Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity
Quarterly Data

General Dynamics Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Short-term debt and current portion of long-term debt 6.75 8.21 9.40 5.98 9.55 10.32 4.42 2.14 3.57 6.11 6.71 0.01 2.59 2.93 2.71 2.74 0.00 1.69 1.58 1.57 1.52 0.01 0.00
Accounts payable 5.20 4.74 5.19 6.47 6.15 5.95 6.34 7.00 6.46 6.43 7.66 9.15 7.78 7.75 7.43 7.72 6.97 6.70 6.78 6.14 7.24 6.76 6.59
Customer advances and deposits 12.11 12.37 12.71 14.64 14.05 13.97 14.10 16.01 15.60 15.31 19.06 19.95 18.93 20.19 20.13 15.02 16.07 16.89 17.54 17.73 17.80 18.14 18.87
Other current liabilities 8.01 7.75 7.04 7.31 7.61 7.24 7.55 7.30 7.77 7.30 7.52 8.27 8.53 9.09 9.37 13.60 13.37 12.92 13.29 13.46 13.40 12.86 12.67
Current liabilities 32.07% 33.07% 34.33% 34.40% 37.36% 37.47% 32.41% 32.46% 33.41% 35.15% 40.95% 37.38% 37.83% 39.96% 39.64% 39.08% 36.41% 38.20% 39.19% 38.89% 39.96% 37.76% 38.13%
Long-term debt, excluding current portion 19.85 20.85 24.11 18.45 18.42 18.67 24.12 25.20 24.28 24.17 10.70 11.36 11.40 8.85 9.00 9.09 11.89 9.13 9.14 9.06 8.83 10.14 9.92
Other liabilities 18.79 18.43 16.98 19.35 16.52 17.07 17.69 16.50 15.15 15.24 16.72 18.64 17.65 18.79 19.50 18.44 17.06 18.07 18.29 18.49 18.67 18.60 18.45
Noncurrent liabilities 38.64% 39.28% 41.09% 37.80% 34.94% 35.74% 41.82% 41.70% 39.43% 39.42% 27.41% 29.99% 29.05% 27.63% 28.49% 27.53% 28.95% 27.19% 27.43% 27.55% 27.50% 28.73% 28.36%
Total liabilities 70.72% 72.34% 75.42% 72.20% 72.30% 73.21% 74.23% 74.16% 72.84% 74.56% 68.37% 67.37% 66.88% 67.59% 68.13% 66.61% 65.36% 65.39% 66.62% 66.44% 67.45% 66.49% 66.50%
Common stock 0.96 0.96 0.90 0.99 0.99 1.00 1.02 1.06 1.03 1.02 1.30 1.38 1.38 1.43 1.45 1.47 1.48 1.52 1.52 1.51 1.46 1.43 1.40
Surplus 6.13 6.07 5.61 6.22 6.15 6.16 6.19 6.49 6.20 6.08 7.58 8.19 8.14 8.27 8.32 8.58 8.54 8.68 8.64 8.53 8.18 7.90 7.53
Retained earnings 65.29 64.30 59.55 64.77 63.35 63.01 62.74 64.58 61.09 59.63 74.17 75.46 74.63 75.60 75.42 76.74 75.49 76.22 74.72 72.52 68.69 65.80 62.86
Treasury stock -35.43 -35.46 -33.16 -35.54 -35.55 -36.15 -36.41 -37.98 -34.01 -33.74 -42.30 -44.35 -43.44 -44.24 -43.50 -43.06 -42.01 -42.47 -42.22 -38.73 -36.13 -32.43 -28.93
Accumulated other comprehensive loss -7.67 -8.22 -8.32 -8.64 -7.24 -7.23 -7.76 -8.32 -7.16 -7.55 -9.11 -8.05 -7.59 -8.65 -9.82 -10.33 -8.85 -9.33 -9.28 -10.27 -9.66 -9.19 -9.35
Shareholders’ equity 29.28% 27.66% 24.58% 27.80% 27.70% 26.79% 25.77% 25.84% 27.16% 25.44% 31.63% 32.63% 33.12% 32.41% 31.87% 33.39% 34.64% 34.61% 33.38% 33.56% 32.55% 33.51% 33.50%
Total liabilities and shareholders’ equity 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 capital structure of the organization underwent a notable transition between April 2015 and September 2020, characterized by a general increase in total liabilities and a corresponding compression of shareholders' equity. Total liabilities remained relatively stable between 65% and 68% of the total balance sheet from 2015 through early 2018, before shifting to a higher range, peaking at 75.42% in March 2020 and settling at 70.72% by September 2020.

Debt Obligations and Financing
A significant shift in the financing profile is observed starting in mid-2018. Long-term debt, excluding the current portion, remained stable at approximately 9% until July 2018, at which point it surged to over 24%. While this figure fluctuated, it maintained a higher baseline through 2020, ending at 19.85%. Concurrently, short-term debt and the current portion of long-term debt remained negligible until 2019, where it experienced a spike, reaching 10.32% in June 2019 before moderating to 6.75% by September 2020.
Current Liabilities and Operational Funding
Current liabilities as a percentage of the total balance sheet exhibited a gradual decline from a peak of 40.95% in April 2018 to 32.07% by September 2020. This trend is primarily driven by a consistent reduction in customer advances and deposits, which fell from 18.87% in April 2015 to 12.11% in September 2020. Other current liabilities also saw a contraction, moving from levels around 13% in 2015 to approximately 8% by the end of the period.
Equity Composition and Treasury Activity
Shareholders' equity experienced an overall decline, dropping from a range of 32% to 34% between 2015 and 2017 to a lower range of 24% to 29% between 2018 and 2020. A primary driver of this volatility is the treasury stock account, which indicates aggressive share repurchase activity. Treasury stock as a percentage of total liabilities and equity deepened from -28.93% in April 2015 to a peak of -44.35% in December 2017, before normalizing to -35.43% by September 2020. Retained earnings also showed a marked decrease from peak levels of approximately 76% in 2016 to around 65% in late 2020.
Noncurrent Liabilities Trend
Noncurrent liabilities rose from an average of approximately 28% between 2015 and 2017 to a peak of 41.82% in March 2019. This increase is directly correlated with the expansion of long-term debt instruments during the 2018-2020 period, indicating a strategic shift toward long-term leverage to fund operations or return capital to shareholders.

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