← 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
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $1.0b $1.1b ($88.0m) $1.6b
Net Income (Loss) Attributable to Parent $420.0m $568.0m $695.0m $1.0b $996.0m $4.2b $1.0b $1.1b ($98.0m) $1.6b
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $438.0m $592.0m $715.0m $1.1b $1.0b $4.2b — $1.1b ($88.0m) $1.6b
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 —
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
Amortization $591.0m $581.0m $534.0m $489.0m $462.0m $369.0m $312.0m $263.0m $226.0m $192.0m
Amortization of Intangible Assets $591.0m $581.0m $534.0m $489.0m $462.0m $369.0m — $263.0m $226.0m $192.0m
Depreciation $178.0m $252.0m $213.0m $240.0m $308.0m $281.0m $255.0m $242.0m $230.0m $226.0m
Amortization Cash Flow — — — — — — $312.0m $263.0m $226.0m $192.0m
Amortization Of Intangibles — — — — — — $312.0m $263.0m $226.0m $192.0m
Depreciation Amortization Depletion — — — — — — $567.0m $505.0m $456.0m $418.0m
Deferred Income Tax Expense (Benefit) ($244.0m) ($285.0m) ($115.0m) ($72.0m) $99.0m $96.0m — ($109.0m) ($213.0m) $55.0m
Deferred Other Tax Expense (Benefit) — — — — — — — — — —
Provision for/(benefit from) deferred income taxes — — ($115.0m) ($72.0m) $99.0m $226.0m ($50.0m) ($109.0m) ($213.0m) $55.0m
Deferred Income Tax — — — — — — ($50.0m) ($109.0m) ($213.0m) $55.0m
Deferred Tax — — — — — — ($50.0m) ($109.0m) ($213.0m) $55.0m
Share-based Payment Arrangement, Noncash Expense $123.0m $67.0m $50.0m $74.0m $90.0m $101.0m — $125.0m $121.0m $153.0m
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
Goodwill, Impairment Loss — — — — — — — — $1.0b $0
Impairment — — — — $0 $0 $81.0m $0 $1.0b $0
Share-based compensation $123.0m $67.0m $50.0m $74.0m $90.0m $101.0m $99.0m $125.0m $121.0m $153.0m
Asset Impairment Charge — — — — — — $81.0m $0 $1.0b $0
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
Gain (Loss) on Disposition of Other Assets — — — — — — — — — —
Gain (Loss) on Extinguishment of Debt — — — — — — — — — —
Income (Loss) from Equity Method Investments $2.0m $3.0m — — $6.0m $8.0m — $3.0m $2.0m ($22.0m)
Income Tax Expense (Benefit) ($96.0m) ($100.0m) $136.0m $249.0m $318.0m $536.0m — $215.0m $192.0m $318.0m
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:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $101.0m $64.0m ($68.0m) $261.0m ($72.0m) $134.0m — $206.0m $233.0m $128.0m
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 — — — — — — — — — —
Goodwill $10.4b $10.5b $10.5b $11.2b $11.2b $10.2b — $10.2b $8.8b $8.9b
Investment Income, Interest — — $3.0m $21.0m — — — — — —
Operating Expenses $7.3b $7.5b $7.7b — — — — — — —
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
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
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
Accounts receivable ($101.0m) ($64.0m) $68.0m ($261.0m) $72.0m ($134.0m) ($188.0m) ($206.0m) ($233.0m) ($128.0m)
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)
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) —
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)
Contributions to investments in associates — — — — — — — $0 ($3.0m) ($35.0m)
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
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)
Beginning Cash Position — — — — — — $7.7b $4.7b $3.8b $5.0b
Cash Flow From Continuing Financing Activities — — — — — — ($3.4b) ($1.2b) ($459.0m) ($936.0m)
Cash Flow From Continuing Investing Activities — — — — — — ($173.0m) ($1.1b) $250.0m $447.0m
Change In Other Current Assets — — — — — — ($197.0m) ($185.0m) ($373.0m) ($116.0m)
Change In Other Current Liabilities — — — — — — ($495.0m) $16.0m $301.0m ($458.0m)
Change In Other Working Capital — — — — — — ($8.0m) $4.0m ($21.0m) ($9.0m)
Change In Receivables — — — — — — ($188.0m) ($206.0m) ($233.0m) ($128.0m)
Change In Working Capital — — — — — — ($888.0m) ($371.0m) ($326.0m) ($711.0m)
Changes In Account Receivables — — — — — — ($188.0m) ($206.0m) ($233.0m) ($128.0m)
Changes In Cash — — — — — — ($2.8b) ($940.0m) $1.3b $1.3b
End Cash Position — — — — — — $4.7b $3.8b $5.0b $6.5b
Financing Cash Flow — — — — — — ($3.4b) ($1.2b) ($459.0m) ($936.0m)
Free Cash Flow — — — — — — $608.0m $1.1b $1.3b $1.5b
Gain Loss On Sale Of Business — — — — — — $59.0m ($43.0m) $337.0m ($40.0m)
Investing Cash Flow — — — — — — ($173.0m) ($1.1b) $250.0m $447.0m
Issuance Of Capital Stock — — — — — $10.0m $7.0m $0 $0 —
Net Business Purchase And Sale — — — — — — ($169.0m) ($839.0m) $507.0m $766.0m
Net Foreign Currency Exchange Gain Loss — — — — — — ($137.0m) $20.0m ($31.0m) $13.0m
Net PPE Purchase And Sale — — — — — — ($138.0m) ($242.0m) ($245.0m) ($229.0m)
Operating Gains Losses — — — — — — ($231.0m) ($49.0m) $310.0m $85.0m
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
Provisionand Write Offof Assets — — — — — — $13.0m $6.0m $13.0m $6.0m
Purchase Of Business — — — — — — ($169.0m) ($928.0m) ($112.0m) ($104.0m)
Purchase Of PPE — — — — — — ($138.0m) ($242.0m) ($245.0m) ($229.0m)
Repurchase Of Capital Stock — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b)
Sale Of Business — — — — — $4.0b — $89.0m $619.0m $870.0m
Stock Based Compensation — — — — — — $99.0m $125.0m $121.0m $153.0m
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax — — — — — — — — — —
Other Operating Income (Expense), Net ($6.0m) ($19.0m) — — — — — — — —
Net Cash Provided by (Used in) Operating Activities $920.0m $862.0m $1.3b $1.1b $1.8b $2.1b $812.0m $1.3b $1.5b $1.8b
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment — — — — — — ($204.0m) ($242.0m) ($245.0m) ($229.0m)
Capital Expenditure Reported — — — — — ($53.0m) ($66.0m) ($89.0m) ($109.0m) —
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
Payments to Acquire Investments — — — — — $200.0m — — — —
(Purchase)/sale of investments — — — — $0 ($200.0m) $200.0m ($4.0m) ($12.0m) —
Net Investment Purchase And Sale — — — — — — $200.0m ($4.0m) ($12.0m) ($90.0m)
Purchase Of Investment — — — — — ($200.0m) — ($4.0m) ($12.0m) ($90.0m)
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
Cash flows from financing activities:
Debt issuance costs ($14.0m) ($9.0m) ($8.0m) ($13.0m) ($2.0m) ($4.0m) ($5.0m) ($7.0m) ($9.0m) ($10.0m)
Issuance Of Debt — — — — — — $750.0m $748.0m $746.0m $999.0m
Long Term Debt Issuance — — — — — — $750.0m $748.0m $746.0m $999.0m
Net Issuance Payments Of Debt — — — — — — $165.0m $494.0m $91.0m $994.0m
Net Long Term Debt Issuance — — — — — — $165.0m $494.0m $91.0m $994.0m
Repayments of Long-term Debt $1.9b $734.0m $170.0m $995.0m $327.0m $1.0b — $254.0m $655.0m $5.0m
Repayments of debt ($1.9b) ($734.0m) ($170.0m) ($995.0m) ($327.0m) ($1.0b) ($585.0m) ($254.0m) ($655.0m) ($5.0m)
Long Term Debt Payments — — — — — — ($585.0m) ($254.0m) ($655.0m) ($5.0m)
Repayment Of Debt — — — — — — ($585.0m) ($254.0m) ($655.0m) ($5.0m)
Proceeds from Issuance of Common Stock $63.0m $61.0m $45.0m $45.0m $16.0m $10.0m — $0 $0 —
Common Stock Issuance — — — — — $10.0m $7.0m $0 $0 —
Net Common Stock Issuance — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b)
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
Common Stock Payments — — — — — — ($3.5b) ($1.0b) ($901.0m) ($1.6b)
Proceeds from (Payments to) Noncontrolling Interests ($21.0m) ($51.0m) ($26.0m) ($55.0m) ($28.0m) ($36.0m) — ($63.0m) ($13.0m) ($9.0m)
Dividends Payable, Current — — — $100 $103 $112 — $103 $107 $109
Dividends paid ($199) ($277) ($306) ($329) ($346) ($374) ($369) ($352) ($354) ($358)
Cash Dividends Paid — — — — — — ($369.0m) ($352.0m) ($354.0m) ($358.0m)
Common Stock Dividend Paid — — — — — — ($369.0m) ($352.0m) ($354.0m) ($358.0m)
Proceeds from (Payments for) Other Financing Activities — — — — ($3.0m) $0 — — — —
Net Other Financing Charges — — — — — — $282.0m ($342.0m) $705.0m $78.0m
Net Cash Provided by (Used in) Financing Activities ($762.0m) ($479.0m) ($903.0m) $397.0m ($434.0m) ($3.1b) ($3.4b) ($1.2b) ($459.0m) ($936.0m)
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
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
Effect Of Exchange Rate Changes — — — — — — ($164.0m) $11.0m ($97.0m) $203.0m
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, Restricted Cash and Restricted Cash Equivalents — — — $895.0m $2.1b $7.7b — $3.8b $5.0b $6.5b
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
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($2.8b) ($940.0m) $1.3b $1.3b
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

Data sourced from SEC EDGAR 10-K filings via EdgarTools. 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.