Name: General Dynamics Corp. (NYSE:GD) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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General Dynamics Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Cash and equivalents	902)	963)	2,983)	2,334)	2,785)
Accounts receivable	3,544)	3,759)	3,617)	3,611)	3,446)
Unbilled receivables	7,857)	6,576)	5,240)	5,282)	4,357)
Inventories	6,306)	5,977)	5,303)	3,523)	3,366)
Other current assets	1,171)	914)	1,185)	697)	617)
Current assets	19,780)	18,189)	18,328)	15,447)	14,571)
Property, plant and equipment, net	4,475)	4,348)	3,517)	3,467)	3,466)
Intangible assets, net	2,315)	2,585)	702)	678)	763)
Goodwill	19,677)	19,594)	11,914)	11,445)	11,443)
Other assets	2,594)	692)	585)	1,835)	1,754)
Noncurrent assets	29,061)	27,219)	16,718)	17,425)	17,426)
Total assets	48,841)	45,408)	35,046)	32,872)	31,997)

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).

Total assets exhibited a consistent upward trajectory over the five-year period, increasing from 31,997 million US dollars in 2015 to 48,841 million US dollars by 2019. The most significant expansion occurred between 2017 and 2018, where total assets grew by approximately 29.6% in a single fiscal year, indicating a substantial increase in the organization's resource base.

Current Asset Composition and Liquidity: Current assets rose from 14,571 million US dollars in 2015 to 19,780 million US dollars in 2019. However, the internal composition of these assets shifted markedly. Cash and equivalents peaked in 2017 at 2,983 million US dollars before declining sharply to 902 million US dollars by 2019. This reduction in liquid cash coincided with a steady increase in unbilled receivables, which grew from 4,357 million US dollars to 7,857 million US dollars, and inventories, which nearly doubled from 3,366 million US dollars to 6,306 million US dollars over the same period. This pattern suggests a transition of liquidity into operational work-in-progress and deferred billing.
Noncurrent Asset Expansion and Strategic Growth: Noncurrent assets experienced an aggressive increase, moving from 17,426 million US dollars in 2015 to 29,061 million US dollars in 2019. The primary drivers of this growth were goodwill and intangible assets. Goodwill remained relatively stable until 2018, when it surged from 11,914 million US dollars to 19,594 million US dollars. Similarly, net intangible assets jumped from 702 million US dollars in 2017 to 2,585 million US dollars in 2018. Such a concentrated spike in these accounts typically indicates a significant acquisition or business combination during the 2018 fiscal year.
Fixed Asset and Other Asset Trends: Net property, plant, and equipment showed moderate growth, increasing from 3,466 million US dollars in 2015 to 4,475 million US dollars in 2019, reflecting a steady investment in physical infrastructure. Other assets displayed higher volatility, decreasing significantly in 2017 before rising to a period high of 2,594 million US dollars in 2019.
Overall Asset Structure Shift: The balance sheet structure evolved from a relatively balanced distribution between current and noncurrent assets in 2015 toward a heavier weighting in noncurrent assets by 2019. While current assets grew by 35.7%, noncurrent assets grew by 66.8%, driven predominantly by the recognition of intangible value and goodwill rather than organic growth in physical plant or liquid cash reserves.

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