General Dynamics Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>General Dynamics Corp. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

GENERAL DYNAMICS CORP (GD) filed a Annual Report (10-K) with the SEC on February 8, 2024. General Dynamics Corp. filed its 2023 Form 10-K on February 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 11011 Sunset Hills Rd, Reston, VA. The SIC code for General Dynamics Corp. is 3730 (Ship & Boat Building & Repairing). The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking GENERAL DYNAMICS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of General Dynamics' financial health, operational segments, and strategic direction for investors and stakeholders. The detailed financial statements and risk factors within the report are crucial for understanding the company's performance and outlook in the defense and aerospace industry.

Risk Assessment

Risk Level: medium — GENERAL DYNAMICS CORP shows moderate risk based on this filing. The company operates in the defense and aerospace sectors, which are subject to significant government spending, regulatory changes, and geopolitical risks, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed segment performance and risk factors in the 10-K to assess the company's growth prospects and potential challenges in the coming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240208 — Filing Date (FILED AS OF DATE)
• 3730 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 131673581 — IRS Number (IRS NUMBER)

Key Players & Entities

• GENERAL DYNAMICS CORP (company) — FILER
• 0000040533 (company) — CENTRAL INDEX KEY
• 11011 SUNSET HILLS RD (company) — BUSINESS ADDRESS
• RESTON (company) — BUSINESS ADDRESS CITY
• VA (company) — BUSINESS ADDRESS STATE
• 20190 (company) — BUSINESS ADDRESS ZIP
• 703-876-3000 (company) — BUSINESS PHONE
• DE (company) — STATE OF INCORPORATION

Forward-Looking Statements

• General Dynamics will continue to focus on its core defense and aerospace segments. (GENERAL DYNAMICS CORP) — high confidence, target: 2025-12-31
• The company's financial performance will be significantly influenced by U.S. government defense spending. (GENERAL DYNAMICS CORP) — high confidence, target: 2024-12-31

FAQ

Industry Context

General Dynamics operates in the defense and aerospace industry, a sector heavily influenced by government contracts and global security dynamics.

Regulatory Implications

As a major defense contractor, the company is subject to extensive regulations and oversight from government agencies related to procurement, security, and compliance.

What Investors Should Do

1. Analyze the company's revenue segments and growth trends for FY2023.
2. Review the identified risk factors for potential impacts on future operations.
3. Examine any disclosures regarding executive compensation or significant corporate actions.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year's financial performance.
• 2024-02-08: Filing Date — Official submission date of the 10-K report.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full analysis.

Key Financial Figures

• $1 — hares of the registrant's common stock, $1 par value per share, were outstanding o
• $115 billion — avy's program of record is in excess of $115 billion. The Navy procures Virginia-class subm

Filing Documents

• gd-20231231.htm (10-K) — 2421KB
• ex21-20231231.htm (EX-21) — 162KB
• ex23-20231231.htm (EX-23) — 2KB
• ex24-20231231.htm (EX-24) — 11KB
• ex311-20231231.htm (EX-31.1) — 10KB
• ex312-20231231.htm (EX-31.2) — 10KB
• ex321-20231231.htm (EX-32.1) — 5KB
• ex322-20231231.htm (EX-32.2) — 5KB
• ex97-20231231.htm (EX-97) — 30KB
• gd-20231231_g1.gif (GRAPHIC) — 3KB
• gd-20231231_g10.jpg (GRAPHIC) — 860KB
• gd-20231231_g2.jpg (GRAPHIC) — 1576KB
• gd-20231231_g3.jpg (GRAPHIC) — 1014KB
• gd-20231231_g4.jpg (GRAPHIC) — 1432KB
• gd-20231231_g5.jpg (GRAPHIC) — 1611KB
• gd-20231231_g6.jpg (GRAPHIC) — 81KB
• gd-20231231_g7.jpg (GRAPHIC) — 837KB
• gd-20231231_g8.jpg (GRAPHIC) — 892KB
• gd-20231231_g9.jpg (GRAPHIC) — 839KB
• 0000040533-24-000007.txt (&nbsp;) — 35705KB
• gd-20231231.xsd (EX-101.SCH) — 83KB
• gd-20231231_cal.xml (EX-101.CAL) — 124KB
• gd-20231231_def.xml (EX-101.DEF) — 430KB
• gd-20231231_lab.xml (EX-101.LAB) — 1110KB
• gd-20231231_pre.xml (EX-101.PRE) — 752KB
• gd-20231231_htm.xml (XML) — 2856KB

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 Information About our Executive Officers 29 PART II

Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures A bout Market Risk

Item 7A. Quantitative and Qualitative Disclosures A bout Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102

Controls and Procedures

Item 9A. Controls and Procedures 102

Other Information

Item 9B. Other Information 104

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 104 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 104

Executive Compensation

Item 11. Executive Compensation 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 105

Principal Accountant Fees a nd Services

Item 14. Principal Accountant Fees a nd Services 105 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 105

Form 10-K Summary

Item 16. Form 10-K Summary 1 10

Signatures

Signatures 111 2 PART I

BUSINESS

ITEM 1. BUSINESS (Dollars in millions, unless otherwise noted) BUSINESS OVERVIEW General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring shareholder returns. Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments. To optimize market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results. This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital. Our business units seek to deliver superior operating results by building industry-leading franchises. To achieve this goal, we invest in advanced technologies, pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets. The result is long-term value creation measured by strong earnings and cash flow and an attractive return on capital. Over the past decade, we have invested in our business to create, renew or expand our portfolio of products and services across our businesses. This includes product development investments in Aerospace to bring to market an all-new lineup of business jet aircraft, capital investments in Marine Systems to support significant growth in U.S. Navy ship and submarine construction plans over the next two decades, deve

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