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Analysis of Inventory
General Dynamics Corp., Statement of Financial Position, Inventory
USD $ in millions
|Dec 31, 2017||Dec 31, 2016||Dec 31, 2015||Dec 31, 2014||Dec 31, 2013|
|Work in process|
Source: Based on data from General Dynamics Corp. Annual Reports
|Work in process||Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.||General Dynamics Corp.'s work in process increased from 2015 to 2016 and from 2016 to 2017.|
|Raw materials||Carrying amount as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.||General Dynamics Corp.'s raw materials increased from 2015 to 2016 but then declined significantly from 2016 to 2017.|
|Finished goods||Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.|
|Inventories||Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).||General Dynamics Corp.'s inventories increased from 2015 to 2016 and from 2016 to 2017.|