m) ($185.0m) ($373.0m) ($116.0m) —
Other liabilities $161.0m ($51.0m) ($20.0m) ($264.0m) $215.0m ($175.0m) ($495.0m) $16.0m $301.0m ($458.0m) —
Change In Other Current Assets — — — — — — ($197.0m) ($185.0m) ($373.0m) ($116.0m) ($114.0m)
Change In Other Current Liabilities — — — — — — ($495.0m) $16.0m $301.0m ($458.0m) ($155.0m)
Other Operating Income (Expense), Net ($6.0m) ($19.0m) — — — — — — — — —
Net Cash Provided by (Used in) Operating Activities $920.0m
$862.0m -6.30%
$1.3b +49.42%
$1.1b -16.07%
$1.8b +64.11%
$2.1b +16.18%
$812.0m -60.60%
$1.3b +65.64%
$1.5b +12.42%
$1.8b +17.39%
$1.9b +8.34%
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment — — — — — — ($204.0m) ($242.0m) ($245.0m) ($229.0m) ($234.0m)
Capital Expenditure Reported — — — — — ($53.0m) ($66.0m) ($89.0m) ($109.0m) — ($234.0m)
Payments to Acquire Investments — — — — — $200.0m — — — — $3.0m
Contributions to investments in associates — — — — — — — $0 ($3.0m) ($35.0m) $3.0m
(Purchase)/sale of investments — — — — $0 ($200.0m) $200.0m ($4.0m) ($12.0m) — —
Payments to Acquire Businesses, Net of Cash Acquired ($476.0m) $13.0m $36.0m $1.3b $69.0m $47.0m — $6.0m $107.0m $15.0m ($1.1b)
Acquisitions of operations, net of cash acquired $476.0m ($13.0m) ($36.0m) ($1.3b) ($69.0m) ($47.0m) ($81.0m) ($6.0m) ($107.0m) ($15.0m) —
Payments of deferred and contingent consideration related to acquisitions ($67.0m) ($65.0m) ($50.0m) ($57.0m) ($12.0m) ($19.0m) ($22.0m) ($12.0m) ($2.0m) ($19.0m) —
Payments for (Proceeds from) Other Investing Activities ($23.0m) $4.0m ($13.0m) ($3.0m) $17.0m $0 — — — — —
Net cash from/(used in) investing activities $195.0m ($335.0m) ($341.0m) ($1.6b) ($160.0m) $2.6b ($173.0m) ($1.1b) $250.0m $447.0m —
Net Cash Provided by (Used in) Investing Activities $195.0m ($335.0m) ($341.0m) ($1.6b) ($160.0m) $2.6b — ($1.1b) $250.0m $447.0m ($1.3b)
Cash flows from financing activities:
Repayments of Long-term Debt $1.9b $734.0m $170.0m $995.0m $327.0m $1.0b — $254.0m $655.0m $5.0m ($555.0m)
Gain (Loss) on Extinguishment of Debt — — — — — — — — — — —
Debt issuance costs ($14.0m) ($9.0m) ($8.0m) ($13.0m) ($2.0m) ($4.0m) ($5.0m) ($7.0m) ($9.0m) ($10.0m) —
Repayments of debt ($1.9b) ($734.0m) ($170.0m) ($995.0m) ($327.0m) ($1.0b) ($585.0m) ($254.0m) ($655.0m) ($5.0m) ($555.0m)
Issuance Of Debt — — — — — — $750.0m $748.0m $746.0m $999.0m $1.8b
Long Term Debt Issuance — — — — — — $750.0m $748.0m $746.0m $999.0m $1.8b
Long Term Debt Payments — — — — — — ($585.0m) ($254.0m) ($655.0m) ($5.0m) ($555.0m)
Net Issuance Payments Of Debt — — — — — — $165.0m $494.0m $91.0m $994.0m $1.2b
Net Long Term Debt Issuance — — — — — — $165.0m $494.0m $91.0m $994.0m $1.2b
Repayment Of Debt — — — — — — ($585.0m) ($254.0m) ($655.0m) ($5.0m) ($555.0m)
Payments for Repurchase of Common Stock $396.0m $532.0m $602.0m $150.0m $0 $1.6b — $1.0b $901.0m $1.6b —
Payments of Ordinary Dividends, Common Stock $199 $277 $306 $329 $346 $374 — $352 $354 $358 ($357.0m)
Proceeds from Issuance of Common Stock $63.0m $61.0m $45.0m $45.0m $16.0m $10.0m — $0 $0 — $0
Common Stock Dividend Paid — — — — — — ($369.0m) ($352.0m) ($354.0m) ($358.0m) ($357.0m)
Common Stock Issuance — — — — — $10.0m $7.0m $0 $0 — $0
Common Stock Payments — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b) ($1.7b)
Issuance Of Capital Stock — — — — — $10.0m $7.0m $0 $0 — $0
Net Common Stock Issuance — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b) ($1.7b)
Repurchase Of Capital Stock — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b) ($1.7b)
Dividends Payable, Current — — — $100 $103 $112 — $103 $107 $109 —
Dividends paid ($199) ($277) ($306) ($329) ($346) ($374) ($369) ($352) ($354) ($358) ($357.0m)
Cash Dividends Paid — — — — — — ($369.0m) ($352.0m) ($354.0m) ($358.0m) ($357.0m)
Proceeds from (Payments for) Other Financing Activities — — — — ($3.0m) $0 — — — — —
Net Other Financing Charges — — — — — — $282.0m ($342.0m) $705.0m $78.0m $91.0m
Net Cash Provided by (Used in) Financing Activities ($762.0m)
($479.0m) +37.14%
($903.0m) -88.52%
$397.0m +143.96%
($434.0m) -209.32%
($3.1b) -617.51%
($3.4b) -10.63%
($1.2b) +65.17%
($459.0m) +61.75%
($936.0m) -103.92%
($747.0m) +20.19%
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $48.0m $44.0m ($136.0m) $1.2b $1.5b ($2.8b) ($940.0m) $1.3b $1.3b
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR $1.0b $1.0b $895.0m $2.1b $7.7b $4.7b $3.8b $5.0b $6.5b
Beginning Cash Position — — — — — — $7.7b $4.7b $3.8b $5.0b $5.3b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $895.0m $2.1b $7.7b — $3.8b $5.0b $6.5b $5.2b
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — ($2.0m) $21.0m ($127.0m) — $11.0m ($97.0m) $203.0m ($38.0m)
Effect of exchange rate changes on cash, cash equivalents and restricted cash — $112.0m ($41.0m) ($2.0m) $21.0m ($127.0m) ($164.0m) $11.0m ($97.0m) $203.0m ($38.0m)
Additional Supplementary Disclosures
Additional Supplementary Disclosures
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities $143.0m $169.0m $176.0m $210.0m $229.0m $212.0m ($11.0m) $223.0m $242.0m $252.0m —
Income Taxes Paid, Net $158.0m $203.0m $178.0m $299.0m $310.0m $570.0m ($34.0m) $348.0m $312.0m $441.0m —
Additional Financial Items
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $2.0m $13.0m ($9.0m) ($2.0m) $81.0m $379.0m — $43.0m ($337.0m) $40.0m —
Foreign Currency Transaction Gain (Loss), before Tax $28.0m ($77.0m) ($26.0m) ($26.0m) $6.0m $10.0m — ($20.0m) $31.0m ($13.0m) —
Foreign Currency Transaction Gain (Loss), Realized ($29.0m) ($72.0m) ($24.0m) ($26.0m) $6.0m $8.0m — ($11.0m) $9.0m ($17.0m) —
Foreign Currency Transaction Gain (Loss), Unrealized — — — — — — — — — — —
Gain (Loss) on Disposition of Assets $0 $13.0m — — — $26.0m — $38.0m $0 $26.0m —
Gain (Loss) on Disposition of Business — — ($9.0m) ($2.0m) $81.0m $2.7b — $43.0m ($337.0m) $40.0m —
Goodwill $10.4b $10.5b $10.5b $11.2b $11.2b $10.2b — $10.2b $8.8b $8.9b $0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent — — — — — $2.1b — $1.1b ($98.0m) — —
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — — — $2.2b — $1.1b ($88.0m) — —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — — — $2.1b — $0 $0 — —
Income Tax Expense (Benefit) ($96.0m) ($100.0m) $136.0m $249.0m $318.0m $536.0m — $215.0m $192.0m $318.0m —
Investment Income, Interest — — $3.0m $21.0m — — — — — — —
Operating Expenses $7.3b $7.5b $7.7b — — — — — — — —
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax — — — — — — — — — — —
Proceeds from (Payments to) Noncontrolling Interests ($21.0m) ($51.0m) ($26.0m) ($55.0m) ($28.0m) ($36.0m) — ($63.0m) ($13.0m) ($9.0m) —
Proceeds from Stock Options Exercised — $61.0m $45.0m $45.0m $16.0m $10.0m — — — — —
Restructuring Costs — — — — — — — — — — —
Non-cash restructuring charges — — — — $0 $0 $71.0m $38.0m $41.0m $0 —
Non-cash lease expense — $0 $0 $148.0m $146.0m $160.0m $120.0m $105.0m $98.0m $97.0m —
Net periodic cost of/(credit for) defined benefit pension plans ($93.0m) ($91.0m) ($163.0m) ($135.0m) ($196.0m) ($168.0m) ($153.0m) ($26.0m) $4.0m $112.0m —
Net (gain)/loss on disposal of operations $0 ($13.0m) $9.0m $2.0m ($81.0m) ($2.7b) $59.0m ($43.0m) $337.0m ($40.0m) —
Non-cash foreign exchange loss/(gain) ($28.0m) $77.0m $26.0m $26.0m ($6.0m) ($10.0m) ($137.0m) $20.0m ($31.0m) $13.0m —
Other, net $23.0m ($4.0m) $13.0m $3.0m ($3.0m) $0 $0 $31.0m $58.0m $59.0m —
Provisions $65.0m ($35.0m) ($23.0m) $4.0m ($138.0m) ($18.0m) ($8.0m) $4.0m ($21.0m) ($9.0m) —
Additions to fixed assets and software ($218.0m) ($300.0m) ($268.0m) — — — — ($242.0m) ($245.0m) ($229.0m) —
Capitalized software costs ($85.0m) ($75.0m) ($54.0m) ($59.0m) ($63.0m) ($53.0m) ($66.0m) ($89.0m) ($109.0m) — —
Net proceeds from sale of operations ($1.0m) $57.0m $4.0m $17.0m $212.0m $4.0b ($59.0m) $89.0m $619.0m $870.0m —
Cash and fiduciary funds transferred in sale of operations — — — $0 ($25.0m) ($1.0b) ($29.0m) ($922.0m) ($5.0m) ($54.0m) —
Net purchases of held-to-maturity securities — — — — — — — $0 $0 ($50.0m) —
Net purchases of available-for-sale securities — — — — — — — ($4.0m) ($12.0m) ($40.0m) —
Senior notes issued $1.6b $649.0m $998.0m $997.0m $282.0m $0 $750.0m $748.0m $746.0m $999.0m —
Repurchase of shares ($396.0m) ($532.0m) ($602.0m) ($150.0m) $0 ($1.6b) ($3.5b) ($1.0b) ($901.0m) ($1.6b) —
Net proceeds/(payments) from fiduciary funds held for clients — — — $58.0m $812.0m ($40.0m) $354.0m ($234.0m) $785.0m $172.0m —
Cash Flow From Continuing Financing Activities — — — — — — ($3.4b) ($1.2b) ($459.0m) ($936.0m) ($747.0m)
Cash Flow From Continuing Investing Activities — — — — — — ($173.0m) ($1.1b) $250.0m $447.0m ($1.3b)
Change In Cash Supplemental As Reported — — — — — — ($2.8b) ($940.0m) $1.3b $1.3b —
Change In Other Working Capital — — — — — — ($8.0m) $4.0m ($21.0m) ($9.0m) ($7.0m)
Changes In Cash — — — — — — ($2.8b) ($940.0m) $1.3b $1.3b ($165.0m)
End Cash Position — — — — — — $4.7b $3.8b $5.0b $6.5b $5.2b
Financing Cash Flow — — — — — — ($3.4b)
($1.2b) +65.17%
($459.0m) +61.75%
($936.0m) -103.92%
($747.0m) +20.19%
Free Cash Flow — — — — — — $608.0m $1.1b $1.3b $1.5b $1.7b
Gain Loss On Sale Of Business — — — — — — $59.0m ($43.0m) $337.0m ($40.0m) ($26.0m)
Investing Cash Flow — — — — — — ($173.0m) ($1.1b) $250.0m $447.0m ($1.3b)
Net Business Purchase And Sale — — — — — — ($169.0m) ($839.0m) $507.0m $766.0m ($1.1b)
Net Foreign Currency Exchange Gain Loss — — — — — — ($137.0m) $20.0m ($31.0m) $13.0m ($33.0m)
Net Investment Purchase And Sale — — — — — — $200.0m ($4.0m) ($12.0m) ($90.0m) $3.0m
Net PPE Purchase And Sale — — — — — — ($138.0m) ($242.0m) ($245.0m) ($229.0m) ($234.0m)
Operating Gains Losses — — — — — — ($231.0m) ($49.0m) $310.0m $85.0m ($27.0m)
Other Non Cash Items — — — — — — $197.0m $174.0m $197.0m $156.0m —
Pension And Employee Benefit Expense — — — — — — ($153.0m) ($26.0m) $4.0m $112.0m $32.0m
Provisionand Write Offof Assets — — — — — — $13.0m $6.0m $13.0m $6.0m $9.0m
Purchase Of Business — — — — — — ($169.0m) ($928.0m) ($112.0m) ($104.0m) ($1.1b)
Purchase Of Investment — — — — — ($200.0m) — ($4.0m) ($12.0m) ($90.0m) $3.0m
Purchase Of PPE — — — — — — ($138.0m) ($242.0m) ($245.0m) ($229.0m) ($234.0m)
Sale Of Business — — — — — $4.0b — $89.0m $619.0m $870.0m $34.0m
Stock Based Compensation — — — — — — $99.0m $125.0m $121.0m $153.0m $194.0m

Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.