$GD
GENERAL DYNAMICS CORP

2020 Q3 Form 10-Q Financial Statement

#000004053320000063 Filed on October 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $9.431B $9.761B $9.555B
YoY Change -3.38% 6.26% 26.81%
Cost Of Revenue $7.836B $7.973B $7.869B
YoY Change -1.72% 6.18% 31.37%
Gross Profit $1.595B $1.788B $1.686B
YoY Change -10.79% 6.62% 9.13%
Gross Profit Margin 16.91% 18.32% 17.65%
Selling, General & Admin $511.0M $572.0M $596.0M
YoY Change -10.66% -2.89% 10.99%
% of Gross Profit 32.04% 31.99% 35.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $212.0M $210.0M $210.0M
YoY Change 0.95% -3.67% 135.96%
% of Gross Profit 13.29% 11.74% 12.46%
Operating Expenses $511.0M $572.0M $596.0M
YoY Change -10.66% -2.89% 10.99%
Operating Profit $1.072B $1.216B $1.090B
YoY Change -11.84% 7.14% 8.13%
Interest Expense -$118.0M -$114.0M -$119.0M
YoY Change 3.51% 10.68% 340.74%
% of Operating Profit -11.01% -9.38% -10.92%
Other Income/Expense, Net $24.00M $20.00M $25.00M
YoY Change 20.0% 900.0% -219.05%
Pretax Income $978.0M $1.090B $983.0M
YoY Change -10.28% 6.55% 2.4%
Income Tax $144.0M $177.0M $177.0M
% Of Pretax Income 14.72% 16.24% 18.01%
Net Earnings $834.0M $913.0M $806.0M
YoY Change -8.65% 7.29% 0.88%
Net Earnings / Revenue 8.84% 9.35% 8.44%
Basic Earnings Per Share $3.17
Diluted Earnings Per Share $2.906M $3.14 $2.770M
COMMON SHARES
Basic Shares Outstanding 286.5M shares 288.4M shares 288.1M shares
Diluted Shares Outstanding 287.2M shares 290.9M shares 290.8M shares

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.699B $1.168B $896.0M
YoY Change 45.46% -42.94% -80.19%
Cash & Equivalents $1.500B $974.0M $702.0M
Short-Term Investments $199.0M $194.0M $194.0M
Other Short-Term Assets $988.0M $1.038B $1.148B
YoY Change -4.82% -25.91% 20.21%
Inventory $6.402B $6.573B $6.480B
Prepaid Expenses
Receivables $3.863B $3.489B $3.673B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.87B $20.15B $19.56B
YoY Change 3.54% 0.97% -4.43%
LONG-TERM ASSETS
Property, Plant & Equipment $4.863B $4.217B $4.091B
YoY Change 15.32% -0.64% 15.79%
Goodwill $19.89B $19.62B $19.66B
YoY Change 1.39% 0.67% 64.47%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.479B $2.427B $2.307B
YoY Change 2.14% 299.18% 308.32%
Total Long-Term Assets $29.39B $28.64B $28.52B
YoY Change 2.64% 6.04% 70.2%
TOTAL ASSETS
Total Short-Term Assets $20.87B $20.15B $19.56B
Total Long-Term Assets $29.39B $28.64B $28.52B
Total Assets $50.26B $48.79B $48.07B
YoY Change 3.01% 3.89% 29.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.613B $2.999B $2.860B
YoY Change -12.87% -1.12% 0.32%
Accrued Expenses $1.648B $1.483B $1.404B
YoY Change 11.13% 24.52% 42.54%
Deferred Revenue $6.086B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.394B $4.727B $5.024B
YoY Change -28.2% 64.07% 101.12%
Total Short-Term Liabilities $16.12B $18.23B $18.01B
YoY Change -11.56% 16.18% 18.19%
LONG-TERM LIABILITIES
Long-Term Debt $9.978B $8.989B $8.975B
YoY Change 11.0% -21.17% 125.45%
Other Long-Term Liabilities $9.444B $8.059B $8.208B
YoY Change 17.19% 13.25% 31.92%
Total Long-Term Liabilities $19.42B $17.05B $17.18B
YoY Change 13.93% -7.94% 68.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.12B $18.23B $18.01B
Total Long-Term Liabilities $19.42B $17.05B $17.18B
Total Liabilities $35.54B $35.28B $35.20B
YoY Change 0.76% 3.12% 38.33%
SHAREHOLDERS EQUITY
Retained Earnings $32.81B $30.91B $30.29B
YoY Change 6.16% 7.73% 9.73%
Common Stock $482.0M $482.0M $482.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.81B $17.35B $17.38B
YoY Change 2.65% 8.61% 10.4%
Treasury Stock Shares
Shareholders Equity $15.14B $13.51B $12.88B
YoY Change
Total Liabilities & Shareholders Equity $50.26B $48.79B $48.07B
YoY Change 3.01% 3.89% 29.17%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $834.0M $913.0M $806.0M
YoY Change -8.65% 7.29% 0.88%
Depreciation, Depletion And Amortization $212.0M $210.0M $210.0M
YoY Change 0.95% -3.67% 135.96%
Cash From Operating Activities $1.103B $1.078B $272.0M
YoY Change 2.32% 37.68% -154.62%
INVESTING ACTIVITIES
Capital Expenditures -$216.0M -$244.0M -$181.0M
YoY Change -11.48% 39.43% -274.04%
Acquisitions
YoY Change
Other Investing Activities -$151.0M $3.000M $5.000M
YoY Change -5133.33% -100.03% 400.0%
Cash From Investing Activities -$367.0M -$241.0M -$176.0M
YoY Change 52.28% -97.62% 67.62%
FINANCING ACTIVITIES
Cash Dividend Paid $315.0M $295.0M $295.0M
YoY Change 6.78% 7.27% 18.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.567B -565.0M -67.00M
YoY Change 177.35% -108.21% -103.43%
NET CHANGE
Cash From Operating Activities 1.103B 1.078B 272.0M
Cash From Investing Activities -367.0M -241.0M -176.0M
Cash From Financing Activities -1.567B -565.0M -67.00M
Net Change In Cash -831.0M 272.0M 29.00M
YoY Change -405.51% -111.01% -97.85%
FREE CASH FLOW
Cash From Operating Activities $1.103B $1.078B $272.0M
Capital Expenditures -$216.0M -$244.0M -$181.0M
Free Cash Flow $1.319B $1.322B $453.0M
YoY Change -0.23% 38.0% -175.25%

Facts In Submission

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<div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">Use of Estimates and Other Uncertainties. </span><span style="font-family:inherit;font-size:12pt;">The Coronavirus (COVID-19) outbreak has caused significant disruptions to national and global economies and government activities. Our businesses have been designated as critical infrastructure by the U.S. government and many non-U.S. governments and, as such, are required to stay open. Within our Aerospace segment, quarantine and travel restrictions in connection with the outbreak have impacted the timing of aircraft deliveries, and the economic consequences of COVID-19 have impacted demand. Our defense business has also experienced disruptions, such as customer site closures, travel restrictions and social distancing requirements, which have impacted contract execution. We have instituted various initiatives throughout the company as part of our business continuity programs, and we continue to work to mitigate risk when disruptions occur. While we expect this situation </span></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;">to be temporary, any longer-term impact to our business is currently unknown due to the uncertainty around the outbreak’s duration and its broader impact. </span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;">The nature of our business requires that we make estimates and assumptions in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The COVID-19 outbreak has impacted these estimates and assumptions and will continue to do so. The accounting for long-term contracts requires the use of estimates (see Note C). Our estimates at the end of the third quarter included impacts from the disruptions caused by COVID-19. Given the uncertainties around the pandemic, including its duration and potential future disruptions to our supply chain or workforce, it is reasonably possible that the actual impact of the pandemic on contract costs could be materially different than our current estimates. The United States and some other governments have taken steps to provide relief. Where our customer has agreed to reimburse certain costs, such as provided for by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), we have included those recoveries in our estimates of revenue. To the extent the U.S. government provides for reimbursement of additional costs through legislation and the U.S. Department of Defense (DoD) has available funds, we will seek reimbursement as appropriate.</span></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;">The company is also monitoring for other long-term impacts of the pandemic, such as the impairment of goodwill, intangibles or other long-lived assets. As of the end of the quarter, we have not identified a triggering event requiring an impairment test.</span></div>
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ProductWarrantyAccrualWarrantiesIssued
72000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
84000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
72000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
62000000 USD
gd Product Warranty Adjustments
ProductWarrantyAdjustments
39000000 USD
gd Product Warranty Adjustments
ProductWarrantyAdjustments
-14000000 USD
CY2020Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
658000000 USD
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
488000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
5 Segment
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9431000000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1216000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27444000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28577000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2866000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3320000000 USD

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