Stock Analysis on Net
Stock Analysis on Net

General Dynamics Corp. (NYSE:GD)

$22.49

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

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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General Dynamics Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term debt and current portion of long-term debt
Accounts payable
Customer advances and deposits
Salaries and wages
Workers’ compensation
Retirement benefits
Current operating lease liabilities
Fair value of cash flow hedges
Deferred income taxes
Other
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Retirement benefits
Noncurrent operating lease liabilities
Customer deposits on commercial contracts
Deferred income taxes
Other
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock
Surplus
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Shareholders’ equity
Total liabilities and shareholders’ equity

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).

Short-term debt and current portion of long-term debt
The short-term debt increased significantly from 501 million US$ in 2015 to 900 million US$ in 2016, followed by a sharp rise to 2,973 million US$ in 2017. After peaking, it slightly declined to 2,920 million US$ in 2019.
Accounts payable
Accounts payable showed a steady growth trend from 1,964 million US$ in 2015 to 3,162 million US$ in 2019, indicating increasing liabilities towards suppliers over the period.
Customer advances and deposits
Customer advances and deposits initially decreased from 5,674 million US$ in 2015 to 4,939 million US$ in 2016 but rebounded sharply to 7,270 million US$ by 2018, remaining relatively stable through 2019.
Salaries and wages
This expense item grew moderately from 648 million US$ in 2015 to 952 million US$ in 2018, then slightly decreased to 941 million US$ in 2019, possibly reflecting fluctuations in employment costs.
Workers’ compensation
Workers' compensation declined steadily from 369 million US$ in 2015 to 244 million US$ in 2018 but experienced an increase to 306 million US$ in 2019, indicating variability in employee-related liabilities.
Retirement benefits (current vs noncurrent)
Current retirement benefits showed a gradual decline from 304 million US$ in 2015 to 272 million US$ in 2018 with a slight rise to 296 million US$ in 2019. Noncurrent retirement benefits increased steadily from 4,251 million US$ in 2015 to 5,172 million US$ in 2019, reflecting growing long-term pension obligations.
Current operating lease liabilities
This liability item appears only in 2019 with a recorded amount of 252 million US$, indicating adoption or reporting change related to lease accounting in the final year.
Fair value of cash flow hedges
There is a noticeable decline in fair value of cash flow hedges from 780 million US$ in 2015 to 32 million US$ in 2019, suggesting reduced exposure or effectiveness of hedging activities.
Deferred income taxes (current and noncurrent)
Current deferred income taxes increased from 829 million US$ in 2015 to 1,258 million US$ in 2016, with data missing afterwards. Noncurrent deferred income taxes showed an upward trend from 75 million US$ in 2015 to 577 million US$ in 2018 before decreasing to 481 million US$ in 2019.
Other current liabilities
Other current liabilities fluctuated, rising from 4,306 million US$ in 2015 to 4,469 million US$ in 2016, but then dropping to 2,898 million US$ in 2017 before increasing again to 3,571 million US$ in 2019.
Current liabilities
Overall current liabilities showed steady growth, rising from 12,445 million US$ in 2015 to 16,801 million US$ in 2019, reflecting a general increase in short-term obligations.
Long-term debt, excluding current portion
Long-term debt remained stable around 2,900 million US$ from 2015 through 2016, increased moderately to 3,980 million US$ in 2017, then surged dramatically to 11,444 million US$ in 2018 before declining to 9,010 million US$ in 2019, indicating significant borrowing activity primarily in 2018.
Noncurrent operating lease liabilities
This item appears only in 2019 at 1,251 million US$, indicating possible new lease obligations or revised accounting standards affecting lease liabilities.
Customer deposits on commercial contracts
Customer deposits showed volatility, declining from 506 million US$ in 2015 to 418 million US$ in 2016, then increasing sharply to 814 million US$ in 2017, followed by a gradual decrease to 709 million US$ in 2019.
Other liabilities
Other liabilities increased steadily, from 5,916 million US$ in 2015 to 9,453 million US$ in 2019, indicating rising obligations outside of specified categories.
Noncurrent liabilities
Noncurrent liabilities grew significantly, rising from 8,814 million US$ in 2015 to a peak of 18,937 million US$ in 2018, then slightly declining to 18,463 million US$ in 2019, which coincides with the surge and subsequent decrease in long-term debt.
Total liabilities
Total liabilities increased markedly from 21,259 million US$ in 2015 to 35,264 million US$ in 2019, with the most considerable growth occurring between 2017 and 2018, driven largely by increases in long-term debt and noncurrent liabilities.
Common stock
Common stock remained constant at 482 million US$ throughout the period, indicating no new equity issuance or share repurchase impacting par value.
Surplus
Surplus showed a steady increase from 2,730 million US$ in 2015 to 3,039 million US$ in 2019, reflecting retained earnings growth or additional paid-in capital accumulation.
Retained earnings
Retained earnings grew consistently from 23,204 million US$ in 2015 to 31,633 million US$ in 2019, signaling sustained profitability and reinvestment of earnings.
Treasury stock
Treasury stock increased in absolute terms from -12,392 million US$ in 2015 to -17,358 million US$ in 2019, indicating ongoing share repurchases or stock retirement, reducing shareholders’ equity.
Accumulated other comprehensive loss
Accumulated other comprehensive loss widened from -3,286 million US$ in 2015 to -4,219 million US$ in 2019, suggesting escalating unrealized losses or negative adjustments in other comprehensive income components.
Shareholders’ equity
Shareholders' equity rose gradually from 10,738 million US$ in 2015 to 13,577 million US$ in 2019, reflecting a growth in net assets despite the increase in treasury stock and comprehensive losses.
Total liabilities and shareholders’ equity
This aggregate measure increased significantly from 31,997 million US$ in 2015 to 48,841 million US$ in 2019, largely due to expansions in liabilities and accumulated retained earnings.