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General Dynamics Corp (GD) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

General Dynamics Corp

CIK: 40533 Ticker: GD


Exhibit 99.1 
 
bluegdlogo.jpg
11011 Sunset Hills Road 
Reston, Virginia 20190News
www.gd.com 

Contact: Jeff A. Davis
Tel: 703 876 3483
press@generaldynamics.com


General Dynamics Reports Fourth-Quarter and Full-Year 2021 Financial Results

January 26, 2022

Fourth-quarter net earnings of $952 million and diluted EPS of $3.39 on $10.3 billion in revenue
Full-year net earnings of $3.3 billion and diluted EPS of $11.55 on $38.5 billion in revenue
Record-high revenue and operating earnings from the collective defense segments for the year
Highest Gulfstream orders in more than a decade

RESTON, Va. – General Dynamics (NYSE: GD) today reported quarterly net earnings of $952 million, or $3.39 diluted earnings per share (EPS), on $10.3 billion in revenue. For the full year, net earnings were $3.3 billion, or $11.55 per diluted share, on revenue of $38.5 billion.

Operating margin was 11.5% for the quarter and 10.8% for the full year. The defense segments collectively delivered revenue and operating earnings for the year that were the highest in the company’s history.

“Our continued focus on operating performance and protecting the health and safety of our employees contributed to strong fourth-quarter and full-year results,” said Phebe N. Novakovic, chairman and chief executive officer. “Furthermore, favorable cash flow has enabled us to continue reducing debt, returning value to shareholders and investing in future growth.”

Cash
Net cash provided by operating activities in the quarter totaled $1.7 billion, or 177% of net earnings. For the year, net cash provided by operating activities totaled a record-high $4.3 billion, or 131% of net earnings. For the year, the company reduced debt by $1.5 billion, invested $887 million in capital expenditures, paid $1.3 billion in dividends, and repurchased $1.8 billion in shares, ending 2021 with $1.6 billion in cash and equivalents on hand.

Backlog
Orders remained strong across the company with a consolidated book-to-bill ratio, defined as orders divided by revenue, of 1-to-1 for the quarter and the year. In addition to company-wide backlog of $87.6 billion, estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $39.9 billion at year end. Total estimated contract value, the sum of all backlog components, was $127.5 billion.


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The following information was filed by General Dynamics Corp (GD) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside General Dynamics Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheet
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Earnings
Consolidated Statement Of Shareholders' Equity
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Commitments And Contingencies
Commitments And Contingencies (Changes In Product Warranty Liabilities) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Details)
Debt (Narrative) (Details)
Debt (Tables)
Debt Debt (Aggregate Amounts Of Scheduled Maturities Of Debt For The Next Five Years) (Details)
Derivative Financial Instruments And Hedging Activities
Derivative Financial Instruments And Hedging Activities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity Compensation Plans
Equity Compensation Plans (Narrative) (Details)
Equity Compensation Plans (Schedule Of Assumption Of Fair Value Options On The Date Of Grant Using Black-Scholes Option Pricing Model) (Details)
Equity Compensation Plans (Schedule Of Equity Based Compensation Expense) (Details)
Equity Compensation Plans (Schedule Of Stock Options' Intrinsic Value And Remaining Contractual Term) (Details)
Equity Compensation Plans (Summary Of Restricted Stock And Restricted Stock Unit Activity) (Details)
Equity Compensation Plans (Summary Of Stock Option Activity) (Details)
Equity Compensation Plans (Tables)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Amortization Expense Of Intangible Assets) (Details)
Goodwill And Intangible Assets (Amortization Life Of Intangible Assets) (Details)
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill By Reporting Unit) (Details)
Goodwill And Intangible Assets (Intangible Assets) (Details)
Goodwill And Intangible Assets (Narrative) (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Net Deferred Tax Asset (Liability)) (Details)
Income Taxes (Net Provision For Income Taxes For Continuing Operations) (Details)
Income Taxes (Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings) (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Additional Information Related To Leases) (Details)
Leases (Components Of Lease Costs) (Details)
Leases (Narrative) (Details)
Leases (Operating And Finance Leases Liabilities And Related Rou Assets) (Details)
Leases (Reconciliation Of Undiscounted Cash Flows To The Operating And Finance Leases) (Details)
Leases (Tables)
Other Liabilities
Other Liabilities (Details)
Other Liabilities (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Retirement Plans
Retirement Plans (Amounts Deferred In Aocl) (Details)
Retirement Plans (Amounts Recognized On The Consolidated Balance Sheet) (Details)
Retirement Plans (Asset Allocation Policy Ranges) (Details)
Retirement Plans (Changes In Level 3 Retirement Plan Assets) (Details)
Retirement Plans (Fair Value Of Plan Assets By Investment Category Within The Fair Value Hierarchy - Other Post-Retirement Benefits) (Details)
Retirement Plans (Fair Value Of Plan Assets By Investment Category Within The Fair Value Hierarchy - Pension Benefits) (Details)
Retirement Plans (Narrative) (Details)
Retirement Plans (Reconciliation Of Benefit Obligations And Plan Or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans) (Details)
Retirement Plans (Reconciliation Of The Change In Aocl For Defined-Benefit Retirement Plans) (Details)
Retirement Plans (Schedule Of Abo That Exceeded Plan Assets) (Details)
Retirement Plans (Schedule Of Annual Pension And Other Post-Retirement Benefit Costs) (Details)
Retirement Plans (Schedule Of Benefits To Be Paid From Retirement Plans Over The Next 10 Years) (Details)
Retirement Plans (Tables)
Retirement Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details)
Retirement Plans Retirement Plans (Schedule Of Pbo That Exceeded Plan Assets) (Details)
Retirement Plans Retirement Plans (Weighted Average Assumptions Used To Determine Net Annual Benefit Cost) (Details)
Revenue
Revenue (Impact Of Adjustments In Contract Estimates) (Details)
Revenue (Narrative) (Details)
Revenue (Remaining Performance Obligations To Be Recognized As Revenue) (Details)
Revenue (Revenue By Contract Type) (Details)
Revenue (Revenue By Customer) (Details)
Revenue (Revenue By Major Products And Services) (Details)
Revenue (Tables)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Schedule Of Revenues By Geographic Area Based On The Location Of Customers) (Details)
Segment Information (Segment Reporting Information) (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Net Interest) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Unbilled Receivables
Unbilled Receivables (Details)
Unbilled Receivables (Narrative) (Details)
Unbilled Receivables (Tables)
Ticker: GD
CIK: 40533
Form Type: 10-K Annual Report
Accession Number: 0000040533-22-000007
Submitted to the SEC: Wed Feb 09 2022 9:55:44 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Ship And Boat Building And Repairing

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