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General Dynamics Corp. (NYSE:GD)

This company has been moved to the archive! The financial data has not been updated since October 28, 2020.

Common-Size Balance Sheet: Assets
Quarterly Data

General Dynamics Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 31, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Oct 4, 2015 Jul 5, 2015 Apr 5, 2015
Cash and equivalents 2.92 4.58 9.92 1.85 2.00 1.46 1.42 2.12 2.15 3.95 11.64 8.51 7.80 5.49 6.53 7.10 7.05 5.98 6.02 8.70 10.22 11.98 12.83
Accounts receivable 7.69 7.00 6.60 7.26 7.15 7.64 7.83 8.28 7.96 8.22 10.13 10.32 9.71 10.92 10.49 10.99 10.72 11.14 11.53 10.77 11.51 10.68 10.65
Unbilled receivables 16.20 15.36 14.78 16.09 16.56 15.71 15.52 14.48 16.11 15.11 15.76 14.95 16.07 14.93 13.72 16.07 15.96 15.73 14.84 13.62 12.78 12.70 12.92
Inventories 12.74 13.27 12.76 12.91 13.47 13.48 13.03 13.16 13.30 12.49 14.89 15.13 16.56 17.28 17.53 10.72 11.19 11.08 11.05 10.52 9.82 9.98 9.88
Other current assets 1.97 1.87 2.00 2.40 2.13 2.39 1.95 2.01 2.98 2.28 2.57 3.38 1.65 2.06 1.76 2.12 1.90 1.36 1.32 1.93 2.02 1.53 1.27
Current assets 41.52% 42.08% 46.06% 40.50% 41.30% 40.68% 39.75% 40.06% 42.50% 42.05% 54.98% 52.30% 51.78% 50.68% 50.03% 46.99% 46.83% 45.28% 44.75% 45.54% 46.36% 46.87% 47.56%
Property, plant and equipment, net 9.68 9.40 8.45 9.16 8.64 8.51 8.54 9.58 9.04 8.86 9.49 10.04 9.91 10.13 10.27 10.55 10.55 10.83 10.97 10.83 10.22 9.89 9.66
Intangible assets, net 4.30 4.37 4.21 4.74 4.87 5.11 5.30 5.69 5.68 5.81 1.89 2.00 2.05 2.03 2.04 2.06 2.19 2.31 2.39 2.38 2.43 2.50 2.60
Goodwill 39.57 39.26 36.59 40.29 40.21 40.90 41.44 43.15 41.49 41.86 32.12 34.00 34.14 34.56 34.72 34.82 35.45 36.43 36.57 35.76 34.97 34.60 34.02
Other assets 4.93 4.88 4.69 5.31 4.97 4.80 4.97 1.52 1.29 1.42 1.52 1.67 2.12 2.60 2.93 5.58 4.99 5.16 5.31 5.48 6.03 6.14 6.16
Noncurrent assets 58.48% 57.92% 53.94% 59.50% 58.70% 59.32% 60.25% 59.94% 57.50% 57.95% 45.02% 47.70% 48.22% 49.32% 49.97% 53.01% 53.17% 54.72% 55.25% 54.46% 53.64% 53.13% 52.44%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-10-04), 10-Q (reporting date: 2015-07-05), 10-Q (reporting date: 2015-04-05).

The asset structure of the organization underwent significant shifts between April 2015 and September 2020, characterized by a transition in liquidity levels and a substantial increase in non-current asset concentrations following mid-2018.

Liquidity and Current Asset Trends
Cash and equivalents exhibited a pronounced downward trend, declining from a peak of 12.83% in early 2015 to a trough of 1.42% by March 2019. A sharp, temporary spike to 9.92% occurred in March 2020, suggesting a strategic move to bolster liquidity, before retreating toward 2.92% by September 2020.
Unbilled receivables showed a steady upward trajectory, rising from approximately 12.9% in 2015 to fluctuate between 14% and 16% in later periods, indicating a growing proportion of assets tied to work performed but not yet invoiced.
Inventories remained stable near 10% until early 2017, at which point they surged to a peak of 17.53% in April 2017, eventually stabilizing in the 12% to 13% range.
Non-Current Asset and Capital Structure
A structural shift in the balance sheet is evident starting in July 2018, marked by a sharp increase in Goodwill and Intangible Assets. Goodwill rose from roughly 32% to a peak of 43.15% in December 2018, while Intangible Assets more than doubled from 1.89% to 5.81% in the same period. This pattern is indicative of a significant acquisition or inorganic growth event.
Property, plant, and equipment remained relatively consistent as a percentage of total assets, generally fluctuating between 8.5% and 11%, suggesting that physical capacity expanded in line with the overall growth of the asset base.
Overall Asset Composition
The distribution between current and non-current assets shifted over the analyzed period. Current assets, which initially represented nearly 48% of the total, peaked at 54.98% in April 2018 before dropping to a low of 39.75% in March 2019. Conversely, non-current assets increased from 52.44% in 2015 to a peak of 60.25% in March 2019, driven primarily by the expansion of goodwill and intangible assets.

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