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.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

General Dynamics Corp., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 19,780 18,189 18,328 15,447 14,571
Adjustments
Less: Current deferred tax asset (included in Other current assets)1 5 3
After Adjustment
Adjusted current assets 19,780 18,189 18,328 15,442 14,568

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Current deferred tax asset (included in Other current assets). See details »


Adjustments to Total Assets

General Dynamics Corp., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 48,841 45,408 35,046 32,872 31,997
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 1,465 1,206 1,070 946
Less: Current deferred tax asset (included in Other current assets)2 5 3
Less: Noncurrent deferred tax asset (included in Other assets)3 33 38 75 1,362 1,272
After Adjustment
Adjusted total assets 48,808 46,835 36,177 32,575 31,668

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Current deferred tax asset (included in Other current assets). See details »

3 Noncurrent deferred tax asset (included in Other assets). See details »


Adjustments to Current Liabilities

General Dynamics Corp., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current liabilities 16,801 14,739 13,099 12,846 12,445
Adjustments
Less: Current deferred tax liability1 1,258 829
After Adjustment
Adjusted current liabilities 16,801 14,739 13,099 11,588 11,616

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Current deferred tax liability. See details »


Adjustments to Total Liabilities

General Dynamics Corp., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 35,264 33,676 23,611 21,896 21,259
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 1,465 1,206 1,070 946
Less: Current deferred tax liability2 1,258 829
Less: Noncurrent deferred tax liability3 481 577 244 72 75
Less: Product warranty liabilities 619 480 467 515 465
After Adjustment
Adjusted total liabilities 34,164 34,084 24,106 21,121 20,836

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current deferred tax liability. See details »

3 Noncurrent deferred tax liability. See details »


Adjustments to Stockholders’ Equity

General Dynamics Corp., adjusted shareholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Shareholders’ equity 13,577 11,732 11,435 10,976 10,738
Adjustments
Less: Net deferred tax asset (liability)1 (448) (539) (169) 37 371
Add: Product warranty liabilities 619 480 467 515 465
After Adjustment
Adjusted shareholders’ equity 14,644 12,751 12,071 11,454 10,832

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

General Dynamics Corp., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
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 reported debt 11,930 12,417 3,982 3,888 3,399
Shareholders’ equity 13,577 11,732 11,435 10,976 10,738
Total reported capital 25,507 24,149 15,417 14,864 14,137
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 1,465 1,206 1,070 946
Add: Current operating lease liabilities2 252
Add: Noncurrent operating lease liabilities3 1,251
Adjusted total debt 13,433 13,882 5,188 4,958 4,345
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (448) (539) (169) 37 371
Add: Product warranty liabilities 619 480 467 515 465
Adjusted shareholders’ equity 14,644 12,751 12,071 11,454 10,832
After Adjustment
Adjusted total capital 28,077 26,633 17,259 16,412 15,177

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Noncurrent operating lease liabilities. See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Reported Income

General Dynamics Corp., adjusted net earnings

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net earnings 3,484 3,345 2,912 2,955 2,965
Adjustments
Add: Deferred income tax expense (benefit)1 92 (3) 401 376 167
Add: Increase (decrease) in product warranty liabilities 139 13 (7) 50 37
Less: Discontinued operations, net of tax (13) (107)
Add: Other comprehensive income (loss), net of tax (441) (320) 567 (110) (354)
After Adjustment
Adjusted net earnings 3,274 3,048 3,873 3,378 2,815

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

1 Deferred income tax expense (benefit). See details »