Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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General Dynamics Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
- Short-term debt and current portion of long-term debt
- This item exhibited notable fluctuations, generally maintaining low levels under 3% for much of the earlier periods but rising sharply in 2018 and 2019 with peaks above 10%, before declining again towards the end of the observed timeline. This suggests intermittent increased reliance on short-term borrowings within total liabilities and equity.
- Accounts payable
- Accounts payable remained relatively stable over the period, fluctuating modestly mostly between 5% and 9%. Although there was a slight downward trend toward the later periods, no abrupt changes were observed, indicating consistent management of payables relative to total liabilities and equity.
- Customer advances and deposits
- A declining trend is evident in customer advances and deposits, starting above 18% and gradually decreasing to near 12% by the end of the period. Occasional short-term increases occurred, but the overall decline may reflect changes in customer financing arrangements or contract structures.
- Other current liabilities
- Other current liabilities declined significantly from above 12% at the beginning to near 7-8% in the later periods, indicating a reduction in miscellaneous current obligations relative to total liabilities and equity.
- Current liabilities
- Current liabilities fluctuated moderately around the high 30% range, peaking close to 40% in certain quarters before trending downwards toward low 30% figures by late 2020. This suggests some variability but an overall modest reduction in current liabilities as a proportion of total liabilities and equity.
- Long-term debt, excluding current portion
- Long-term debt showed variability, with a pronounced increase in 2018 reaching above 24%, before partially declining to levels near 20% towards the end. This pattern indicates periods of increased long-term borrowings followed by some deleveraging.
- Other liabilities
- This category remained relatively stable between approximately 15% and 19%, with minor fluctuations over time. No clear trend emerges, suggesting steady levels of other noncurrent obligations.
- Noncurrent liabilities
- Noncurrent liabilities reflected a noticeable increase from around 27% in early years to above 40% in 2018 and into 2019, followed by a slight decline thereafter. This indicates a significant growth in long-term obligations over this timeframe.
- Total liabilities
- Total liabilities consistently represented the majority of the capital structure, fluctuating mostly between 66% and 75%, with peaks occurring in 2018 and again in early 2020. The upward drift in liabilities proportion suggests increased leverage during these periods.
- Common stock
- The proportion of common stock gradually decreased from around 1.5% to below 1% by 2020, indicating a relative reduction in common stock as a part of total liabilities and equity base.
- Surplus
- Surplus showed a declining trend, beginning around 8.5% and decreasing to near 6% by 2020, suggesting a contraction in retained earnings or additional paid-in capital components.
- Retained earnings
- Retained earnings peaked broadly between 72% and 76% in the 2015-2017 period, but then declined sharply to near 60% by 2018 before stabilizing in the low 60% range thereafter. This denotes some erosion of accumulated profits relative to total capital.
- Treasury stock
- Treasury stock, expressed as a negative proportion, expanded from nearly -29% to over -44% during earlier years, before partially receding to approximately -35% towards the end of the period. This indicates variations in stock repurchase activity or accounting adjustments to treasury shares.
- Accumulated other comprehensive loss
- This loss remained fairly consistent, fluctuating mostly between -7% and -10%, without any marked trend. The relative steadiness suggests stable unrealized losses or other comprehensive loss items.
- Shareholders’ equity
- Shareholders’ equity as a percentage of total capital declined from approximately 33.5% to a low near 25% in 2018, with partial recovery to around 29% subsequently. This decline corresponds with the increase in liabilities and changes in retained earnings, reflecting a shift in capital structure towards higher leverage.