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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 |
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
|
|
|
|
PART I -
|
PAGE
|
|
Item 1 -
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2 -
|
||
Item 3 -
|
||
Item 4 -
|
||
|
||
PART II -
|
||
Item 1 -
|
||
Item 1A -
|
||
Item 2 -
|
||
Item 6 -
|
||
|
|
Three Months Ended
|
||||||
(Dollars in millions, except per-share amounts)
|
March 31, 2019
|
|
April 1, 2018
|
||||
Revenue:
|
|
|
|
||||
Products
|
$
|
5,251
|
|
|
$
|
4,576
|
|
Services
|
4,010
|
|
|
2,959
|
|
||
|
9,261
|
|
|
7,535
|
|
||
Operating costs and expenses:
|
|
|
|
||||
Products
|
(4,235
|
)
|
|
(3,546
|
)
|
||
Services
|
(3,398
|
)
|
|
(2,444
|
)
|
||
General and administrative (G&A)
|
(614
|
)
|
|
(537
|
)
|
||
|
(8,247
|
)
|
|
(6,527
|
)
|
||
Operating earnings
|
1,014
|
|
|
1,008
|
|
||
Interest, net
|
(117
|
)
|
|
(27
|
)
|
||
Other, net
|
18
|
|
|
(21
|
)
|
||
Earnings before income tax
|
915
|
|
|
960
|
|
||
Provision for income tax, net
|
(170
|
)
|
|
(161
|
)
|
||
Net earnings
|
$
|
745
|
|
|
$
|
799
|
|
|
|
|
|
||||
Earnings per share
|
|
|
|
||||
Basic
|
$
|
2.59
|
|
|
$
|
2.70
|
|
Diluted
|
$
|
2.56
|
|
|
$
|
2.65
|
|
|
Three Months Ended
|
||||||
(Dollars in millions)
|
March 31, 2019
|
|
April 1, 2018
|
||||
Net earnings
|
$
|
745
|
|
|
$
|
799
|
|
Gains (losses) on cash flow hedges
|
17
|
|
|
(3
|
)
|
||
Foreign currency translation adjustments
|
31
|
|
|
1
|
|
||
Change in retirement plans’ funded status
|
63
|
|
|
84
|
|
||
Other comprehensive income, pretax
|
111
|
|
|
82
|
|
||
Provision for income tax, net
|
(16
|
)
|
|
(15
|
)
|
||
Other comprehensive income, net of tax
|
95
|
|
|
67
|
|
||
Comprehensive income
|
$
|
840
|
|
|
$
|
866
|
|
|
(Unaudited)
|
|
|
||||
(Dollars in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and equivalents
|
$
|
673
|
|
|
$
|
963
|
|
Accounts receivable
|
3,718
|
|
|
3,759
|
|
||
Unbilled receivables
|
7,367
|
|
|
6,576
|
|
||
Inventories
|
6,185
|
|
|
5,977
|
|
||
Other current assets
|
924
|
|
|
914
|
|
||
Total current assets
|
18,867
|
|
|
18,189
|
|
||
Noncurrent assets:
|
|
|
|
||||
Property, plant and equipment, net
|
4,054
|
|
|
3,978
|
|
||
Intangible assets, net
|
2,518
|
|
|
2,585
|
|
||
Goodwill
|
19,668
|
|
|
19,594
|
|
||
Other assets
|
2,359
|
|
|
1,062
|
|
||
Total noncurrent assets
|
28,599
|
|
|
27,219
|
|
||
Total assets
|
$
|
47,466
|
|
|
$
|
45,408
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt and current portion of long-term debt
|
$
|
2,097
|
|
|
$
|
973
|
|
Accounts payable
|
3,008
|
|
|
3,179
|
|
||
Customer advances and deposits
|
6,695
|
|
|
7,270
|
|
||
Other current liabilities
|
3,582
|
|
|
3,317
|
|
||
Total current liabilities
|
15,382
|
|
|
14,739
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Long-term debt
|
11,451
|
|
|
11,444
|
|
||
Other liabilities
|
8,399
|
|
|
7,493
|
|
||
Commitments and contingencies (see Note M)
|
|
|
|
|
|
||
Total noncurrent liabilities
|
19,850
|
|
|
18,937
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Common stock
|
482
|
|
|
482
|
|
||
Surplus
|
2,937
|
|
|
2,946
|
|
||
Retained earnings
|
29,781
|
|
|
29,326
|
|
||
Treasury stock
|
(17,283
|
)
|
|
(17,244
|
)
|
||
Accumulated other comprehensive loss
|
(3,683
|
)
|
|
(3,778
|
)
|
||
Total shareholders’ equity
|
12,234
|
|
|
11,732
|
|
||
Total liabilities and shareholders
’
equity
|
$
|
47,466
|
|
|
$
|
45,408
|
|
|
Three Months Ended
|
||||||
(Dollars in millions)
|
March 31, 2019
|
|
April 1, 2018
|
||||
Cash flows from operating activities - continuing operations:
|
|
|
|
||||
Net earnings
|
$
|
745
|
|
|
$
|
799
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation of property, plant and equipment
|
114
|
|
|
89
|
|
||
Amortization of intangible and finance lease right-of-use assets
|
91
|
|
|
20
|
|
||
Equity-based compensation expense
|
40
|
|
|
29
|
|
||
Deferred income tax provision
|
(10
|
)
|
|
4
|
|
||
(Increase) decrease in assets, net of effects of business acquisitions:
|
|
|
|
||||
Accounts receivable
|
49
|
|
|
(150
|
)
|
||
Unbilled receivables
|
(873
|
)
|
|
(608
|
)
|
||
Inventories
|
(210
|
)
|
|
(236
|
)
|
||
Increase (decrease) in liabilities, net of effects of business acquisitions:
|
|
|
|
||||
Accounts payable
|
(167
|
)
|
|
(358
|
)
|
||
Customer advances and deposits
|
(623
|
)
|
|
(149
|
)
|
||
Other, net
|
49
|
|
|
64
|
|
||
Net cash used by operating activities
|
(795
|
)
|
|
(496
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(181
|
)
|
|
(104
|
)
|
||
Other, net
|
(6
|
)
|
|
(1
|
)
|
||
Net cash used by investing activities
|
(187
|
)
|
|
(105
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from commercial paper, net
|
1,010
|
|
|
2,494
|
|
||
Dividends paid
|
(268
|
)
|
|
(250
|
)
|
||
Purchases of common stock
|
(133
|
)
|
|
(267
|
)
|
||
Other, net
|
88
|
|
|
(25
|
)
|
||
Net cash provided by financing activities
|
697
|
|
|
1,952
|
|
||
Net cash used by discontinued operations
|
(5
|
)
|
|
(2
|
)
|
||
Net (decrease) increase in cash and equivalents
|
(290
|
)
|
|
1,349
|
|
||
Cash and equivalents at beginning of period
|
963
|
|
|
2,983
|
|
||
Cash and equivalents at end of period
|
$
|
673
|
|
|
$
|
4,332
|
|
Supplemental cash flow information:
|
|
|
|
||||
Income tax (payments) refunds, net
|
$
|
(37
|
)
|
|
$
|
4
|
|
Interest payments
|
$
|
(48
|
)
|
|
$
|
(21
|
)
|
|
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
|
—
|
|
|
—
|
|
|
745
|
|
|
—
|
|
|
—
|
|
|
745
|
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(290
|
)
|
|
—
|
|
|
—
|
|
|
(290
|
)
|
||||||
Equity-based awards
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
47
|
|
|
—
|
|
|
38
|
|
||||||
Shares purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
—
|
|
|
(86
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95
|
|
|
95
|
|
||||||
March 31, 2019
|
$
|
482
|
|
|
$
|
2,937
|
|
|
$
|
29,781
|
|
|
$
|
(17,283
|
)
|
|
$
|
(3,683
|
)
|
|
$
|
12,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2017
|
$
|
482
|
|
|
$
|
2,872
|
|
|
$
|
26,444
|
|
|
$
|
(15,543
|
)
|
|
$
|
(2,820
|
)
|
|
$
|
11,435
|
|
Cumulative-effect adjustment*
|
—
|
|
|
—
|
|
|
638
|
|
|
—
|
|
|
(638
|
)
|
|
—
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(276
|
)
|
|
—
|
|
|
—
|
|
|
(276
|
)
|
||||||
Equity-based awards
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
58
|
|
|
—
|
|
|
6
|
|
||||||
Shares purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
(257
|
)
|
|
—
|
|
|
(257
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
67
|
|
||||||
April 1, 2018
|
$
|
482
|
|
|
$
|
2,820
|
|
|
$
|
27,605
|
|
|
$
|
(15,742
|
)
|
|
$
|
(3,391
|
)
|
|
$
|
11,774
|
|
CSRA shares outstanding (in millions)
|
165.4
|
|
|
Cash consideration per CSRA share
|
$
|
41.25
|
|
Cash paid to purchase outstanding CSRA shares
|
$
|
6,825
|
|
Cash paid to extinguish CSRA debt
|
2,846
|
|
|
Cash settlement of outstanding CSRA stock options and restricted stock units
|
78
|
|
|
Total purchase price
|
$
|
9,749
|
|
Cash and equivalents
|
$
|
45
|
|
Accounts receivable
|
155
|
|
|
Unbilled receivables
|
420
|
|
|
Other current assets
|
303
|
|
|
Property, plant and equipment, net
|
326
|
|
|
Intangible assets, net
|
2,066
|
|
|
Goodwill
|
7,931
|
|
|
Other noncurrent assets
|
369
|
|
|
Total assets
|
$
|
11,615
|
|
Account payable
|
$
|
(135
|
)
|
Customer advances and deposits
|
(151
|
)
|
|
Current lease obligation
|
(51
|
)
|
|
Other current liabilities
|
(434
|
)
|
|
Noncurrent lease obligation
|
(207
|
)
|
|
Noncurrent deferred tax liability
|
(356
|
)
|
|
Other noncurrent liabilities
|
(532
|
)
|
|
Total liabilities
|
$
|
(1,866
|
)
|
Net assets acquired
|
$
|
9,749
|
|
|
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 (b)
|
3
|
|
|
(1
|
)
|
|
72
|
|
|
6
|
|
|
—
|
|
|
80
|
|
||||||
Other (c)
|
(20
|
)
|
|
9
|
|
|
1
|
|
|
4
|
|
|
—
|
|
|
(6
|
)
|
||||||
March 31, 2019 (a)
|
$
|
2,796
|
|
|
$
|
2,641
|
|
|
$
|
9,695
|
|
|
$
|
4,239
|
|
|
$
|
297
|
|
|
$
|
19,668
|
|
|
Gross Carrying Amount (a)
|
Accumulated Amortization
|
Net Carrying Amount
|
|
Gross Carrying Amount (a)
|
Accumulated Amortization
|
Net Carrying Amount
|
||||||||||||
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||
Contract and program
intangible assets (b)
|
$
|
3,771
|
|
$
|
(1,589
|
)
|
$
|
2,182
|
|
|
$
|
3,771
|
|
$
|
(1,531
|
)
|
$
|
2,240
|
|
Trade names and trademarks
|
463
|
|
(180
|
)
|
283
|
|
|
469
|
|
(177
|
)
|
292
|
|
||||||
Technology and software
|
171
|
|
(120
|
)
|
51
|
|
|
165
|
|
(116
|
)
|
49
|
|
||||||
Other intangible assets
|
159
|
|
(157
|
)
|
2
|
|
|
159
|
|
(155
|
)
|
4
|
|
||||||
Total intangible assets
|
$
|
4,564
|
|
$
|
(2,046
|
)
|
$
|
2,518
|
|
|
$
|
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.
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||||
Revenue
|
$
|
96
|
|
|
$
|
115
|
|
Operating earnings
|
68
|
|
|
97
|
|
||
Diluted earnings per share
|
$
|
0.18
|
|
|
$
|
0.25
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||||
Aircraft manufacturing and completions
|
$
|
1,691
|
|
|
$
|
1,366
|
|
Aircraft services
|
507
|
|
|
451
|
|
||
Pre-owned aircraft
|
42
|
|
|
8
|
|
||
Total Aerospace
|
2,240
|
|
|
1,825
|
|
||
Military vehicles
|
1,134
|
|
|
956
|
|
||
Weapons systems, armament and munitions
|
401
|
|
|
383
|
|
||
Engineering and other services
|
101
|
|
|
101
|
|
||
Total Combat Systems
|
1,636
|
|
|
1,440
|
|
||
Information technology services
|
2,169
|
|
|
1,138
|
|
||
Total Information Technology
|
2,169
|
|
|
1,138
|
|
||
C4ISR* solutions
|
1,158
|
|
|
1,098
|
|
||
Total Mission Systems
|
1,158
|
|
|
1,098
|
|
||
Nuclear-powered submarines
|
1,377
|
|
|
1,296
|
|
||
Surface ships
|
446
|
|
|
483
|
|
||
Repair and other services
|
235
|
|
|
255
|
|
||
Total Marine Systems
|
2,058
|
|
|
2,034
|
|
||
Total revenue
|
$
|
9,261
|
|
|
$
|
7,535
|
|
Three Months Ended March 31, 2019
|
Aerospace
|
|
Combat Systems
|
|
Information Technology
|
|
Mission Systems
|
|
Marine Systems
|
|
Total
Revenue
|
||||||||||||
Fixed-price
|
$
|
2,040
|
|
|
$
|
1,416
|
|
|
$
|
921
|
|
|
$
|
651
|
|
|
$
|
1,416
|
|
|
$
|
6,444
|
|
Cost-reimbursement
|
—
|
|
|
211
|
|
|
841
|
|
|
463
|
|
|
640
|
|
|
2,155
|
|
||||||
Time-and-materials
|
200
|
|
|
9
|
|
|
407
|
|
|
44
|
|
|
2
|
|
|
662
|
|
||||||
Total revenue
|
2,240
|
|
|
1,636
|
|
|
2,169
|
|
|
1,158
|
|
|
2,058
|
|
|
9,261
|
|
||||||
Three Months Ended April 1, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed-price
|
$
|
1,668
|
|
|
$
|
1,253
|
|
|
$
|
387
|
|
|
$
|
620
|
|
|
$
|
1,305
|
|
|
$
|
5,233
|
|
Cost-reimbursement
|
—
|
|
|
179
|
|
|
577
|
|
|
440
|
|
|
728
|
|
|
1,924
|
|
||||||
Time-and-materials
|
157
|
|
|
8
|
|
|
174
|
|
|
38
|
|
|
1
|
|
|
378
|
|
||||||
Total revenue
|
1,825
|
|
|
1,440
|
|
|
1,138
|
|
|
1,098
|
|
|
2,034
|
|
|
7,535
|
|
Three Months Ended March 31, 2019
|
Aerospace
|
|
Combat Systems
|
|
Information Technology
|
|
Mission Systems
|
|
Marine Systems
|
|
Total
Revenue
|
||||||||||||
U.S. government:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Department of Defense (DoD)
|
$
|
123
|
|
|
$
|
793
|
|
|
$
|
950
|
|
|
$
|
784
|
|
|
$
|
1,975
|
|
|
$
|
4,625
|
|
Non-DoD
|
—
|
|
|
3
|
|
|
1,166
|
|
|
135
|
|
|
—
|
|
|
1,304
|
|
||||||
Foreign Military Sales (FMS)
|
15
|
|
|
79
|
|
|
5
|
|
|
9
|
|
|
44
|
|
|
152
|
|
||||||
Total U.S. government
|
138
|
|
|
875
|
|
|
2,121
|
|
|
928
|
|
|
2,019
|
|
|
6,081
|
|
||||||
U.S. commercial
|
1,329
|
|
|
50
|
|
|
40
|
|
|
35
|
|
|
36
|
|
|
1,490
|
|
||||||
Non-U.S. government
|
59
|
|
|
701
|
|
|
8
|
|
|
166
|
|
|
2
|
|
|
936
|
|
||||||
Non-U.S. commercial
|
714
|
|
|
10
|
|
|
—
|
|
|
29
|
|
|
1
|
|
|
754
|
|
||||||
Total revenue
|
2,240
|
|
|
1,636
|
|
|
2,169
|
|
|
1,158
|
|
|
2,058
|
|
|
9,261
|
|
||||||
Three Months Ended April 1, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DoD
|
$
|
41
|
|
|
$
|
607
|
|
|
$
|
433
|
|
|
$
|
742
|
|
|
$
|
1,950
|
|
|
$
|
3,773
|
|
Non-DoD
|
—
|
|
|
1
|
|
|
637
|
|
|
118
|
|
|
—
|
|
|
756
|
|
||||||
FMS
|
16
|
|
|
69
|
|
|
8
|
|
|
7
|
|
|
29
|
|
|
129
|
|
||||||
Total U.S. government
|
57
|
|
|
677
|
|
|
1,078
|
|
|
867
|
|
|
1,979
|
|
|
4,658
|
|
||||||
U.S. commercial
|
842
|
|
|
58
|
|
|
40
|
|
|
27
|
|
|
53
|
|
|
1,020
|
|
||||||
Non-U.S. government
|
10
|
|
|
697
|
|
|
20
|
|
|
172
|
|
|
2
|
|
|
901
|
|
||||||
Non-U.S. commercial
|
916
|
|
|
8
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
956
|
|
||||||
Total revenue
|
$
|
1,825
|
|
|
$
|
1,440
|
|
|
$
|
1,138
|
|
|
$
|
1,098
|
|
|
$
|
2,034
|
|
|
$
|
7,535
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||
Basic weighted average shares outstanding
|
287,917
|
|
|
296,399
|
|
Dilutive effect of stock options and restricted stock/RSUs*
|
2,974
|
|
|
4,705
|
|
Diluted weighted average shares outstanding
|
290,891
|
|
|
301,104
|
|
•
|
Level 1 - quoted prices in active markets for identical assets or liabilities;
|
•
|
Level 2 - inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly; and
|
•
|
Level 3 - unobservable inputs significant to the fair value measurement.
|
|
Carrying
Value
|
|
Fair
Value
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
Financial Assets (Liabilities)
|
March 31, 2019
|
||||||||||||||||||
Measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketable securities held in trust:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
Available-for-sale debt securities
|
143
|
|
|
143
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|||||
Equity securities
|
50
|
|
|
50
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|||||
Other investments
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Cash flow hedges
|
(61
|
)
|
|
(61
|
)
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|||||
Measured at amortized cost:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short- and long-term debt principal
|
(13,646
|
)
|
|
(13,704
|
)
|
|
—
|
|
|
(13,704
|
)
|
|
—
|
|
|
December 31, 2018
|
||||||||||||||||||
Measured at fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
Marketable securities held in trust:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
29
|
|
|
$
|
29
|
|
|
$
|
23
|
|
|
$
|
6
|
|
|
$
|
—
|
|
Available-for-sale debt securities
|
121
|
|
|
121
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|||||
Equity securities
|
52
|
|
|
52
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|||||
Other investments
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Cash flow hedges
|
(69
|
)
|
|
(69
|
)
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
|||||
Measured at amortized cost:
|
|
|
|
|
|
|
|
|
|
||||||||||
Short- and long-term debt principal
|
(12,518
|
)
|
|
(12,346
|
)
|
|
—
|
|
|
(12,346
|
)
|
|
—
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Deferred tax asset
|
$
|
39
|
|
|
$
|
38
|
|
Deferred tax liability
|
(544
|
)
|
|
(577
|
)
|
||
Net deferred tax liability
|
$
|
(505
|
)
|
|
$
|
(539
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Unbilled revenue
|
$
|
30,497
|
|
|
$
|
27,908
|
|
Advances and progress billings
|
(23,130
|
)
|
|
(21,332
|
)
|
||
Net unbilled receivables
|
$
|
7,367
|
|
|
$
|
6,576
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Work in process
|
$
|
4,510
|
|
|
$
|
4,357
|
|
Raw materials
|
1,535
|
|
|
1,504
|
|
||
Finished goods
|
45
|
|
|
33
|
|
||
Pre-owned aircraft
|
95
|
|
|
83
|
|
||
Total inventories
|
$
|
6,185
|
|
|
$
|
5,977
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Fixed-rate notes due:
|
Interest rate:
|
|
|
|
||||
May 2020
|
2.875%
|
$
|
2,000
|
|
|
$
|
2,000
|
|
May 2021
|
3.000%
|
2,000
|
|
|
2,000
|
|
||
July 2021
|
3.875%
|
500
|
|
|
500
|
|
||
November 2022
|
2.250%
|
1,000
|
|
|
1,000
|
|
||
May 2023
|
3.375%
|
750
|
|
|
750
|
|
||
August 2023
|
1.875%
|
500
|
|
|
500
|
|
||
November 2024
|
2.375%
|
500
|
|
|
500
|
|
||
May 2025
|
3.500%
|
750
|
|
|
750
|
|
||
August 2026
|
2.125%
|
500
|
|
|
500
|
|
||
November 2027
|
2.625%
|
500
|
|
|
500
|
|
||
May 2028
|
3.750%
|
1,000
|
|
|
1,000
|
|
||
November 2042
|
3.600%
|
500
|
|
|
500
|
|
||
Floating-rate notes due:
|
|
|
|
|
||||
May 2020
|
3-month LIBOR + 0.29%
|
500
|
|
|
500
|
|
||
May 2021
|
3-month LIBOR + 0.38%
|
500
|
|
|
500
|
|
||
Commercial paper
|
2.516%
|
1,865
|
|
|
850
|
|
||
Other
|
Various
|
281
|
|
|
168
|
|
||
Total debt principal
|
|
13,646
|
|
|
12,518
|
|
||
Less unamortized debt issuance costs
and discounts
|
|
98
|
|
|
101
|
|
||
Total debt
|
|
13,548
|
|
|
12,417
|
|
||
Less current portion
|
|
2,097
|
|
|
973
|
|
||
Long-term debt
|
|
$
|
11,451
|
|
|
$
|
11,444
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
Salaries and wages
|
$
|
811
|
|
|
$
|
952
|
|
Retirement benefits
|
267
|
|
|
272
|
|
||
Operating lease liabilities
|
255
|
|
|
—
|
|
||
Workers’ compensation
|
248
|
|
|
244
|
|
||
Fair value of cash flow hedges
|
102
|
|
|
141
|
|
||
Other (a)
|
1,899
|
|
|
1,708
|
|
||
Total other current liabilities
|
$
|
3,582
|
|
|
$
|
3,317
|
|
|
|
|
|
||||
Retirement benefits
|
$
|
4,334
|
|
|
$
|
4,422
|
|
Operating lease liabilities
|
1,129
|
|
|
—
|
|
||
Customer deposits on commercial contracts
|
678
|
|
|
726
|
|
||
Deferred income taxes
|
544
|
|
|
577
|
|
||
Other (b)
|
1,714
|
|
|
1,768
|
|
||
Total other liabilities
|
$
|
8,399
|
|
|
$
|
7,493
|
|
|
Losses on Cash Flow Hedges
|
Unrealized Gains on Marketable Securities
|
Foreign Currency Translation Adjustments
|
Changes in Retirement Plans’ Funded Status
|
AOCL
|
||||||||||
December 31, 2018
|
$
|
(71
|
)
|
$
|
—
|
|
$
|
102
|
|
$
|
(3,809
|
)
|
$
|
(3,778
|
)
|
Other comprehensive income, pretax
|
17
|
|
—
|
|
31
|
|
63
|
|
111
|
|
|||||
Provision for income tax, net
|
(2
|
)
|
—
|
|
—
|
|
(14
|
)
|
(16
|
)
|
|||||
Other comprehensive income, net of tax
|
15
|
|
—
|
|
31
|
|
49
|
|
95
|
|
|||||
March 31, 2019
|
$
|
(56
|
)
|
$
|
—
|
|
$
|
133
|
|
$
|
(3,760
|
)
|
$
|
(3,683
|
)
|
December 31, 2017
|
$
|
(94
|
)
|
$
|
19
|
|
$
|
402
|
|
$
|
(3,147
|
)
|
$
|
(2,820
|
)
|
Cumulative effect adjustments*
|
(4
|
)
|
(19
|
)
|
—
|
|
(615
|
)
|
(638
|
)
|
|||||
Other comprehensive income, pretax
|
(3
|
)
|
—
|
|
1
|
|
84
|
|
82
|
|
|||||
Provision for income tax, net
|
1
|
|
—
|
|
—
|
|
(16
|
)
|
(15
|
)
|
|||||
Other comprehensive income, net of tax
|
(2
|
)
|
—
|
|
1
|
|
68
|
|
67
|
|
|||||
April 1, 2018
|
$
|
(100
|
)
|
$
|
—
|
|
$
|
403
|
|
$
|
(3,694
|
)
|
$
|
(3,391
|
)
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||||
Beginning balance
|
$
|
480
|
|
|
$
|
467
|
|
Warranty expense
|
27
|
|
|
29
|
|
||
Payments
|
(24
|
)
|
|
(25
|
)
|
||
Adjustments
|
(1
|
)
|
|
(3
|
)
|
||
Ending balance
|
$
|
482
|
|
|
$
|
468
|
|
Three Months Ended
|
March 31, 2019
|
||
Finance lease cost
|
|
||
Amortization of right-of-use assets
|
$
|
21
|
|
Interest on lease liabilities
|
7
|
|
|
Operating lease cost
|
86
|
|
|
Short-term lease cost
|
13
|
|
|
Sublease income
|
(4
|
)
|
|
Total lease costs, net
|
$
|
123
|
|
Three Months Ended
|
March 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
||
Operating cash flows from operating leases
|
$
|
88
|
|
Operating cash flows from finance leases
|
7
|
|
|
Financing cash flows from finance leases
|
16
|
|
|
Right-of-use assets obtained in exchange for lease liabilities
|
|
||
Operating leases
|
40
|
|
|
Finance leases
|
6
|
|
|
Weighted-average remaining lease term
|
|
||
Operating leases
|
11.0 years
|
|
|
Finance leases
|
5.6 years
|
|
|
Weighted-average discount rate
|
|
||
Operating leases
|
4
|
%
|
|
Finance leases
|
9
|
%
|
Year Ended December 31
|
Operating Leases
|
|
Finance Leases
|
||||
2019 (excluding the three months ended March 31, 2019)
|
$
|
233
|
|
|
$
|
67
|
|
2020
|
253
|
|
|
81
|
|
||
2021
|
208
|
|
|
74
|
|
||
2022
|
161
|
|
|
74
|
|
||
2023
|
122
|
|
|
29
|
|
||
Thereafter
|
722
|
|
|
66
|
|
||
Total future lease payments
|
1,699
|
|
|
391
|
|
||
Less imputed interest
|
315
|
|
|
81
|
|
||
Present value of future lease payments
|
1,384
|
|
|
310
|
|
||
Less current portion of lease liabilities
|
255
|
|
|
66
|
|
||
Long-term lease liabilities
|
$
|
1,129
|
|
|
$
|
244
|
|
ROU assets
|
$
|
1,315
|
|
|
$
|
357
|
|
Year Ended December 31
|
Operating Leases
|
Capital Leases
|
||||
2019
|
$
|
297
|
|
$
|
92
|
|
2020
|
234
|
|
84
|
|
||
2021
|
196
|
|
78
|
|
||
2022
|
154
|
|
79
|
|
||
2023
|
110
|
|
30
|
|
||
Thereafter
|
698
|
|
70
|
|
||
Total future minimum lease payments
|
$
|
1,689
|
|
433
|
|
|
Less amount representing interest
|
*
|
|
95
|
|
||
Less amount representing executory costs
|
*
|
|
19
|
|
||
Present value of net minimum lease payments
|
*
|
|
319
|
|
||
Less current maturities of capital lease liabilities
|
*
|
|
64
|
|
||
Noncurrent capital lease liabilities
|
*
|
|
$
|
255
|
|
|
Pension Benefits
|
Other Post-retirement Benefits
|
||||||||||||
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
March 31, 2019
|
|
April 1, 2018
|
||||||||
Service cost
|
$
|
28
|
|
|
$
|
46
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
150
|
|
|
114
|
|
9
|
|
|
8
|
|
||||
Expected return on plan assets
|
(228
|
)
|
|
(179
|
)
|
(9
|
)
|
|
(9
|
)
|
||||
Recognized net actuarial loss (gain)
|
70
|
|
|
96
|
|
(2
|
)
|
|
(1
|
)
|
||||
Amortization of prior service credit
|
(4
|
)
|
|
(11
|
)
|
(1
|
)
|
|
(1
|
)
|
||||
Net periodic benefit cost (credit)
|
$
|
16
|
|
|
$
|
66
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
Revenue
|
Operating Earnings
|
||||||||||
Three Months Ended
|
March 31, 2019
|
April 1, 2018
|
March 31, 2019
|
April 1, 2018
|
||||||||
Aerospace
|
$
|
2,240
|
|
$
|
1,825
|
|
$
|
328
|
|
$
|
346
|
|
Combat Systems
|
1,636
|
|
1,440
|
|
206
|
|
224
|
|
||||
Information Technology
|
2,169
|
|
1,138
|
|
156
|
|
101
|
|
||||
Mission Systems
|
1,158
|
|
1,098
|
|
148
|
|
146
|
|
||||
Marine Systems
|
2,058
|
|
2,034
|
|
180
|
|
184
|
|
||||
Corporate
|
—
|
|
—
|
|
(4
|
)
|
7
|
|
||||
Total
|
$
|
9,261
|
|
$
|
7,535
|
|
$
|
1,014
|
|
$
|
1,008
|
|
Three Months Ended March 31, 2019
|
Parent
|
Guarantors
on a
Combined
Basis
|
Other
Subsidiaries
on a
Combined
Basis
|
Consolidating
Adjustments
|
Total
Consolidated
|
||||||||||
Revenue
|
$
|
—
|
|
$
|
6,945
|
|
$
|
2,316
|
|
$
|
—
|
|
$
|
9,261
|
|
Cost of sales
|
18
|
|
(5,726
|
)
|
(1,925
|
)
|
—
|
|
(7,633
|
)
|
|||||
G&A
|
(22
|
)
|
(419
|
)
|
(173
|
)
|
—
|
|
(614
|
)
|
|||||
Operating earnings
|
(4
|
)
|
800
|
|
218
|
|
—
|
|
1,014
|
|
|||||
Interest, net
|
(107
|
)
|
—
|
|
(10
|
)
|
—
|
|
(117
|
)
|
|||||
Other, net
|
(8
|
)
|
4
|
|
22
|
|
—
|
|
18
|
|
|||||
Earnings before income tax
|
(119
|
)
|
804
|
|
230
|
|
—
|
|
915
|
|
|||||
Provision for income tax, net
|
31
|
|
(155
|
)
|
(46
|
)
|
—
|
|
(170
|
)
|
|||||
Equity in net earnings of subsidiaries
|
833
|
|
—
|
|
—
|
|
(833
|
)
|
—
|
|
|||||
Net earnings
|
$
|
745
|
|
$
|
649
|
|
$
|
184
|
|
$
|
(833
|
)
|
$
|
745
|
|
Comprehensive income
|
$
|
840
|
|
$
|
652
|
|
$
|
237
|
|
$
|
(889
|
)
|
$
|
840
|
|
Three Months Ended April 1, 2018
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
—
|
|
$
|
6,484
|
|
$
|
1,051
|
|
$
|
—
|
|
$
|
7,535
|
|
Cost of sales
|
19
|
|
(5,202
|
)
|
(807
|
)
|
—
|
|
(5,990
|
)
|
|||||
G&A
|
(13
|
)
|
(436
|
)
|
(88
|
)
|
—
|
|
(537
|
)
|
|||||
Operating earnings
|
6
|
|
846
|
|
156
|
|
—
|
|
1,008
|
|
|||||
Interest, net
|
(26
|
)
|
—
|
|
(1
|
)
|
—
|
|
(27
|
)
|
|||||
Other, net
|
(24
|
)
|
1
|
|
2
|
|
—
|
|
(21
|
)
|
|||||
Earnings before income tax
|
(44
|
)
|
847
|
|
157
|
|
—
|
|
960
|
|
|||||
Provision for income tax, net
|
42
|
|
(165
|
)
|
(38
|
)
|
—
|
|
(161
|
)
|
|||||
Equity in net earnings of subsidiaries
|
801
|
|
—
|
|
—
|
|
(801
|
)
|
—
|
|
|||||
Net earnings
|
$
|
799
|
|
$
|
682
|
|
$
|
119
|
|
$
|
(801
|
)
|
$
|
799
|
|
Comprehensive income
|
$
|
866
|
|
$
|
685
|
|
$
|
137
|
|
$
|
(822
|
)
|
$
|
866
|
|
Three Months Ended March 31, 2019
|
Parent
|
Guarantors
on a
Combined
Basis
|
Other
Subsidiaries
on a
Combined
Basis
|
Consolidating
Adjustments
|
Total
Consolidated
|
||||||||||
Net cash (used) provided by operating activities*
|
$
|
59
|
|
$
|
(167
|
)
|
$
|
(687
|
)
|
$
|
—
|
|
$
|
(795
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(20
|
)
|
(106
|
)
|
(55
|
)
|
—
|
|
(181
|
)
|
|||||
Other, net
|
5
|
|
1
|
|
(12
|
)
|
—
|
|
(6
|
)
|
|||||
Net cash used by investing activities
|
(15
|
)
|
(105
|
)
|
(67
|
)
|
—
|
|
(187
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||||||
Proceeds from commercial paper, net
|
1,010
|
|
—
|
|
—
|
|
—
|
|
1,010
|
|
|||||
Dividends paid
|
(268
|
)
|
—
|
|
—
|
|
—
|
|
(268
|
)
|
|||||
Purchases of common stock
|
(133
|
)
|
—
|
|
—
|
|
—
|
|
(133
|
)
|
|||||
Other, net
|
(5
|
)
|
—
|
|
93
|
|
—
|
|
88
|
|
|||||
Net cash provided by financing activities
|
604
|
|
—
|
|
93
|
|
—
|
|
697
|
|
|||||
Net cash used by discontinued operations
|
(5
|
)
|
—
|
|
—
|
|
—
|
|
(5
|
)
|
|||||
Cash sweep/funding by parent
|
(774
|
)
|
272
|
|
502
|
|
—
|
|
—
|
|
|||||
Net decrease in cash and equivalents
|
(131
|
)
|
—
|
|
(159
|
)
|
—
|
|
(290
|
)
|
|||||
Cash and equivalents at beginning of period
|
460
|
|
—
|
|
503
|
|
—
|
|
963
|
|
|||||
Cash and equivalents at end of period
|
$
|
329
|
|
$
|
—
|
|
$
|
344
|
|
$
|
—
|
|
$
|
673
|
|
Three Months Ended April 1, 2018
|
|
|
|
|
|
||||||||||
Net cash (used) provided by operating activities*
|
$
|
80
|
|
$
|
105
|
|
$
|
(681
|
)
|
$
|
—
|
|
$
|
(496
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||||||
Capital expenditures
|
(7
|
)
|
(86
|
)
|
(11
|
)
|
—
|
|
(104
|
)
|
|||||
Other, net
|
1
|
|
(2
|
)
|
—
|
|
—
|
|
(1
|
)
|
|||||
Net cash used by investing activities
|
(6
|
)
|
(88
|
)
|
(11
|
)
|
—
|
|
(105
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||||||
Proceeds from commercial paper, net
|
2,494
|
|
—
|
|
—
|
|
—
|
|
2,494
|
|
|||||
Purchases of common stock
|
(267
|
)
|
—
|
|
—
|
|
—
|
|
(267
|
)
|
|||||
Dividends paid
|
(250
|
)
|
—
|
|
—
|
|
—
|
|
(250
|
)
|
|||||
Other, net
|
(25
|
)
|
—
|
|
—
|
|
—
|
|
(25
|
)
|
|||||
Net cash provided by financing activities
|
1,952
|
|
—
|
|
—
|
|
—
|
|
1,952
|
|
|||||
Net cash used by discontinued operations
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
|||||
Cash sweep/funding by parent
|
(167
|
)
|
(17
|
)
|
184
|
|
—
|
|
—
|
|
|||||
Net increase in cash and equivalents
|
1,857
|
|
—
|
|
(508
|
)
|
—
|
|
1,349
|
|
|||||
Cash and equivalents at beginning of period
|
1,930
|
|
—
|
|
1,053
|
|
—
|
|
2,983
|
|
|||||
Cash and equivalents at end of period
|
$
|
3,787
|
|
$
|
—
|
|
$
|
545
|
|
$
|
—
|
|
$
|
4,332
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
9,261
|
|
|
$
|
7,535
|
|
|
$
|
1,726
|
|
|
22.9
|
%
|
Operating costs and expenses
|
(8,247
|
)
|
|
(6,527
|
)
|
|
(1,720
|
)
|
|
26.4
|
%
|
|||
Operating earnings
|
1,014
|
|
|
1,008
|
|
|
6
|
|
|
0.6
|
%
|
|||
Operating margin
|
10.9
|
%
|
|
13.4
|
%
|
|
|
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
2,240
|
|
|
$
|
1,825
|
|
|
$
|
415
|
|
|
22.7
|
%
|
Operating earnings
|
328
|
|
|
346
|
|
|
(18
|
)
|
|
(5.2
|
)%
|
|||
Operating margin
|
14.6
|
%
|
|
19.0
|
%
|
|
|
|
|
|||||
Gulfstream aircraft deliveries (in units)
|
34
|
|
|
26
|
|
|
8
|
|
|
30.8
|
%
|
Aircraft manufacturing and completions
|
$
|
324
|
|
Aircraft services
|
57
|
|
|
Pre-owned aircraft
|
34
|
|
|
Total increase
|
$
|
415
|
|
Aircraft manufacturing and completions
|
$
|
(30
|
)
|
Pre-owned aircraft
|
(2
|
)
|
|
G&A/other expenses
|
14
|
|
|
Total decrease
|
$
|
(18
|
)
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
1,636
|
|
|
$
|
1,440
|
|
|
$
|
196
|
|
|
13.6
|
%
|
Operating earnings
|
206
|
|
|
224
|
|
|
(18
|
)
|
|
(8.0
|
)%
|
|||
Operating margin
|
12.6
|
%
|
|
15.6
|
%
|
|
|
|
|
U.S. military vehicles
|
$
|
105
|
|
International military vehicles
|
51
|
|
|
Weapons systems and munitions
|
40
|
|
|
Total increase
|
$
|
196
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
2,169
|
|
|
$
|
1,138
|
|
|
$
|
1,031
|
|
|
90.6
|
%
|
Operating earnings
|
156
|
|
|
101
|
|
|
55
|
|
|
54.5
|
%
|
|||
Operating margin
|
7.2
|
%
|
|
8.9
|
%
|
|
|
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
1,158
|
|
|
$
|
1,098
|
|
|
$
|
60
|
|
|
5.5
|
%
|
Operating earnings
|
148
|
|
|
146
|
|
|
2
|
|
|
1.4
|
%
|
|||
Operating margin
|
12.8
|
%
|
|
13.3
|
%
|
|
|
|
|
Ground systems and products
|
$
|
65
|
|
Naval, air and electronic systems
|
17
|
|
|
Space, intelligence and cyber systems
|
(22
|
)
|
|
Total increase
|
$
|
60
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
2,058
|
|
|
$
|
2,034
|
|
|
$
|
24
|
|
|
1.2
|
%
|
Operating earnings
|
180
|
|
|
184
|
|
|
(4
|
)
|
|
(2.2
|
)%
|
|||
Operating margin
|
8.7
|
%
|
|
9.0
|
%
|
|
|
|
|
U.S. Navy ship construction
|
$
|
50
|
|
Commercial ship construction
|
(16
|
)
|
|
U.S. Navy ship engineering, repair and other services
|
(10
|
)
|
|
Total increase
|
$
|
24
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||||
Operating (expense) income
|
$
|
(4
|
)
|
|
$
|
7
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
5,251
|
|
|
$
|
4,576
|
|
|
$
|
675
|
|
|
14.8
|
%
|
Operating costs
|
(4,235
|
)
|
|
(3,546
|
)
|
|
(689
|
)
|
|
19.4
|
%
|
Aircraft manufacturing and completions
|
$
|
324
|
|
Military vehicle production
|
142
|
|
|
C4ISR products
|
71
|
|
|
Ship construction
|
66
|
|
|
Other, net
|
72
|
|
|
Total increase
|
$
|
675
|
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
|
Variance
|
|||||||||
Revenue
|
$
|
4,010
|
|
|
$
|
2,959
|
|
|
$
|
1,051
|
|
|
35.5
|
%
|
Operating costs
|
(3,398
|
)
|
|
(2,444
|
)
|
|
(954
|
)
|
|
39.0
|
%
|
IT services
|
$
|
1,031
|
|
Aircraft services
|
57
|
|
|
Other, net
|
(37
|
)
|
|
Total increase
|
$
|
1,051
|
|
|
Funded
|
|
Unfunded
|
|
Total Backlog
|
|
Estimated Potential Contract Value
|
|
Total
Potential Contract Value
|
||||||||||
|
March 31, 2019
|
||||||||||||||||||
Aerospace
|
$
|
11,924
|
|
|
$
|
244
|
|
|
$
|
12,168
|
|
|
$
|
2,080
|
|
|
$
|
14,248
|
|
Combat Systems
|
15,475
|
|
|
515
|
|
|
15,990
|
|
|
4,185
|
|
|
20,175
|
|
|||||
Information Technology
|
4,770
|
|
|
3,584
|
|
|
8,354
|
|
|
16,666
|
|
|
25,020
|
|
|||||
Mission Systems
|
5,081
|
|
|
234
|
|
|
5,315
|
|
|
7,186
|
|
|
12,501
|
|
|||||
Marine Systems
|
19,935
|
|
|
7,446
|
|
|
27,381
|
|
|
3,831
|
|
|
31,212
|
|
|||||
Total
|
$
|
57,185
|
|
|
$
|
12,023
|
|
|
$
|
69,208
|
|
|
$
|
33,948
|
|
|
$
|
103,156
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
Aerospace
|
$
|
11,208
|
|
|
$
|
167
|
|
|
$
|
11,375
|
|
|
$
|
3,130
|
|
|
$
|
14,505
|
|
Combat Systems
|
16,174
|
|
|
424
|
|
|
16,598
|
|
|
4,187
|
|
|
20,785
|
|
|||||
Information Technology
|
4,717
|
|
|
3,248
|
|
|
7,965
|
|
|
17,066
|
|
|
25,031
|
|
|||||
Mission Systems
|
4,890
|
|
|
445
|
|
|
5,335
|
|
|
7,409
|
|
|
12,744
|
|
|||||
Marine Systems
|
18,837
|
|
|
7,761
|
|
|
26,598
|
|
|
3,703
|
|
|
30,301
|
|
|||||
Total
|
$
|
55,826
|
|
|
$
|
12,045
|
|
|
$
|
67,871
|
|
|
$
|
35,495
|
|
|
$
|
103,366
|
|
•
|
$225 from the U.S. Army for inventory management and support services for the Stryker fleet.
|
•
|
$160 from the Army for various munitions.
|
•
|
$145 from the Army for systems technical support on the Abrams and Stryker programs.
|
•
|
$65 from the Army for design and prototype development of the Abrams tank System Enhancement Package Version 4 (SEPv4).
|
•
|
An IDIQ contract from the U.S. Navy to provide cyber mission engineering support services. The program has a maximum potential contract value of $900 among ten awardees.
|
•
|
$580 for several key contracts to provide services to classified customers.
|
•
|
An IDIQ contract from the Defense Threat Reduction Agency (DTRA) to provide IT support services and capabilities. The program has a maximum potential contract value of $535 among five awardees.
|
•
|
An IDIQ contract from the DoD to provide cybersecurity, planning, execution and analysis services to the Joint Chiefs of Staff’s J7 training activities. The program has a maximum potential contract value of $500 among six awardees.
|
•
|
A blanket purchase agreement of $490 from the Defense Information Systems Agency (DISA) to operate, maintain, deploy and manage Pentagon and regional government-furnished network infrastructures.
|
•
|
$125 to provide turnkey training and simulation services for the Army’s Aviation Center of Excellence in Fort Rucker, Alabama.
|
•
|
$60 from the U.S. Air Force Central Command for communications technical support services in Asia.
|
•
|
$55 from the National Geospatial-Intelligence Agency (NGA) for IT lifecycle management and virtual desktop services.
|
•
|
$50 from the U.S. Department of Veterans Affairs to provide managed services to improve service desk interactions with end users.
|
•
|
$115 from the Army for computing and communications equipment under the Common Hardware Systems-5 (CHS-5) program.
|
•
|
$55 to provide development and maintenance services for the Army’s Consolidated Project Management (CPM) Next program.
|
•
|
$55 from the Navy for the production of Digital Modular Radios (DMR).
|
•
|
$45 from the Army for the production of the Prophet Enhanced Tactical Signals Intelligence System.
|
•
|
$40 for additional equipment to support the Army’s mobile communications network.
|
•
|
$2 billion from the Navy for long-lead materials for Block V Virginia-class submarines.
|
•
|
$300 from the Navy to provide maintenance and repair services for the Arleigh Burke-class (DDG-51) guided-missile destroyer, Wasp-class amphibious assault ship and Nimitz-class aircraft carrier programs.
|
•
|
$210 from the Navy for planning, scheduling and technical support for maintenance activities on the USS South Dakota, a Virginia-class submarine.
|
•
|
$70 from the Navy for planning yard services for the DDG-51 destroyer program.
|
•
|
$40 from the Navy to provide non-nuclear maintenance and repair services for submarines located at the Naval Submarine Support Facility in New London, Connecticut.
|
Three Months Ended
|
March 31, 2019
|
|
April 1, 2018
|
||||
Net cash used by operating activities
|
$
|
(795
|
)
|
|
$
|
(496
|
)
|
Capital expenditures
|
(181
|
)
|
|
(104
|
)
|
||
Free cash flow from operations
|
$
|
(976
|
)
|
|
$
|
(600
|
)
|
Cash flows as a percentage of earnings from continuing operations:
|
|
|
|
||||
Net cash used by operating activities
|
(107
|
)%
|
|
(62
|
)%
|
||
Free cash flow from operations
|
(131
|
)%
|
|
(75
|
)%
|
•
|
general U.S. and international political and economic conditions;
|
•
|
decreases in U.S. government defense spending or changing priorities within the defense budget;
|
•
|
termination or restructuring of government contracts due to unilateral government action;
|
•
|
differences in anticipated and actual program performance, including the ability to perform under long-term, fixed-price contracts within estimated costs, and performance issues with key suppliers and subcontractors;
|
•
|
expected recovery on contract claims and requests for equitable adjustment;
|
•
|
changing customer demand or preferences for business aircraft, including the effects of economic conditions on the business-aircraft market;
|
•
|
potential for changing prices for energy and raw materials;
|
•
|
the status or outcome of legal and/or regulatory proceedings;
|
•
|
potential effects of audits and reviews by government agencies of our government contract performance, compliance and internal control systems and policies;
|
•
|
risks and uncertainties relating to our acquisitions and joint ventures; and
|
•
|
potential for cybersecurity events and other disruptions.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Program
|
|||||
Pursuant to Share Buyback Program
|
|
|
|
|
|||||||||
1/1/19-1/27/19
|
|
425,000
|
|
|
$
|
162.87
|
|
|
425,000
|
|
|
7,055,168
|
|
1/28/19-2/24/19
|
|
100,000
|
|
|
171.52
|
|
|
100,000
|
|
|
6,955,168
|
|
|
2/25/19-3/31/19
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,955,168
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares Delivered or Withheld Pursuant to Restricted Stock Vesting*
|
|
|
|
|
|||||||||
1/1/19-1/27/19
|
|
79,377
|
|
|
155.64
|
|
|
|
|
|
|||
1/28/19-2/24/19
|
|
3,660
|
|
|
170.31
|
|
|
|
|
|
|||
2/25/19-3/31/19
|
|
118,712
|
|
|
167.57
|
|
|
|
|
|
|||
|
|
726,749
|
|
|
$
|
164.08
|
|
|
|
|
|
10.1
|
31.1
|
31.2
|
32.1
|
32.2
|
101
|
Interactive Data File*
|
|
GENERAL DYNAMICS CORPORATION
|
|
|
by
|
|
|
|
William A. Moss
|
|
|
Vice President and Controller
|
|
|
(Authorized Officer and Chief Accounting Officer)
|
Dated: April 24, 2019
|
|
|
1 Year General Dynamics Chart |
1 Month General Dynamics Chart |
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