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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 | |
---|---|---|---|---|---|---|---|---|
-0.40 | -0.14% | 284.50 | 286.77 | 282.80 | 284.73 | 1,244,206 | 01:00:00 |
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
- 13
|
Schedule G - Financial Transaction Schedules for the year ended December 31, 2018
|
|
Schedule H, Line 4(a) – Schedule of Delinquent Participant Contributions for the year ended December 31, 2018
|
|
Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2018
|
|
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
|
||||
Investments in Master Trust at fair value
|
|
$
|
4,447,814,557
|
|
|
$
|
5,010,767,751
|
|
Investments in Master Trust at contract value
|
|
724,636,930
|
|
|
711,628,353
|
|
||
Notes receivable from participants
|
|
86,318,949
|
|
|
89,324,777
|
|
||
Contributions receivable – employer
|
|
12,026,217
|
|
|
9,169,075
|
|
||
Total assets
|
|
5,270,796,653
|
|
|
5,820,889,956
|
|
||
Liabilities:
|
|
|
|
|
||||
Accrued administrative expenses
|
|
201,661
|
|
|
235,965
|
|
||
Net assets available for benefits
|
|
$
|
5,270,594,992
|
|
|
$
|
5,820,653,991
|
|
Additions to net assets attributed to:
|
|
||
Interest income from notes receivable from participants
|
$
|
3,693,851
|
|
Contributions:
|
|
||
Rollovers
|
17,981,619
|
|
|
Participant
|
196,272,933
|
|
|
Employer
|
98,277,883
|
|
|
Total contributions
|
312,532,435
|
|
|
Total additions
|
316,226,286
|
|
|
Deductions from net assets attributed to:
|
|
||
Participation in net loss of Master Trust
|
437,116,238
|
|
|
Benefits paid to participants
|
409,647,231
|
|
|
Administrative expenses
|
2,357,250
|
|
|
Total deductions
|
849,120,719
|
|
|
Net decrease prior to transfers
|
(532,894,433
|
)
|
|
Net transfers from merged plan
|
11,413,346
|
|
|
Net transfers within the Master Trust
|
(28,577,912
|
)
|
|
Net decrease
|
(550,058,999
|
)
|
|
Net assets available for benefits:
|
|
||
Beginning of year
|
5,820,653,991
|
|
|
End of year
|
$
|
5,270,594,992
|
|
(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 from Merged Plan
|
(j)
|
Net Transfers Within Master Trust
|
(k)
|
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
|
|
(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
|
|
|
$
|
—
|
|
(6)
|
Party‑in‑Interest Transactions
|
(7)
|
Reconciliation of Financial Statements to Form 5500
|
|
|
2018
|
|
2017
|
||||
Net assets available for benefits as reported in the financial statements
|
|
$
|
5,270,594,992
|
|
|
$
|
5,820,653,991
|
|
Delinquent notes receivable in financial statements recorded as distributions in the Form 5500
|
|
(2,602,567
|
)
|
|
(2,558,480
|
)
|
||
Net assets available for benefits as reported in the Form 5500
|
|
$
|
5,267,992,425
|
|
|
$
|
5,818,095,511
|
|
Net decrease in net assets per financial statements
|
$
|
(550,058,999
|
)
|
Deemed distributions of participant loans reported in the 2018 Form 5500
|
(2,602,567
|
)
|
|
Deemed distributions of participant loans reported in the 2017 Form 5500
|
2,558,480
|
|
|
Net decrease in net assets per the Form 5500
|
$
|
(550,103,086
|
)
|
(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
|
$
|
—
|
|
$
|
21,989
|
|
$
|
—
|
|
$
|
—
|
|
$
|
21,989
|
|
$
|
21,989
|
|
$
|
—
|
|
The Northern Trust
|
|
Investment Manager
|
|
See ** below
|
|
—
|
|
|
38,545
|
|
|
—
|
|
|
—
|
|
|
34,743
|
|
|
38,545
|
|
|
3,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant contributions transferred late to plan
|
|
Total that constitute nonexempt prohibited
transactions: $1,215
|
|
Total fully
corrected
under VFCP
and PTE
2002-51
|
||||||||||||
Check here if late participant loan repayments are included [x]
|
|
Contributions
not corrected
|
|
Contributions
corrected
outside VFCP
|
|
Contributions
pending
correction in
VFCP
|
|
|||||||||
2017
|
|
$
|
—
|
|
|
$
|
333
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2018
|
|
—
|
|
|
882
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(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 (3.23-8.25%)
|
|
#
|
|
$
|
83,716,382
|
|
*
|
Party-in-interest
|
#
|
Cost information omitted for participant directed investments
|
|
|
|
|
|
GENERAL DYNAMICS CORPORATION
|
|
|
|
|
|
As Plan Administrator of the General Dynamics Corporation 401(k) Plan 4.5
|
|
|
|
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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