Analysis of Reportable Segments
General Dynamics Corp. operates in 5 segments: Aerospace; Combat Systems; Information Technology; Mission Systems; and Marine Systems.
Segment Profit Margin
General Dynamics Corp., profit margin by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 15.63% | 17.62% | 19.40% | 17.84% | 19.27% |
| Combat Systems | 14.21% | 15.41% | 15.75% | 15.03% | 15.64% |
| Information Technology | 7.46% | 7.35% | 8.46% | 7.68% | — |
| Mission Systems | 13.83% | 13.94% | 14.24% | 12.74% | — |
| Marine Systems | 8.55% | 8.95% | 8.56% | 7.37% | 9.09% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Aerospace | Aerospace segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Combat Systems | Combat Systems segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. | |
| Information Technology | Information Technology segment profit margin ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. | |
| Mission Systems | Mission Systems segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. | |
| Marine Systems | Marine Systems segment profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment Profit Margin: Aerospace
General Dynamics Corp.; Aerospace; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 1,532) | 1,490) | 1,577) | 1,394) | 1,706) |
| Revenue | 9,801) | 8,455) | 8,129) | 7,815) | 8,851) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 15.63% | 17.62% | 19.40% | 17.84% | 19.27% |
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 2019 Calculation
Segment profit margin = 100 × Operating earnings ÷ Revenue
= 100 × 1,532 ÷ 9,801 = 15.63%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Aerospace | Aerospace segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment Profit Margin: Combat Systems
General Dynamics Corp.; Combat Systems; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 996) | 962) | 937) | 831) | 882) |
| Revenue | 7,007) | 6,241) | 5,949) | 5,530) | 5,640) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 14.21% | 15.41% | 15.75% | 15.03% | 15.64% |
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 2019 Calculation
Segment profit margin = 100 × Operating earnings ÷ Revenue
= 100 × 996 ÷ 7,007 = 14.21%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Combat Systems | Combat Systems segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment Profit Margin: Information Technology
General Dynamics Corp.; Information Technology; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 628) | 608) | 373) | 340) | —) |
| Revenue | 8,422) | 8,269) | 4,410) | 4,428) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.46% | 7.35% | 8.46% | 7.68% | — |
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 2019 Calculation
Segment profit margin = 100 × Operating earnings ÷ Revenue
= 100 × 628 ÷ 8,422 = 7.46%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Information Technology | Information Technology segment profit margin ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Segment Profit Margin: Mission Systems
General Dynamics Corp.; Mission Systems; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 683) | 659) | 638) | 601) | —) |
| Revenue | 4,937) | 4,726) | 4,481) | 4,716) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 13.83% | 13.94% | 14.24% | 12.74% | — |
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 2019 Calculation
Segment profit margin = 100 × Operating earnings ÷ Revenue
= 100 × 683 ÷ 4,937 = 13.83%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Mission Systems | Mission Systems segment profit margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment Profit Margin: Marine Systems
General Dynamics Corp.; Marine Systems; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 785) | 761) | 685) | 595) | 728) |
| Revenue | 9,183) | 8,502) | 8,004) | 8,072) | 8,013) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 8.55% | 8.95% | 8.56% | 7.37% | 9.09% |
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 2019 Calculation
Segment profit margin = 100 × Operating earnings ÷ Revenue
= 100 × 785 ÷ 9,183 = 8.55%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Marine Systems | Marine Systems segment profit margin ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment Return on Assets (Segment ROA)
General Dynamics Corp., ROA by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 12.43% | 13.28% | 15.57% | 14.24% | 20.41% |
| Combat Systems | 8.88% | 9.76% | 9.52% | 9.35% | 10.02% |
| Information Technology | 4.41% | 4.29% | 12.35% | 12.24% | — |
| Mission Systems | 11.01% | 11.01% | 10.89% | 10.61% | — |
| Marine Systems | 20.04% | 24.31% | 23.57% | 19.43% | 24.51% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Aerospace | Aerospace segment ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Combat Systems | Combat Systems segment ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. | |
| Information Technology | Information Technology segment ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. | |
| Mission Systems | Mission Systems segment ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019. | |
| Marine Systems | Marine Systems segment ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment ROA: Aerospace
General Dynamics Corp.; Aerospace; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 1,532) | 1,490) | 1,577) | 1,394) | 1,706) |
| Identifiable assets | 12,324) | 11,220) | 10,126) | 9,792) | 8,358) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 12.43% | 13.28% | 15.57% | 14.24% | 20.41% |
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 2019 Calculation
Segment ROA = 100 × Operating earnings ÷ Identifiable assets
= 100 × 1,532 ÷ 12,324 = 12.43%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Aerospace | Aerospace segment ROA deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment ROA: Combat Systems
General Dynamics Corp.; Combat Systems; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 996) | 962) | 937) | 831) | 882) |
| Identifiable assets | 11,220) | 9,853) | 9,846) | 8,885) | 8,800) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 8.88% | 9.76% | 9.52% | 9.35% | 10.02% |
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 2019 Calculation
Segment ROA = 100 × Operating earnings ÷ Identifiable assets
= 100 × 996 ÷ 11,220 = 8.88%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Combat Systems | Combat Systems segment ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment ROA: Information Technology
General Dynamics Corp.; Information Technology; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 628) | 608) | 373) | 340) | —) |
| Identifiable assets | 14,248) | 14,159) | 3,021) | 2,778) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 4.41% | 4.29% | 12.35% | 12.24% | — |
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 2019 Calculation
Segment ROA = 100 × Operating earnings ÷ Identifiable assets
= 100 × 628 ÷ 14,248 = 4.41%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Information Technology | Information Technology segment ROA deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Segment ROA: Mission Systems
General Dynamics Corp.; Mission Systems; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 683) | 659) | 638) | 601) | —) |
| Identifiable assets | 6,205) | 5,984) | 5,856) | 5,667) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 11.01% | 11.01% | 10.89% | 10.61% | — |
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 2019 Calculation
Segment ROA = 100 × Operating earnings ÷ Identifiable assets
= 100 × 683 ÷ 6,205 = 11.01%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Mission Systems | Mission Systems segment ROA improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019. |
Segment ROA: Marine Systems
General Dynamics Corp.; Marine Systems; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating earnings | 785) | 761) | 685) | 595) | 728) |
| Identifiable assets | 3,918) | 3,130) | 2,906) | 3,063) | 2,970) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 20.04% | 24.31% | 23.57% | 19.43% | 24.51% |
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 2019 Calculation
Segment ROA = 100 × Operating earnings ÷ Identifiable assets
= 100 × 785 ÷ 3,918 = 20.04%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Marine Systems | Marine Systems segment ROA improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment Asset Turnover
General Dynamics Corp., asset turnover by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 0.80 | 0.75 | 0.80 | 0.80 | 1.06 |
| Combat Systems | 0.62 | 0.63 | 0.60 | 0.62 | 0.64 |
| Information Technology | 0.59 | 0.58 | 1.46 | 1.59 | — |
| Mission Systems | 0.80 | 0.79 | 0.77 | 0.83 | — |
| Marine Systems | 2.34 | 2.72 | 2.75 | 2.64 | 2.70 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Aerospace | Aerospace segment asset turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level. |
| Combat Systems | Combat Systems segment asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019. | |
| Information Technology | Information Technology segment asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. | |
| Mission Systems | Mission Systems segment asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019. | |
| Marine Systems | Marine Systems segment asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment Asset Turnover: Aerospace
General Dynamics Corp.; Aerospace; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 9,801) | 8,455) | 8,129) | 7,815) | 8,851) |
| Identifiable assets | 12,324) | 11,220) | 10,126) | 9,792) | 8,358) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.80 | 0.75 | 0.80 | 0.80 | 1.06 |
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 2019 Calculation
Segment asset turnover = Revenue ÷ Identifiable assets
= 9,801 ÷ 12,324 = 0.80
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Aerospace | Aerospace segment asset turnover ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level. |
Segment Asset Turnover: Combat Systems
General Dynamics Corp.; Combat Systems; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 7,007) | 6,241) | 5,949) | 5,530) | 5,640) |
| Identifiable assets | 11,220) | 9,853) | 9,846) | 8,885) | 8,800) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.62 | 0.63 | 0.60 | 0.62 | 0.64 |
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 2019 Calculation
Segment asset turnover = Revenue ÷ Identifiable assets
= 7,007 ÷ 11,220 = 0.62
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Combat Systems | Combat Systems segment asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019. |
Segment Asset Turnover: Information Technology
General Dynamics Corp.; Information Technology; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 8,422) | 8,269) | 4,410) | 4,428) | —) |
| Identifiable assets | 14,248) | 14,159) | 3,021) | 2,778) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.59 | 0.58 | 1.46 | 1.59 | — |
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 2019 Calculation
Segment asset turnover = Revenue ÷ Identifiable assets
= 8,422 ÷ 14,248 = 0.59
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Information Technology | Information Technology segment asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019. |
Segment Asset Turnover: Mission Systems
General Dynamics Corp.; Mission Systems; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 4,937) | 4,726) | 4,481) | 4,716) | —) |
| Identifiable assets | 6,205) | 5,984) | 5,856) | 5,667) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.80 | 0.79 | 0.77 | 0.83 | — |
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 2019 Calculation
Segment asset turnover = Revenue ÷ Identifiable assets
= 4,937 ÷ 6,205 = 0.80
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Mission Systems | Mission Systems segment asset turnover ratio improved from 2017 to 2018 and from 2018 to 2019. |
Segment Asset Turnover: Marine Systems
General Dynamics Corp.; Marine Systems; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 9,183) | 8,502) | 8,004) | 8,072) | 8,013) |
| Identifiable assets | 3,918) | 3,130) | 2,906) | 3,063) | 2,970) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 2.34 | 2.72 | 2.75 | 2.64 | 2.70 |
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 2019 Calculation
Segment asset turnover = Revenue ÷ Identifiable assets
= 9,183 ÷ 3,918 = 2.34
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Marine Systems | Marine Systems segment asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Segment Capital Expenditures to Depreciation
General Dynamics Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 0.78 | 1.26 | 0.90 | 0.82 | 1.43 |
| Combat Systems | 1.28 | 1.05 | 0.98 | 0.83 | 0.87 |
| Information Technology | 0.39 | 0.19 | 0.50 | 0.24 | — |
| Mission Systems | 1.25 | 0.75 | 0.78 | 1.43 | — |
| Marine Systems | 3.68 | 2.09 | 1.13 | 0.88 | 1.57 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Aerospace | Aerospace segment capital expenditures to depreciation ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
| Combat Systems | Combat Systems segment capital expenditures to depreciation ratio improved from 2017 to 2018 and from 2018 to 2019. | |
| Information Technology | Information Technology segment capital expenditures to depreciation ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level. | |
| Mission Systems | Mission Systems segment capital expenditures to depreciation ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level. | |
| Marine Systems | Marine Systems segment capital expenditures to depreciation ratio improved from 2017 to 2018 and from 2018 to 2019. |
Segment Capital Expenditures to Depreciation: Aerospace
General Dynamics Corp.; Aerospace; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 138) | 194) | 132) | 125) | 210) |
| Depreciation and amortization | 178) | 154) | 147) | 153) | 147) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.78 | 1.26 | 0.90 | 0.82 | 1.43 |
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 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 138 ÷ 178 = 0.78
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Aerospace | Aerospace segment capital expenditures to depreciation ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |
Segment Capital Expenditures to Depreciation: Combat Systems
General Dynamics Corp.; Combat Systems; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 109) | 91) | 84) | 71) | 79) |
| Depreciation and amortization | 85) | 87) | 86) | 86) | 91) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.28 | 1.05 | 0.98 | 0.83 | 0.87 |
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 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 109 ÷ 85 = 1.28
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Combat Systems | Combat Systems segment capital expenditures to depreciation ratio improved from 2017 to 2018 and from 2018 to 2019. |
Segment Capital Expenditures to Depreciation: Information Technology
General Dynamics Corp.; Information Technology; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 147) | 62) | 16) | 10) | —) |
| Depreciation and amortization | 377) | 333) | 32) | 42) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.39 | 0.19 | 0.50 | 0.24 | — |
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 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 147 ÷ 377 = 0.39
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Information Technology | Information Technology segment capital expenditures to depreciation ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level. |
Segment Capital Expenditures to Depreciation: Mission Systems
General Dynamics Corp.; Mission Systems; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 75) | 49) | 47) | 87) | —) |
| Depreciation and amortization | 60) | 65) | 60) | 61) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.25 | 0.75 | 0.78 | 1.43 | — |
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 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 75 ÷ 60 = 1.25
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Mission Systems | Mission Systems segment capital expenditures to depreciation ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level. |
Segment Capital Expenditures to Depreciation: Marine Systems
General Dynamics Corp.; Marine Systems; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 449) | 243) | 123) | 92) | 166) |
| Depreciation and amortization | 122) | 116) | 109) | 105) | 106) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 3.68 | 2.09 | 1.13 | 0.88 | 1.57 |
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 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 449 ÷ 122 = 3.68
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Marine Systems | Marine Systems segment capital expenditures to depreciation ratio improved from 2017 to 2018 and from 2018 to 2019. |
Revenue
General Dynamics Corp., revenue by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 9,801) | 8,455) | 8,129) | 7,815) | 8,851) |
| Combat Systems | 7,007) | 6,241) | 5,949) | 5,530) | 5,640) |
| Information Technology | 8,422) | 8,269) | 4,410) | 4,428) | —) |
| Mission Systems | 4,937) | 4,726) | 4,481) | 4,716) | —) |
| Information Systems and Technology (legacy) | —) | —) | —) | —) | 8,965) |
| Marine Systems | 9,183) | 8,502) | 8,004) | 8,072) | 8,013) |
| Total | 39,350) | 36,193) | 30,973) | 30,561) | 31,469) |
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).
Operating earnings
General Dynamics Corp., operating earnings by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 1,532) | 1,490) | 1,577) | 1,394) | 1,706) |
| Combat Systems | 996) | 962) | 937) | 831) | 882) |
| Information Technology | 628) | 608) | 373) | 340) | —) |
| Mission Systems | 683) | 659) | 638) | 601) | —) |
| Information Systems and Technology (legacy) | —) | —) | —) | —) | 903) |
| Marine Systems | 785) | 761) | 685) | 595) | 728) |
| Corporate | 24) | (23) | 26) | (17) | (41) |
| Total | 4,648) | 4,457) | 4,236) | 3,744) | 4,178) |
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).
Identifiable assets
General Dynamics Corp., identifiable assets by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 12,324) | 11,220) | 10,126) | 9,792) | 8,358) |
| Combat Systems | 11,220) | 9,853) | 9,846) | 8,885) | 8,800) |
| Information Technology | 14,248) | 14,159) | 3,021) | 2,778) | —) |
| Mission Systems | 6,205) | 5,984) | 5,856) | 5,667) | —) |
| Information Systems and Technology (legacy) | —) | —) | —) | —) | 8,577) |
| Marine Systems | 3,918) | 3,130) | 2,906) | 3,063) | 2,970) |
| Corporate | 926) | 1,062) | 3,291) | 2,987) | 3,292) |
| Total | 48,841) | 45,408) | 35,046) | 33,172) | 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).
Capital expenditures
General Dynamics Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 138) | 194) | 132) | 125) | 210) |
| Combat Systems | 109) | 91) | 84) | 71) | 79) |
| Information Technology | 147) | 62) | 16) | 10) | —) |
| Mission Systems | 75) | 49) | 47) | 87) | —) |
| Information Systems and Technology (legacy) | —) | —) | —) | —) | 73) |
| Marine Systems | 449) | 243) | 123) | 92) | 166) |
| Corporate | 69) | 51) | 26) | 7) | 41) |
| Total | 987) | 690) | 428) | 392) | 569) |
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).
Depreciation and amortization
General Dynamics Corp., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Aerospace | 178) | 154) | 147) | 153) | 147) |
| Combat Systems | 85) | 87) | 86) | 86) | 91) |
| Information Technology | 377) | 333) | 32) | 42) | —) |
| Mission Systems | 60) | 65) | 60) | 61) | —) |
| Information Systems and Technology (legacy) | —) | —) | —) | —) | 131) |
| Marine Systems | 122) | 116) | 109) | 105) | 106) |
| Corporate | 7) | 8) | 7) | 6) | 7) |
| Total | 829) | 763) | 441) | 453) | 482) |
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).