WILLIS TOWERS WATSON PLC WLTW Cash Flow

Willis towers watson plc (WLTW)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
NET INCOME
1,073,000	715,000	592,000	438,000	384,000	373,000	377,000	-433,000	220,000	470,000	459,000	324,000
Adjustments to reconcile net income to total net cash from operating activities:
Income from discontinued operations
-	-	-	-	-	-	-	-	1,000	0	4,000	1,000
Goodwill impairment
-	-	-	-	-	-	-	492,000	0	0	-	-
Net gain on disposal of operations, fixed and intangible assets and gain on remeasurement of previously held equity interest
-	-	-	-	-	-	7,000	0	6,000	-3,000	14,000	2,000
Gain on disposal of London headquarters
-	-	-	-	-	-	-	-	-	-	-	7,000
Depreciation
240,000	213,000	252,000	178,000	95,000	92,000	94,000	79,000	74,000	63,000	64,000	54,000
Amortization
489,000	534,000	581,000	591,000	76,000	54,000	55,000	59,000	68,000	82,000	100,000	36,000
Non-cash lease expense
148,000	0	0	-	-	-	-	-	-	-	-	-
Net periodic benefit of defined benefit pension plans
-135,000	-163,000	-91,000	-93,000	-78,000	-17,000	-4,000	2,000	11,000	35,000	-	-
Amortization of cash retention awards
-	-	-	-	-	-	6,000	416,000	185,000	119,000	-	-
Provision for doubtful receivables from clients
9,000	8,000	17,000	36,000	5,000	4,000	3,000	16,000	4,000	0	-1,000	-8,000
Benefit from deferred income taxes
-72,000	-115,000	-285,000	-244,000	-99,000	66,000	-39,000	-54,000	-17,000	-77,000	21,000	-46,000
Gain on derivative instruments
-	-	-	-	-	-	-18,000	-11,000	-3,000	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	2,000	2,000	5,000	2,000	1,000	6,000
Share-based compensation
74,000	50,000	67,000	123,000	64,000	52,000	42,000	32,000	41,000	47,000	39,000	40,000
Net loss/(gain) on disposal of operations
-2,000	-9,000	13,000	0	-	-	-	-	-	-	-	-
Non-cash foreign exchange (gain)/loss
-26,000	-26,000	-77,000	28,000	-73,000	-39,000	-	-	-	-	-	-
Net gain on disposal of operations and fixed and intangible assets and gain on re-measurement of equity interests
-	-	-	-	90,000	17,000	-	-	-	-	-	-
Other, net
-17,000	-8,000	57,000	-27,000	8,000	16,000	-	-	-	-	-	-
Tender premium included in loss on extinguishment of debt
-	-	-	-	-	-	65,000	0	0	-	-	-
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs
-	-	-	-	-	-	-	-	171,000	0	-	-
Undistributed earnings of associates
-	-	-	-	-	-	-8,000	2,000	5,000	18,000	21,000	13,000
Non-cash Venezuela currency devaluation
-	-	-	-	-	-	-	-	-	12,000	-	-
Effect of exchange rate changes on net income
-	-	-	-	-	-	4,000	14,000	-14,000	-6,000	4,000	-56,000
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable
261,000	-68,000	64,000	101,000	155,000	66,000	116,000	17,000	92,000	35,000	-77,000	-
Fiduciary assets
365,000	839,000	1,167,000	249,000	508,000	887,000	804,000	111,000	162,000	78,000	-776,000	745,000
Fiduciary liabilities
365,000	839,000	1,167,000	249,000	508,000	887,000	-804,000	-111,000	-162,000	-78,000	-776,000	745,000
Cash incentives paid
-	-	-	-	-	-	346,000	323,000	310,000	196,000	-	-
Funding of defined benefit pension plans
-	-	-	-	-	-	-150,000	-143,000	-135,000	-130,000	-	-
Other assets
269,000	22,000	128,000	233,000	5,000	-16,000	-14,000	1,000	-70,000	93,000	103,000	352,000
Other liabilities
-264,000	-20,000	-51,000	174,000	-61,000	-91,000	445,000	319,000	101,000	96,000	-193,000	58,000
Provisions
4,000	-23,000	-35,000	65,000	43,000	-12,000	24,000	-20,000	16,000	-45,000	44,000	28,000
Net cash provided by continuing operating activities
-	-	-	-	-	-	-	-	441,000	491,000	421,000	253,000
Net cash used in discontinued operating activities
-	-	-	-	-	-	-	-	-2,000	-2,000	-2,000	-
Net cash from/(used in) operating activities
1,081,000	1,288,000	862,000	933,000	244,000	477,000	561,000	525,000	439,000	489,000	419,000	253,000
CASH FLOWS USED IN INVESTING ACTIVITIES
Additions to fixed assets and software for internal use
246,000	268,000	300,000	218,000	146,000	113,000	112,000	135,000	111,000	83,000	96,000	94,000
Capitalized software costs
59,000	54,000	75,000	85,000	0	0	-	-	-	-	-	-
Proceeds on disposal of fixed and intangible assets
-	-	-	-	-	-	12,000	5,000	13,000	10,000	20,000	6,000
Additions to intangible assets
-	-	-	-	-	-	7,000	2,000	0	0	-	-
Acquisitions of operations, net of cash acquired
1,329,000	36,000	13,000	-476,000	857,000	245,000	30,000	33,000	10,000	21,000	-	940,000
Payments to acquire (proceeds from sale of) other investments, net of distributions received
-	-	-	-	-	-	3,000	7,000	5,000	1,000	-	-
Acquisition of investments in associates
-	-	-	-	-	-	-	-	2,000	1,000	42,000	31,000
Proceeds from Sale of Equity Method Investments
-	-	-	-	-	-	-	0	0	-	155,000	-
Net proceeds from sale of operations
17,000	4,000	57,000	-1,000	44,000	86,000	20,000	0	14,000	-	-	-
Other, net
-3,000	-13,000	4,000	-23,000	-16,000	4,000	-	-	-	-	-	-
Proceeds on sale of short-term investments
-	-	-	-	-	-	-	-	-	-	21,000	15,000
Proceeds from sale of continuing operations, net of cash disposed
-	-	-	-	-	-	-	-	-	2,000	4,000	11,000
Proceeds from sale of discontinued operations, net of cash disposed
-	-	-	-	-	-	-	-	-	0	40,000	-
Net cash used in investing activities
-1,614,000	-341,000	-335,000	195,000	-943,000	-276,000	-120,000	-172,000	-101,000	-94,000	102,000	-1,033,000
INCREASE IN CASH AND CASH EQUIVALENTS FROM OPERATING AND INVESTING ACTIVITIES
-	-	-	-	-	-	-	-	-	395,000	521,000	-780,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from drawdown of revolving credit facility
-	-	-	-	-	-	0	-	-	90,000	-	-
Net payments on revolving credit facility
-131,000	-754,000	642,000	-237,000	469,000	0	-	-	90,000	-	-	-
Senior notes issued
997,000	998,000	649,000	1,606,000	0	0	522,000	0	794,000	0	800,000	-
Proceeds from issue of short-term debt, net of debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	1,026,000
Proceeds from issuance of other debt
1,100,000	0	32,000	404,000	592,000	0	-	-	-	-	-	643,000
Debt issuance costs
13,000	8,000	9,000	14,000	5,000	3,000	8,000	0	12,000	0	22,000	-
Repayments of debt
995,000	170,000	734,000	1,901,000	166,000	15,000	536,000	15,000	911,000	209,000	1,089,000	641,000
Repayments of debt
-	-	-	-	-	-	65,000	0	0	-	-	-
Proceeds from Issuance of Long-term Debt
-	-	-	-	-	-	-	-	300,000	0	-	-
Proceeds from issue of other debt
-	-	-	-	-	-	0	1,000	0	0	-	-
Make-whole on repurchase and redemption of senior notes
-	-	-	-	-	-	-	-	158,000	0	-	-
Repurchase of shares
150,000	602,000	532,000	396,000	82,000	213,000	0	100,000	0	0	-	75,000
Proceeds from issuance of shares
45,000	45,000	61,000	63,000	131,000	139,000	155,000	53,000	60,000	36,000	18,000	15,000
Payments related to share cancellation
0	0	177,000	0	0	-	-	-	-	-	-	-
Payments of deferred and contingent consideration related to acquisitions
57,000	50,000	65,000	67,000	0	0	-	-	-	-	-	-
Cash paid for employee taxes on withholding shares
15,000	30,000	18,000	13,000	1,000	-	-	-	-	-	-	-
Excess tax benefits from share-based payment arrangements
-	-	-	-	-	-	2,000	2,000	5,000	2,000	1,000	6,000
Dividends paid
329,000	306,000	277,000	199,000	277,000	210,000	193,000	185,000	180,000	176,000	174,000	146,000
Acquisitions of and dividends paid to non-controlling interests
-55,000	-26,000	-51,000	-21,000	-21,000	-21,000	-	-	-	-	-	-
Proceeds from Noncontrolling Interests
-	-	-	-	-	-	-	3,000	0	0	-	-
Acquisition of noncontrolling interests
-	-	-	-	-	-	4,000	39,000	9,000	10,000	33,000	7,000
Dividends paid to noncontrolling interests
-	-	-	-	-	-	10,000	11,000	13,000	26,000	17,000	13,000
Net cash from financing activities
397,000	-903,000	-479,000	-775,000	640,000	-323,000	-137,000	-291,000	-214,000	-293,000	-516,000	808,000
INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
-136,000	44,000	48,000	353,000	-59,000	-122,000	304,000	62,000	124,000	102,000	5,000	28,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-2,000	-41,000	112,000	-15,000	-44,000	-39,000	-8,000	2,000	-4,000	-7,000	11,000	-23,000