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Share Name | Share Symbol | Market | Type |
---|---|---|---|
General Dynamics Corporation | NYSE:GD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 288.14 | 44 | 13:02:36 |
ý
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
A.
|
Full title of the plan and the address of the plan, if different from that of the issuer named below:
|
B.
|
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|
|
|
|
Page(s)
|
Report of Independent Registered Public Accounting Firm
|
|
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017
|
|
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2018
|
|
Notes to Financial Statements
|
4
- 12
|
Schedule G - Financial Transaction Schedules for the year ended December 31, 2018
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|
Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2018
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2018
|
|
2017
|
||||
Assets:
|
|
|
|
|
||||
Investments in Master Trust at fair value
|
|
$
|
1,086,961,313
|
|
|
$
|
1,295,693,870
|
|
Investments in Master Trust at contract value
|
|
330,737,119
|
|
|
344,664,584
|
|
||
Notes receivable from participants
|
|
53,174,674
|
|
|
51,029,277
|
|
||
Contributions receivable – employer
|
|
9,348,244
|
|
|
9,352,610
|
|
||
Total assets
|
|
1,480,221,350
|
|
|
1,700,740,341
|
|
||
Liabilities:
|
|
|
|
|
||||
Accrued administrative expenses
|
|
173,611
|
|
|
163,224
|
|
||
Net assets available for benefits
|
|
$
|
1,480,047,739
|
|
|
$
|
1,700,577,117
|
|
Additions to net assets attributed to:
|
|
||
Interest income from notes receivable from participants
|
$
|
2,074,489
|
|
Contributions:
|
|
||
Rollovers
|
3,301,858
|
|
|
Participant
|
63,656,844
|
|
|
Employer
|
36,930,353
|
|
|
Total contributions
|
103,889,055
|
|
|
Total additions
|
105,963,544
|
|
|
Deductions from net assets attributed to:
|
|
||
Participation in net loss of Master Trust
|
179,371,997
|
|
|
Benefits paid to participants
|
134,970,756
|
|
|
Administrative expenses
|
1,353,729
|
|
|
Total deductions
|
315,696,482
|
|
|
Net decrease prior to transfers
|
(209,732,938
|
)
|
|
Net transfers within the Master Trust
|
(10,796,440
|
)
|
|
Net decrease
|
(220,529,378
|
)
|
|
Net assets available for benefits:
|
|
||
Beginning of year
|
1,700,577,117
|
|
|
End of year
|
$
|
1,480,047,739
|
|
(1)
|
Plan Description
|
(a)
|
General
|
(b)
|
Plan Administration
|
(c)
|
Contributions
|
(d)
|
Participant Accounts
|
(e)
|
Vesting
|
(f)
|
Notes Receivable from Participants
|
(g)
|
Payment of Benefits
|
(h)
|
Forfeited Accounts
|
(i)
|
Net Transfers Within Master Trust
|
(j)
|
Risks and Uncertainties
|
(2)
|
Summary of Significant Accounting Policies
|
(a)
|
Basis of Accounting
|
(b)
|
New Accounting Pronouncement
|
(c)
|
Investment Valuation and Income Recognition
|
(d)
|
Investment Concentrations
|
(e)
|
Payment of Benefits
|
(f)
|
Use of Estimates
|
(g)
|
Administrative Expenses
|
(3)
|
Tax Status
|
(4)
|
Investments
|
(a)
|
General
|
|
|
2018
|
|
2017
|
||||
Investments, at fair value
|
|
$
|
11,383,219,328
|
|
|
$
|
12,940,047,084
|
|
Investments, at contract value
|
|
|
|
|
||||
Synthetic GICs
|
|
2,341,450,707
|
|
|
2,364,703,737
|
|
||
Non-interest bearing accounts
|
|
237,273
|
|
|
1,206,286
|
|
||
Pending trades receivable and interest receivable
|
|
741,883
|
|
|
14,825,844
|
|
||
Total assets
|
|
13,725,649,191
|
|
|
15,320,782,951
|
|
||
|
|
|
|
|
||||
Pending trades payable and accrued expenses
|
|
(2,983,721
|
)
|
|
(3,419,508
|
)
|
||
Total liabilities
|
|
(2,983,721
|
)
|
|
(3,419,508
|
)
|
||
Net assets of Master Trust
|
|
$
|
13,722,665,470
|
|
|
$
|
15,317,363,443
|
|
Additions to net assets attributed to:
|
|
|
|
|
||
Investment income:
|
|
|
|
|
||
Interest and dividends
|
|
|
|
$
|
187,000,011
|
|
Net investment income
|
|
|
|
187,000,011
|
|
|
|
|
|
|
|
||
Deductions from net assets attributed to:
|
|
|
|
|
||
Net depreciation in fair value of investments
|
|
|
|
1,529,335,177
|
|
|
Net transfers
|
|
|
|
252,362,807
|
|
|
Total deductions
|
|
|
|
1,781,697,984
|
|
|
Net decrease
|
|
|
|
(1,594,697,973
|
)
|
|
|
|
|
|
|
||
Net assets:
|
|
|
|
|
||
Beginning of year
|
|
|
|
15,317,363,443
|
|
|
End of year
|
|
|
|
$
|
13,722,665,470
|
|
(b)
|
Fully Benefit-Responsive Investment Contracts
|
(c)
|
Fair Value Measurements
|
•
|
Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
•
|
Level 2 - Inputs to the valuation methodology include:
|
•
|
Quoted prices for similar assets or liabilities in active markets;
|
•
|
Quoted prices for identical or similar assets or liabilities in inactive markets;
|
•
|
Inputs other than quoted prices that are observable for the assets or liabilities;
|
•
|
Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.
|
•
|
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
|
Fair value
|
|
Quoted price in active markets for identical assets (Level 1)
|
|
Significant other
observable inputs (Level 2)
|
|
Significant
unobservable
inputs (Level 3)
|
||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
||||||||
Participant-Directed brokerage accounts:
|
|
$
|
320,228,424
|
|
|
$
|
320,228,424
|
|
|
$
|
—
|
|
|
$
|
—
|
|
General Dynamics
|
|
|
|
|
|
|
|
|
||||||||
Corporation common stock
|
|
3,252,198,600
|
|
|
3,252,198,600
|
|
|
—
|
|
|
—
|
|
||||
Investments in other equity securities
|
|
1,050,843,937
|
|
|
1,050,843,937
|
|
|
—
|
|
|
—
|
|
||||
Registered investment companies
|
|
360,739,470
|
|
|
243,750,383
|
|
|
116,989,087
|
|
|
—
|
|
||||
Interest bearing cash
|
|
64,750,625
|
|
|
64,750,625
|
|
|
—
|
|
|
—
|
|
||||
Overnight deposit accounts
|
|
27,538,441
|
|
|
27,538,441
|
|
|
—
|
|
|
—
|
|
||||
Collective trusts
|
|
6,204,537,673
|
|
|
—
|
|
|
6,204,537,673
|
|
|
—
|
|
||||
Fixed-income securities
|
|
|
|
|
|
|
|
|
||||||||
US government and municipal
|
|
49,025,194
|
|
|
—
|
|
|
49,025,194
|
|
|
—
|
|
||||
Mortgage-backed
|
|
26,134,450
|
|
|
—
|
|
|
26,134,450
|
|
|
—
|
|
||||
Asset-backed
|
|
18,449,042
|
|
|
—
|
|
|
18,449,042
|
|
|
—
|
|
||||
Foreign government
|
|
5,268,631
|
|
|
—
|
|
|
5,268,631
|
|
|
—
|
|
||||
Corporate debt
|
|
3,504,841
|
|
|
—
|
|
|
3,504,841
|
|
|
—
|
|
||||
Total investments, at fair value
|
|
$
|
11,383,219,328
|
|
|
$
|
4,959,310,410
|
|
|
$
|
6,423,908,918
|
|
|
$
|
—
|
|
|
|
Fair value
|
|
Quoted price in active markets for identical assets (Level 1)
|
|
Significant other
observable inputs (Level 2)
|
|
Significant
unobservable
inputs (Level 3)
|
||||||||
December 31, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Participant-Directed brokerage accounts:
|
|
$
|
291,406,291
|
|
|
$
|
291,406,291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
General Dynamics
|
|
|
|
|
|
|
|
|
||||||||
Corporation common stock
|
|
4,373,978,371
|
|
|
4,373,978,371
|
|
|
—
|
|
|
—
|
|
||||
Investments in other equity securities
|
|
1,233,901,550
|
|
|
1,233,901,550
|
|
|
—
|
|
|
—
|
|
||||
Registered investment companies
|
|
392,411,732
|
|
|
292,927,188
|
|
|
99,484,544
|
|
|
—
|
|
||||
Interest bearing cash
|
|
48,828,297
|
|
|
48,828,297
|
|
|
—
|
|
|
—
|
|
||||
Overnight deposit accounts
|
|
25,122,021
|
|
|
25,122,021
|
|
|
—
|
|
|
—
|
|
||||
Collective trusts
|
|
6,503,823,843
|
|
|
—
|
|
|
6,503,823,843
|
|
|
—
|
|
||||
Fixed-income securities
|
|
|
|
|
|
|
|
|
||||||||
US government and municipal
|
|
31,064,967
|
|
|
—
|
|
|
31,064,967
|
|
|
—
|
|
||||
Mortgage-backed
|
|
13,016,567
|
|
|
—
|
|
|
13,016,567
|
|
|
—
|
|
||||
Asset-backed
|
|
14,548,472
|
|
|
—
|
|
|
14,548,472
|
|
|
—
|
|
||||
Foreign government
|
|
6,936,804
|
|
|
—
|
|
|
6,936,804
|
|
|
—
|
|
||||
Corporate debt
|
|
5,008,169
|
|
|
—
|
|
|
5,008,169
|
|
|
—
|
|
||||
Total investments, at fair value
|
|
$
|
12,940,047,084
|
|
|
$
|
6,266,163,718
|
|
|
$
|
6,673,883,366
|
|
|
$
|
—
|
|
(5)
|
Plan Termination
|
(7)
|
Reconciliation of Financial Statements to Form 5500
|
|
|
2018
|
|
2017
|
||||
Net assets available for benefits as reported in the financial statements
|
|
$
|
1,480,047,739
|
|
|
1,700,577,117
|
|
|
Delinquent notes receivable in financial statements recorded as distributions in the Form 5500
|
|
(4,473,083
|
)
|
|
(4,426,563
|
)
|
||
Net assets available for benefits as reported in the Form 5500
|
|
$
|
1,475,574,656
|
|
|
$
|
1,696,150,554
|
|
Net decrease in net assets per financial statements
|
$
|
(220,529,378
|
)
|
Deemed distributions of participant loans reported in the 2018 Form 5500
|
(4,473,083
|
)
|
|
Deemed distributions of participant loans reported in the 2017 Form 5500
|
4,426,563
|
|
|
Net decrease in net assets per the Form 5500
|
$
|
(220,575,898
|
)
|
(8)
|
Subsequent Events
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(a) Identity of party involved
|
|
(b) Relationship to plan, employer, or other party-in-interest
|
|
(c) Description of transaction (including interest rate, maturity, collateral, par or maturity value)
|
|
(d) Purchase price
|
|
(e) Selling price
|
|
(f) Lease rental
|
|
(g) Expense incurred with transaction
|
|
(h) Cost of assets
|
|
(i) Current value of asset
|
|
(j) Net gain or (loss)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Part III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evercore Trust Company
|
|
Independent Fiduciary
|
|
See * below
|
$
|
—
|
|
$
|
6,162
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,162
|
|
$
|
6,162
|
|
$
|
—
|
|
Crowe, LLP
|
|
Financial Statement Prep
|
|
See ** below
|
|
—
|
|
|
5,500
|
|
|
—
|
|
|
—
|
|
|
5,500
|
|
|
5,500
|
|
|
—
|
|
The Northern Trust
|
|
Investment Manager
|
|
See *** below
|
|
—
|
|
|
3,364
|
|
|
—
|
|
|
—
|
|
|
3,031
|
|
|
3,364
|
|
|
333
|
|
|
|
|
|
|
|
|
|
|
||
(a)
|
|
(b) Identity of issuer, borrower,
lessor or similar party
|
|
(c) Description of investment including maturity date, rate of interest,
collateral par or maturity date
|
|
(d) Cost
|
|
(e) Current value
|
||
*
|
|
Participant Loans
|
|
Interest Rates (3.25-8.75%)
|
|
#
|
|
$
|
48,701,591
|
|
*
|
Party-in-interest
|
#
|
Cost information omitted for participant directed investments
|
|
|
|
|
|
GENERAL DYNAMICS CORPORATION
|
|
|
|
|
|
As Plan Administrator of the General Dynamics Corporation 401(k) Plan for Represented Employees
|
|
|
|
by
|
|
/s/ John M. Ohrnberger
|
|
|
John M. Ohrnberger
Staff Vice President, Executive Compensation & Benefits
|
1 Year General Dynamics Chart |
1 Month General Dynamics Chart |
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