General Dynamics Files 2024 Annual Report

TL;DR

GD filed its 2024 10-K. All good on reporting requirements.

AI Summary

General Dynamics Corporation filed its annual report for the fiscal year ended December 31, 2024. The company is incorporated in Delaware and headquartered in Reston, Virginia, with its common stock traded on the New York Stock Exchange under the symbol GD. This filing indicates that General Dynamics has met its reporting requirements for the preceding 12 months and the past 90 days, and has submitted all required Interactive Data Files electronically.

Why It Matters

This 10-K filing provides a comprehensive overview of General Dynamics' financial performance and business operations for the fiscal year 2024, crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Players & Entities

• General Dynamics Corporation (company) — Registrant
• December 31, 2024 (date) — Fiscal year end
• Delaware (jurisdiction) — State of incorporation
• Reston, Virginia (location) — Principal executive offices
• GD (ticker) — Trading symbol for Common Stock
• New York Stock Exchange (exchange) — Exchange where Common Stock is registered

FAQ

Key Financial Figures

• $1 — hares of the registrant's common stock, $1 par value per share, were outstanding o
• $125 billion — avy's program of record is in excess of $125 billion. The Navy procures Virginia-class subm

Filing Documents

• gd-20241231.htm (10-K) — 2401KB
• ex1018-20241231.htm (EX-10.18) — 6KB
• ex19-20241231.htm (EX-19) — 37KB
• ex21-20241231.htm (EX-21) — 163KB
• ex22-20241231.htm (EX-22) — 6KB
• ex23-20241231.htm (EX-23) — 2KB
• ex24-20241231.htm (EX-24) — 11KB
• ex311-20241231.htm (EX-31.1) — 10KB
• ex312-20241231.htm (EX-31.2) — 10KB
• ex321-20241231.htm (EX-32.1) — 5KB
• ex322-20241231.htm (EX-32.2) — 5KB
• gd-20241231_g1.gif (GRAPHIC) — 3KB
• gd-20241231_g10.jpg (GRAPHIC) — 815KB
• gd-20241231_g2.jpg (GRAPHIC) — 1319KB
• gd-20241231_g3.jpg (GRAPHIC) — 958KB
• gd-20241231_g4.jpg (GRAPHIC) — 1371KB
• gd-20241231_g5.jpg (GRAPHIC) — 1531KB
• gd-20241231_g6.jpg (GRAPHIC) — 80KB
• gd-20241231_g7.jpg (GRAPHIC) — 792KB
• gd-20241231_g8.jpg (GRAPHIC) — 873KB
• gd-20241231_g9.jpg (GRAPHIC) — 783KB
• 0000040533-25-000008.txt ( ) — 34220KB
• gd-20241231.xsd (EX-101.SCH) — 82KB
• gd-20241231_cal.xml (EX-101.CAL) — 122KB
• gd-20241231_def.xml (EX-101.DEF) — 399KB
• gd-20241231_lab.xml (EX-101.LAB) — 1026KB
• gd-20241231_pre.xml (EX-101.PRE) — 750KB
• gd-20241231_htm.xml (XML) — 2847KB

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

Cybersecurity

Item 1C. Cybersecurity 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 Information About our Executive Officers 28 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 29

[Reserved]

Item 6. [Reserved] 31

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 32

Quantitative and Qualitative Disclosures A bout Market Risk

Item 7A. Quantitative and Qualitative Disclosures A bout Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 54

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100

Controls and Procedures

Item 9A. Controls and Procedures 100

Other Information

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 102 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 102

Executive Compensation

Item 11. Executive Compensation 102

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 103

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 103

Principal Accountant Fees a nd Services

Item 14. Principal Accountant Fees a nd Services 103 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 103

Form 10-K Summary

Item 16. Form 10-K Summary 109

Signatures

Signatures 110 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 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, development of next-

View Full Filing

View this 10-K filing on SEC EDGAR