Company Quick10K Filing
Quick10K
General Dynamics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$172.05 289 $49,700
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-07-01 Quarter: 2018-07-01
10-Q 2018-04-01 Quarter: 2018-04-01
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-10-01 Quarter: 2017-10-01
10-Q 2017-07-02 Quarter: 2017-07-02
10-Q 2017-04-02 Quarter: 2017-04-02
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-02 Quarter: 2016-10-02
10-Q 2016-07-03 Quarter: 2016-07-03
10-Q 2016-04-03 Quarter: 2016-04-03
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-10-04 Quarter: 2015-10-04
10-Q 2015-07-05 Quarter: 2015-07-05
10-Q 2015-04-05 Quarter: 2015-04-05
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-28 Quarter: 2014-09-28
10-Q 2014-06-29 Quarter: 2014-06-29
10-Q 2014-03-30 Quarter: 2014-03-30
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-07 Officers, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-02 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-08-07 Officers, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-11 Other Events, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-03 M&A, Off-BS Arrangement, Exhibits
8-K 2018-03-23 Enter Agreement, Exhibits
8-K 2018-03-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-24 Earnings, Exhibits
AMD Advanced Micro Devices 29,430
WB Weibo 13,760
OKTA Okta 12,140
COLM Columbia Sportswear 6,610
EFII Electronics For Imaging 1,590
TPRE Third Point Reinsurance 1,090
BW Babcock & Wilcox Enterprises 81
PMCB Pharmacyte Biotech 0
GMVP Gridiron Bionutrients 0
PHLD Phillips Edison & Company 0
GD 2019-06-30
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-31.1 ex311-20190630.htm
EX-31.2 ex312-20190630.htm
EX-32.1 ex321-20190630.htm
EX-32.2 ex322-20190630.htm

General Dynamics Earnings 2019-06-30

GD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31Q220190000040533P0Y0M91D210.250.75P2Y0.00290.0038111400000000P1YP2YP1Y6MP2Y 0000040533 2019-01-01 2019-06-30 0000040533 2019-06-30 0000040533 2019-04-01 2019-06-30 0000040533 us-gaap:ProductMember 2019-04-01 2019-06-30 0000040533 2018-04-02 2018-07-01 0000040533 us-gaap:ServiceMember 2019-04-01 2019-06-30 0000040533 us-gaap:ProductMember 2018-04-02 2018-07-01 0000040533 us-gaap:ServiceMember 2018-04-02 2018-07-01 0000040533 2018-01-01 2018-07-01 0000040533 us-gaap:ServiceMember 2018-01-01 2018-07-01 0000040533 us-gaap:ProductMember 2019-01-01 2019-06-30 0000040533 us-gaap:ProductMember 2018-01-01 2018-07-01 0000040533 us-gaap:ServiceMember 2019-01-01 2019-06-30 0000040533 2018-12-31 0000040533 us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-07-01 0000040533 2018-07-01 0000040533 us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0000040533 2017-12-31 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-07-01 0000040533 us-gaap:CommonStockMember 2018-12-31 0000040533 us-gaap:TreasuryStockMember 2018-07-01 0000040533 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2018-01-01 2018-07-01 0000040533 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000040533 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-07-01 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000040533 us-gaap:RetainedEarningsMember 2018-01-01 2018-07-01 0000040533 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2018-12-31 0000040533 us-gaap:RetainedEarningsMember 2017-12-31 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000040533 us-gaap:CommonStockMember 2019-06-30 0000040533 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2019-06-30 0000040533 us-gaap:RetainedEarningsMember 2018-12-31 0000040533 us-gaap:CommonStockMember 2018-07-01 0000040533 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000040533 us-gaap:RetainedEarningsMember 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2017-12-31 0000040533 us-gaap:CommonStockMember 2017-12-31 0000040533 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 0000040533 us-gaap:RetainedEarningsMember 2018-07-01 0000040533 us-gaap:RetainedEarningsMember 2018-04-02 2018-07-01 0000040533 us-gaap:RetainedEarningsMember 2018-04-01 0000040533 us-gaap:CommonStockMember 2018-04-01 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2019-03-31 0000040533 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 0000040533 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000040533 2019-03-31 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 0000040533 us-gaap:TreasuryStockMember 2018-04-01 0000040533 us-gaap:TreasuryStockMember 2018-04-02 2018-07-01 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000040533 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000040533 2018-04-01 0000040533 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-02 2018-07-01 0000040533 us-gaap:CommonStockMember 2019-03-31 0000040533 us-gaap:AdditionalPaidInCapitalMember 2018-04-02 2018-07-01 0000040533 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000040533 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0000040533 us-gaap:RetainedEarningsMember 2019-03-31 0000040533 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0000040533 gd:MissionSystemsMember 2018-12-31 0000040533 gd:InformationTechnologyMember 2018-12-31 0000040533 gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:MarineSystemsMember 2018-12-31 0000040533 gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:InformationTechnologyMember 2019-06-30 0000040533 gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CombatSystemsMember 2018-12-31 0000040533 gd:MarineSystemsMember 2019-06-30 0000040533 gd:MissionSystemsMember 2019-06-30 0000040533 gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:AerospaceMember 2019-06-30 0000040533 gd:AerospaceMember 2018-12-31 0000040533 gd:CombatSystemsMember 2019-06-30 0000040533 gd:CSRAInc.Member 2018-04-02 2018-07-01 0000040533 gd:CSRAInc.Member 2018-01-01 2018-07-01 0000040533 us-gaap:OtherIntangibleAssetsMember 2018-12-31 0000040533 gd:TradenamesAndTrademarksMember 2019-06-30 0000040533 gd:TechnologyAndSoftwareMember 2019-06-30 0000040533 gd:TradenamesAndTrademarksMember 2018-12-31 0000040533 gd:ContractAndProgramIntangibleAssetsMember 2019-06-30 0000040533 gd:ContractAndProgramIntangibleAssetsMember 2018-12-31 0000040533 us-gaap:OtherIntangibleAssetsMember 2019-06-30 0000040533 gd:TechnologyAndSoftwareMember 2018-12-31 0000040533 gd:CSRAInc.Member 2018-04-03 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember gd:AerospaceMember 2018-01-01 2018-12-31 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2019-01-01 2019-06-30 0000040533 gd:CSRAInc.Member 2018-04-03 2018-04-03 0000040533 gd:CSRAInc.Member us-gaap:CommonStockMember 2018-04-03 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-01-01 2018-12-31 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember gd:InformationTechnologyMember 2018-01-01 2018-12-31 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:CostReimbursementMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:CostReimbursementMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember 2019-01-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:CostReimbursementMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:CostReimbursementMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:FixedPriceContractMember 2018-01-01 2018-07-01 0000040533 gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:CostReimbursementMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:CostReimbursementMember 2019-01-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:AccountingStandardsUpdate201409Member 2019-01-01 2019-06-30 0000040533 us-gaap:AccountingStandardsUpdate201409Member 2018-04-02 2018-07-01 0000040533 us-gaap:AccountingStandardsUpdate201409Member 2018-01-01 2018-07-01 0000040533 us-gaap:AccountingStandardsUpdate201409Member 2019-04-01 2019-06-30 0000040533 gd:InformationTechnologyServicesMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:MilitaryvehiclesMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:AircraftServicesMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:SurfaceshipsMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:C4ISRSolutionsMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:AircraftManufacturingandCompletionsMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:AircraftServicesMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:PreOwnedAircraftMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:RepairandOtherServicesMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:MilitaryvehiclesMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:WeaponsSystemsandMunitionsMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:PreOwnedAircraftMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:PreOwnedAircraftMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:C4ISRSolutionsMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NuclearPoweredSubmarinesMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:AircraftManufacturingandCompletionsMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:WeaponsSystemsandMunitionsMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:InformationTechnologyServicesMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:EngineeringandOtherServicesMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:RepairandOtherServicesMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:AircraftServicesMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:MilitaryvehiclesMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:EngineeringandOtherServicesMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:C4ISRSolutionsMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:InformationTechnologyServicesMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:NuclearPoweredSubmarinesMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:WeaponsSystemsandMunitionsMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NuclearPoweredSubmarinesMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:EngineeringandOtherServicesMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:SurfaceshipsMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:PreOwnedAircraftMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:SurfaceshipsMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:AircraftServicesMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:C4ISRSolutionsMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:RepairandOtherServicesMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:SurfaceshipsMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:RepairandOtherServicesMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:WeaponsSystemsandMunitionsMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:AircraftManufacturingandCompletionsMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:NuclearPoweredSubmarinesMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:AircraftManufacturingandCompletionsMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:InformationTechnologyServicesMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:EngineeringandOtherServicesMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:MilitaryvehiclesMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember 2019-01-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:U.S.CommercialMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember 2018-01-01 2018-07-01 0000040533 gd:U.S.GovernmentMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember 2018-01-01 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 2019-01-01 2018-12-31 0000040533 us-gaap:TransferredOverTimeMember 2018-04-02 2018-07-01 0000040533 us-gaap:TransferredAtPointInTimeMember 2018-04-02 2018-07-01 0000040533 2019-07-01 2019-06-30 0000040533 us-gaap:TransferredAtPointInTimeMember 2019-04-01 2019-06-30 0000040533 us-gaap:TransferredOverTimeMember 2019-04-01 2019-06-30 0000040533 2020-01-01 2018-12-31 0000040533 2021-01-01 2019-06-30 0000040533 us-gaap:TransferredOverTimeMember 2018-01-01 2018-07-01 0000040533 us-gaap:TransferredAtPointInTimeMember 2018-01-01 2018-07-01 0000040533 gd:NonU.S.CommercialMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.CommercialMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.CommercialMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:NonU.S.CommercialMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:NonUSGovernmentMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.CommercialMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 gd:U.S.CommercialMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:U.S.CommercialMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember 2018-04-02 2018-07-01 0000040533 gd:U.S.CommercialMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentNonDepartmentofDefenseMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:NonUSGovernmentMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:U.S.GovernmentForeignMilitarySalesMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:NonU.S.CommercialMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:U.S.GovernmentDepartmentofDefenseMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember 2019-04-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 us-gaap:TimeAndMaterialsContractMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 gd:CostReimbursementMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 gd:CostReimbursementMember 2019-04-01 2019-06-30 0000040533 us-gaap:FixedPriceContractMember 2018-04-02 2018-07-01 0000040533 us-gaap:FixedPriceContractMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 us-gaap:TimeAndMaterialsContractMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 gd:CostReimbursementMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:TransferredAtPointInTimeMember 2019-01-01 2019-06-30 0000040533 us-gaap:TransferredOverTimeMember 2019-01-01 2019-06-30 0000040533 gd:StockOptionsAndRestrictedStockMember 2019-01-01 2019-06-30 0000040533 gd:StockOptionsAndRestrictedStockMember 2019-04-01 2019-06-30 0000040533 gd:StockOptionsAndRestrictedStockMember 2018-01-01 2018-07-01 0000040533 gd:StockOptionsAndRestrictedStockMember 2018-04-02 2018-07-01 0000040533 us-gaap:FairValueInputsLevel1Member 2019-06-30 0000040533 us-gaap:FairValueInputsLevel2Member 2019-06-30 0000040533 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000040533 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000040533 us-gaap:FairValueInputsLevel3Member 2019-06-30 0000040533 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000040533 us-gaap:FairValueInputsLevel3Member 2018-12-31 0000040533 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000040533 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000040533 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000040533 us-gaap:CommercialPaperMember 2019-06-30 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyEightMember 2018-12-31 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyThreeMember 2019-06-30 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyFiveMember 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentyFourMember 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentySevenMember 2018-12-31 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyDomain 2019-06-30 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyOneDomain 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentyTwoMember 2018-12-31 0000040533 gd:FixedRateNotesDueNovemberTwoThousandFortyTwoMember 2018-12-31 0000040533 gd:FixedRateNotesDueJulyTwoThousandTwentyOneMember 2018-12-31 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyEightMember 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentyTwoMember 2019-06-30 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyOneMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-12-31 0000040533 gd:FixedRateNotesDueNovemberTwoThousandFortyTwoMember 2019-06-30 0000040533 us-gaap:OtherDebtSecuritiesMember 2019-01-01 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentyFourMember 2018-12-31 0000040533 gd:FixedRateNotesDueAugustTwoThousandTwentySixMember 2018-12-31 0000040533 gd:FixedRateNotesDueJulyTwoThousandTwentyOneMember 2019-06-30 0000040533 gd:FixedRateNotesDueNovemberTwoThousandTwentySevenMember 2019-06-30 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyOneMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-06-30 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyDomain 2018-12-31 0000040533 gd:FixedRateNotesDueAugustTwoThousandTwentySixMember 2019-06-30 0000040533 us-gaap:CommercialPaperMember 2018-12-31 0000040533 gd:FixedRateNotesDueAugustTwoThousandTwentyThreeMember 2019-06-30 0000040533 us-gaap:OtherDebtSecuritiesMember 2019-06-30 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyFiveMember 2018-12-31 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-12-31 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyOneDomain 2018-12-31 0000040533 us-gaap:OtherDebtSecuritiesMember 2018-12-31 0000040533 gd:FixedRateNotesDueMayTwoThousandTwentyThreeMember 2018-12-31 0000040533 gd:FixedRateNotesDueAugustTwoThousandTwentyThreeMember 2018-12-31 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-06-30 0000040533 gd:CommittedBankCreditFacilityMember us-gaap:LineOfCreditMember 2019-01-01 2019-06-30 0000040533 gd:CommittedBankCreditFacilityMember us-gaap:LineOfCreditMember 2019-06-30 0000040533 gd:MultiyearFacilityExpiringNovember2020Member us-gaap:LineOfCreditMember 2019-06-30 0000040533 gd:MultiYearFacilityExpiringMarch2023Member us-gaap:LineOfCreditMember 2019-06-30 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyOneMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0000040533 gd:FloatingRateNotesDueMayTwoThousandTwentyMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0000040533 2018-12-05 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-12-31 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-01-01 2018-07-01 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-01-01 2018-07-01 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-01-01 2018-07-01 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2018-07-01 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-07-01 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-07-01 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2017-12-31 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-07-01 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-07-01 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-12-31 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-06-30 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-06-30 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-06-30 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-06-30 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-12-31 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 0000040533 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 0000040533 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-06-30 0000040533 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000040533 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000040533 srt:MaximumMember 2019-01-01 2019-06-30 0000040533 srt:MinimumMember 2019-01-01 2019-06-30 0000040533 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-01-01 2018-07-01 0000040533 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2018-04-02 2018-07-01 0000040533 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000040533 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-06-30 0000040533 us-gaap:PensionPlansDefinedBenefitMember 2018-04-02 2018-07-01 0000040533 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000040533 us-gaap:PensionPlansDefinedBenefitMember 2018-01-01 2018-07-01 0000040533 us-gaap:PensionPlansDefinedBenefitMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:AerospaceMember 2018-01-01 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:AerospaceMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MarineSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:InformationTechnologyMember 2018-01-01 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MarineSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:CombatSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:CorporateNonSegmentMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:AerospaceMember 2019-01-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:MarineSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MissionSystemsMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:CombatSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MissionSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MissionSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:MarineSystemsMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:AerospaceMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:CombatSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:InformationTechnologyMember 2019-04-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:InformationTechnologyMember 2018-04-02 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:MissionSystemsMember 2018-01-01 2018-07-01 0000040533 us-gaap:OperatingSegmentsMember gd:InformationTechnologyMember 2019-01-01 2019-06-30 0000040533 us-gaap:OperatingSegmentsMember gd:CombatSystemsMember 2019-01-01 2019-06-30 0000040533 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000040533 srt:ParentCompanyMember 2019-04-01 2019-06-30 0000040533 srt:NonGuarantorSubsidiariesMember 2019-04-01 2019-06-30 0000040533 srt:ParentCompanyMember 2018-04-02 2018-07-01 0000040533 srt:ConsolidationEliminationsMember 2018-04-02 2018-07-01 0000040533 srt:NonGuarantorSubsidiariesMember 2018-04-02 2018-07-01 0000040533 srt:ConsolidationEliminationsMember 2019-04-01 2019-06-30 0000040533 srt:GuarantorSubsidiariesMember 2018-04-02 2018-07-01 0000040533 srt:GuarantorSubsidiariesMember 2019-04-01 2019-06-30 0000040533 srt:ParentCompanyMember 2018-01-01 2018-07-01 0000040533 srt:NonGuarantorSubsidiariesMember 2019-01-01 2019-06-30 0000040533 srt:GuarantorSubsidiariesMember 2019-01-01 2019-06-30 0000040533 srt:ParentCompanyMember 2019-01-01 2019-06-30 0000040533 srt:ConsolidationEliminationsMember 2019-01-01 2019-06-30 0000040533 srt:GuarantorSubsidiariesMember 2018-01-01 2018-07-01 0000040533 srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-07-01 0000040533 srt:ConsolidationEliminationsMember 2018-01-01 2018-07-01 0000040533 srt:GuarantorSubsidiariesMember 2019-06-30 0000040533 srt:ParentCompanyMember 2019-06-30 0000040533 srt:NonGuarantorSubsidiariesMember 2019-06-30 0000040533 srt:ConsolidationEliminationsMember 2019-06-30 0000040533 srt:NonGuarantorSubsidiariesMember 2018-12-31 0000040533 srt:GuarantorSubsidiariesMember 2018-12-31 0000040533 srt:ConsolidationEliminationsMember 2018-12-31 0000040533 srt:ParentCompanyMember 2018-12-31 0000040533 srt:ConsolidationEliminationsMember 2017-12-31 0000040533 srt:GuarantorSubsidiariesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-07-01 0000040533 srt:GuarantorSubsidiariesMember 2017-12-31 0000040533 srt:GuarantorSubsidiariesMember 2018-07-01 0000040533 srt:ConsolidationEliminationsMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-07-01 0000040533 srt:ParentCompanyMember 2018-07-01 0000040533 srt:NonGuarantorSubsidiariesMember 2017-12-31 0000040533 srt:ParentCompanyMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-07-01 0000040533 srt:NonGuarantorSubsidiariesMember 2018-07-01 0000040533 srt:ConsolidationEliminationsMember 2018-07-01 0000040533 srt:ParentCompanyMember 2017-12-31 0000040533 srt:NonGuarantorSubsidiariesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-07-01 xbrli:shares iso4217:USD xbrli:shares xbrli:pure gd:contract iso4217:USD gd:business gd:Segment



gdlogo20190331a01.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 30, 2019
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.
 
 
 
 
2941 Fairview Park Drive
Suite 100
 
 
Falls Church
Virginia
 
22042-4513
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
288,844,120 shares of the registrant’s common stock, $1 par value per share, were outstanding on June 30, 2019.





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 30, 2019
 
July 1, 2018
Revenue:
 
 
 
Products
$
5,401

 
$
4,754

Services
4,154

 
4,432

 
9,555


9,186

Operating costs and expenses:
 
 
 
Products
(4,342
)
 
(3,702
)
Services
(3,527
)
 
(3,784
)
General and administrative (G&A)
(596
)
 
(612
)
 
(8,465
)
 
(8,098
)
Operating earnings
1,090

 
1,088

Interest, net
(119
)
 
(103
)
Other, net
12

 
(15
)
Earnings before income tax
983


970

Provision for income tax, net
(177
)
 
(184
)
Net earnings
$
806


$
786

 
 
 
 
Earnings per share
 
 
 
Basic
$
2.80

 
$
2.65

Diluted
$
2.77

 
$
2.62

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 30, 2019
 
July 1, 2018
Revenue:
 
 
 
Products
$
10,652

 
$
9,330

Services
8,164

 
7,391

 
18,816


16,721

Operating costs and expenses:
 
 
 
Products
(8,577
)
 
(7,248
)
Services
(6,925
)
 
(6,228
)
G&A
(1,210
)
 
(1,149
)
 
(16,712
)
 
(14,625
)
Operating earnings
2,104


2,096

Interest, net
(236
)
 
(130
)
Other, net
30

 
(36
)
Earnings before income tax
1,898


1,930

Provision for income tax, net
(347
)
 
(345
)
Net earnings
$
1,551


$
1,585

 
 
 
 
Earnings per share
 
 
 
Basic
$
5.39

 
$
5.35

Diluted
$
5.33

 
$
5.27

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 30, 2019
 
July 1, 2018
June 30, 2019
 
July 1, 2018
Net earnings
$
806

 
$
786

$
1,551

 
$
1,585

Gains (losses) on cash flow hedges
51

 
(18
)
68

 
(21
)
Foreign currency translation adjustments
125

 
(216
)
156

 
(215
)
Change in retirement plans’ funded status
59

 
79

122

 
163

Other comprehensive income (loss), pretax
235

 
(155
)
346

 
(73
)
Provision for income tax, net
(28
)
 
(12
)
(44
)
 
(27
)
Other comprehensive income (loss), net of tax
207

 
(167
)
302

 
(100
)
Comprehensive income
$
1,013


$
619

$
1,853

 
$
1,485

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 30, 2019
 
December 31, 2018
 
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
702

 
$
963

Accounts receivable
3,673

 
3,759

Unbilled receivables
7,554

 
6,576

Inventories
6,480

 
5,977

Other current assets
1,148

 
914

Total current assets
19,557


18,189

Noncurrent assets:
 
 
 
Property, plant and equipment, net
4,091

 
3,978

Intangible assets, net
2,457

 
2,585

Goodwill
19,662

 
19,594

Other assets
2,307

 
1,062

Total noncurrent assets
28,517


27,219

Total assets
$
48,074


$
45,408

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt and current portion of long-term debt
$
4,960

 
$
973

Accounts payable
2,860

 
3,179

Customer advances and deposits
6,714

 
7,270

Other current liabilities
3,480

 
3,317

Total current liabilities
18,014


14,739

Noncurrent liabilities:
 
 
 
Long-term debt
8,975

 
11,444

Other liabilities
8,208

 
7,493

Commitments and contingencies (see Note M)


 


Total noncurrent liabilities
17,183


18,937

Shareholders’ equity:
 
 
 
Common stock
482

 
482

Surplus
2,959

 
2,946

Retained earnings
30,291

 
29,326

Treasury stock
(17,379
)
 
(17,244
)
Accumulated other comprehensive loss
(3,476
)
 
(3,778
)
Total shareholders’ equity
12,877


11,732

Total liabilities and shareholders equity
$
48,074


$
45,408

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 30, 2019
 
July 1, 2018
Cash flows from operating activities - continuing operations:
 
 
 
Net earnings
$
1,551

 
$
1,585

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

Depreciation of property, plant and equipment
232

 
206

Amortization of intangible and finance lease right-of-use assets
183

 
121

Equity-based compensation expense
72

 
71

Deferred income tax benefit
(17
)
 
(6
)
(Increase) decrease in assets, net of effects of business acquisitions:
 
 
 
Accounts receivable
64

 
344

Unbilled receivables
(1,074
)
 
(1,030
)
Inventories
(556
)
 
(542
)
Increase (decrease) in liabilities, net of effects of business acquisitions:
 
 
 
Accounts payable
(301
)
 
(324
)
Customer advances and deposits
(607
)
 
(159
)
Other, net
(51
)
 
25

Net cash (used) provided by operating activities
(504
)
 
291

Cash flows from investing activities:
 
 
 
Capital expenditures
(362
)
 
(279
)
Business acquisitions, net of cash acquired
(17
)
 
(10,039
)
Other, net
16

 
74

Net cash used by investing activities
(363
)
 
(10,244
)
Cash flows from financing activities:
 
 
 
Proceeds from commercial paper, net
1,394

 
2,786

Dividends paid
(563
)
 
(526
)
Purchases of common stock
(231
)
 
(436
)
Proceeds from fixed-rate notes

 
6,461

Proceeds from floating-rate notes

 
1,000

Repayment of CSRA accounts receivable purchase agreement

 
(450
)
Other, net
30

 
3

Net cash provided by financing activities
630

 
8,838

Net cash used by discontinued operations
(24
)
 
(6
)
Net decrease in cash and equivalents
(261
)
 
(1,121
)
Cash and equivalents at beginning of period
963

 
2,983

Cash and equivalents at end of period
$
702

 
$
1,862

Supplemental cash flow information:
 
 
 
Income tax payments, net
$
397

 
$
155

Interest payments
$
216

 
$
95

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 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

 
 
 
 
 
 
 
 
 
 
 
 
April 1, 2018
$
482

 
$
2,820

 
$
27,605

 
$
(15,742
)
 
$
(3,391
)
 
$
11,774

Net earnings

 

 
786

 

 

 
786

Cash dividends declared

 

 
(276
)
 

 

 
(276
)
Equity-based awards

 
45

 

 
11

 

 
56

Shares purchased

 

 

 
(179
)
 

 
(179
)
Other comprehensive loss

 

 

 

 
(167
)
 
(167
)
July 1, 2018
$
482

 
$
2,865

 
$
28,115

 
$
(15,910
)
 
$
(3,558
)
 
$
11,994

 
Six Months Ended
 
Common Stock
 
Retained
 
Treasury
 
Accumulated
Other 
Comprehensive
 
Total
Shareholders’    
(Dollars in millions)
Par
 
Surplus
 
Earnings
 
Stock
 
Loss
 
Equity
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

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
$
482

 
$
2,872

 
$
26,444

 
$
(15,543
)
 
$
(2,820
)
 
$
11,435

Cumulative-effect adjustments*

 

 
638

 

 
(638
)
 

Net earnings

 

 
1,585

 

 

 
1,585

Cash dividends declared

 

 
(552
)
 

 

 
(552
)
Equity-based awards

 
(7
)
 

 
69

 

 
62

Shares purchased

 

 

 
(436
)
 

 
(436
)
Other comprehensive loss

 

 

 

 
(100
)
 
(100
)
July 1, 2018
$
482

 
$
2,865

 
$
28,115

 
$
(15,910
)
 
$
(3,558
)
 
$
11,994

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

* Reflects the cumulative effects of Accounting Standards Update (ASU) 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which we adopted on January 1, 2018.


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 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 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
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 30, 2019, and July 1, 2018.
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, 2018.
Accounting Standards Updates. Effective January 1, 2019, we adopted Accounting Standards Codification (ASC) Topic 842, Leases. ASC Topic 842 requires the recognition of lease rights and obligations as assets and liabilities on the balance sheet. Previously, lessees were not required to recognize on the balance sheet assets and liabilities arising from operating leases. As we elected the cumulative-effect adoption method, prior-period information has not been restated.
The standard provided several optional practical expedients for use in transition. We elected to use what the Financial Accounting Standards Board (FASB) has deemed the “package of practical expedients,” which allowed us not to reassess our previous conclusions about lease identification, lease classification and the

9



accounting treatment for initial direct costs. We did not elect the practical expedient pertaining to the use of hindsight.
The most significant effects of the standard on our Consolidated Financial Statements are (1) the recognition of new right-of-use assets and lease liabilities on our Consolidated Balance Sheet for our operating leases, and (2) significant new disclosures about our leasing activities (see Note N). On January 1, 2019, we recognized operating lease liabilities and right-of-use assets of $1.4 billion based on the present value of the remaining lease payments over the lease term. The adoption did not result in a cumulative-effect adjustment to retained earnings. The new standard did not have a material impact on our results of operations, financial condition or cash flows.
There are several other accounting standards that have been issued by the FASB but are not yet effective, including Accounting Standards Update (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 intend to adopt the standard on the effective date of January 1, 2020. We have not yet determined the effect of the ASU on our results of operations, financial condition or cash flows.

B. ACQUISITIONS AND DIVESTITURES, GOODWILL, AND INTANGIBLE ASSETS
CSRA Acquisition
On April 3, 2018, we acquired 100% of the outstanding shares of CSRA Inc. (CSRA) for $41.25 per share in cash plus the assumption of outstanding net debt. CSRA is a provider of IT solutions to the defense, intelligence and federal civilian markets and is included in our Information Technology segment.

10



Fair Value of Net Assets Acquired. The following table summarizes the allocation of the $9.7 billion cash purchase price to the estimated fair values of the assets acquired and liabilities assumed on the acquisition date, with the excess recorded as goodwill:
Cash and equivalents
$
45

Accounts receivable
155

Unbilled receivables
415

Other current assets
303

Property, plant and equipment, net
326

Intangible assets, net
2,066

Goodwill
7,935

Other noncurrent assets
369

Total assets
$
11,614

Accounts payable
$
(135
)
Customer advances and deposits
(151
)
Current lease obligation
(51
)
Other current liabilities
(434
)
Noncurrent lease obligation
(207
)
Noncurrent deferred tax liability
(355
)
Other noncurrent liabilities
(532
)
Total liabilities
$
(1,865
)
Net assets acquired
$
9,749


Pro Forma Information. The following pro forma information presents our consolidated revenue and net earnings as if the acquisition of CSRA and the related financing transactions had occurred on January 1, 2017:
 
Three Months Ended
 
Six Months Ended
 
July 1, 2018
 
July 1, 2018
Revenue
$
9,225

 
$
18,062

Net Earnings
854

 
1,598

Diluted earnings per share
$
2.85

 
$
5.32


The pro forma information was prepared by combining our reported historical results with the historical results of CSRA for the pre-acquisition periods. In addition, the reported historical amounts were adjusted for the following items, net of associated tax effects:
The impact of acquisition financing.
The removal of certain CSRA operations we were required by a government customer to dispose of to address an organizational conflict of interest with respect to services provided to the customer. We completed the sale of these operations in the third quarter of 2018.
The removal of CSRA’s historical pre-acquisition intangible asset amortization expense and debt-related interest expense.
The impact of intangible asset amortization expense assuming our estimate of fair value was applied on January 1, 2017.
The payment of acquisition-related costs assuming they were incurred on January 1, 2017.

11



The pro forma information does not reflect the realization of expected cost savings or synergies from the acquisition, and does not reflect what our combined results of operations would have been had the acquisition occurred on January 1, 2017.
Other Acquisitions and Divestitures
In the first six months of 2019, we acquired a business in each of our Aerospace and Missions Systems segments for a total of $17. In 2018, we acquired five businesses in addition to the acquisition of CSRA for approximately $400: Hawker Pacific, a leading provider of integrated aviation solutions across Asia Pacific and the Middle East, and two fixed-base operation (FBO) businesses in our Aerospace segment; a maintenance and service provider for the German Army and other international customers in our Combat Systems segment; and a provider of specialized transmitters and receivers in our Mission Systems segment.
The operating results of these acquisitions have been included with our reported results since the respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill.
In the first six months of 2019, we completed the sale of a business in our Information Technology segment that was classified as held for sale on the Consolidated Balance Sheet on December 31, 2018. In 2018, we completed the sale of a commercial health products business during the first quarter and the sale of a public-facing contact-center business during the fourth quarter in our Information Technology segment. For the six-month periods ended June 30, 2019, and July 1, 2018, the proceeds from the sale of businesses were not material and are included in other investing activities, net, in the unaudited Consolidated Statement of Cash Flows.
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, 2018 (a)
$
2,813

 
$
2,633

 
$
9,622

 
$
4,229

 
$
297

 
$
19,594

Acquisitions/divestitures (b)
2

 
7

 
77

 
6

 

 
92

Other (c)
13

 
32

 
1

 
(70
)
 

 
(24
)
June 30, 2019 (a)
$
2,828

 
$
2,672

 
$
9,700

 
$
4,165

 
$
297


$
19,662


(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 adjustments during the purchase price allocation period.
(c)Consists primarily of adjustments for foreign currency translation. Also includes an estimated allocation of goodwill in our Mission Systems reporting unit associated with a non-core operation classified as held for sale on the unaudited Consolidated Balance Sheet on June 30, 2019. As we expect this operation to be divested within the next 12 months, the assets and liabilities held for sale are included in other current assets and liabilities on the unaudited Consolidated Balance Sheet.

12



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 30, 2019
 
December 31, 2018
Contract and program
    intangible assets (b)
$
3,777

$
(1,656
)
$
2,121

 
$
3,771

$
(1,531
)
$
2,240

Trade names and trademarks
472

(186
)
286

 
469

(177
)
292

Technology and software
170

(122
)
48

 
165

(116
)
49

Other intangible assets
159

(157
)
2

 
159

(155
)
4

Total intangible assets
$
4,578

$
(2,121
)
$
2,457

 
$
4,564

$
(1,979
)
$
2,585

(a)
Change in gross carrying amounts consists primarily of adjustments for acquired intangible assets and foreign currency translation.
(b)
Consists of acquired backlog and probable follow-on work and associated customer relationships.
Amortization expense for intangible assets was $70 and $140 for the three- and six-month periods ended June 30, 2019, and $84 and $104 for the three- and six-month periods ended July 1, 2018, respectively.

C. REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 75% of our revenue for the three- and six-month periods ended June 30, 2019, and 78% and 76% of our revenue for the three- and six-month periods ended July 1, 2018, respectively. Substantially all of our revenue in the defense segments is recognized over time, because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 25% of our revenue for the three- and six-month periods ended June 30, 2019, and 22% and 24% of our revenue for the three- and six-month periods ended July 1, 2018, respectively. The majority of our revenue recognized

13



at a point in time is for the manufacture of business-jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On June 30, 2019, we had $67.7 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 60% of our remaining performance obligations as revenue by year-end 2020, an additional 25% by year-end 2022 and the balance thereafter. On December 31, 2018, we had $67.9 billion of remaining performance obligations, at which time we expected to recognize approximately 45% of these remaining performance obligations as revenue in 2019, an additional 35% by year-end 2021 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, we estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims and award and incentive fees. We include in our contract estimates additional revenue for submitted contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates increased our revenue, operating earnings and diluted earnings per share as follows:
 
Three Months Ended
Six Months Ended
 
June 30, 2019
 
July 1, 2018
June 30, 2019
 
July 1, 2018
Revenue
$
72

 
$