Company Quick10K Filing
General Dynamics
Price183.02 EPS8
Shares291 P/E22
MCap53,239 P/FCF-106
Net Debt8,015 EBIT3,204
TEV61,254 TEV/EBIT19
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-06-28 Filed 2020-07-29
10-Q 2020-03-29 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-10
10-Q 2019-09-29 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-07-01 Filed 2018-07-25
10-Q 2018-04-01 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-12
10-Q 2017-10-01 Filed 2017-10-25
10-Q 2017-07-02 Filed 2017-07-26
10-Q 2017-04-02 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-06
10-Q 2016-10-02 Filed 2016-10-26
10-Q 2016-07-03 Filed 2016-07-27
10-Q 2016-04-03 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-08
10-Q 2015-10-04 Filed 2015-10-28
10-Q 2015-07-05 Filed 2015-07-29
10-Q 2015-04-05 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-09
10-Q 2014-09-28 Filed 2014-10-22
10-Q 2014-06-29 Filed 2014-07-23
10-Q 2014-03-30 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-07
10-Q 2013-09-29 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-08
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-07-01 Filed 2012-08-01
10-Q 2012-04-01 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-10-02 Filed 2011-11-01
10-Q 2011-07-03 Filed 2011-08-03
10-Q 2011-04-03 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-18
10-Q 2010-10-03 Filed 2010-11-02
10-Q 2010-07-04 Filed 2010-08-03
10-Q 2010-04-04 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-11
8-K 2020-04-29
8-K 2020-03-23
8-K 2020-03-23
8-K 2020-02-05
8-K 2020-01-29
8-K 2019-10-23
8-K 2019-08-07
8-K 2019-07-24
8-K 2019-05-02
8-K 2019-04-24
8-K 2019-03-29
8-K 2019-03-06
8-K 2019-01-30
8-K 2018-10-24
8-K 2018-08-07
8-K 2018-07-25
8-K 2018-05-11
8-K 2018-05-08
8-K 2018-04-25
8-K 2018-04-03
8-K 2018-03-23
8-K 2018-03-16
8-K 2018-03-01
8-K 2018-02-12
8-K 2018-02-09
8-K 2018-01-24

GD 10Q Quarterly Report

Part I - Financial Information
Item 1. Unaudited Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-22 ex22-20200628.htm
EX-31.1 ex311-20200628.htm
EX-31.2 ex312-20200628.htm
EX-32.1 ex321-20200628.htm
EX-32.2 ex322-20200628.htm

General Dynamics Earnings 2020-06-28

Balance SheetIncome StatementCash Flow
504030201002012201420172020
Assets, Equity
3021123-6-152012201420172020
Rev, G Profit, Net Income
10.05.00.0-5.0-10.0-15.02012201420172020
Ops, Inv, Fin

Document
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gdlogo-20200329a06.gif
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
[] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2020
OR
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number 1-3671
    
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
13-1673581
State or other jurisdiction of incorporation or organization
 
I.R.S. employer identification no.
 
 
 
 
 
 
 
 
 
 
11011 Sunset Hills Road
Reston,
Virginia
 
20190
Address of principal executive offices
 
Zip code
(703) 876-3000
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
GD
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No ___
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ü No ___
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ü Accelerated filer ___ Non-accelerated filer ___
Smaller reporting company___ Emerging growth company___
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes___ No ü
286,932,436 shares of the registrant’s common stock, $1 par value per share, were outstanding on June 28, 2020.





INDEX

 
 
 
PART I -
PAGE
Item 1 -
 
 
 
 
 
 
 
 

Item 2 -
Item 3 -
Item 4 -
 
PART II -
Item 1 -
Item 1A -
Item 2 -
Item 6 -
 
            

2



PART I – FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

 
Three Months Ended
(Dollars in millions, except per-share amounts)
June 28, 2020
 
June 30, 2019
Revenue:
 
 
 
Products
$
5,505

 
$
5,401

Services
3,759

 
4,154

 
9,264


9,555

Operating costs and expenses:
 
 
 
Products
(4,603
)
 
(4,342
)
Services
(3,246
)
 
(3,527
)
General and administrative (G&A)
(574
)
 
(596
)
 
(8,423
)
 
(8,465
)
Operating earnings
841

 
1,090

Interest, net
(132
)
 
(119
)
Other, net
18

 
12

Earnings before income tax
727


983

Provision for income tax, net
(102
)
 
(177
)
Net earnings
$
625


$
806

 
 
 
 
Earnings per share
 
 
 
Basic
$
2.18

 
$
2.80

Diluted
$
2.18

 
$
2.77

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.


3



CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)

 
Six Months Ended
(Dollars in millions, except per-share amounts)
June 28, 2020
 
June 30, 2019
Revenue:
 
 
 
Products
$
10,395

 
$
10,652

Services
7,618

 
8,164

 
18,013


18,816

Operating costs and expenses:
 
 
 
Products
(8,586
)
 
(8,577
)
Services
(6,547
)
 
(6,925
)
G&A
(1,098
)
 
(1,210
)
 
(16,231
)
 
(16,712
)
Operating earnings
1,782


2,104

Interest, net
(239
)
 
(236
)
Other, net
32

 
30

Earnings before income tax
1,575


1,898

Provision for income tax, net
(244
)
 
(347
)
Net earnings
$
1,331


$
1,551

 
 
 
 
Earnings per share
 
 
 
Basic
$
4.63

 
$
5.39

Diluted
$
4.61

 
$
5.33

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.


4



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

 
Three Months Ended
Six Months Ended
(Dollars in millions)
June 28, 2020
 
June 30, 2019
June 28, 2020
 
June 30, 2019
Net earnings
$
625

 
$
806

$
1,331

 
$
1,551

Gains on cash flow hedges
170

 
51

71

 
68

Foreign currency translation adjustments
159

 
125

(79
)
 
156

Change in retirement plans’ funded status
75

 
59

152

 
122

Other comprehensive income, pretax
404

 
235

144

 
346

Provision for income tax, net
(60
)
 
(28
)
(52
)
 
(44
)
Other comprehensive income, net of tax
344

 
207

92

 
302

Comprehensive income
$
969


$
1,013

$
1,423

 
$
1,853

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.


5



CONSOLIDATED BALANCE SHEET

 
(Unaudited)
 
 
(Dollars in millions)
June 28, 2020
 
December 31, 2019
 
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
2,300

 
$
902

Accounts receivable
3,515

 
3,544

Unbilled receivables
7,715

 
7,857

Inventories
6,666

 
6,306

Other current assets
939

 
1,171

Total current assets
21,135


19,780

Noncurrent assets:
 
 
 
Property, plant and equipment, net
4,721

 
4,475

Intangible assets, net
2,197

 
2,315

Goodwill
19,718

 
19,677

Other assets
2,451

 
2,594

Total noncurrent assets
29,087


29,061

Total assets
$
50,222


$
48,841

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt and current portion of long-term debt
$
4,121

 
$
2,920

Accounts payable
2,383

 
3,162

Customer advances and deposits
6,212

 
7,148

Other current liabilities
3,890

 
3,571

Total current liabilities
16,606


16,801

Noncurrent liabilities:
 
 
 
Long-term debt
10,470

 
9,010

Other liabilities
9,256

 
9,453

Commitments and contingencies (see Note M)


 


Total noncurrent liabilities
19,726


18,463

Shareholders’ equity:
 
 
 
Common stock
482

 
482

Surplus
3,050

 
3,039

Retained earnings
32,294

 
31,633

Treasury stock
(17,809
)
 
(17,358
)
Accumulated other comprehensive loss
(4,127
)
 
(4,219
)
Total shareholders’ equity
13,890


13,577

Total liabilities and shareholders equity
$
50,222


$
48,841

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.

6



CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 
Six Months Ended
(Dollars in millions)
June 28, 2020
 
June 30, 2019
Cash flows from operating activities - continuing operations:
 
 
 
Net earnings
$
1,331

 
$
1,551

Adjustments to reconcile net earnings to net cash from operating activities:
 
 

Depreciation of property, plant and equipment
254

 
232

Amortization of intangible and finance lease right-of-use assets
177

 
183

Equity-based compensation expense
61

 
72

Deferred income tax benefit
(83
)
 
(17
)
(Increase) decrease in assets, net of effects of business acquisitions:
 
 
 
Accounts receivable
(1
)
 
64

Unbilled receivables
160

 
(1,074
)
Inventories
(433
)
 
(556
)
Increase (decrease) in liabilities, net of effects of business acquisitions:
 
 
 
Accounts payable
(782
)
 
(301
)
Customer advances and deposits
(863
)
 
(607
)
Other, net
356

 
(51
)
Net cash provided (used) by operating activities
177

 
(504
)
Cash flows from investing activities:
 
 
 
Capital expenditures
(406
)
 
(362
)
Other, net
184

 
(1
)
Net cash used by investing activities
(222
)
 
(363
)
Cash flows from financing activities:
 
 
 
Proceeds from fixed-rate notes
3,960

 

Repayment of fixed-rate notes
(2,000
)
 

Proceeds from commercial paper, net
816

 
1,394

Dividends paid
(610
)
 
(563
)
Purchases of common stock
(501
)
 
(231
)
Repayment of floating-rate notes
(500
)
 

Proceeds from commercial paper, gross (maturities greater than 3 months)
420

 

Other, net
(118
)
 
30

Net cash provided by financing activities
1,467

 
630

Net cash used by discontinued operations
(24
)
 
(24
)
Net increase (decrease) in cash and equivalents
1,398

 
(261
)
Cash and equivalents at beginning of period
902

 
963

Cash and equivalents at end of period
$
2,300

 
$
702

Supplemental cash flow information:
 
 
 
Income tax payments, net
$
(56
)
 
$
(397
)
Interest payments
$
(221
)
 
$
(216
)
The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.


7



CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (UNAUDITED)

 
Three Months Ended
 
Common Stock
 
Retained
 
Treasury
 
Accumulated
Other 
Comprehensive
 
Total
Shareholders’    
(Dollars in millions)
Par
 
Surplus
 
Earnings
 
Stock
 
Loss
 
Equity
March 29, 2020
$
482

 
$
3,015

 
$
31,983

 
$
(17,809
)
 
$
(4,471
)
 
$
13,200

Net earnings

 

 
625

 

 

 
625

Cash dividends declared

 

 
(314
)
 

 

 
(314
)
Equity-based awards

 
35

 

 

 

 
35

Other comprehensive income

 

 

 

 
344

 
344

June 28, 2020
$
482

 
$
3,050

 
$
32,294

 
$
(17,809
)
 
$
(4,127
)
 
$
13,890

 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
$
482

 
$
2,937

 
$
29,781

 
$
(17,283
)
 
$
(3,683
)
 
$
12,234

Net earnings

 

 
806

 

 

 
806

Cash dividends declared

 

 
(296
)
 

 

 
(296
)
Equity-based awards

 
22

 

 
2

 

 
24

Shares purchased

 

 

 
(98
)
 

 
(98
)
Other comprehensive income

 

 

 

 
207

 
207

June 30, 2019
$
482

 
$
2,959

 
$
30,291

 
$
(17,379
)
 
$
(3,476
)
 
$
12,877

 
Six Months Ended
 
Common Stock
 
Retained
 
Treasury
 
Accumulated
Other 
Comprehensive
 
Total
Shareholders’    
(Dollars in millions)
Par
 
Surplus
 
Earnings
 
Stock
 
Loss
 
Equity
December 31, 2019
$
482

 
$
3,039

 
$
31,633

 
$
(17,358
)
 
$
(4,219
)
 
$
13,577

Cumulative-effect adjustment*

 

 
(37
)
 

 

 
(37
)
Net earnings

 

 
1,331

 

 

 
1,331

Cash dividends declared

 

 
(633
)
 

 

 
(633
)
Equity-based awards

 
11

 

 
50

 

 
61

Shares purchased

 

 

 
(501
)
 

 
(501
)
Other comprehensive income

 

 

 

 
92

 
92

June 28, 2020
$
482

 
$
3,050

 
$
32,294

 
$
(17,809
)
 
$
(4,127
)
 
$
13,890

 
 
 
 
 
 
 
 
 
 
 


December 31, 2018
$
482

 
$
2,946

 
$
29,326

 
$
(17,244
)
 
$
(3,778
)
 
$
11,732

Net earnings

 

 
1,551

 

 

 
1,551

Cash dividends declared

 

 
(586
)
 

 

 
(586
)
Equity-based awards

 
13

 

 
49

 

 
62

Shares purchased

 

 

 
(184
)
 

 
(184
)
Other comprehensive income

 

 

 

 
302

 
302

June 30, 2019
$
482

 
$
2,959

 
$
30,291

 
$
(17,379
)
 
$
(3,476
)
 
$
12,877

The accompanying Notes to Unaudited Consolidated Financial Statements are an integral part of these financial statements.

* Reflects the cumulative effect of Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020. See Note A for additional details.


8



NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per-share amounts or unless otherwise noted)

A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization. General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services; command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) solutions; and shipbuilding and ship repair.
Basis of Consolidation and Classification. The unaudited Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all inter-company balances and transactions in the unaudited Consolidated Financial Statements. Some prior-year amounts have been reclassified among financial statement accounts or disclosures to conform to the current-year presentation.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Further discussion of our significant accounting policies is contained in the other notes to these financial statements.
Interim Financial Statements. The unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These rules and regulations permit some of the information and footnote disclosures included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) to be condensed or omitted.
Our fiscal quarters are typically 13 weeks in length. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year. Operating results for the three- and six-month periods ended June 28, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
The unaudited Consolidated Financial Statements contain all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations and financial condition for the three- and six-month periods ended June 28, 2020, and June 30, 2019.
These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates and Other Uncertainties. The Coronavirus (COVID-19) outbreak has caused significant disruptions to national and global economies and government activities. Our businesses have been designated as critical infrastructure by the U.S. government and many non-U.S. governments and, as such, are required to stay open. Within our Aerospace segment, quarantine and travel restrictions in connection with the outbreak have delayed aircraft deliveries, and the economic consequences of COVID-19 have impacted demand. Our defense business has also experienced disruptions, such as customer site closures, travel restrictions and social distancing requirements, which have impacted contract execution. We have instituted various initiatives throughout the company as part of our business continuity programs, and we continue to work to mitigate risk when disruptions occur. While we expect this situation to be

9



temporary, any longer-term impact to our business is currently unknown due to the uncertainty around the outbreak’s duration and its broader impact.
The nature of our business requires that we make estimates and assumptions in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The COVID-19 outbreak has impacted these estimates and assumptions and will continue to do so. The accounting for long-term contracts requires the use of estimates (see Note C). Our estimates at the end of the second quarter included impacts from the disruptions caused by COVID-19. Given the uncertainties around the pandemic, including its duration and potential future disruptions to our supply chain or workforce, it is reasonably possible that the actual impact of the pandemic on contract costs could be materially different than our current estimates. The United States and some other governments have taken steps to provide relief. Where our customer has agreed to reimburse certain costs, such as provided for by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), we have included those recoveries in our estimates of revenue. To the extent the U.S. government provides for reimbursement of additional costs through legislation and the U.S. Department of Defense (DoD) has available funds, we will seek reimbursement as appropriate.
The company is also monitoring for other long-term impacts of the pandemic, such as the impairment of goodwill, intangibles or other long-lived assets. As of the end of the quarter, we have not identified a triggering event requiring an impairment test.
Property, Plant and Equipment, Net. Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E consisted of the following:
 
June 28, 2020
 
December 31, 2019
PP&E
$
10,093

 
$
9,761

Accumulated depreciation
(5,372
)
 
(5,286
)
PP&E, net
$
4,721

 
$
4,475


Accounting Standards Updates. Effective January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 significantly changes how entities account for credit losses for financial assets and certain other instruments, including trade receivables and contract assets, that are not measured at fair value through net income. The ASU requires a number of changes to the assessment of credit losses, including the utilization of an expected credit loss model, which requires consideration of a broader range of information to estimate expected credit losses over the entire lifetime of the asset, including losses where probability is considered remote. Additionally, the standard requires the estimation of lifetime expected losses for trade receivables and contract assets that are classified as current. We adopted the standard on a modified retrospective basis and recognized the cumulative effect as a $37 decrease to retained earnings on the date of adoption.
There are other accounting standards that have been issued by the Financial Accounting Standards Board but are not yet effective. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.


10



B. GOODWILL AND INTANGIBLE ASSETS
Goodwill. The changes in the carrying amount of goodwill by reporting unit were as follows:
 
Aerospace
 
Combat Systems
 
Information Technology
 
Mission Systems
 
Marine Systems
 
Total
Goodwill
December 31, 2019 (a)
$
2,831

 
$
2,681

 
$
9,700

 
$
4,168

 
$
297

 
$
19,677

Acquisitions (b)
21

 

 

 

 

 
21

Other (c)
47

 
(31
)
 

 
4

 

 
20

June 28, 2020 (a)
$
2,899

 
$
2,650

 
$
9,700

 
$
4,172

 
$
297


$
19,718


(a)Goodwill in the Information Technology and Mission Systems reporting units is net of $536 and $1.3 billion of accumulated impairment losses, respectively.
(b)Includes a business acquired in our Aerospace segment and adjustments during the purchase price allocation period.
(c)Consists primarily of adjustments for foreign currency translation.
Intangible Assets. Intangible assets consisted of the following:
 
Gross Carrying Amount (a)
Accumulated Amortization
Net Carrying Amount
 
Gross Carrying Amount (a)
Accumulated Amortization
Net Carrying Amount
 
June 28, 2020
 
December 31, 2019
Contract and program
    intangible assets (b)
$
3,715

$
(1,827
)
$
1,888

 
$
3,776

$
(1,779
)
$
1,997

Trade names and trademarks
486

(208
)
278

 
474

(195
)
279

Technology and software
129

(99
)
30

 
164

(126
)
38

Other intangible assets
159

(158
)
1

 
159

(158
)
1

Total intangible assets
$
4,489

$
(2,292
)
$
2,197