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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 | |
---|---|---|---|---|---|---|---|---|
1.99 | 0.68% | 293.37 | 293.74 | 291.20 | 292.34 | 715,518 | 21:15:01 |
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, 2019 and 2018
|
|
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019
|
|
Notes to Financial Statements
|
4 - 13
|
Schedule H, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2019
|
|
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
|
||||
Investments in Master Trust at fair value
|
|
$
|
1,175,284,678
|
|
|
$
|
1,076,730,626
|
|
Investments in Master Trust at contract value
|
|
333,384,041
|
|
|
361,807,452
|
|
||
Notes receivable from participants
|
|
3,218,459
|
|
|
4,916,257
|
|
||
Contributions receivable – employer
|
|
15,842
|
|
|
29,201
|
|
||
Total assets
|
|
1,511,903,020
|
|
|
1,443,483,536
|
|
||
Liabilities:
|
|
|
|
|
||||
Accrued administrative expenses
|
|
104,375
|
|
|
141,478
|
|
||
Net assets available for benefits
|
|
$
|
1,511,798,645
|
|
|
$
|
1,443,342,058
|
|
|
|
||
Additions to net assets attributed to:
|
|
||
Participation in net income of Master Trust
|
$
|
238,113,253
|
|
Interest income from notes receivable from participants
|
176,823
|
|
|
Contributions:
|
|
||
Rollovers
|
87,011
|
|
|
Participant
|
3,588,237
|
|
|
Employer
|
746,549
|
|
|
Total contributions
|
4,421,797
|
|
|
Total additions
|
242,711,873
|
|
|
Deductions from net assets attributed to:
|
|
||
Benefits paid to participants
|
174,279,115
|
|
|
Administrative expenses
|
735,095
|
|
|
Total deductions
|
175,014,210
|
|
|
Net increase prior to transfers
|
67,697,663
|
|
|
Net transfers within the Master Trust
|
758,924
|
|
|
Net increase
|
68,456,587
|
|
|
Net assets available for benefits:
|
|
||
Beginning of year
|
1,443,342,058
|
|
|
End of year
|
$
|
1,511,798,645
|
|
(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)
|
Net Transfers Within Master Trust
|
(i)
|
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
|
(4)
|
Investments
|
(a)
|
General
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
||||
Investments, at fair value
|
|
|
|
|
||||
Participant-Directed brokerage accounts
|
|
$
|
420,050,867
|
|
|
$
|
10,194,871
|
|
General Dynamics Corporation common stock
|
|
3,506,550,180
|
|
|
332,655,600
|
|
||
Investments in other equity securities
|
|
1,377,325,785
|
|
|
128,458,416
|
|
||
Registered investment companies
|
|
513,741,569
|
|
|
24,128,469
|
|
||
Interest bearing cash
|
|
46,700,285
|
|
|
7,593,414
|
|
||
Overnight deposit accounts
|
|
29,893,267
|
|
|
2,776,573
|
|
||
Collective trusts
|
|
7,582,959,189
|
|
|
665,546,369
|
|
||
Fixed-income securities:
|
|
|
|
|
||||
US government and municipal
|
|
60,366,634
|
|
|
1,953,633
|
|
||
Mortgage and Asset-backed
|
|
72,624,848
|
|
|
2,350,343
|
|
||
Foreign government
|
|
10,585,238
|
|
|
342,568
|
|
||
Corporate debt
|
|
2,211,689
|
|
|
71,577
|
|
||
Total investments, at fair value
|
|
13,623,009,551
|
|
|
1,176,071,833
|
|
||
Investments, at contract value
|
|
|
|
|
||||
Synthetic GICs
|
|
2,296,691,061
|
|
|
333,384,041
|
|
||
Non-interest bearing accounts
|
|
1,499,800
|
|
|
91,833
|
|
||
Total assets
|
|
15,921,200,412
|
|
|
1,509,547,707
|
|
||
|
|
|
|
|
||||
Pending trades payable and accrued expenses
|
|
10,168,096
|
|
|
878,988
|
|
||
Total liabilities
|
|
10,168,096
|
|
|
878,988
|
|
||
Net assets of Master Trust
|
|
$
|
15,911,032,316
|
|
|
$
|
1,508,668,719
|
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
||||
Investments, at fair value
|
|
|
|
|
||||
Participant-Directed brokerage accounts
|
|
$
|
320,228,424
|
|
|
$
|
8,115,833
|
|
General Dynamics Corporation common stock
|
|
3,252,198,600
|
|
|
327,333,336
|
|
||
Investments in other equity securities
|
|
1,050,843,937
|
|
|
107,950,513
|
|
||
Registered investment companies
|
|
360,739,470
|
|
|
21,108,801
|
|
||
Interest bearing cash
|
|
64,750,625
|
|
|
11,042,599
|
|
||
Overnight deposit accounts
|
|
27,538,441
|
|
|
2,595,628
|
|
||
Collective trusts
|
|
6,204,537,673
|
|
|
594,349,480
|
|
||
Fixed-income securities:
|
|
|
|
|
||||
US government and municipal
|
|
49,025,194
|
|
|
2,161,607
|
|
||
Mortgage and asset-backed
|
|
44,583,492
|
|
|
1,965,765
|
|
||
Foreign government
|
|
5,268,631
|
|
|
232,303
|
|
||
Corporate debt
|
|
3,504,841
|
|
|
154,534
|
|
||
Total investments, at fair value
|
|
11,383,219,328
|
|
|
1,077,010,399
|
|
||
Investments, at contract value
|
|
|
|
|
||||
Synthetic GICs
|
|
2,341,450,707
|
|
|
361,807,452
|
|
||
Non-interest bearing accounts
|
|
237,273
|
|
|
24,373
|
|
||
Total assets
|
|
13,724,907,308
|
|
|
1,438,842,224
|
|
||
|
|
|
|
|
||||
Pending trades payable and accrued expenses
|
|
2,241,838
|
|
|
304,146
|
|
||
Total liabilities
|
|
2,241,838
|
|
|
304,146
|
|
||
Net assets of Master Trust
|
|
$
|
13,722,665,470
|
|
|
$
|
1,438,538,078
|
|
Additions to net assets attributed to:
|
|
|
|
|
||
Investment income:
|
|
|
|
|
||
Net appreciation in fair value of investments
|
|
|
|
$
|
2,350,233,860
|
|
Interest and dividends
|
|
|
|
195,812,085
|
|
|
Net investment income
|
|
|
|
2,546,045,945
|
|
|
|
|
|
|
|
||
Deductions from net assets attributed to:
|
|
|
|
|
||
Net transfers
|
|
|
|
357,679,099
|
|
|
Total deductions
|
|
|
|
357,679,099
|
|
|
Net increase
|
|
|
|
2,188,366,846
|
|
|
|
|
|
|
|
||
Net assets:
|
|
|
|
|
||
Beginning of year
|
|
|
|
13,722,665,470
|
|
|
End of year
|
|
|
|
$
|
15,911,032,316
|
|
(b)
|
Fully Benefit-Responsive Investment Contracts
|
(c)
|
Reclassifications
|
(d)
|
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, 2019:
|
|
|
|
|
|
|
|
|
||||||||
Participant-Directed brokerage accounts
|
|
$
|
420,050,867
|
|
|
$
|
420,050,867
|
|
|
$
|
—
|
|
|
$
|
—
|
|
General Dynamics
|
|
|
|
|
|
|
|
|
|
|||||||
Corporation common stock
|
|
3,506,550,180
|
|
|
3,506,550,180
|
|
|
—
|
|
|
—
|
|
||||
Investments in other equity securities
|
|
1,377,325,785
|
|
|
1,377,325,785
|
|
|
—
|
|
|
—
|
|
||||
Registered investment companies
|
|
513,741,569
|
|
|
316,784,419
|
|
|
196,957,150
|
|
|
—
|
|
||||
Interest bearing cash
|
|
46,700,285
|
|
|
46,700,285
|
|
|
—
|
|
|
—
|
|
||||
Overnight deposit accounts
|
|
29,893,267
|
|
|
29,893,267
|
|
|
—
|
|
|
—
|
|
||||
Collective trusts
|
|
7,582,959,189
|
|
|
—
|
|
|
7,582,959,189
|
|
|
—
|
|
||||
Fixed-income securities:
|
|
|
|
|
|
|
|
|
|
|||||||
US government and municipal
|
|
60,366,634
|
|
|
—
|
|
|
60,366,634
|
|
|
—
|
|
||||
Mortgage and asset-backed
|
|
72,624,848
|
|
|
—
|
|
|
72,624,848
|
|
|
—
|
|
||||
Foreign government
|
|
10,585,238
|
|
|
—
|
|
|
10,585,238
|
|
|
—
|
|
||||
Corporate debt
|
|
2,211,689
|
|
|
—
|
|
|
2,211,689
|
|
|
—
|
|
||||
Total investments, at fair value
|
|
$
|
13,623,009,551
|
|
|
$
|
5,697,304,803
|
|
|
$
|
7,925,704,748
|
|
|
$
|
—
|
|
|
|
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 and asset-backed
|
|
44,583,492
|
|
|
—
|
|
|
44,583,492
|
|
|
—
|
|
||||
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
|
|
|
$
|
—
|
|
(5)
|
Plan Termination
|
|
|
2019
|
|
2018
|
||||
Net assets available for benefits as reported in the financial statements
|
|
$
|
1,511,798,645
|
|
|
$
|
1,443,342,058
|
|
Delinquent notes receivable in financial statements recorded as deemed distributions in the Form 5500
|
|
(906,191
|
)
|
|
(753,823
|
)
|
||
Net assets available for benefits as reported in the Form 5500
|
|
$
|
1,510,892,454
|
|
|
$
|
1,442,588,235
|
|
Net increase in net assets per financial statements
|
$
|
68,456,587
|
|
Deemed distributions of participant loans reported in the 2019 Form 5500
|
(906,191
|
)
|
|
Deemed distributions of participant loans reported in the 2018 Form 5500
|
753,823
|
|
|
Net increase in net assets per the Form 5500
|
$
|
68,304,219
|
|
(8)
|
Subsequent Events
|
|
|
|
|
|
|
|
|
|
||
(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 (3.25-9.25%)
|
|
#
|
|
$
|
2,312,268
|
|
*
|
Party-in-interest
|
#
|
Cost information omitted for participant directed investments
|
|
|
GENERAL DYNAMICS CORPORATION
|
|
|
|
|
|
As Plan Administrator of the General Dynamics Corporation 401(k) Plan 3.0
|
|
|
|
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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