Analysis of Debt

General Dynamics Corp., balance sheet: debt

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Short-term debt and current portion of long-term debt	2,920)	973)	2)	900)	501)
Long-term debt, excluding current portion	9,010)	11,444)	3,980)	2,988)	2,898)
Total short- and long-term debt principal (carrying amount)	11,930)	12,417)	3,982)	3,888)	3,399)

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Debt item	Description	The company
Total short- and long-term debt principal (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	General Dynamics Corp. total debt increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.

	Dec 31, 2019
Selected Financial Data (US$ in millions)
Total short- and long-term debt principal (fair value)	12,339)
Financial Ratio
Debt, fair value to carrying amount ratio	1.03

Weighted-average interest rate on debt: 2.97%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.88%	2,000)	58)
3.00%	2,000)	60)
3.88%	500)	19)
2.25%	1,000)	23)
3.38%	750)	25)
1.88%	500)	9)
2.38%	500)	12)
3.50%	750)	26)
2.13%	500)	11)
2.63%	500)	13)
3.75%	1,000)	38)
3.60%	500)	18)
Total	10,500)	311)
2.97%

¹ US$ in millions

² Weighted-average interest rate = 100 × 311 ÷ 10,500 = 2.97%

General Dynamics Corp. (NYSE:GD)