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Willis Towers Watson WTW Tax Reconciliation: Enacted Rate Change

Other financials

Income statement

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Revenue$2.4B+8.5%
Operating income$448.0M+3.7%
Net income$297.0M+26.4%
EPS (diluted)$3.10+33.0%

Balance sheet

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Cash & equivalents$1.9B+23.1%
Total debt$6.9B+16.5%
Total equity$8.0B-1.9%
Total assets$29.6B+5.6%

Cash flow

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Operating cash flow-$10.0M+71.4%
CapEx$55.0M+7.8%
Free cash flow-$65.0M+24.4%

Valuation

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Market cap$27.87B-9.1%
Enterprise value$32.92B-5.0%
P/E16.7×—
P/S2.8×-0.3×

Profitability

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Operating margin22.7%+14.8pp
Net margin16.8%—
FCF margin15.8%+3.4pp

Returns & leverage

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Return on equity20.7%—
Debt / equity0.9×+0.1×
Current ratio1.2×0.0×

Questions, answered.

What does tax reconciliation: enacted rate change mean?
This metric captures the impact on deferred tax assets and liabilities resulting from changes in statutory tax laws or enacted tax rates. It reflects the revaluation of existing tax positions due to legislative shifts in the jurisdictions where the company operates. This is a non-cash item that can significantly distort the effective tax rate in the period of enactment.