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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% | 287.79 | 121 | 13:43:12 |
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 G - Financial Transaction Schedules for the year ended December 31, 2019
|
|
Schedule H, Line 4(a) – Schedule of Delinquent Participant Contributions for the year ended December 31, 2019
|
|
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
|
|
$
|
1,419,135,338
|
|
|
$
|
1,135,123,587
|
|
Investments in Master Trust at contract value
|
|
117,080,735
|
|
|
112,883,445
|
|
||
Notes receivable from participants
|
|
28,322,735
|
|
|
28,297,774
|
|
||
Contributions receivable – employer
|
|
1,355,472
|
|
|
1,403,316
|
|
||
Total assets
|
|
1,565,894,280
|
|
|
1,277,708,122
|
|
||
Liabilities:
|
|
|
|
|
||||
Accrued administrative expenses
|
|
111,915
|
|
|
130,573
|
|
||
Net assets available for benefits
|
|
$
|
1,565,782,365
|
|
|
$
|
1,277,577,549
|
|
|
|
||
Additions to net assets attributed to:
|
|
||
Participation in net income of Master Trust
|
$
|
269,137,021
|
|
Interest income from notes receivable from participants
|
1,455,292
|
|
|
Contributions:
|
|
||
Rollovers
|
24,356,891
|
|
|
Participant
|
111,190,921
|
|
|
Employer
|
42,086,129
|
|
|
Total contributions
|
177,633,941
|
|
|
Total additions
|
448,226,254
|
|
|
Deductions from net assets attributed to:
|
|
||
Benefits paid to participants
|
174,948,635
|
|
|
Administrative expenses
|
1,222,143
|
|
|
Total deductions
|
176,170,778
|
|
|
Net increase prior to transfers
|
272,055,476
|
|
|
Net transfers within the Master Trust
|
16,149,340
|
|
|
Net increase
|
288,204,816
|
|
|
Net assets available for benefits:
|
|
||
Beginning of year
|
1,277,577,549
|
|
|
End of year
|
$
|
1,565,782,365
|
|
(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
|
|
|
$
|
41,681,063
|
|
General Dynamics Corporation common stock
|
|
3,506,550,180
|
|
|
118,474,059
|
|
||
Investments in other equity securities
|
|
1,377,325,785
|
|
|
180,423,878
|
|
||
Registered investment companies
|
|
513,741,569
|
|
|
72,233,622
|
|
||
Interest bearing cash
|
|
46,700,285
|
|
|
2,888,238
|
|
||
Overnight deposit accounts
|
|
29,893,267
|
|
|
3,914,916
|
|
||
Collective trusts
|
|
7,582,959,189
|
|
|
982,133,645
|
|
||
Fixed-income securities:
|
|
|
|
|
||||
US government and municipal
|
|
60,366,634
|
|
|
7,594,751
|
|
||
Mortgage and asset-backed
|
|
72,624,848
|
|
|
9,136,961
|
|
||
Foreign government
|
|
10,585,238
|
|
|
1,331,733
|
|
||
Corporate debt
|
|
2,211,689
|
|
|
278,254
|
|
||
Total investments, at fair value
|
|
13,623,009,551
|
|
|
1,420,091,120
|
|
||
Investments, at contract value
|
|
|
|
|
||||
Synthetic GICs
|
|
2,296,691,061
|
|
|
117,080,735
|
|
||
Non-interest bearing accounts
|
|
1,499,800
|
|
|
187,908
|
|
||
Total assets
|
|
15,921,200,412
|
|
|
1,537,359,763
|
|
||
|
|
|
|
|
||||
Pending trades payable and accrued expenses
|
|
10,168,096
|
|
|
1,143,690
|
|
||
Total liabilities
|
|
10,168,096
|
|
|
1,143,690
|
|
||
Net assets of Master Trust
|
|
$
|
15,911,032,316
|
|
|
$
|
1,536,216,073
|
|
|
|
Master Trust Balances
|
|
Plan's Interest in Master Trust Balances
|
||||
Investments, at fair value
|
|
|
|
|
||||
Participant-Directed brokerage accounts
|
|
$
|
320,228,424
|
|
|
$
|
34,376,876
|
|
General Dynamics Corporation common stock
|
|
3,252,198,600
|
|
|
105,538,862
|
|
||
Investments in other equity securities
|
|
1,050,843,937
|
|
|
134,141,501
|
|
||
Registered investment companies
|
|
360,739,470
|
|
|
47,337,926
|
|
||
Interest bearing cash
|
|
64,750,625
|
|
|
3,087,485
|
|
||
Overnight deposit accounts
|
|
27,538,441
|
|
|
3,306,462
|
|
||
Collective trusts
|
|
6,204,537,673
|
|
|
799,942,434
|
|
||
Fixed-income securities:
|
|
|
|
|
||||
US government and municipal
|
|
49,025,194
|
|
|
3,685,008
|
|
||
Mortgage and asset-backed
|
|
44,583,492
|
|
|
3,351,145
|
|
||
Foreign government
|
|
5,268,631
|
|
|
396,020
|
|
||
Corporate debt
|
|
3,504,841
|
|
|
263,444
|
|
||
Total investments, at fair value
|
|
11,383,219,328
|
|
|
1,135,427,163
|
|
||
Investments, at contract value
|
|
|
|
|
||||
Synthetic GICs
|
|
2,341,450,707
|
|
|
112,883,445
|
|
||
Non-interest bearing accounts
|
|
237,273
|
|
|
30,290
|
|
||
Total assets
|
|
13,724,907,308
|
|
|
1,248,340,898
|
|
||
|
|
|
|
|
||||
Pending trades payable and accrued expenses
|
|
2,241,838
|
|
|
333,866
|
|
||
Total liabilities
|
|
2,241,838
|
|
|
333,866
|
|
||
Net assets of Master Trust
|
|
$
|
13,722,665,470
|
|
|
$
|
1,248,007,032
|
|
(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
|
|
$
|
1,565,782,365
|
|
|
$
|
1,277,577,549
|
|
Transfer in due to merger recorded on Form 5500
|
|
1,864,255,708
|
|
|
—
|
|
||
Delinquent notes receivable in financial statements recorded as deemed distributions in the Form 5500
|
|
(931,355
|
)
|
|
(755,061
|
)
|
||
Net assets available for benefits as reported in the Form 5500
|
|
$
|
3,429,106,718
|
|
|
$
|
1,276,822,488
|
|
Net increase in net assets per financial statements
|
$
|
288,204,816
|
|
Transfer recorded on Form 5500 due to merger
|
1,864,255,708
|
|
|
Deemed distributions of participant loans reported in the 2019 Form 5500
|
(931,355
|
)
|
|
Deemed distributions of participant loans reported in the 2018 Form 5500
|
755,061
|
|
|
Net increase in net assets per the Form 5500
|
$
|
2,152,284,230
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
General Dynamics Corporation
|
|
Plan Sponsor
|
|
See * below
|
$
|
—
|
|
$
|
447
|
|
$
|
—
|
|
$
|
—
|
|
$
|
434
|
|
$
|
447
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant contributions transferred late to plan
|
|
Total that constitute nonexempt prohibited
transactions: $353
|
|
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
|
|
|||||||||
2018
|
|
$
|
—
|
|
|
$
|
178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2019
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||
(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%)
|
|
#
|
|
$
|
27,391,380
|
|
*
|
Party-in-interest
|
#
|
Cost information omitted for participant directed investments
|
|
|
GENERAL DYNAMICS CORPORATION
|
|
|
|
|
|
As Plan Administrator of the General Dynamics Corporation 401(k) Plan 3.5
|
|
|
|
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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