GENERAL DYNAMICS CORP, 10-K filed on 2/7/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Jan. 26, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-3671    
Entity Registrant Name GENERAL DYNAMICS CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-1673581    
Entity Address, Address Line One 11011 Sunset Hills Road    
Entity Address, City or Town Reston,    
Entity Address, State or Province VA    
Entity Address, Postal Zip Code 20190    
City Area Code (703)    
Local Phone Number 876-3000    
Title of 12(b) Security Common Stock    
Trading Symbol GD    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 71,126,305,337
Entity Common Stock, Shares Outstanding   270,350,795  
Documents Incorporated by Reference Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the 2025 annual meeting of shareholders to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year.    
Entity Central Index Key 0000040533    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location McLean, VA
Auditor Firm ID 185
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Consolidated Statement of Earnings - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Revenue $ 47,716 $ 42,272 $ 39,407
Operating costs and expenses:      
General and administrative (G&A) (2,568) (2,427) (2,411)
Operating costs and expenses, Total (42,920) (38,027) (35,196)
Operating earnings 4,796 4,245 4,211
Other, net 68 82 189
Interest, net (324) (343) (364)
Earnings before income tax 4,540 3,984 4,036
Provision for income tax, net (758) (669) (646)
Net earnings $ 3,782 $ 3,315 $ 3,390
Earnings per share      
Basic (in dollars per share) $ 13.81 $ 12.14 $ 12.31
Diluted (in dollars per share) $ 13.63 $ 12.02 $ 12.19
Products      
Revenue:      
Revenue $ 28,635 $ 24,595 $ 23,022
Operating costs and expenses:      
Cost of sales (24,332) (20,591) (18,981)
Services      
Revenue:      
Revenue 19,081 17,677 16,385
Operating costs and expenses:      
Cost of sales $ (16,020) $ (15,009) $ (13,804)
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Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings $ 3,782 $ 3,315 $ 3,390
Changes in unrealized cash flow hedges (117) 10 (190)
Foreign currency translation adjustments (438) 413 (278)
Changes in retirement plans’ funded status 208 722 241
Other comprehensive (loss) income, pretax (347) 1,145 (227)
Provision for income tax, net (12) (152) (5)
Other comprehensive (loss) income, net of tax (359) 993 (232)
Comprehensive income $ 3,423 $ 4,308 $ 3,158
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Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and equivalents $ 1,697 $ 1,913
Accounts receivable 2,977 3,004
Unbilled receivables 8,248 7,997
Inventories 9,724 8,578
Other current assets 1,740 2,123
Total current assets 24,386 23,615
Noncurrent assets:    
Property, plant and equipment, net 6,467 6,198
Intangible assets, net 1,520 1,656
Goodwill 20,556 20,586 [1]
Other assets 2,951 2,755
Total noncurrent assets 31,494 31,195
Total assets 55,880 54,810
Current liabilities:    
Short-term debt and current portion of long-term debt 1,502 507
Accounts payable 3,344 3,095
Customer advances and deposits 9,491 9,564
Other current liabilities 3,487 3,266
Total current liabilities 17,824 16,432
Noncurrent liabilities:    
Long-term debt 7,260 8,754
Other liabilities 8,733 8,325
Commitments and contingencies (see Note M)
Total noncurrent liabilities 15,993 17,079
Shareholders’ equity:    
Common stock 482 482
Surplus 4,062 3,760
Retained earnings 41,487 39,270
Treasury stock (22,450) (21,054)
Accumulated other comprehensive loss (1,518) (1,159)
Total shareholders’ equity 22,063 21,299
Total liabilities and shareholders’ equity $ 55,880 $ 54,810
[1] accumulated impairment losses.
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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities – continuing operations:      
Net earnings $ 3,782 $ 3,315 $ 3,390
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation of property, plant and equipment 644 608 586
Amortization of intangible and finance lease right-of-use assets 242 255 298
Equity-based compensation expense 183 181 165
Deferred income tax benefit (86) (177) (178)
(Increase) decrease in assets, net of effects of business acquisitions:      
Accounts receivable 16 38 46
Unbilled receivables (261) 913 (256)
Inventories (1,195) (2,219) (980)
Increase (decrease) in liabilities, net of effects of business acquisitions:      
Accounts payable 247 (303) 224
Customer advances and deposits 343 2,415 2,082
Income taxes payable 266 (209) (436)
Other, net (69) (107) (362)
Net cash provided by operating activities 4,112 4,710 4,579
Cash flows from investing activities:      
Capital expenditures (916) (904) (1,114)
Other, net (37) (37) (375)
Net cash used by investing activities (953) (941) (1,489)
Cash flows from financing activities:      
Dividends paid (1,529) (1,428) (1,369)
Purchases of common stock (1,501) (434) (1,229)
Repayment of fixed-rate notes (500) (1,250) (1,000)
Other, net 161 18 127
Net cash used by financing activities (3,369) (3,094) (3,471)
Net cash (used) provided by discontinued operations (6) (4) 20
Net (decrease) increase in cash and equivalents (216) 671 (361)
Cash and equivalents at beginning of year 1,913 1,242 1,603
Cash and equivalents at end of year $ 1,697 $ 1,913 $ 1,242
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Consolidated Statement of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock
Common Stock Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2021 $ 17,641 $ 482 $ 3,278 $ 35,420 $ (19,619) $ (1,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,390     3,390    
Cash dividends declared (1,391)     (1,391)    
Equity-based awards 383   278   105  
Shares purchased (1,207)       (1,207)  
Other comprehensive income (loss) (232)         (232)
Other (16)     (16)    
Ending Balance at Dec. 31, 2022 18,568 482 3,556 37,403 (20,721) (2,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,315     3,315    
Cash dividends declared (1,448)     (1,448)    
Equity-based awards 305   204   101  
Shares purchased (434)       (434)  
Other comprehensive income (loss) 993         993
Ending Balance at Dec. 31, 2023 21,299 482 3,760 39,270 (21,054) (1,159)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 3,782     3,782    
Cash dividends declared (1,565)     (1,565)    
Equity-based awards 415   302   113  
Shares purchased (1,509)       (1,509)  
Other comprehensive income (loss) (359)         (359)
Ending Balance at Dec. 31, 2024 $ 22,063 $ 482 $ 4,062 $ 41,487 $ (22,450) $ (1,518)
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General Dynamics is a global aerospace and defense company that offers 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.
The following is a discussion of certain significant accounting policies, and further discussion is contained in other notes to these financial statements.
Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates.
Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $565 in 2024, $510 in 2023 and $480 in 2022. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts.
The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred.
Interest, Net. Net interest expense consisted of the following:
Year Ended December 31202420232022
Interest expense$393 $399 $391 
Interest income(69)(56)(27)
Interest expense, net$324 $343 $364 
See Note K for information regarding our debt obligations, including interest rates.
Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive (loss) income in the Consolidated Statement of Comprehensive Income. We had no material trading or held-to-maturity debt securities on December 31, 2024 or 2023. See Note P for additional information regarding our investments in debt and equity securities.
Acquisitions. In the last three years, we acquired a business in our Aerospace segment, a business in our Combat Systems segment and two businesses in our Technologies segment. The operating results of these acquisitions have been included in our reported results since their respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill.
Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows.
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of a reporting unit’s fair value is based primarily on the discounted cash flows of the underlying operations.
In the fourth quarter of 2024, we completed qualitative assessments for each of our reporting units. Our Aerospace, Marine Systems and Combat Systems reporting units’ estimated fair values significantly exceeded their respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25% at the time of our last quantitative assessment in the fourth quarter of 2022. Our qualitative assessments this year did not present indicators of impairment.
For a summary of our goodwill by reporting unit, see Note H.
Recent Accounting Pronouncements. In 2024, we adopted Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, using the retrospective method of adoption. The ASU adds disclosure requirements for segment expense information.
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Improvements to Income Tax Disclosures, effective for annual periods beginning after December 15, 2024. The ASU requires disclosure of disaggregated income tax information, including the effective tax rate reconciliation and income taxes paid. In November 2024, the FASB issued ASU 2024-03, Disaggregation - Income Statement Expenses. The ASU requires disclosure of certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, using the prospective or retrospective methods of adoption, with early adoption permitted. Although we have not determined the method or period of adoption, we expect to disclose additional information as required by the standard. There are other ASUs that have been issued by the FASB but are not yet effective. We do not expect that the adoption of these standards will have a material impact on our results of operations, financial condition or cash flows.
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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Revenue REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 76% of our revenue in 2024, 79% in 2023 and 77% in 2022. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 24% of our revenue in 2024, 21% in 2023 and 23% in 2022. Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On December 31, 2024, we had $90.6 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 45% of our remaining performance obligations as revenue in 2025, an additional 40% by the end of 2027 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates increased our revenue, operating earnings and diluted earnings per share as follows:
Year Ended December 31202420232022
Revenue$176 $191 $343 
Operating earnings56 112 370 
Diluted earnings per share$0.16 $0.32 $1.05 
While no adjustment on any one contract was material to the Consolidated Financial Statements in 2024, 2023 or 2022, our Marine Systems segment’s 2024 results were affected negatively by supplier
quality issues and late supply chain deliveries causing cost growth and schedule delays on the Virginia-class submarine Block IV contract.
We have large, long-term contracts with the U.S. Navy for Virginia-class submarines and an international customer for tracked vehicles in which our estimates for contract revenue include variable consideration. For both contracts, it is reasonably possible that the actual amount of variable consideration realized could be less than our estimate, which could have a material unfavorable impact on our results of operations.
In addition, during 2024 the Navy was informed of deficiencies in welding procedures conducted by our teammate and subcontractor on our Virginia-class and Columbia-class submarine programs. It is reasonably possible that addressing these deficiencies could potentially impose costs or schedule delays not accounted for in our estimates related to our long-term contracts with the Navy for the construction of submarines.
Revenue by Category. Our portfolio of products and services consists of more than 9,000 active contracts. The following series of tables presents our revenue disaggregated by several categories.
Revenue by major products and services was as follows:
Year Ended December 31202420232022
Aircraft manufacturing$7,811 $5,710 $5,876 
Aircraft services3,438 2,911 2,691 
Total Aerospace11,249 8,621 8,567 
Nuclear-powered submarines10,392 8,631 7,310 
Surface ships2,819 2,698 2,561 
Repair and other services1,132 1,132 1,169 
Total Marine Systems14,343 12,461 11,040 
Military vehicles5,101 5,036 4,581 
Weapons systems, armament and munitions2,932 2,442 2,024 
Engineering and other services964 790 703 
Total Combat Systems8,997 8,268 7,308 
Information technology (IT) services8,761 8,459 8,195 
C5ISR* solutions4,366 4,463 4,297 
Total Technologies13,127 12,922 12,492 
Total revenue$47,716 $42,272 $39,407 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by contract type was as follows:
Year Ended December 31, 2024AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$10,250 $6,800 $7,973 $5,376 $30,399 
Cost-reimbursement— 7,542 951 5,749 14,242 
Time-and-materials999 1 73 2,002 3,075 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
Fixed-price$7,645 $6,202 $7,321 $5,646 $26,814 
Cost-reimbursement— 6,258 880 5,457 12,595 
Time-and-materials976 1 67 1,819 2,863 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Year Ended December 31, 2022
Fixed-price$7,626 $6,509 $6,434 $5,402 $25,971 
Cost-reimbursement— 4,529 813 5,190 10,532 
Time-and-materials941 2 61 1,900 2,904 
Total revenue$8,567 $11,040 $7,308 $12,492 $39,407 
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
Revenue by customer was as follows:
Year Ended December 31, 2024AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of Defense (DoD)$253 $14,204 $5,102 $7,632 $27,191 
Non-DoD— 2 8 4,800 4,810 
Foreign military sales (FMS)43 132 857 31 1,063 
Total U.S. government296 14,338 5,967 12,463 33,064 
U.S. commercial6,237 2 258 198 6,695 
Non-U.S. government1,447 3 2,599 422 4,471 
Non-U.S. commercial3,269 — 173 44 3,486 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
U.S. government:
DoD$303 $12,325 $4,580 $7,512 $24,720 
Non-DoD— 3 10 4,698 4,711 
FMS69 129 651 47 896 
Total U.S. government372 12,457 5,241 12,257 30,327 
U.S. commercial5,398 2 233 200 5,833 
Non-U.S. government493 2 2,692 388 3,575 
Non-U.S. commercial2,358 — 102 77 2,537 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Year Ended December 31, 2022
U.S. government:
DoD$313 $10,874 $4,082 $6,981 $22,250 
Non-DoD— 2 9 4,797 4,808 
FMS120 158 325 30 633 
Total U.S. government433 11,034 4,416 11,808 27,691 
U.S. commercial5,236 3 237 233 5,709 
Non-U.S. government587 3 2,563 404 3,557 
Non-U.S. commercial2,311 — 92 47 2,450 
Total revenue$8,567 $11,040 $7,308 $12,492 $39,407 
Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized. Changes in the contract asset and
liability balances during the year ended December 31, 2024, were not materially impacted by any other factors.
Revenue recognized in 2024, 2023 and 2022 that was included in the contract liability balance at the beginning of each year was $5.8 billion, $4.2 billion and $4 billion, respectively. This revenue represented primarily the sale of business jet aircraft.
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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Year Ended December 31202420232022
Basic weighted average shares outstanding273,858 273,143 275,311 
Dilutive effect of stock options and restricted stock/RSUs*3,627 2,582 2,858 
Diluted weighted average shares outstanding277,485 275,725 278,169 
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 1,033 in 2024, 2,961 in 2023 and 1,466 in 2022.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law. The following is a summary of our net provision for income taxes for continuing operations:
Year Ended December 31202420232022
Current:
U.S. federal$622 $619 $649 
State32 27 52 
Foreign190 200 123 
Total current844 846 824 
Deferred:
U.S. federal(90)(131)(196)
State(4)7 (11)
Foreign8 (53)29 
Total deferred(86)(177)(178)
Provision for income taxes, net$758 $669 $646 
Net income tax payments$560 $1,100 $1,245 
The reported tax provision differs from the amounts paid because some income and expense items are recognized in different time periods for financial reporting than for income tax purposes. This includes the impact of the requirement, effective January 1, 2022, to capitalize and amortize over five years certain R&D expenditures that were previously deductible immediately for tax purposes, which contributed to increased net income tax payments.
State and local income taxes allocable to U.S. government contracts are included in operating costs and expenses in the Consolidated Statement of Earnings and, therefore, are not included in the provision above.
The reconciliation from the statutory federal income tax rate to our effective income tax rate follows:
Year Ended December 31202420232022
Statutory federal income tax rate21.0 %21.0 %21.0 %
Domestic tax credits(3.3)(3.3)(1.5)
Equity-based compensation(1.0)(0.4)(0.8)
Foreign-derived intangible income(1.7)(1.6)(1.6)
State tax on commercial operations, net of federal benefits0.5 0.7 0.8 
Global impact of international operations1.0 0.5 0.1 
Tax impact of restructuring— — (1.9)
Other, net0.2 (0.1)(0.1)
Effective income tax rate16.7 %16.8 %16.0 %
Net Deferred Tax Liability. The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
December 3120242023
Research and development expenditures$968 $670 
Lease liabilities441 414 
Retirement benefits251 311 
Salaries and wages223 215 
Tax loss and credit carryforwards185 267 
Workers’ compensation153 148 
Other383 373 
Deferred assets2,604 2,398 
Valuation allowances(169)(241)
Net deferred assets$2,435 $2,157 
Intangible assets$(1,063)$(1,057)
Contract accounting methods(682)(528)
Property, plant and equipment(447)(422)
Lease right-of-use assets(425)(395)
Capital Construction Fund qualified ships(57)(57)
Other(315)(325)
Deferred liabilities$(2,989)$(2,784)
Net deferred tax liability$(554)$(627)
Our deferred tax assets and liabilities are included in other noncurrent assets and liabilities on the Consolidated Balance Sheet. Our net deferred tax liability consisted of the following:
December 3120242023
Deferred tax asset$19 $28 
Deferred tax liability(573)(655)
Net deferred tax liability$(554)$(627)
We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized.
Our deferred tax balance associated with our retirement benefits includes a deferred tax asset of $446 on December 31, 2024, and $488 on December 31, 2023, related to the amounts recorded in accumulated other comprehensive loss (AOCL) to recognize the funded status of our retirement plans. For a reconciliation of the increase in funded status of our defined benefit plans in 2024, see Note S.
One of our deferred tax liabilities results from our participation in the Capital Construction Fund (CCF), a program established by the U.S. government and administered by the Maritime Administration that supports the acquisition, construction, reconstruction or operation of U.S. flag merchant marine vessels. The program allows us to defer federal and state income taxes on earnings derived from eligible programs as long as the proceeds are deposited in the fund and withdrawals are used for qualified activities. We had U.S. government accounts receivable pledged (and thereby deposited) to the CCF of $333 and $315 on December 31, 2024 and 2023, respectively.
On December 31, 2024, we had net operating loss carryforwards of $630, substantially all of which are associated with jurisdictions that have an indefinite carryforward period.
Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2022. For the tax year ending December 31, 2023, the IRS placed us in the phase of CAP reserved for taxpayers whose risk of noncompliance does not warrant the continual use of IRS examination resources. For the tax year ending December 31, 2024, the IRS placed us into a CAP phase in which they will consider certain tax return information early in 2025 in the interest of expediting their risk assessment and review of our 2024 tax return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on December 31, 2024, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects
intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Although it is uncertain whether the U.S. will adopt any Pillar Two rules, some countries have enacted, introduced, or are considering implementing legislation. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
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Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable ACCOUNTS RECEIVABLE
Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Accounts receivable consisted of the following:
December 3120242023
Non-U.S. government$1,299 $1,389 
U.S. government1,239 1,126 
Commercial439 489 
Total accounts receivable$2,977 $3,004 
Receivables from non-U.S. government customers included amounts related to long-term production programs for the Spanish Ministry of Defence of $1 billion and $1.1 billion on December 31, 2024 and 2023, respectively. A different ministry, the Spanish Ministry of Industry, has funded work on these programs in advance of costs incurred by the company. The cash advances are reported on the Consolidated Balance Sheet in current customer advances and deposits and will be repaid to the Ministry of Industry as we collect on the outstanding receivables from the Ministry of Defence. The net amounts for these programs on December 31, 2024 and 2023, were advance payments of $67 and $271, respectively. With respect to our other receivables, we expect to collect substantially all of the year-end 2024 balance during 2025.
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Unbilled Receivables
 12 Months Ended
Dec. 31, 2024
Contractors [Abstract]  
Unbilled Receivables UNBILLED RECEIVABLES
Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. Unbilled receivables consisted of the following:
December 3120242023
Unbilled revenue$40,634 $40,552 
Advances and progress billings(32,386)(32,555)
Net unbilled receivables$8,248 $7,997 
On December 31, 2024 and 2023, net unbilled receivables included $1.2 billion associated with a large international tracked vehicle contract in our Combat Systems segment. The contract, signed in 2010, experienced an unbilled receivable build-up in 2021 and 2022. The customer resumed payments on the contract in the first quarter of 2023. Other than the balance related to the tracked vehicle contract, we expect to bill substantially all of the remaining year-end 2024 net unbilled receivables balance during 2025, and the amount not expected to be billed in 2025 results primarily from the agreed-upon contractual billing terms.
G&A costs in unbilled revenue on December 31, 2024 and 2023, were $444 and $483, respectively.
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Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process, and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Inventories consisted of the following:
December 3120242023
Work in process$6,279 $5,655 
Raw materials3,396 2,886 
Finished goods26 22 
Pre-owned aircraft23 15 
Total inventories$9,724 $8,578 
The increase in total inventories during 2024 was due primarily to the ramp-up in production of new Gulfstream aircraft models, including the G700 that began deliveries in the second quarter of 2024. Customer deposits associated with firm orders for these aircraft, which are reported in customer advances and deposits and other noncurrent liabilities on the Consolidated Balance Sheet, also increased.
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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill. The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal Goodwill
December 31, 2022 (a)$3,019 $297 $2,766 $14,252 $20,334 
Acquisitions (b)— — — 16 16 
Other (c)180 — 46 10 236 
December 31, 2023 (a)3,199 297 2,812 14,278 20,586 
Acquisitions (b)9 — 39 158 206 
Other (c)(123)— (93)(20)(236)
December 31, 2024 (a)$3,085 $297 $2,758 $14,416 $20,556 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Intangible Assets. Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
December 3120242023
Contract and program intangible assets (b)$3,278 $(1,989)$1,289 $3,256 $(1,868)$1,388 
Trade names and trademarks511 (289)222 542 (288)254 
Technology and software61 (52)9 65 (51)14 
Other intangible assets60 (60)— 64 (64)— 
Total intangible assets$3,910 $(2,390)$1,520 $3,927 $(2,271)$1,656 
(a)Changes in gross carrying amounts consisted primarily of adjustments for foreign currency translation, acquired and divested intangible assets and write-offs of fully amortized intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
We did not recognize any impairments of our intangible assets in 2024, 2023 or 2022. The amortization lives (in years) of our intangible assets on December 31, 2024, were as follows:
Intangible AssetRange of Amortization Life
Contract and program intangible assets
7-30
Trade names and trademarks30
Technology and software
7-15
Other intangible assets7
Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $180 in 2024, $194 in 2023 and $202 in 2022. We expect to record annual amortization expense over the next five years as follows:
Year Ended December 31Amortization Expense
2025$178 
2026174 
2027167 
2028142 
2029125 
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Property, Plant And Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant And Equipment, Net PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E by major asset class consisted of the following:
December 3120242023
Machinery and equipment$7,067 $6,806 
Buildings and improvements4,886 4,654 
Construction in process1,173 1,086 
Land and improvements438 454 
Total PP&E13,564 13,000 
Accumulated depreciation(7,097)(6,802)
PP&E, net$6,467 $6,198 
We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years. Our government customers provide certain facilities and equipment for our use that are not included above.
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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases, Operating LEASES
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
The components of lease costs were as follows:
Year Ended December 31202420232022
Finance lease cost:
Amortization of ROU assets$62 $61 $96 
Interest on lease liabilities21 14 14 
Operating lease cost317 320 308 
Short-term lease cost74 76 68 
Variable lease cost39 34 23 
Sublease income(16)(17)(17)
Total lease costs, net$497 $488 $492 
Additional information related to leases was as follows:
Year Ended December 31202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$319 $322 $307 
Operating cash flows from finance leases20 13 13 
Financing cash flows from finance leases64 55 80 
ROU assets obtained in exchange for lease liabilities:
Operating leases292 279 297 
Finance leases155 240 4 
Additional quantitative lease information was as follows:
December 3120242023
Weighted-average remaining lease term:
Operating leases10.8 years11.8 years
Finance leases14.4 years14.3 years
Weighted-average discount rate:
Operating leases4 %4 %
Finance leases4 %4 %
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2024:
Year Ended December 31Operating LeasesFinance Leases
2025$295 $87 
2026249 62 
2027213 55 
2028160 49 
2029123 46 
Thereafter665 401 
Total future lease payments1,705 700 
Less imputed interest319 172 
Present value of future lease payments1,386 528 
Less current portion of lease liabilities253 66 
Long-term lease liabilities$1,133 $462 
ROU assets$1,295 $501 
On December 31, 2023, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$260 $65 
Long-term lease liabilities1,115 382 
ROU assets1,280 407 
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets.
On December 31, 2024, we had additional future payments on leases that had not yet commenced of $201. These leases will commence in 2025 and 2026, and have lease terms ranging from one to 20 years.
Leases, Financing LEASES
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
The components of lease costs were as follows:
Year Ended December 31202420232022
Finance lease cost:
Amortization of ROU assets$62 $61 $96 
Interest on lease liabilities21 14 14 
Operating lease cost317 320 308 
Short-term lease cost74 76 68 
Variable lease cost39 34 23 
Sublease income(16)(17)(17)
Total lease costs, net$497 $488 $492 
Additional information related to leases was as follows:
Year Ended December 31202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$319 $322 $307 
Operating cash flows from finance leases20 13 13 
Financing cash flows from finance leases64 55 80 
ROU assets obtained in exchange for lease liabilities:
Operating leases292 279 297 
Finance leases155 240 4 
Additional quantitative lease information was as follows:
December 3120242023
Weighted-average remaining lease term:
Operating leases10.8 years11.8 years
Finance leases14.4 years14.3 years
Weighted-average discount rate:
Operating leases4 %4 %
Finance leases4 %4 %
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2024:
Year Ended December 31Operating LeasesFinance Leases
2025$295 $87 
2026249 62 
2027213 55 
2028160 49 
2029123 46 
Thereafter665 401 
Total future lease payments1,705 700 
Less imputed interest319 172 
Present value of future lease payments1,386 528 
Less current portion of lease liabilities253 66 
Long-term lease liabilities$1,133 $462 
ROU assets$1,295 $501 
On December 31, 2023, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$260 $65 
Long-term lease liabilities1,115 382 
ROU assets1,280 407 
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets.
On December 31, 2024, we had additional future payments on leases that had not yet commenced of $201. These leases will commence in 2025 and 2026, and have lease terms ranging from one to 20 years.
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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
December 3120242023
Fixed-rate notes due:Interest rate:
November 20242.375%$— $500 
April 20253.250%750 750 
May 20253.500%750 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious76 90 
Total debt principal8,826 9,340 
Less unamortized debt issuance costs and discounts64 79 
Total debt8,762 9,261 
Less current portion1,502 507 
Long-term debt$7,260 $8,754 
In November 2024, we repaid fixed-rate notes of $500 at the scheduled maturity using cash on hand. Interest payments associated with our debt were $385 in 2024, $378 in 2023 and $383 in 2022.
The aggregate amounts of scheduled principal maturities of our debt are as follows:
Year Ended December 31Debt
Principal
2025$1,502 
20261,003 
20271,253 
20281,003 
20293 
Thereafter4,062 
Total debt principal$8,826 
On December 31, 2024, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. Separately, we have a $4 billion committed bank credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. This credit facility expires in March 2027. We may renew or replace this credit facility
in whole or in part at or prior to its expiration date. We also have an effective shelf registration on file with the Securities and Exchange Commission (SEC) that allows us to access the debt markets.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on December 31, 2024.
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Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities OTHER LIABILITIES
A summary of significant other liabilities by balance sheet caption follows:
December 3120242023
Salaries and wages$1,325 $1,191 
Dividends payable390 362 
Lease liabilities319 325 
Workers’ compensation244 237 
Other1,209 1,151 
Total other current liabilities$3,487 $3,266 
Customer deposits on commercial contracts$2,996 $2,576 
Retirement benefits2,024 2,219 
Lease liabilities1,595 1,497 
Other2,118 2,033 
Total other liabilities$8,733 $8,325 
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Commitments And Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
Litigation
On October 6, 2023, a putative class action lawsuit was filed in the United States District Court for the Eastern District of Virginia against General Dynamics Corporation, certain of its subsidiaries and various other companies alleging that they conspired, in violation of the Sherman Act, not to solicit naval architects and marine engineers from each other. The named plaintiffs purport to represent a class of individuals consisting of all naval architects and marine engineers employed by the shipyard and consultancy defendants, their predecessors, their subsidiaries and/or their related entities in the United States at any time since January 1, 2000. The plaintiffs allege that the conspiracy suppressed compensation paid to the putative class members, and the plaintiffs seek trebled monetary damages, attorneys’ fees, injunctive and other equitable relief. We are defending the matter. On April 19, 2024, the District Court dismissed the plaintiffs’ complaint. Plaintiffs initiated an appeal of the dismissal of their complaint to the U.S. Court of Appeals for the Fourth Circuit on May 20, 2024. Given the current status of this matter, we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount or range of reasonably possible loss. Depending on the outcome of this matter, there could be a material impact on our results of operations, financial condition and cash flows.
Additionally, various other claims and legal proceedings incidental to the normal course of business are pending or threatened against us. These other matters relate to such issues as government investigations and claims, the protection of the environment, asbestos-related claims and employee-related matters. The nature of litigation is such that we cannot predict the outcome of these other matters. However, based on information currently available, we believe any potential liabilities in these
other proceedings, individually or in the aggregate, will not have a material impact on our results of operations, financial condition or cash flows.
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $1.8 billion on December 31, 2024. In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in
price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction. As of December 31, 2024, the estimated change in fair market values from the date of the commitments was not material.
Labor Agreements. On December 31, 2024, approximately one-fifth of the employees of our subsidiaries were working under collectively bargained terms and conditions, including 61 collective agreements that we have negotiated directly with unions and works councils. A number of these agreements expire within any given year. Historically, we have been successful at renegotiating these labor agreements without any material disruption of operating activities. In 2025, we expect to negotiate the terms of 23 agreements covering approximately 5,400 employees. We do not expect the renegotiations will, either individually or in the aggregate, have a material impact on our results of operations, financial condition or cash flows.
Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
The changes in the carrying amount of warranty liabilities for each of the past three years were as follows:
Year Ended December 31202420232022
Beginning balance$597 $603 $641 
Warranty expense137 90 99 
Payments(106)(101)(116)
Adjustments14 5 (21)
Ending balance$642 $597 $603 
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
Authorized Stock. Our authorized capital stock consists of 500 million shares of $1 per share par value common stock and 50 million shares of $1 per share par value preferred stock. The preferred stock is issuable in series, with the rights, preferences and limitations of each series to be determined by our board of directors (Board).
Shares Issued and Outstanding. On December 31, 2024, we had 481,880,634 shares of common stock issued and 270,340,502 shares of common stock outstanding, including unvested restricted stock of 404,405 shares. On December 31, 2023, we had 481,880,634 shares of common stock issued and 273,599,948 shares of common stock outstanding. No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2024 and 2023 resulted from shares repurchased in the open market and share activity under our equity compensation plans. See Note R for additional details.
Share Repurchases. On December 4, 2024, the Board authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock. In 2024, we repurchased 5.4 million of
our outstanding shares for $1.5 billion. On December 31, 2024, 9.2 million shares remained authorized by our Board for repurchase, representing 3.4% of our total shares outstanding. We repurchased 2 million shares for $434 in 2023 and 5.3 million shares for $1.2 billion in 2022.
Dividends per Share. Our Board declared dividends per share of $5.68 in 2024, $5.28 in 2023 and $5.04 in 2022. We paid cash dividends of $1.5 billion in 2024, and $1.4 billion in 2023 and 2022.
Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of AOCL consisted of the following:
Changes in Unrealized
Cash Flow Hedges		Foreign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2021$144 $538 $(2,602)$(1,920)
Other comprehensive loss, pretax(190)(278)241 (227)
Provision for income tax, net50 — (55)(5)
Other comprehensive loss, net of tax(140)(278)186 (232)
December 31, 20224 260 (2,416)(2,152)
Other comprehensive income, pretax10 413 722 1,145 
Provision for income tax, net(3)— (149)(152)
Other comprehensive income, net of tax7 413 573 993 
December 31, 202311 673 (1,843)(1,159)
Other comprehensive loss, pretax(117)(438)208 (347)
Provision for income tax, net30 — (42)(12)
Other comprehensive loss, net of tax(87)(438)166 (359)
December 31, 2024$(76)$235 $(1,677)$(1,518)
Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See Note S for these amounts, which are included in our net annual pension and other post-retirement benefit cost (credit).
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Year Ended December 31202420232022202420232022202420232022
Aerospace$11,249 $8,621 $8,567 $(9,785)$(7,439)$(7,437)$1,464 $1,182 $1,130 
Marine Systems14,343 12,461 11,040 (13,408)(11,587)(10,143)935 874 897 
Combat Systems8,997 8,268 7,308 (7,721)(7,121)(6,233)1,276 1,147 1,075 
Technologies13,127 12,922 12,492 (11,867)(11,720)(11,265)1,260 1,202 1,227 
Corporate (c)— — — — — — (139)(160)(118)
Total$47,716 $42,272 $39,407 $(42,781)$(37,867)$(35,078)$4,796 $4,245 $4,211 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and general and administrative expenses.
(c)Corporate operating costs consisted primarily of equity-based compensation expense.
The following is additional summary financial information for each of our segments:
Identifiable AssetsCapital ExpendituresDepreciation and Amortization*
Year Ended December 31202420232022202420232022202420232022
Aerospace$16,192 $15,099 $12,676 $235 $200 $214 $220 $200 $195 
Marine Systems7,019 6,209 5,864 424 511 530 243 217 191 
Combat Systems10,275 10,479 11,032 135 107 94 117 108 105 
Technologies19,286 19,534 19,700 119 85 175 294 327 383 
Corporate3,108 3,489 2,313 3 1 101 12 11 10 
Total$55,880 $54,810 $51,585 $916 $904 $1,114 $886 $863 $884 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
The following table presents our revenue by geographic area based on the location of our customers:
Year Ended December 31202420232022
North America:
United States$39,759 $36,160 $33,400 
Other1,278 961 934 
Total North America41,037 37,121 34,334 
Europe3,161 2,765 2,238 
Asia/Pacific1,546 1,086 1,224 
Africa/Middle East1,680 1,147 1,365 
South America292 153 246 
Total revenue$47,716 $42,272 $39,407 
Our revenue from non-U.S. operations was $5 billion in 2024, $4.3 billion in 2023 and $4 billion in 2022, and earnings from continuing operations before income taxes from non-U.S. operations were $732 in 2024, $631 in 2023 and $567 in 2022. The long-lived assets associated with these operations were 3% of our total long-lived assets on December 31, 2024 and 4% of our total long-lived assets on December 31, 2023 and 2022.
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Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
We did not have any significant non-financial assets or liabilities measured at fair value on December 31, 2024 or 2023.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value. The following tables present the fair values of our other financial assets and liabilities on December 31, 2024 and 2023, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)December 31, 2024
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$36 $36 $27 $9 $— 
Available-for-sale debt securities128 128 — 128 — 
Commingled equity funds48 48 48 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 28 — 12 
Cash flow hedge assets52 52 — 52 — 
Cash flow hedge liabilities(140)(140)— (140)— 
Measured at amortized cost:
Short- and long-term debt principal(8,826)(8,103)— (8,103)— 
December 31, 2023
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$21 $21 $— $21 $— 
Available-for-sale debt securities115 115 — 115 — 
Commingled equity funds49 49 49 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 23 — 17 
Cash flow hedge assets109 109 — 109 — 
Cash flow hedge liabilities(61)(61)— (61)— 
Measured at amortized cost:
Short- and long-term debt principal(9,340)(8,764)— (8,764)— 
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
v3.25.0.1
Derivative Financial Instruments And Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments And Hedging Activities DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we
enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.
Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.
Investment Risk. Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years. On December 31, 2024 and 2023, we held $1.7 billion and $1.9 billion in cash and equivalents, respectively, but held no material marketable securities other than those held in trust to meet some of our obligations under workers’ compensation and non-qualified pension plans. On December 31, 2024 and 2023, we held marketable securities in trust of $218 and $191, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note P for additional details.
Hedging Activities. We had notional forward exchange contracts outstanding of $6.2 billion and $5.7 billion on December 31, 2024 and 2023, respectively. These derivative financial instruments are cash flow hedges and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note P for additional details.
Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, and we do not expect the amount of these gains and losses that will be reclassified to earnings during the next 12 months to be material.
We had no material derivative financial instruments designated as fair value or net investment hedges on December 31, 2024 and 2023.
Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
We do not hedge the fluctuation in reported revenue and earnings resulting from the translation of these international operations’ results into U.S. dollars. The impact of translating our non-U.S. operations’ revenue and earnings into U.S. dollars was not material to our results of operations in any of
the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
v3.25.0.1
Equity Compensation Plans
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Compensation Plans EQUITY COMPENSATION PLANS
Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our Board. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these.
Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock. On December 31, 2024, in addition to the shares reserved for issuance upon the exercise of outstanding stock options, approximately 15 million shares have been authorized for awards that may be granted in the future.
Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses. The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
Year Ended December 31202420232022
Stock options$60 $65 $71 
Restricted stock/RSUs85 78 59 
Total equity-based compensation expense, net of tax$145 $143 $130 
Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date.
We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
Year Ended December 31202420232022
Expected volatility
23.2-23.3%
22.7-22.9%
22.4-23.0%
Weighted average expected volatility23.3 %22.8 %22.5 %
Expected term (in months)606060
Risk-free interest rate
4.2-4.6%
3.6-4.7%
1.7-4.2%
Expected dividend yield2.2 %2.3 %2.3 %
We determine the above assumptions based on the following:
•Expected volatility is based on the historical volatility of our common stock
•Expected term is based on assumptions used by a set of comparable peer companies
•Risk-free interest rate is the yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option at the grant date
•Expected dividend yield is based on our historical dividend yield
The resulting weighted average fair value per stock option granted (in dollars) was $60.55 in 2024, $47.46 in 2023 and $38.93 in 2022. Stock option expense reduced pretax operating earnings (and on a diluted per-share basis) by $75 ($0.21) in 2024, $82 ($0.24) in 2023 and $91 ($0.26) in 2022. On December 31, 2024, we had $35 of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.
A summary of stock option activity during 2024 follows:
In Shares and DollarsShares Under Option Weighted Average
Exercise Price Per Share
Outstanding on December 31, 202311,210,483 $191.99 
Granted1,303,870 274.96 
Exercised(2,289,456)174.98 
Forfeited/canceled(73,975)247.01 
Outstanding on December 31, 202410,150,922 $206.08 
Vested and expected to vest on December 31, 202410,062,557 $205.61 
Exercisable on December 31, 20246,545,037 $184.41 
Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2024, follows:
Weighted Average  Remaining Contractual Term (in years)Aggregate Intrinsic
Value
Outstanding6.1$597 
Vested and expected to vest6.0596 
Exercisable4.8518 
In the table above, intrinsic value is calculated as the excess, if any, of the market price of our stock on the last trading day of the year over the exercise price of the options. For stock options exercised, intrinsic value is calculated as the difference between the market price on the date of exercise and the exercise price. The total intrinsic value of stock options exercised was $249 in 2024, $75 in 2023 and $205 in 2022.
Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant.
Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends
on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units.
We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the Board as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range.
We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period of the awards, except for restricted stock awards to retirement-eligible participants that are recognized on an accelerated basis. Compensation expense related to restricted stock and RSUs reduced pretax operating earnings (and on a diluted per-share basis) by $108 ($0.31) in 2024, $99 ($0.28) in 2023 and $74 ($0.21) in 2022. On December 31, 2024, we had $105 of unrecognized compensation cost related to restricted stock and RSUs, which is expected to be recognized over a weighted average period of 1.9 years.
A summary of restricted stock and RSU activity during 2024 follows:
In Shares and DollarsShares/
Share-Equivalent 
Units		Weighted Average
Grant-Date Fair Value Per Share
Nonvested at December 31, 20231,290,902 $215.91 
Granted571,395 271.04 
Vested(538,769)165.83 
Forfeited(38,792)246.77 
Nonvested at December 31, 20241,284,736 $252.27 
The total fair value of vesting shares was $148 in 2024, $96 in 2023 and $95 in 2022.
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year.
Defined Contribution Plans
We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions. Our contributions to these plans totaled $517 in 2024, $462 in 2023 and $415 in 2022. On December 31, 2024 and 2023, the defined-contribution plans held approximately 15 million and 16 million shares of our common stock respectively, each representing approximately 6% of our outstanding shares.
Defined Benefit Plans
Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service.
In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement.
Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations. We contributed $73 to our qualified pension plans in 2024. In 2025, our required contributions are $241.
We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received. Contributions to our other post-retirement benefit plans were not material in 2024 and are not expected to be material in 2025.
Benefit Payments. We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
Pension
Benefits		Other 
 Post-Retirement
Benefits
2025$903 $47 
2026900 46 
2027912 44 
2028924 43 
2029922 41 
2030-20344,545 191 
Benefit Cost. Our annual benefit cost consists of five primary elements:
•The cost of benefits earned by employees for services rendered during the year
•An interest charge on our plan liabilities
•An expected return on our plan assets for the year
•Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience
•The cost or credit attributed to prior service resulting from changes we make to plan benefit terms
For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately.
Net annual benefit cost (credit) consisted of the following:
Pension Benefits
Year Ended December 31202420232022
Service cost$73 $66 $102 
Interest cost627 650 400 
Expected return on plan assets(821)(829)(907)
Net actuarial loss189 752 171 
Prior service credit(6)(13)(20)
Settlement/curtailment/other87 3 4 
Net annual benefit cost (credit)$149 $629 $(250)
Other Post-Retirement Benefits
Year Ended December 31202420232022
Service cost$4 $4 $6 
Interest cost28 30 19 
Expected return on plan assets(33)(32)(31)
Net actuarial gain(31)(30)(16)
Prior service cost2 2 1 
Settlement/curtailment/other(15)5 (11)
Net annual benefit credit$(45)$(21)$(32)
In October 2024, we purchased an irrevocable group annuity contract (referred to as a buy-out contract) for $673 using retirement plan assets held in trust to transfer the related outstanding qualified pension obligations to two insurance companies. As a result of the transaction, the insurance companies are now required to pay and administer the retirement benefits owed to approximately 16,000 U.S.
retirees and beneficiaries, with no change to the amount, timing or form of the monthly retirement benefit payments. In connection with this transaction, we recognized a non-cash settlement charge of approximately $80 in our qualified U.S. government pension plans related to the GAAP acceleration of deferred actuarial losses included in AOCL for the plans.
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts, including settlement costs. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, cumulative benefit costs exceed the amount allocated to contracts, and the difference is reported in other current assets. To the extent there is a non-service component of net annual benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation. The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312024202320242023
Change in Benefit Obligation
Benefit obligation at beginning of year$(13,736)$(13,505)$(598)$(617)
Service cost(73)(66)(4)(4)
Interest cost(627)(650)(28)(30)
Amendments1 1 — (5)
Actuarial gain (loss)643 (377)32 8 
Settlement/curtailment/other727 (52)11 (3)
Benefits paid876 913 49 53 
Benefit obligation at end of year$(12,189)$(13,736)$(538)$(598)
Change in Plan/Trust Assets
Fair value of assets at beginning of year$11,886 $11,435 $649 $626 
Actual return on plan assets128 1,177 28 57 
Employer contributions73 106 — — 
Settlement/curtailment/other(733)59 — — 
Benefits paid(854)(891)(32)(34)
Fair value of assets at end of year$10,500 $11,886 $645 $649 
Funded status at end of year$(1,689)$(1,850)$107 $51 
The overall decrease in our pension benefit obligation for the year ended December 31, 2024, was due primarily to the settlement resulting from the buy-out contract, and actuarial gain created by the change in the weighted-average discount rate, which increased from 4.83% at December 31, 2023, to 5.40% at December 31, 2024.
The overall increase in our pension benefit obligation for the year ended December 31, 2023, was due primarily to actuarial loss created by the change in the weighted-average discount rate, which decreased from 5.08% at December 31, 2022, to 4.83% at December 31, 2023.
Amounts recognized on the Consolidated Balance Sheet consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
Noncurrent assets$130 $140 $347 $316 
Current liabilities(22)(23)(13)(13)
Noncurrent liabilities(1,797)(1,967)(227)(252)
Net (liability) asset recognized$(1,689)$(1,850)$107 $51 
Amounts deferred in AOCL for our defined benefit plans consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
Net actuarial loss (gain)$2,453 $2,674 $(294)$(303)
Prior service (credit) cost(46)(52)10 12 
Total amount recognized in AOCL, pretax$2,407 $2,622 $(284)$(291)
The following is a reconciliation of the change in AOCL for our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312024202320242023
Net actuarial loss (gain)$50 $29 $(27)$(33)
Prior service (credit) cost(1)(1)— 5 
Amortization of:
Net actuarial (loss) gain from prior years(189)(752)31 30 
Prior service credit (cost)6 13 (2)(2)
Settlement/curtailment/other(81)(10)5 (1)
Change in AOCL, pretax$(215)$(721)$7 $(1)
A pension plan’s funded status is the difference between the plan’s assets and its projected benefit obligation (PBO). The PBO is the present value of future benefits attributed to employee services rendered to date, including assumptions about future compensation levels. On December 31, 2024 and 2023, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
December 3120242023
PBO$(11,476)$(13,019)
Fair value of plan assets9,657 11,029 
A pension plan’s accumulated benefit obligation (ABO) is the present value of future benefits attributed to employee services rendered to date, excluding assumptions about future compensation levels. The ABO for all pension plans was $12.1 billion and $13.6 billion on December 31, 2024 and 2023, respectively. The ABO for all other post-retirement plans was $538 and $598 on December 31, 2024 and 2023, respectively. On December 31, 2024 and 2023, most of our defined benefit plans had an ABO that exceeded the plans’ assets.
Summary information for those plans follows:
Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
ABO$(11,380)$(12,900)$(227)$(275)
Fair value of plan assets9,657 11,029 — 22 
Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question.
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 3120242023
Pension Benefits
Benefit obligation discount rate5.40 %4.83 %
Rate of increase in compensation levels2.58 %2.60 %
Other Post-Retirement Benefits
Benefit obligation discount rate5.41 %4.89 %
Health care cost trend rate:
Trend rate for next year7.50 %6.25 %
Ultimate trend rate5.00 %5.00 %
Year rate reaches ultimate trend rate20352032
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
Assumptions for Year Ended December 31202420232022
Pension Benefits
Discount rates:
Benefit obligation4.83 %5.08 %2.84 %
Service cost3.90 %4.50 %2.51 %
Interest cost4.74 %4.98 %2.31 %
Expected long-term rate of return on assets6.35 %6.34 %6.78 %
Rate of increase in compensation levels2.66 %2.60 %2.52 %
Other Post-Retirement Benefits
Discount rates:
Benefit obligation4.89 %5.16 %2.89 %
Service cost4.91 %5.26 %3.32 %
Interest cost4.83 %5.09 %2.33 %
Expected long-term rate of return on assets5.07 %5.04 %5.12 %
We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period.
We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2024, we increased the
expected long-term rates of return on assets by 1 basis point for our pension plans and by 3 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations.
Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results.
Assets. A committee of our Board is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost.
Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2024, our target asset allocation ranges for plans that are less than fully funded were 40-70% return-seeking assets and 30-60% liability-hedging assets.
More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2024, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets.
We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2024, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment.
Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts and real estate funds.
Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy but are included in the tables below to permit reconciliation to total plan assets. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days. The unfunded commitments related to these investments were not material on December 31, 2024 or 2023.
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2024
Cash and equivalents$177 $16 $161 $— 
Commingled funds:
Equity funds3,597 514 3,083 — 
Fixed-income funds6,048 195 5,853 — 
Real estate funds14 — — 14 
Other investments:
Insurance deposit contracts183 — — 183 
Retirement annuity contracts22 — — 22 
Total plan assets in fair value hierarchy$10,041 $725 $9,097 $219 
Plan assets measured using NAV as a practical expedient:
Real estate funds421 
Equity funds37 
Hedge funds1 
Total pension plan assets$10,500 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2023
Cash and equivalents$216 $10 $206 $— 
Commingled funds:
Equity funds4,152 446 3,706 — 
Fixed-income funds6,663 226 6,437 — 
Real estate funds13 — — 13 
Other investments:
Insurance deposit contracts184 — — 184 
Retirement annuity contracts25 — — 25 
Total plan assets in fair value hierarchy$11,253 $682 $10,349 $222 
Plan assets measured using NAV as a practical expedient:
Real estate funds581 
Hedge funds42 
Equity funds10 
Total pension plan assets$11,886 
The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2024
Cash and equivalents$7 $— $7 
Commingled funds:
Equity funds120 74 46 
Fixed-income funds102 11 91 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$640 $85 $555 
Plan assets measured using NAV as a practical expedient:
Real estate funds5 
Total other post-retirement benefit plan assets$645 
(a)We had no Level 3 investments on December 31, 2024.



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2023
Cash and equivalents$19 $— $19 
Commingled funds:
Equity funds118 71 47 
Fixed-income funds94 10 84 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$642 $81 $561 
Plan assets measured using NAV as a practical expedient:
Real estate funds7 
Total other post-retirement benefit plan assets$649 
(a)We had no Level 3 investments on December 31, 2023.
Changes in our Level 3 defined benefit plan assets during 2024 and 2023 were as follows:
Insurance Deposits ContractsRetirement Annuity ContractsReal Estate FundsTotal
Level 3 Assets
December 31, 2022$161 $23 $12 $196 
Actual return on plan assets:
Unrealized gains (losses), net23 2 (1)24 
Realized gains, net— — 3 3 
Purchases, sales and settlements, net— — (1)(1)
December 31, 2023184 25 13 222 
Actual return on plan assets:
Unrealized (losses) gains, net(9)(3)1 (11)
Purchases, sales and settlements, net8 — — 8 
December 31, 2024$183 $22 $14 $219 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net earnings $ 3,782 $ 3,315 $ 3,390
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We face various cybersecurity threats. The purpose of our cybersecurity program is to assess, identify, manage and mitigate cybersecurity risk while supporting the achievement of our business objectives.
Under our comprehensive risk management program, the board of directors (Board) of the company maintains oversight of the most significant risks facing the company, including cybersecurity risks, while senior management is responsible for the identification and prioritization of risks that are material to our business, corresponding risk-mitigation efforts and day-to-day management of our risk management program. The full Board retains oversight over management’s cybersecurity efforts. At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity. From time to time, as appropriate under our overall cybersecurity program, we engage third-party experts to support the assessment of cyber related risks, including to conduct cyber penetration testing.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Under our comprehensive risk management program, the board of directors (Board) of the company maintains oversight of the most significant risks facing the company, including cybersecurity risks, while senior management is responsible for the identification and prioritization of risks that are material to our business, corresponding risk-mitigation efforts and day-to-day management of our risk management program. The full Board retains oversight over management’s cybersecurity efforts. At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.
Cybersecurity Risk Role of Management [Text Block]
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends. The chair of the Cyber Council reports directly to the company’s chief executive officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our companywide cybersecurity policy sets the framework for our approach to cybersecurity. Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management. Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats. Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter. Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Consolidation and Classification
Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the Consolidated Financial Statements.
Consistent with industry practice, we classify assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year.
Use of Estimates Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates.
Research and Development Expenses
Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $565 in 2024, $510 in 2023 and $480 in 2022. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts.
The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred.
Cash and Equivalents and Investments in Debt and Equity Securities Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive (loss) income in the Consolidated Statement of Comprehensive Income.
Acquisitions The operating results of these acquisitions have been included in our reported results since their respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill.
Long-lived Assets and Goodwill
Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows.
Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of a reporting unit’s fair value is based primarily on the discounted cash flows of the underlying operations.
In the fourth quarter of 2024, we completed qualitative assessments for each of our reporting units. Our Aerospace, Marine Systems and Combat Systems reporting units’ estimated fair values significantly exceeded their respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25% at the time of our last quantitative assessment in the fourth quarter of 2022. Our qualitative assessments this year did not present indicators of impairment.
For a summary of our goodwill by reporting unit, see Note H.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. In 2024, we adopted Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, using the retrospective method of adoption. The ASU adds disclosure requirements for segment expense information.
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Improvements to Income Tax Disclosures, effective for annual periods beginning after December 15, 2024. The ASU requires disclosure of disaggregated income tax information, including the effective tax rate reconciliation and income taxes paid. In November 2024, the FASB issued ASU 2024-03, Disaggregation - Income Statement Expenses. The ASU requires disclosure of certain disaggregated costs and expenses on an annual and interim basis in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, using the prospective or retrospective methods of adoption, with early adoption permitted. Although we have not determined the method or period of adoption, we expect to disclose additional information as required by the standard. There are other ASUs that have been issued by the FASB but are not yet effective. We do not expect that the adoption of these standards will have a material impact on our results of operations, financial condition or cash flows.
Revenue REVENUE
Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue. A contract’s transaction price is allocated to each distinct performance obligation within that contract and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product life cycle (development, production, maintenance and support). For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We classify revenue as products or services based on the predominant attributes of the associated performance obligation.
Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in customer specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract.
Our performance obligations are satisfied over time as work progresses or at a point in time. Revenue from products and services transferred to customers over time accounted for 76% of our revenue in 2024, 79% in 2023 and 77% in 2022. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses.
Revenue from goods and services transferred to customers at a point in time accounted for 24% of our revenue in 2024, 21% in 2023 and 23% in 2022. Most of our revenue recognized at a point in time is for the manufacture of business jet aircraft in our Aerospace segment. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully outfitted aircraft.
On December 31, 2024, we had $90.6 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 45% of our remaining performance obligations as revenue in 2025, an additional 40% by the end of 2027 and the balance thereafter.
Contract Estimates. The majority of our revenue is derived from long-term contracts and programs that can span several years. Accounting for long-term contracts and programs involves the use of various techniques to estimate total contract revenue and costs. We estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit over the life of the contract.
Contract estimates are based on various assumptions to project the outcome of future events that often span several years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.
The nature of our contracts gives rise to several types of variable consideration, including claims, award fees and incentive fees. We include in our contract estimates additional revenue for contract modifications or claims against the customer when we believe we have an enforceable right to the modification or claim, the amount can be estimated reliably and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for the claim, the cause of any additional costs incurred, the reasonableness of those costs and the objective evidence available to support the claim. We include award fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best informed judgment at the time.
As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified.
The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue.
Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.
Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts may provide little or no fee for managing material costs, the content mix can impact profitability.
Contract Balances. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In our defense segments, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers, particularly on our international contracts, before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheet on a contract-by-contract basis at the end of each reporting period. In our Aerospace segment, we generally receive deposits from customers upon contract execution and upon achievement of contractual milestones. These deposits are liquidated when revenue is recognized.
Earnings Per Share We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period.Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).
Income Tax Provision Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law.
Tax Uncertainties
Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time review of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2022. For the tax year ending December 31, 2023, the IRS placed us in the phase of CAP reserved for taxpayers whose risk of noncompliance does not warrant the continual use of IRS examination resources. For the tax year ending December 31, 2024, the IRS placed us into a CAP phase in which they will consider certain tax return information early in 2025 in the interest of expediting their risk assessment and review of our 2024 tax return.
For all periods open to examination by tax authorities, we periodically assess our liabilities and contingencies based on the latest available information. Where we believe there is more than a 50% chance that our tax position will not be sustained, we record our best estimate of the resulting tax liability, including interest, in the Consolidated Financial Statements. We include any interest or penalties incurred in connection with income taxes as part of income tax expense.
Based on all known facts and circumstances and applicable tax law, we believe the total amount of any unrecognized tax benefits on December 31, 2024, was not material to our results of operations, financial condition or cash flows. In addition, there are no tax positions for which it is reasonably possible that the unrecognized tax benefits will vary significantly over the next 12 months, producing, individually or in the aggregate, a material effect on our results of operations, financial condition or cash flows.
The Organization for Economic Co-operation and Development has issued “Pillar Two” model rules introducing a new global minimum tax of 15% on a country-by-country basis, with certain aspects
intended to be effective on January 1, 2024, and other aspects on January 1, 2025. Although it is uncertain whether the U.S. will adopt any Pillar Two rules, some countries have enacted, introduced, or are considering implementing legislation. Because we generally do not have material operations in jurisdictions with tax rates lower than the proposed Pillar Two minimum, any legislation enacted consistent with the Pillar Two model rules is not expected to have a material effect on our results of operations, financial condition or cash flows.
Accounts Receivable and Unbilled Receivables Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones.Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms.
Inventories The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process, and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value.
Property, Plant and Equipment, Net Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation.We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years.
Leases
We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments.
Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions.
In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred.
Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
Commitments and Contingencies
Environmental
We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts.
As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows.
Other
Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows.
In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows.
Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers In addition, from time to time and in the ordinary course of business, we contractually guarantee the payment or performance of our subsidiaries arising under certain contracts.
Aircraft Trade-ins. In connection with orders for new aircraft in contract backlog, some Gulfstream customers hold options to trade in aircraft as partial consideration in their new-aircraft transaction. These trade-in commitments are generally structured to establish the fair market value of the trade-in aircraft at a date generally 45 or fewer days preceding delivery of the new aircraft to the customer. At that time, the customer is required to either exercise the option or allow its expiration. Other trade-in commitments are structured to guarantee a predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in
price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction.
Product Warranties
Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
Segment Information SEGMENT INFORMATION
We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. Our chief operating decision maker is our Chairman and Chief Executive Officer (CEO).
We measure each segment’s profitability based on operating earnings. Segment operating earnings exclude net interest and other income and expense items. The Chairman and CEO uses segment operating earnings as an input when assessing segment performance and when making decisions to allocate financial resources between segments. The Chairman and CEO uses operating earnings in assessing segment performance by comparing operating earnings to prior period results and plan-to-actual variances. The Chairman and CEO also uses forecasted expense information for each segment to manage operations.
Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels:
•Level 1 – quoted prices in active markets for identical assets or liabilities.
•Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
•Level 3 – unobservable inputs significant to the fair value measurement.
Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value.
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
Derivative Financial Instruments and Hedging Activities
We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes.
Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include in our contracts terms that are designed to protect us from this risk. Otherwise, we
enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk.
Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include in our contracts terms that are designed to protect us from these risks. Some of the protective terms included in our contracts are considered derivative financial instruments but are not accounted for separately because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows.
Hedging Activities. We had notional forward exchange contracts outstanding of $6.2 billion and $5.7 billion on December 31, 2024 and 2023, respectively. These derivative financial instruments are cash flow hedges and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note P for additional details.
Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses.
Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, and we do not expect the amount of these gains and losses that will be reclassified to earnings during the next 12 months to be material.
Foreign Currency and Financial Statement Translation
Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
We do not hedge the fluctuation in reported revenue and earnings resulting from the translation of these international operations’ results into U.S. dollars. The impact of translating our non-U.S. operations’ revenue and earnings into U.S. dollars was not material to our results of operations in any of
the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
Equity Compensation Plans
Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our Board. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these.
Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock.Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses.
Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date.
We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model
Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant.
Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends
on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units.
We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the Board as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range.
We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period of the awards, except for restricted stock awards to retirement-eligible participants that are recognized on an accelerated basis.
Retirement Plans
We provide retirement benefits to eligible employees through a variety of plans:
•Defined contribution
•Defined benefit
◦Pension (qualified and non-qualified)
◦Other post-retirement benefit
Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year.
Defined Contribution Plans
We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions.
Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service.
In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement.
Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations.We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received.
Benefit Cost. Our annual benefit cost consists of five primary elements:
•The cost of benefits earned by employees for services rendered during the year
•An interest charge on our plan liabilities
•An expected return on our plan assets for the year
•Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience
•The cost or credit attributed to prior service resulting from changes we make to plan benefit terms
For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately.
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts, including settlement costs. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, cumulative benefit costs exceed the amount allocated to contracts, and the difference is reported in other current assets. To the extent there is a non-service component of net annual benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation.
Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question.
We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period.
We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2024, we increased the
expected long-term rates of return on assets by 1 basis point for our pension plans and by 3 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations.
Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results.
Assets. A committee of our Board is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost.
Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2024, our target asset allocation ranges for plans that are less than fully funded were 40-70% return-seeking assets and 30-60% liability-hedging assets.
More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2024, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets.
We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2024, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment.
Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts and real estate funds.
Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy but are included in the tables below to permit reconciliation to total plan assets. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days.
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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Net Interest Expense Net interest expense consisted of the following:
Year Ended December 31202420232022
Interest expense$393 $399 $391 
Interest income(69)(56)(27)
Interest expense, net$324 $343 $364 
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue Recognition [Abstract]  
Schedule of Impact of Adjustments in Contract Estimates The aggregate impact of adjustments in contract estimates increased our revenue, operating earnings and diluted earnings per share as follows:
Year Ended December 31202420232022
Revenue$176 $191 $343 
Operating earnings56 112 370 
Diluted earnings per share$0.16 $0.32 $1.05 
Schedule of Revenue by Major Products and Services
Revenue by major products and services was as follows:
Year Ended December 31202420232022
Aircraft manufacturing$7,811 $5,710 $5,876 
Aircraft services3,438 2,911 2,691 
Total Aerospace11,249 8,621 8,567 
Nuclear-powered submarines10,392 8,631 7,310 
Surface ships2,819 2,698 2,561 
Repair and other services1,132 1,132 1,169 
Total Marine Systems14,343 12,461 11,040 
Military vehicles5,101 5,036 4,581 
Weapons systems, armament and munitions2,932 2,442 2,024 
Engineering and other services964 790 703 
Total Combat Systems8,997 8,268 7,308 
Information technology (IT) services8,761 8,459 8,195 
C5ISR* solutions4,366 4,463 4,297 
Total Technologies13,127 12,922 12,492 
Total revenue$47,716 $42,272 $39,407 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Schedule of Revenue by Contract Type
Revenue by contract type was as follows:
Year Ended December 31, 2024AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$10,250 $6,800 $7,973 $5,376 $30,399 
Cost-reimbursement— 7,542 951 5,749 14,242 
Time-and-materials999 1 73 2,002 3,075 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
Fixed-price$7,645 $6,202 $7,321 $5,646 $26,814 
Cost-reimbursement— 6,258 880 5,457 12,595 
Time-and-materials976 1 67 1,819 2,863 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Year Ended December 31, 2022
Fixed-price$7,626 $6,509 $6,434 $5,402 $25,971 
Cost-reimbursement— 4,529 813 5,190 10,532 
Time-and-materials941 2 61 1,900 2,904 
Total revenue$8,567 $11,040 $7,308 $12,492 $39,407 
Schedule of Revenue by Customer
Revenue by customer was as follows:
Year Ended December 31, 2024AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of Defense (DoD)$253 $14,204 $5,102 $7,632 $27,191 
Non-DoD— 2 8 4,800 4,810 
Foreign military sales (FMS)43 132 857 31 1,063 
Total U.S. government296 14,338 5,967 12,463 33,064 
U.S. commercial6,237 2 258 198 6,695 
Non-U.S. government1,447 3 2,599 422 4,471 
Non-U.S. commercial3,269 — 173 44 3,486 
Total revenue$11,249 $14,343 $8,997 $13,127 $47,716 
Year Ended December 31, 2023
U.S. government:
DoD$303 $12,325 $4,580 $7,512 $24,720 
Non-DoD— 3 10 4,698 4,711 
FMS69 129 651 47 896 
Total U.S. government372 12,457 5,241 12,257 30,327 
U.S. commercial5,398 2 233 200 5,833 
Non-U.S. government493 2 2,692 388 3,575 
Non-U.S. commercial2,358 — 102 77 2,537 
Total revenue$8,621 $12,461 $8,268 $12,922 $42,272 
Year Ended December 31, 2022
U.S. government:
DoD$313 $10,874 $4,082 $6,981 $22,250 
Non-DoD— 2 9 4,797 4,808 
FMS120 158 325 30 633 
Total U.S. government433 11,034 4,416 11,808 27,691 
U.S. commercial5,236 3 237 233 5,709 
Non-U.S. government587 3 2,563 404 3,557 
Non-U.S. commercial2,311 — 92 47 2,450 
Total revenue$8,567 $11,040 $7,308 $12,492 $39,407 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Weighted Average Shares Outstanding
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Year Ended December 31202420232022
Basic weighted average shares outstanding273,858 273,143 275,311 
Dilutive effect of stock options and restricted stock/RSUs*3,627 2,582 2,858 
Diluted weighted average shares outstanding277,485 275,725 278,169 
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 1,033 in 2024, 2,961 in 2023 and 1,466 in 2022.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Provision For Income Taxes For Continuing Operations The following is a summary of our net provision for income taxes for continuing operations:
Year Ended December 31202420232022
Current:
U.S. federal$622 $619 $649 
State32 27 52 
Foreign190 200 123 
Total current844 846 824 
Deferred:
U.S. federal(90)(131)(196)
State(4)7 (11)
Foreign8 (53)29 
Total deferred(86)(177)(178)
Provision for income taxes, net$758 $669 $646 
Net income tax payments$560 $1,100 $1,245 
Schedule of Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate
The reconciliation from the statutory federal income tax rate to our effective income tax rate follows:
Year Ended December 31202420232022
Statutory federal income tax rate21.0 %21.0 %21.0 %
Domestic tax credits(3.3)(3.3)(1.5)
Equity-based compensation(1.0)(0.4)(0.8)
Foreign-derived intangible income(1.7)(1.6)(1.6)
State tax on commercial operations, net of federal benefits0.5 0.7 0.8 
Global impact of international operations1.0 0.5 0.1 
Tax impact of restructuring— — (1.9)
Other, net0.2 (0.1)(0.1)
Effective income tax rate16.7 %16.8 %16.0 %
Schedule of Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
December 3120242023
Research and development expenditures$968 $670 
Lease liabilities441 414 
Retirement benefits251 311 
Salaries and wages223 215 
Tax loss and credit carryforwards185 267 
Workers’ compensation153 148 
Other383 373 
Deferred assets2,604 2,398 
Valuation allowances(169)(241)
Net deferred assets$2,435 $2,157 
Intangible assets$(1,063)$(1,057)
Contract accounting methods(682)(528)
Property, plant and equipment(447)(422)
Lease right-of-use assets(425)(395)
Capital Construction Fund qualified ships(57)(57)
Other(315)(325)
Deferred liabilities$(2,989)$(2,784)
Net deferred tax liability$(554)$(627)
Schedule of Net Deferred Tax Asset (Liability) Our net deferred tax liability consisted of the following:
December 3120242023
Deferred tax asset$19 $28 
Deferred tax liability(573)(655)
Net deferred tax liability$(554)$(627)
v3.25.0.1
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable Accounts receivable consisted of the following:
December 3120242023
Non-U.S. government$1,299 $1,389 
U.S. government1,239 1,126 
Commercial439 489 
Total accounts receivable$2,977 $3,004 
v3.25.0.1
Unbilled Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Contractors [Abstract]  
Schedule of Unbilled Receivables Unbilled receivables consisted of the following:
December 3120242023
Unbilled revenue$40,634 $40,552 
Advances and progress billings(32,386)(32,555)
Net unbilled receivables$8,248 $7,997 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
December 3120242023
Work in process$6,279 $5,655 
Raw materials3,396 2,886 
Finished goods26 22 
Pre-owned aircraft23 15 
Total inventories$9,724 $8,578 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal Goodwill
December 31, 2022 (a)$3,019 $297 $2,766 $14,252 $20,334 
Acquisitions (b)— — — 16 16 
Other (c)180 — 46 10 236 
December 31, 2023 (a)3,199 297 2,812 14,278 20,586 
Acquisitions (b)9 — 39 158 206 
Other (c)(123)— (93)(20)(236)
December 31, 2024 (a)$3,085 $297 $2,758 $14,416 $20,556 
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
(b)Included adjustments during the purchase price allocation period.
(c)Consisted primarily of adjustments for foreign currency translation.
Schedule of Intangible Assets Intangible assets consisted of the following:
Gross Carrying Amount (a)Accumulated AmortizationNet Carrying AmountGross Carrying Amount (a)Accumulated AmortizationNet Carrying Amount
December 3120242023
Contract and program intangible assets (b)$3,278 $(1,989)$1,289 $3,256 $(1,868)$1,388 
Trade names and trademarks511 (289)222 542 (288)254 
Technology and software61 (52)9 65 (51)14 
Other intangible assets60 (60)— 64 (64)— 
Total intangible assets$3,910 $(2,390)$1,520 $3,927 $(2,271)$1,656 
(a)Changes in gross carrying amounts consisted primarily of adjustments for foreign currency translation, acquired and divested intangible assets and write-offs of fully amortized intangible assets.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
Schedule of Amortization Lives (In Years) of Intangible Assets The amortization lives (in years) of our intangible assets on December 31, 2024, were as follows:
Intangible AssetRange of Amortization Life
Contract and program intangible assets
7-30
Trade names and trademarks30
Technology and software
7-15
Other intangible assets7
Schedule of Expected Annual Amortization Expense Over the Next Five Years of Intangible Assets We expect to record annual amortization expense over the next five years as follows:
Year Ended December 31Amortization Expense
2025$178 
2026174 
2027167 
2028142 
2029125 
v3.25.0.1
Property, Plant And Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant And Equipment, Net Net PP&E by major asset class consisted of the following:
December 3120242023
Machinery and equipment$7,067 $6,806 
Buildings and improvements4,886 4,654 
Construction in process1,173 1,086 
Land and improvements438 454 
Total PP&E13,564 13,000 
Accumulated depreciation(7,097)(6,802)
PP&E, net$6,467 $6,198 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Costs and Additional Information Related to Leases
The components of lease costs were as follows:
Year Ended December 31202420232022
Finance lease cost:
Amortization of ROU assets$62 $61 $96 
Interest on lease liabilities21 14 14 
Operating lease cost317 320 308 
Short-term lease cost74 76 68 
Variable lease cost39 34 23 
Sublease income(16)(17)(17)
Total lease costs, net$497 $488 $492 
Additional information related to leases was as follows:
Year Ended December 31202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$319 $322 $307 
Operating cash flows from finance leases20 13 13 
Financing cash flows from finance leases64 55 80 
ROU assets obtained in exchange for lease liabilities:
Operating leases292 279 297 
Finance leases155 240 4 
Additional quantitative lease information was as follows:
December 3120242023
Weighted-average remaining lease term:
Operating leases10.8 years11.8 years
Finance leases14.4 years14.3 years
Weighted-average discount rate:
Operating leases4 %4 %
Finance leases4 %4 %
Schedule of Reconciliation of Future Undiscounted Cash Flows to the Operating Leases
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2024:
Year Ended December 31Operating LeasesFinance Leases
2025$295 $87 
2026249 62 
2027213 55 
2028160 49 
2029123 46 
Thereafter665 401 
Total future lease payments1,705 700 
Less imputed interest319 172 
Present value of future lease payments1,386 528 
Less current portion of lease liabilities253 66 
Long-term lease liabilities$1,133 $462 
ROU assets$1,295 $501 
Schedule of Reconciliation of Future Undiscounted Cash Flows to the Finance Leases
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2024:
Year Ended December 31Operating LeasesFinance Leases
2025$295 $87 
2026249 62 
2027213 55 
2028160 49 
2029123 46 
Thereafter665 401 
Total future lease payments1,705 700 
Less imputed interest319 172 
Present value of future lease payments1,386 528 
Less current portion of lease liabilities253 66 
Long-term lease liabilities$1,133 $462 
ROU assets$1,295 $501 
Schedule of Operating and Finance Lease Liabilities and Related ROU Assets
On December 31, 2023, operating and finance lease liabilities and the related ROU assets were as follows:
Operating LeasesFinance Leases
Current portion of lease liabilities$260 $65 
Long-term lease liabilities1,115 382 
ROU assets1,280 407 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
December 3120242023
Fixed-rate notes due:Interest rate:
November 20242.375%$— $500 
April 20253.250%750 750 
May 20253.500%750 750 
June 20261.150%500 500 
August 20262.125%500 500 
April 20273.500%750 750 
November 20272.625%500 500 
May 20283.750%1,000 1,000 
April 20303.625%1,000 1,000 
June 20312.250%500 500 
April 20404.250%750 750 
June 20412.850%500 500 
November 20423.600%500 500 
April 20504.250%750 750 
OtherVarious76 90 
Total debt principal8,826 9,340 
Less unamortized debt issuance costs and discounts64 79 
Total debt8,762 9,261 
Less current portion1,502 507 
Long-term debt$7,260 $8,754 
Schedule of Principal Maturities of Debt
The aggregate amounts of scheduled principal maturities of our debt are as follows:
Year Ended December 31Debt
Principal
2025$1,502 
20261,003 
20271,253 
20281,003 
20293 
Thereafter4,062 
Total debt principal$8,826 
v3.25.0.1
Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Significant Other Liabilities By Balance Sheet Caption
A summary of significant other liabilities by balance sheet caption follows:
December 3120242023
Salaries and wages$1,325 $1,191 
Dividends payable390 362 
Lease liabilities319 325 
Workers’ compensation244 237 
Other1,209 1,151 
Total other current liabilities$3,487 $3,266 
Customer deposits on commercial contracts$2,996 $2,576 
Retirement benefits2,024 2,219 
Lease liabilities1,595 1,497 
Other2,118 2,033 
Total other liabilities$8,733 $8,325 
v3.25.0.1
Commitments And Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes In Carrying Amount Of Warranty Liabilities
The changes in the carrying amount of warranty liabilities for each of the past three years were as follows:
Year Ended December 31202420232022
Beginning balance$597 $603 $641 
Warranty expense137 90 99 
Payments(106)(101)(116)
Adjustments14 5 (21)
Ending balance$642 $597 $603 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income The changes, pretax and net of tax, in each component of AOCL consisted of the following:
Changes in Unrealized
Cash Flow Hedges		Foreign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2021$144 $538 $(2,602)$(1,920)
Other comprehensive loss, pretax(190)(278)241 (227)
Provision for income tax, net50 — (55)(5)
Other comprehensive loss, net of tax(140)(278)186 (232)
December 31, 20224 260 (2,416)(2,152)
Other comprehensive income, pretax10 413 722 1,145 
Provision for income tax, net(3)— (149)(152)
Other comprehensive income, net of tax7 413 573 993 
December 31, 202311 673 (1,843)(1,159)
Other comprehensive loss, pretax(117)(438)208 (347)
Provision for income tax, net30 — (42)(12)
Other comprehensive loss, net of tax(87)(438)166 (359)
December 31, 2024$(76)$235 $(1,677)$(1,518)
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information For Each Of Our Business Groups
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Year Ended December 31202420232022202420232022202420232022
Aerospace$11,249 $8,621 $8,567 $(9,785)$(7,439)$(7,437)$1,464 $1,182 $1,130 
Marine Systems14,343 12,461 11,040 (13,408)(11,587)(10,143)935 874 897 
Combat Systems8,997 8,268 7,308 (7,721)(7,121)(6,233)1,276 1,147 1,075 
Technologies13,127 12,922 12,492 (11,867)(11,720)(11,265)1,260 1,202 1,227 
Corporate (c)— — — — — — (139)(160)(118)
Total$47,716 $42,272 $39,407 $(42,781)$(37,867)$(35,078)$4,796 $4,245 $4,211 
(a)See Note B for additional revenue information by segment.
(b)Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and general and administrative expenses.
(c)Corporate operating costs consisted primarily of equity-based compensation expense.
The following is additional summary financial information for each of our segments:
Identifiable AssetsCapital ExpendituresDepreciation and Amortization*
Year Ended December 31202420232022202420232022202420232022
Aerospace$16,192 $15,099 $12,676 $235 $200 $214 $220 $200 $195 
Marine Systems7,019 6,209 5,864 424 511 530 243 217 191 
Combat Systems10,275 10,479 11,032 135 107 94 117 108 105 
Technologies19,286 19,534 19,700 119 85 175 294 327 383 
Corporate3,108 3,489 2,313 3 1 101 12 11 10 
Total$55,880 $54,810 $51,585 $916 $904 $1,114 $886 $863 $884 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
Schedule of Revenue By Geographic Area
The following table presents our revenue by geographic area based on the location of our customers:
Year Ended December 31202420232022
North America:
United States$39,759 $36,160 $33,400 
Other1,278 961 934 
Total North America41,037 37,121 34,334 
Europe3,161 2,765 2,238 
Asia/Pacific1,546 1,086 1,224 
Africa/Middle East1,680 1,147 1,365 
South America292 153 246 
Total revenue$47,716 $42,272 $39,407 
v3.25.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying And Fair Values Of Other Financial Assets And Liabilities The following tables present the fair values of our other financial assets and liabilities on December 31, 2024 and 2023, and the basis for determining their fair values:
Carrying
Value		Fair
Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets (Liabilities)December 31, 2024
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$36 $36 $27 $9 $— 
Available-for-sale debt securities128 128 — 128 — 
Commingled equity funds48 48 48 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 28 — 12 
Cash flow hedge assets52 52 — 52 — 
Cash flow hedge liabilities(140)(140)— (140)— 
Measured at amortized cost:
Short- and long-term debt principal(8,826)(8,103)— (8,103)— 
December 31, 2023
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$21 $21 $— $21 $— 
Available-for-sale debt securities115 115 — 115 — 
Commingled equity funds49 49 49 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments40 40 23 — 17 
Cash flow hedge assets109 109 — 109 — 
Cash flow hedge liabilities(61)(61)— (61)— 
Measured at amortized cost:
Short- and long-term debt principal(9,340)(8,764)— (8,764)— 
v3.25.0.1
Equity Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-Based Compensation Expense The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
Year Ended December 31202420232022
Stock options$60 $65 $71 
Restricted stock/RSUs85 78 59 
Total equity-based compensation expense, net of tax$145 $143 $130 
Schedule of Assumptions of Fair Value Options on the Date of Grant Using Black-Scholes Option Pricing Model We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
Year Ended December 31202420232022
Expected volatility
23.2-23.3%
22.7-22.9%
22.4-23.0%
Weighted average expected volatility23.3 %22.8 %22.5 %
Expected term (in months)606060
Risk-free interest rate
4.2-4.6%
3.6-4.7%
1.7-4.2%
Expected dividend yield2.2 %2.3 %2.3 %
Schedule of Stock Option Activity
A summary of stock option activity during 2024 follows:
In Shares and DollarsShares Under Option Weighted Average
Exercise Price Per Share
Outstanding on December 31, 202311,210,483 $191.99 
Granted1,303,870 274.96 
Exercised(2,289,456)174.98 
Forfeited/canceled(73,975)247.01 
Outstanding on December 31, 202410,150,922 $206.08 
Vested and expected to vest on December 31, 202410,062,557 $205.61 
Exercisable on December 31, 20246,545,037 $184.41 
Schedule of Stock Options' Intrinsic Value And Remaining Contractual Term
Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2024, follows:
Weighted Average  Remaining Contractual Term (in years)Aggregate Intrinsic
Value
Outstanding6.1$597 
Vested and expected to vest6.0596 
Exercisable4.8518 
Schedule of Restricted Stock And Restricted Stock Unit Activity
A summary of restricted stock and RSU activity during 2024 follows:
In Shares and DollarsShares/
Share-Equivalent 
Units		Weighted Average
Grant-Date Fair Value Per Share
Nonvested at December 31, 20231,290,902 $215.91 
Granted571,395 271.04 
Vested(538,769)165.83 
Forfeited(38,792)246.77 
Nonvested at December 31, 20241,284,736 $252.27 
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Benefits To Be Paid From Retirement Plans Over The Next 10 Years We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
Pension
Benefits		Other 
 Post-Retirement
Benefits
2025$903 $47 
2026900 46 
2027912 44 
2028924 43 
2029922 41 
2030-20344,545 191 
Schedule of Annual Pension and Other Post-retirement Benefit Costs
Net annual benefit cost (credit) consisted of the following:
Pension Benefits
Year Ended December 31202420232022
Service cost$73 $66 $102 
Interest cost627 650 400 
Expected return on plan assets(821)(829)(907)
Net actuarial loss189 752 171 
Prior service credit(6)(13)(20)
Settlement/curtailment/other87 3 4 
Net annual benefit cost (credit)$149 $629 $(250)
Other Post-Retirement Benefits
Year Ended December 31202420232022
Service cost$4 $4 $6 
Interest cost28 30 19 
Expected return on plan assets(33)(32)(31)
Net actuarial gain(31)(30)(16)
Prior service cost2 2 1 
Settlement/curtailment/other(15)5 (11)
Net annual benefit credit$(45)$(21)$(32)
Schedule of Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status of Defined Benefit Retirement Plans The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312024202320242023
Change in Benefit Obligation
Benefit obligation at beginning of year$(13,736)$(13,505)$(598)$(617)
Service cost(73)(66)(4)(4)
Interest cost(627)(650)(28)(30)
Amendments1 1 — (5)
Actuarial gain (loss)643 (377)32 8 
Settlement/curtailment/other727 (52)11 (3)
Benefits paid876 913 49 53 
Benefit obligation at end of year$(12,189)$(13,736)$(538)$(598)
Change in Plan/Trust Assets
Fair value of assets at beginning of year$11,886 $11,435 $649 $626 
Actual return on plan assets128 1,177 28 57 
Employer contributions73 106 — — 
Settlement/curtailment/other(733)59 — — 
Benefits paid(854)(891)(32)(34)
Fair value of assets at end of year$10,500 $11,886 $645 $649 
Funded status at end of year$(1,689)$(1,850)$107 $51 
Schedule of Amounts Recognized On Consolidated Balance Sheet
Amounts recognized on the Consolidated Balance Sheet consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
Noncurrent assets$130 $140 $347 $316 
Current liabilities(22)(23)(13)(13)
Noncurrent liabilities(1,797)(1,967)(227)(252)
Net (liability) asset recognized$(1,689)$(1,850)$107 $51 
Schedule of Amounts Deferred In AOCI
Amounts deferred in AOCL for our defined benefit plans consisted of the following:
 Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
Net actuarial loss (gain)$2,453 $2,674 $(294)$(303)
Prior service (credit) cost(46)(52)10 12 
Total amount recognized in AOCL, pretax$2,407 $2,622 $(284)$(291)
The following is a reconciliation of the change in AOCL for our defined benefit plans:
 Pension BenefitsOther Post-Retirement Benefits
Year Ended December 312024202320242023
Net actuarial loss (gain)$50 $29 $(27)$(33)
Prior service (credit) cost(1)(1)— 5 
Amortization of:
Net actuarial (loss) gain from prior years(189)(752)31 30 
Prior service credit (cost)6 13 (2)(2)
Settlement/curtailment/other(81)(10)5 (1)
Change in AOCL, pretax$(215)$(721)$7 $(1)
Schedule of PBO That Exceeded The Plans' Assets On December 31, 2024 and 2023, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
December 3120242023
PBO$(11,476)$(13,019)
Fair value of plan assets9,657 11,029 
Schedule of ABO That Exceeded The Plans' Assets On December 31, 2024 and 2023, most of our defined benefit plans had an ABO that exceeded the plans’ assets.
Summary information for those plans follows:
Pension BenefitsOther Post-Retirement Benefits
December 312024202320242023
ABO$(11,380)$(12,900)$(227)$(275)
Fair value of plan assets9,657 11,029 — 22 
Schedule of Assumptions Used To Determine Benefit Obligations And Benefit Costs
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 3120242023
Pension Benefits
Benefit obligation discount rate5.40 %4.83 %
Rate of increase in compensation levels2.58 %2.60 %
Other Post-Retirement Benefits
Benefit obligation discount rate5.41 %4.89 %
Health care cost trend rate:
Trend rate for next year7.50 %6.25 %
Ultimate trend rate5.00 %5.00 %
Year rate reaches ultimate trend rate20352032
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
Assumptions for Year Ended December 31202420232022
Pension Benefits
Discount rates:
Benefit obligation4.83 %5.08 %2.84 %
Service cost3.90 %4.50 %2.51 %
Interest cost4.74 %4.98 %2.31 %
Expected long-term rate of return on assets6.35 %6.34 %6.78 %
Rate of increase in compensation levels2.66 %2.60 %2.52 %
Other Post-Retirement Benefits
Discount rates:
Benefit obligation4.89 %5.16 %2.89 %
Service cost4.91 %5.26 %3.32 %
Interest cost4.83 %5.09 %2.33 %
Expected long-term rate of return on assets5.07 %5.04 %5.12 %
Schedule of Fair Value of Plan Assets By Investment Category And The Corresponding Level Within The Fair Value Hierarchy
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2024
Cash and equivalents$177 $16 $161 $— 
Commingled funds:
Equity funds3,597 514 3,083 — 
Fixed-income funds6,048 195 5,853 — 
Real estate funds14 — — 14 
Other investments:
Insurance deposit contracts183 — — 183 
Retirement annuity contracts22 — — 22 
Total plan assets in fair value hierarchy$10,041 $725 $9,097 $219 
Plan assets measured using NAV as a practical expedient:
Real estate funds421 
Equity funds37 
Hedge funds1 
Total pension plan assets$10,500 




Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset CategoryDecember 31, 2023
Cash and equivalents$216 $10 $206 $— 
Commingled funds:
Equity funds4,152 446 3,706 — 
Fixed-income funds6,663 226 6,437 — 
Real estate funds13 — — 13 
Other investments:
Insurance deposit contracts184 — — 184 
Retirement annuity contracts25 — — 25 
Total plan assets in fair value hierarchy$11,253 $682 $10,349 $222 
Plan assets measured using NAV as a practical expedient:
Real estate funds581 
Hedge funds42 
Equity funds10 
Total pension plan assets$11,886 
The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2024
Cash and equivalents$7 $— $7 
Commingled funds:
Equity funds120 74 46 
Fixed-income funds102 11 91 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$640 $85 $555 
Plan assets measured using NAV as a practical expedient:
Real estate funds5 
Total other post-retirement benefit plan assets$645 
(a)We had no Level 3 investments on December 31, 2024.



Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)
Asset Category (a)December 31, 2023
Cash and equivalents$19 $— $19 
Commingled funds:
Equity funds118 71 47 
Fixed-income funds94 10 84 
Fixed-income securities411 — 411 
Total plan assets in fair value hierarchy$642 $81 $561 
Plan assets measured using NAV as a practical expedient:
Real estate funds7 
Total other post-retirement benefit plan assets$649 
(a)We had no Level 3 investments on December 31, 2023.
Schedule of Changes In Level 3 Retirement Plan Assets
Changes in our Level 3 defined benefit plan assets during 2024 and 2023 were as follows:
Insurance Deposits ContractsRetirement Annuity ContractsReal Estate FundsTotal
Level 3 Assets
December 31, 2022$161 $23 $12 $196 
Actual return on plan assets:
Unrealized gains (losses), net23 2 (1)24 
Realized gains, net— — 3 3 
Purchases, sales and settlements, net— — (1)(1)
December 31, 2023184 25 13 222 
Actual return on plan assets:
Unrealized (losses) gains, net(9)(3)1 (11)
Purchases, sales and settlements, net8 — — 8 
December 31, 2024$183 $22 $14 $219 
v3.25.0.1
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended 36 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
business
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Trading securities | $ $ 0 $ 0   $ 0
Series of Individually Immaterial Business Acquisitions | Aerospace        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       1
Series of Individually Immaterial Business Acquisitions | Combat Systems        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       1
Series of Individually Immaterial Business Acquisitions | Technologies        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Number of businesses acquired       2
Company-sponsored R & D, including product development costs        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Research and development expense | $ $ 565,000,000 $ 510,000,000 $ 480,000,000  
v3.25.0.1
Summary of Significant Accounting Policies (Net Interest) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Interest expense $ 393 $ 399 $ 391
Interest income (69) (56) (27)
Interest expense, net $ 324 $ 343 $ 364
v3.25.0.1
Revenue (Narrative) (Details)
contract in Thousands, $ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
contract
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Number of active contracts | contract 9    
Revenue recognized in contract liability | $ $ 5.8 $ 4.2 $ 4.0
Transferred over Time      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue, percentage from products and services transferred to customers 76.00% 79.00% 77.00%
Transferred at Point in Time      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue, percentage from products and services transferred to customers 24.00% 21.00% 23.00%
v3.25.0.1
Revenue (Remaining Performance Obligations to be Recognized as Revenue) (Details)
$ in Billions
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Total backlog $ 90.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage recognized 45.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage recognized 40.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.25.0.1
Revenue (Impact of Adjustments in Contract Estimates) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
Operating earnings $ 4,796 $ 4,245 $ 4,211
Diluted (in dollars per share) $ 13.63 $ 12.02 $ 12.19
Contracts Accounted for under Percentage of Completion      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue $ 176 $ 191 $ 343
Operating earnings $ 56 $ 112 $ 370
Diluted (in dollars per share) $ 0.16 $ 0.32 $ 1.05
v3.25.0.1
Revenue (Revenue by Major Products and Services) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
Aerospace      
Revenue from External Customer [Line Items]      
Revenue 11,249 8,621 8,567
Aerospace | Aircraft manufacturing      
Revenue from External Customer [Line Items]      
Revenue 7,811 5,710 5,876
Aerospace | Aircraft services      
Revenue from External Customer [Line Items]      
Revenue 3,438 2,911 2,691
Marine Systems      
Revenue from External Customer [Line Items]      
Revenue 14,343 12,461 11,040
Marine Systems | Nuclear-powered submarines      
Revenue from External Customer [Line Items]      
Revenue 10,392 8,631 7,310
Marine Systems | Surface ships      
Revenue from External Customer [Line Items]      
Revenue 2,819 2,698 2,561
Marine Systems | Repair and other services      
Revenue from External Customer [Line Items]      
Revenue 1,132 1,132 1,169
Combat Systems      
Revenue from External Customer [Line Items]      
Revenue 8,997 8,268 7,308
Combat Systems | Military vehicles      
Revenue from External Customer [Line Items]      
Revenue 5,101 5,036 4,581
Combat Systems | Weapons systems, armament and munitions      
Revenue from External Customer [Line Items]      
Revenue 2,932 2,442 2,024
Combat Systems | Engineering and other services      
Revenue from External Customer [Line Items]      
Revenue 964 790 703
Technologies      
Revenue from External Customer [Line Items]      
Revenue 13,127 12,922 12,492
Technologies | Information technology (IT) services      
Revenue from External Customer [Line Items]      
Revenue 8,761 8,459 8,195
Technologies | C5ISR* solutions      
Revenue from External Customer [Line Items]      
Revenue $ 4,366 $ 4,463 $ 4,297
v3.25.0.1
Revenue (Revenue by Contract Type) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Major Customer [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 11,249 8,621 8,567
Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 14,343 12,461 11,040
Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 8,997 8,268 7,308
Technologies      
Revenue, Major Customer [Line Items]      
Revenue 13,127 12,922 12,492
Fixed-price      
Revenue, Major Customer [Line Items]      
Revenue 30,399 26,814 25,971
Fixed-price | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 10,250 7,645 7,626
Fixed-price | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 6,800 6,202 6,509
Fixed-price | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 7,973 7,321 6,434
Fixed-price | Technologies      
Revenue, Major Customer [Line Items]      
Revenue 5,376 5,646 5,402
Cost-reimbursement      
Revenue, Major Customer [Line Items]      
Revenue 14,242 12,595 10,532
Cost-reimbursement | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 0 0 0
Cost-reimbursement | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 7,542 6,258 4,529
Cost-reimbursement | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 951 880 813
Cost-reimbursement | Technologies      
Revenue, Major Customer [Line Items]      
Revenue 5,749 5,457 5,190
Time-and-materials      
Revenue, Major Customer [Line Items]      
Revenue 3,075 2,863 2,904
Time-and-materials | Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 999 976 941
Time-and-materials | Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 1 1 2
Time-and-materials | Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 73 67 61
Time-and-materials | Technologies      
Revenue, Major Customer [Line Items]      
Revenue $ 2,002 $ 1,819 $ 1,900
v3.25.0.1
Revenue (Revenue by Customer) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Major Customer [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
U.S. Government - Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 27,191 24,720 22,250
U.S. Government - Non Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 4,810 4,711 4,808
U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 1,063 896 633
Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 33,064 30,327 27,691
U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 6,695 5,833 5,709
Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 4,471 3,575 3,557
Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 3,486 2,537 2,450
Aerospace      
Revenue, Major Customer [Line Items]      
Revenue 11,249 8,621 8,567
Aerospace | U.S. Government - Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 253 303 313
Aerospace | U.S. Government - Non Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 0 0 0
Aerospace | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 43 69 120
Aerospace | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 296 372 433
Aerospace | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 6,237 5,398 5,236
Aerospace | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 1,447 493 587
Aerospace | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 3,269 2,358 2,311
Marine Systems      
Revenue, Major Customer [Line Items]      
Revenue 14,343 12,461 11,040
Marine Systems | U.S. Government - Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 14,204 12,325 10,874
Marine Systems | U.S. Government - Non Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 2 3 2
Marine Systems | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 132 129 158
Marine Systems | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 14,338 12,457 11,034
Marine Systems | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 2 2 3
Marine Systems | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 3 2 3
Marine Systems | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 0 0 0
Combat Systems      
Revenue, Major Customer [Line Items]      
Revenue 8,997 8,268 7,308
Combat Systems | U.S. Government - Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 5,102 4,580 4,082
Combat Systems | U.S. Government - Non Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 8 10 9
Combat Systems | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 857 651 325
Combat Systems | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 5,967 5,241 4,416
Combat Systems | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 258 233 237
Combat Systems | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 2,599 2,692 2,563
Combat Systems | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 173 102 92
Technologies      
Revenue, Major Customer [Line Items]      
Revenue 13,127 12,922 12,492
Technologies | U.S. Government - Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 7,632 7,512 6,981
Technologies | U.S. Government - Non Department of Defense      
Revenue, Major Customer [Line Items]      
Revenue 4,800 4,698 4,797
Technologies | U.S. Government - Foreign Military Sales      
Revenue, Major Customer [Line Items]      
Revenue 31 47 30
Technologies | Total U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 12,463 12,257 11,808
Technologies | U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue 198 200 233
Technologies | Non-U.S. government      
Revenue, Major Customer [Line Items]      
Revenue 422 388 404
Technologies | Non-U.S. commercial      
Revenue, Major Customer [Line Items]      
Revenue $ 44 $ 77 $ 47
v3.25.0.1
Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Basic weighted average shares outstanding (shares) 273,858 273,143 275,311
Dilutive effect of stock options and restricted stock/RSUs (shares) [1] 3,627 2,582 2,858
Diluted weighted average shares outstanding (shares) 277,485 275,725 278,169
Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive outstanding options excluded from computation of earnings per share (shares) 1,033 2,961 1,466
[1]
*Excludes unvested stock options, and vested stock options that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 1,033 in 2024, 2,961 in 2023 and 1,466 in 2022.
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Deferred tax asset amount related to accumulated other comprehensive income $ 446 $ 488
Investment of U.S. government accounts receivable in the CCF 333 $ 315
Net operating loss carryforwards 630  
Tax positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease $ 0  
v3.25.0.1
Income Taxes (Net Provision For Income Taxes For Continuing Operations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
U.S. federal $ 622 $ 619 $ 649
State 32 27 52
Foreign 190 200 123
Total current 844 846 824
Deferred:      
U.S. federal (90) (131) (196)
State (4) 7 (11)
Foreign 8 (53) 29
Total deferred (86) (177) (178)
Provision for income taxes, net 758 669 646
Net income tax payments $ 560 $ 1,100 $ 1,245
v3.25.0.1
Income Taxes (Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Domestic tax credits (3.30%) (3.30%) (1.50%)
Equity-based compensation (1.00%) (0.40%) (0.80%)
Foreign-derived intangible income (1.70%) (1.60%) (1.60%)
State tax on commercial operations, net of federal benefits 0.50% 0.70% 0.80%
Global impact of international operations 1.00% 0.50% 0.10%
Tax impact of restructuring 0.00% 0.00% (1.90%)
Other, net 0.20% (0.10%) (0.10%)
Effective income tax rate 16.70% 16.80% 16.00%
v3.25.0.1
Income Taxes (Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Research and development expenditures $ 968 $ 670
Lease liabilities 441 414
Retirement benefits 251 311
Salaries and wages 223 215
Tax loss and credit carryforwards 185 267
Workers’ compensation 153 148
Other 383 373
Deferred assets 2,604 2,398
Valuation allowances (169) (241)
Net deferred assets 2,435 2,157
Intangible assets (1,063) (1,057)
Contract accounting methods (682) (528)
Property, plant and equipment (447) (422)
Lease right-of-use assets 425 395
Capital Construction Fund qualified ships (57) (57)
Other (315) (325)
Deferred liabilities (2,989) (2,784)
Net deferred tax liability $ (554) $ (627)
v3.25.0.1
Income Taxes (Net Deferred Tax Asset (Liability)) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Deferred tax asset $ 19 $ 28
Deferred tax liability (573) (655)
Net deferred tax liability $ (554) $ (627)
v3.25.0.1
Accounts Receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable [Line Items]    
Total accounts receivable $ 2,977 $ 3,004
Non-U.S. government    
Accounts Receivable [Line Items]    
Total accounts receivable 1,299 1,389
Receivables related to long-term production programs 1,000 1,100
Receivables related to long-term production programs, net of customer advances 67 271
U.S. government    
Accounts Receivable [Line Items]    
Total accounts receivable 1,239 1,126
Commercial    
Accounts Receivable [Line Items]    
Total accounts receivable $ 439 $ 489
v3.25.0.1
Unbilled Receivables (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Contractors [Abstract]    
Unbilled revenue $ 40,634 $ 40,552
Advances and progress billings (32,386) (32,555)
Unbilled receivables $ 8,248 $ 7,997
v3.25.0.1
Unbilled Receivables (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled receivable $ 40,634 $ 40,552
G&A costs in unbilled revenue 444 483
Combat Systems | Large International Customer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Unbilled receivable $ 1,200 $ 1,200
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Work in process $ 6,279 $ 5,655
Raw materials 3,396 2,886
Finished goods 26 22
Pre-owned aircraft 23 15
Total inventories $ 9,724 $ 8,578
v3.25.0.1
Goodwill and Intangible Assets (Changes In Carrying Amount of Goodwill by Reporting Unit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] $ 20,586 $ 20,334  
Acquisitions 206 16 [2]  
Other [3] (236) 236  
Goodwill, end of period 20,556 20,586 [1]  
Aerospace      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 3,199 3,019  
Acquisitions [2] 9 0  
Other [3] (123) 180  
Goodwill, end of period 3,085 3,199 [1]  
Marine Systems      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 297 297  
Acquisitions [2] 0 0  
Other [3] 0 0  
Goodwill, end of period 297 297 [1]  
Combat Systems      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 2,812 2,766  
Acquisitions [2] 39 0  
Other [3] (93) 46  
Goodwill, end of period 2,758 2,812 [1]  
Technologies      
Goodwill [Roll Forward]      
Goodwill, beginning of period [1] 14,278 14,252  
Acquisitions [2] 158 16  
Other [3] (20) 10  
Goodwill, end of period 14,416 14,278 [1]  
Accumulated impairment loss $ 1,800 $ 1,800 $ 1,800
[1] accumulated impairment losses.
[2] Included adjustments during the purchase price allocation period.
[3] Consisted primarily of adjustments for foreign currency translation.
v3.25.0.1
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] $ 3,910 $ 3,927
Accumulated Amortization (2,390) (2,271)
Net Carrying Amount 1,520 1,656
Contract and program intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1],[2] 3,278 3,256
Accumulated Amortization [2] (1,989) (1,868)
Net Carrying Amount 1,289 1,388
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 511 542
Accumulated Amortization (289) (288)
Net Carrying Amount 222 254
Technology and software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 61 65
Accumulated Amortization (52) (51)
Net Carrying Amount 9 14
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 60 64
Accumulated Amortization (60) (64)
Net Carrying Amount $ 0 $ 0
[1] Changes in gross carrying amounts consisted primarily of adjustments for foreign currency translation, acquired and divested intangible assets and write-offs of fully amortized intangible assets.
[2] Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.25.0.1
Goodwill and Intangible Assets (Amortization Life of Intangible Assets) (Details)
Dec. 31, 2024
Contract and program intangible assets | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
Contract and program intangible assets | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 30 years
Trade names and trademarks  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 30 years
Technology and software | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
Technology and software | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 15 years
Other intangible assets  
Finite-Lived Intangible Assets [Line Items]  
Range of Amortization Life 7 years
v3.25.0.1
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense of intangibles $ 180 $ 194 $ 202
v3.25.0.1
Goodwill and Intangible Assets (Amortization Expense of Intangible Assets) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Amortization Expense  
2025 $ 178
2026 174
2027 167
2028 142
2029 $ 125
v3.25.0.1
Property, Plant And Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Machinery and equipment $ 7,067 $ 6,806
Buildings and improvements 4,886 4,654
Construction in process 1,173 1,086
Land and improvements 438 454
Total PP&E 13,564 13,000
Accumulated depreciation (7,097) (6,802)
PP&E, net $ 6,467 $ 6,198
Buildings And Improvements    
Property, Plant and Equipment [Line Items]    
Depreciable life, maximum, years 50 years  
Machinery And Equipment    
Property, Plant and Equipment [Line Items]    
Depreciable life, maximum, years 30 years  
v3.25.0.1
Leases (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
Option to extend lease period 29 years
Option to terminate lease period 1 year
Percentage of leased real estate of total lease obligation 75.00%
Additional leases that have not yet commenced $ 201
Minimum  
Lessee, Lease, Description [Line Items]  
Term of leases that have not yet commenced 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Term of leases that have not yet commenced 20 years
v3.25.0.1
Leases (Components of Lease Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance lease cost:      
Amortization of ROU assets $ 62 $ 61 $ 96
Interest on lease liabilities 21 14 14
Operating lease cost 317 320 308
Short-term lease cost 74 76 68
Variable lease cost 39 34 23
Sublease income (16) (17) (17)
Total lease costs, net $ 497 $ 488 $ 492
v3.25.0.1
Leases (Additional Information Related to Leases) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 319 $ 322 $ 307
Operating cash flows from finance leases 20 13 13
Financing cash flows from finance leases 64 55 80
ROU assets obtained in exchange for lease liabilities:      
Operating leases 292 279 297
Finance leases $ 155 $ 240 $ 4
Weighted-average remaining lease term:      
Operating leases 10 years 9 months 18 days 11 years 9 months 18 days  
Finance leases 14 years 4 months 24 days 14 years 3 months 18 days  
Weighted-average discount rate:      
Operating leases 4.00% 4.00%  
Finance leases 4.00% 4.00%  
v3.25.0.1
Leases (Reconciliation of Undiscounted Cash Flows to the Operating and Finance Leases) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 295  
2026 249  
2027 213  
2028 160  
2029 123  
Thereafter 665  
Total future lease payments 1,705  
Less imputed interest 319  
Present value of future lease payments 1,386  
Less current portion of lease liabilities 253 $ 260
Long-term lease liabilities 1,133 1,115
ROU assets $ 1,295 $ 1,280
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Leases    
2025 $ 87  
2026 62  
2027 55  
2028 49  
2029 46  
Thereafter 401  
Total future lease payments 700  
Less imputed interest 172  
Present value of future lease payments 528  
Less current portion of lease liabilities 66 $ 65
Long-term lease liabilities 462 382
ROU assets $ 501 $ 407
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
v3.25.0.1
Leases (Operating and Finance Leases Liabilities and Related ROU Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
Current portion of lease liabilities $ 253 $ 260
Long-term lease liabilities 1,133 1,115
ROU assets $ 1,295 $ 1,280
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Leases    
Current portion of lease liabilities $ 66 $ 65
Long-term lease liabilities 462 382
ROU assets $ 501 $ 407
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
v3.25.0.1
Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt principal $ 8,826 $ 9,340
Less unamortized debt issuance costs and discounts 64 79
Total debt 8,762 9,261
Less current portion 1,502 507
Long-term debt $ 7,260 8,754
Fixed Rate Notes Due November 2024    
Debt Instrument [Line Items]    
Interest rate 2.375%  
Long-term debt $ 0 500
Fixed Rate Notes Due April 2025    
Debt Instrument [Line Items]    
Interest rate 3.25%  
Long-term debt $ 750 750
Fixed Rate Notes Due May 2025    
Debt Instrument [Line Items]    
Interest rate 3.50%  
Long-term debt $ 750 750
Fixed Rate Notes Due June 2026    
Debt Instrument [Line Items]    
Interest rate 1.15%  
Long-term debt $ 500 500
Fixed Rate Notes Due August 2026    
Debt Instrument [Line Items]    
Interest rate 2.125%  
Long-term debt $ 500 500
Fixed Rate Notes Due April 2027    
Debt Instrument [Line Items]    
Interest rate 3.50%  
Long-term debt $ 750 750
Fixed Rate Notes Due November 2027    
Debt Instrument [Line Items]    
Interest rate 2.625%  
Long-term debt $ 500 500
Fixed Rate Notes Due May 2028    
Debt Instrument [Line Items]    
Interest rate 3.75%  
Long-term debt $ 1,000 1,000
Fixed Rate Notes Due April 2030    
Debt Instrument [Line Items]    
Interest rate 3.625%  
Long-term debt $ 1,000 1,000
Fixed Rate Notes Due June 2031    
Debt Instrument [Line Items]    
Interest rate 2.25%  
Long-term debt $ 500 500
Fixed Rate Notes Due April 2040    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 750 750
Fixed Rate Notes Due June 2041    
Debt Instrument [Line Items]    
Interest rate 2.85%  
Long-term debt $ 500 500
Fixed Rate Notes Due November 2042    
Debt Instrument [Line Items]    
Interest rate 3.60%  
Long-term debt $ 500 500
Fixed Rate Notes Due April 2050    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 750 750
Other    
Debt Instrument [Line Items]    
Long-term debt $ 76 $ 90
v3.25.0.1
Debt (Narrative) (Details) - USD ($)
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Repayments of Long-term Debt   $ 500,000,000 $ 1,250,000,000 $ 1,000,000,000
Interest payments   385,000,000 $ 378,000,000 $ 383,000,000
Credit facility, maximum borrowing capacity   4,000,000,000    
Commercial Paper        
Debt Instrument [Line Items]        
Commercial paper outstanding   $ 0    
Notes        
Debt Instrument [Line Items]        
Repayments of Long-term Debt $ 500,000,000      
v3.25.0.1
Debt Debt (Aggregate Amounts Of Scheduled Maturities Of Debt For The Next Five Years) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 1,502
2026 1,003
2027 1,253
2028 1,003
2029 3
Thereafter 4,062
Total debt principal $ 8,826
v3.25.0.1
Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Salaries and wages $ 1,325 $ 1,191
Dividends payable 390 362
Lease liabilities 319 325
Workers’ compensation 244 237
Other 1,209 1,151
Total other current liabilities 3,487 3,266
Customer deposits on commercial contracts 2,996 2,576
Retirement benefits 2,024 2,219
Lease liabilities 1,595 1,497
Other 2,118 2,033
Total other liabilities $ 8,733 $ 8,325
v3.25.0.1
Commitments And Contingencies (Narrative) (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2025
employee
agreement
Dec. 31, 2024
USD ($)
agreement
Commitments and Contingencies [Line Items]    
Letters of credit and guarantees | $   $ 1.8
Number of company-negotiated labor agreements   61
Forecast    
Commitments and Contingencies [Line Items]    
Number of collective agreements expected to be renegotiated 23  
Number of employees covered by expected renegotiated collective agreements | employee 5,400  
Unionized Employees Concentration Risk | Workforce Subject to Collective Bargaining Arrangements    
Commitments and Contingencies [Line Items]    
Percent of employees represented by labor organizations   20.00%
Maximum | Aerospace    
Commitments and Contingencies [Line Items]    
Period preceding delivery of aircraft to customer fair market value of trade-in aircraft is established, days, maximum   45 days
v3.25.0.1
Commitments And Contingencies (Changes in Product Warranty Liabilities) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]      
Beginning balance $ 597 $ 603 $ 641
Warranty expense 137 90 99
Payments (106) (101) (116)
Adjustments 14 5 (21)
Ending balance $ 642 $ 597 $ 603
v3.25.0.1
Shareholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 04, 2024
Class of Stock [Line Items]        
Authorized capital stock, common stock (shares) 500,000,000      
Common stock, par value (in dollars per share) $ 1      
Authorized capital stock, preferred stock (shares) 50,000,000      
Preferred stock, par value (in dollars per share) $ 1      
Common stock, issued (shares) 481,880,634 481,880,634    
Common stock, outstanding (shares) 270,340,502 273,599,948    
Preferred stock, outstanding (shares) 0 0    
Number of additional shares authorized for repurchase (in shares)       10,000,000
Stock repurchased (shares) 5,400,000 2,000,000 5,300,000  
Shares repurchased $ 1,509 $ 434 $ 1,207  
Shares remaining under a prior authorization (shares) 9,200,000      
Percent of total shares outstanding authorized for repurchase 3.40%      
Dividends declared per share $ 5.68 $ 5.28 $ 5.04  
Dividends paid $ 1,529 $ 1,428 $ 1,369  
Restricted Stock        
Class of Stock [Line Items]        
Unvested restricted stock (shares) 404,405      
v3.25.0.1
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ (1,159) $ (2,152) $ (1,920)
Other comprehensive loss, pretax (347) 1,145 (227)
Benefit from (provision for) income tax, net (12) (152) (5)
Other comprehensive (loss) income, net amount (359) 993 (232)
Ending balance (1,518) (1,159) (2,152)
Changes in Unrealized Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 11 4 144
Other comprehensive loss, pretax (117) 10 (190)
Benefit from (provision for) income tax, net 30 (3) 50
Other comprehensive (loss) income, net amount (87) 7 (140)
Ending balance (76) 11 4
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 673 260 538
Other comprehensive loss, pretax (438) 413 (278)
Benefit from (provision for) income tax, net 0 0 0
Other comprehensive (loss) income, net amount (438) 413 (278)
Ending balance 235 673 260
Changes in Retirement Plans’ Funded Status      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (1,843) (2,416) (2,602)
Other comprehensive loss, pretax 208 722 241
Benefit from (provision for) income tax, net (42) (149) (55)
Other comprehensive (loss) income, net amount 166 573 186
Ending balance $ (1,677) $ (1,843) $ (2,416)
v3.25.0.1
Segment Information (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 4    
Revenue $ 47,716 $ 42,272 $ 39,407
Long-lived assets of non-U.S. operations percent of total 3.00% 4.00% 4.00%
Other Segment Items, Composition, Description Other segment items consist of material and labor costs, depreciation and amortization, and other overhead and general and administrative expenses.    
International Operations      
Segment Reporting Information [Line Items]      
Revenue $ 5,000 $ 4,300 $ 4,000
Earnings from continuing operations before income tax $ 732 $ 631 $ 567
v3.25.0.1
Segment Information (Segment Reporting Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
Other Segment Items (42,781) (37,867) (35,078)
Operating Income (Loss) 4,796 4,245 4,211
Identifiable Assets 55,880 54,810 51,585
Capital Expenditures 916 904 1,114
Depreciation and Amortization* 886 863 884
Aerospace      
Segment Reporting Information [Line Items]      
Revenue 11,249 8,621 8,567
Marine Systems      
Segment Reporting Information [Line Items]      
Revenue 14,343 12,461 11,040
Combat Systems      
Segment Reporting Information [Line Items]      
Revenue 8,997 8,268 7,308
Technologies      
Segment Reporting Information [Line Items]      
Revenue 13,127 12,922 12,492
Operating Segments | Aerospace      
Segment Reporting Information [Line Items]      
Revenue 11,249 8,621 8,567
Other Segment Items (9,785) (7,439) (7,437)
Operating Income (Loss) 1,464 1,182 1,130
Identifiable Assets 16,192 15,099 12,676
Capital Expenditures 235 200 214
Depreciation and Amortization* 220 200 195
Operating Segments | Marine Systems      
Segment Reporting Information [Line Items]      
Revenue 14,343 12,461 11,040
Other Segment Items (13,408) (11,587) (10,143)
Operating Income (Loss) 935 874 897
Identifiable Assets 7,019 6,209 5,864
Capital Expenditures 424 511 530
Depreciation and Amortization* 243 217 191
Operating Segments | Combat Systems      
Segment Reporting Information [Line Items]      
Revenue 8,997 8,268 7,308
Other Segment Items (7,721) (7,121) (6,233)
Operating Income (Loss) 1,276 1,147 1,075
Identifiable Assets 10,275 10,479 11,032
Capital Expenditures 135 107 94
Depreciation and Amortization* 117 108 105
Operating Segments | Technologies      
Segment Reporting Information [Line Items]      
Revenue 13,127 12,922 12,492
Other Segment Items (11,867) (11,720) (11,265)
Operating Income (Loss) 1,260 1,202 1,227
Identifiable Assets 19,286 19,534 19,700
Capital Expenditures 119 85 175
Depreciation and Amortization* 294 327 383
Corporate      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Other Segment Items 0 0 0
Operating Income (Loss) (139) (160) (118)
Identifiable Assets 3,108 3,489 2,313
Capital Expenditures 3 1 101
Depreciation and Amortization* $ 12 $ 11 $ 10
v3.25.0.1
Segment Information (Schedule of Revenues By Geographic Area Based On The Location of Customers) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue $ 47,716 $ 42,272 $ 39,407
North America:      
Segment Reporting Information [Line Items]      
Revenue 41,037 37,121 34,334
United States      
Segment Reporting Information [Line Items]      
Revenue 39,759 36,160 33,400
Other      
Segment Reporting Information [Line Items]      
Revenue 1,278 961 934
Europe      
Segment Reporting Information [Line Items]      
Revenue 3,161 2,765 2,238
Asia/Pacific      
Segment Reporting Information [Line Items]      
Revenue 1,546 1,086 1,224
Africa/Middle East      
Segment Reporting Information [Line Items]      
Revenue 1,680 1,147 1,365
South America      
Segment Reporting Information [Line Items]      
Revenue $ 292 $ 153 $ 246
v3.25.0.1
Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Carrying Value    
Measured at fair value:    
Cash and equivalents $ 36 $ 21
Available-for-sale debt securities 128 115
Commingled equity funds 48 49
Commingled fixed-income funds 6 6
Other investments 40 40
Cash flow hedge assets 52 109
Cash flow hedge liabilities (140) (61)
Measured at amortized cost:    
Short- and long-term debt principal (8,826) (9,340)
Fair Value    
Measured at fair value:    
Cash and equivalents 36 21
Available-for-sale debt securities 128 115
Commingled equity funds 48 49
Commingled fixed-income funds 6 6
Other investments 40 40
Cash flow hedge assets 52 109
Cash flow hedge liabilities (140) (61)
Measured at amortized cost:    
Short- and long-term debt principal (8,103) (8,764)
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Measured at fair value:    
Cash and equivalents 27 0
Available-for-sale debt securities 0 0
Commingled equity funds 48 49
Commingled fixed-income funds 6 6
Other investments 28 23
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Measured at amortized cost:    
Short- and long-term debt principal 0 0
Fair Value | Significant Other Observable Inputs (Level 2)    
Measured at fair value:    
Cash and equivalents 9 21
Available-for-sale debt securities 128 115
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Other investments 0 0
Cash flow hedge assets 52 109
Cash flow hedge liabilities (140) (61)
Measured at amortized cost:    
Short- and long-term debt principal (8,103) (8,764)
Fair Value | Significant Unobservable Inputs (Level 3)    
Measured at fair value:    
Cash and equivalents 0 0
Available-for-sale debt securities 0 0
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Other investments 12 17
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Measured at amortized cost:    
Short- and long-term debt principal $ 0 $ 0
v3.25.0.1
Derivative Financial Instruments And Hedging Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Average maturity of foreign currency forward contracts, in years 2 years  
Cash and equivalents $ 1,697 $ 1,913
Marketable securities held in trust 218 191
Derivative notional amount $ 6,200 $ 5,700
Maximum    
Derivative Instruments, Gain (Loss) [Line Items]    
Maturity of fixed-income securities, in years 5 years  
v3.25.0.1
Equity Compensation Plans (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant (shares) 15    
Weighted average fair value per option granted (in dollars per share) $ 60.55 $ 47.46 $ 38.93
Stock option expense reduced operating earnings $ 75 $ 82 $ 91
Stock option expense earnings per share (in dollars per share) $ 0.21 $ 0.24 $ 0.26
Total intrinsic value of options exercised $ 249 $ 75 $ 205
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards vesting period 3 years    
Awards expiration period 10 years    
Unrecognized compensation cost related to stock options $ 35    
Recognition period for unrecognized compensation cost 1 year 9 months 18 days    
Stock Options | Vesting After Two years      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of stock options vesting in a period of one year 50.00%    
Stock Options | Vesting In Third Year      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of stock options vesting in a period of one year 50.00%    
Restricted Stock and Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards vesting period 3 years    
Stock option expense reduced operating earnings $ 108 $ 99 $ 74
Stock option expense earnings per share (in dollars per share) $ 0.31 $ 0.28 $ 0.21
Unrecognized compensation cost related to stock options $ 105    
Recognition period for unrecognized compensation cost 1 year 10 months 24 days    
Fair value of vesting shares $ 148 $ 96 $ 95
v3.25.0.1
Equity Compensation Plans (Schedule Of Equity Based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Stock options $ 60 $ 65 $ 71
Restricted stock/RSUs 85 78 59
Total equity-based compensation expense, net of tax $ 145 $ 143 $ 130
v3.25.0.1
Equity Compensation Plans (Schedule Of Assumption Of Fair Value Options On The Date Of Grant Using Black-Scholes Option Pricing Model) (Details) - Stock Options
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 23.20% 22.70% 22.40%
Expected volatility, maximum 23.30% 22.90% 23.00%
Weighted average expected volatility 23.30% 22.80% 22.50%
Expected term (in months) 60 months 60 months 60 months
Risk - free interest rate, minimum 4.20% 3.60% 1.70%
Risk - free interest rate, maximum 4.60% 4.70% 4.20%
Expected dividend yield 2.20% 2.30% 2.30%
v3.25.0.1
Equity Compensation Plans (Summary Of Stock Option Activity) (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Shares Under Option   
Beginning balance (in shares) | shares 11,210,483
Granted (in shares) | shares 1,303,870
Exercised (in shares) | shares (2,289,456)
Forfeited/canceled (in shares) | shares (73,975)
Ending balance (in shares) | shares 10,150,922
Vested and expected to vest (in shares) | shares 10,062,557
Exercisable (in shares) | shares 6,545,037
Weighted Average Exercise Price Per Share  
Beginning balance (in dollars per share) | $ / shares $ 191.99
Granted (in dollars per share) | $ / shares 274.96
Exercised (in dollars per share) | $ / shares 174.98
Forfeited/canceled (in dollars per share) | $ / shares 247.01
Ending balance (in dollars per share) | $ / shares 206.08
Vested and expected to vest (in dollars per share) | $ / shares 205.61
Exercisable (in dollars per share) | $ / shares $ 184.41
v3.25.0.1
Equity Compensation Plans (Schedule Of Stock Options' Intrinsic Value And Remaining Contractual Term) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Weighted Average  Remaining Contractual Term (in years)  
Outstanding 6 years 1 month 6 days
Vested and expected to vest 6 years
Exercisable 4 years 9 months 18 days
Aggregate Intrinsic Value  
Outstanding $ 597
Vested and expected to vest 596
Exercisable $ 518
v3.25.0.1
Equity Compensation Plans (Summary Of Restricted Stock And Restricted Stock Unit Activity) (Details) - Restricted Stock and Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Shares/ Share-Equivalent  Units  
Nonvested, beginning balance (in shares) | shares 1,290,902
Granted (in shares) | shares 571,395
Vested (in shares) | shares (538,769)
Forfeited (in shares) | shares (38,792)
Nonvested, ending balance (in shares) | shares 1,284,736
Weighted Average Grant-Date Fair Value Per Share  
Nonvested, beginning balance (in dollars per share) | $ / shares $ 215.91
Granted (in dollars per share) | $ / shares 271.04
Vested (in dollars per share) | $ / shares 165.83
Forfeited (in dollars per share) | $ / shares 246.77
Nonvested, ending balance (in dollars per share) | $ / shares $ 252.27
v3.25.0.1
Retirement Plans (Narrative) (Details)
retiree in Thousands, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Oct. 31, 2024
USD ($)
retiree
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Compensation And Retirement Disclosure Line Items        
Defined contribution plan, cost recognized   $ 517 $ 462 $ 415
Common stock, shares held in employee trust (shares) | shares   15 16  
Percentage of defined contribution plans held from outstanding shares   6.00% 6.00%  
Required employer contributions to defined benefit retirement plans during fiscal year   $ 73    
Period in which the difference between the actual and expected return on plan assets for qualified plans are recognized in years   5 years    
Percentage of pension plan assets held in a single trust for primary domestic government and commercial pension plans   90.00%    
Redemption notice period   90 days    
Pension Benefits        
Compensation And Retirement Disclosure Line Items        
Required contribution amounts   $ 241    
Transfer from retirement plan assets held in trust $ (673)      
Number of retirees and beneficiaries | retiree 16      
Non-cash settlement charge $ (80)      
Benefit obligation weighed average discount rate   5.40% 4.83% 5.08%
Defined benefit plan, accumulated benefit obligation   $ 12,100 $ 13,600  
Pension Benefits | Maximum        
Compensation And Retirement Disclosure Line Items        
Expected decrease in long-term return on assets   0.01%    
Other  Post-Retirement Benefits        
Compensation And Retirement Disclosure Line Items        
Benefit obligation weighed average discount rate   5.41% 4.89%  
Defined benefit plan, accumulated benefit obligation   $ 538 $ 598  
Other  Post-Retirement Benefits | Maximum        
Compensation And Retirement Disclosure Line Items        
Expected decrease in long-term return on assets   0.03%    
v3.25.0.1
Retirement Plans (Schedule of Benefits to be Paid From Retirement Plans Over the Next 10 Years) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Compensation And Retirement Disclosure Line Items  
2025 $ 903
2026 900
2027 912
2028 924
2029 922
2030-2034 4,545
Other  Post-Retirement Benefits  
Compensation And Retirement Disclosure Line Items  
2025 47
2026 46
2027 44
2028 43
2029 41
2030-2034 $ 191
v3.25.0.1
Retirement Plans (Schedule of Annual Pension and Other Post-Retirement Benefit Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 73 $ 66 $ 102
Interest cost 627 650 400
Expected return on plan assets (821) (829) (907)
Net actuarial loss 189 752 171
Prior service credit (6) (13) (20)
Settlement/curtailment/other 87 3 4
Net annual benefit cost (credit) 149 629 (250)
Other  Post-Retirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 4 4 6
Interest cost 28 30 19
Expected return on plan assets (33) (32) (31)
Net actuarial loss (31) (30) (16)
Prior service credit 2 2 1
Settlement/curtailment/other (15) 5 (11)
Net annual benefit cost (credit) $ (45) $ (21) $ (32)
v3.25.0.1
Retirement Plans (Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of year $ (13,736) $ (13,505)  
Service cost (73) (66) $ (102)
Interest cost (627) (650) (400)
Amendments 1 1  
Actuarial gain (loss) 643 (377)  
Settlement/curtailment/other 727 (52)  
Benefits paid 876 913  
Benefit obligation at end of year (12,189) (13,736) (13,505)
Change in Plan/Trust Assets      
Fair value of assets at beginning of year 11,886 11,435  
Actual return on plan assets 128 1,177  
Employer contributions 73 106  
Settlement/curtailment/other (733) 59  
Benefits paid (854) (891)  
Fair value of assets at end of year 10,500 11,886 11,435
Funded status at end of year (1,689) (1,850)  
Other  Post-Retirement Benefits      
Change in Benefit Obligation      
Benefit obligation at beginning of year (598) (617)  
Service cost (4) (4) (6)
Interest cost (28) (30) (19)
Amendments 0 (5)  
Actuarial gain (loss) 32 8  
Settlement/curtailment/other 11 (3)  
Benefits paid 49 53  
Benefit obligation at end of year (538) (598) (617)
Change in Plan/Trust Assets      
Fair value of assets at beginning of year 649 626  
Actual return on plan assets 28 57  
Employer contributions 0 0  
Settlement/curtailment/other 0 0  
Benefits paid (32) (34)  
Fair value of assets at end of year 645 649 $ 626
Funded status at end of year $ 107 $ 51  
v3.25.0.1
Retirement Plans (Amounts Recognized on The Consolidated Balance Sheet) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Noncurrent liabilities $ (2,024) $ (2,219)
Pension Benefits    
Noncurrent assets 130 140
Current liabilities (22) (23)
Noncurrent liabilities (1,797) (1,967)
Net (liability) asset recognized (1,689) (1,850)
Other  Post-Retirement Benefits    
Noncurrent assets 347 316
Current liabilities (13) (13)
Noncurrent liabilities (227) (252)
Net (liability) asset recognized $ 107 $ 51
v3.25.0.1
Retirement Plans (Amounts Deferred In AOCL) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Compensation And Retirement Disclosure Line Items    
Net actuarial loss (gain) $ 2,453 $ 2,674
Prior service (credit) cost (46) (52)
Total amount recognized in AOCL, pretax 2,407 2,622
Other  Post-Retirement Benefits    
Compensation And Retirement Disclosure Line Items    
Net actuarial loss (gain) (294) (303)
Prior service (credit) cost 10 12
Total amount recognized in AOCL, pretax $ (284) $ (291)
v3.25.0.1
Retirement Plans (Reconciliation of The Change In AOCL For Defined-Benefit Retirement Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amortization of:      
Change in AOCL, pretax $ (208) $ (722) $ (241)
Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Net actuarial loss (gain) 50 29  
Prior service (credit) cost (1) (1)  
Amortization of:      
Net actuarial (loss) gain from prior years (189) (752)  
Prior service credit (cost) 6 13  
Settlement/curtailment/other (81) (10)  
Change in AOCL, pretax (215) (721)  
Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Net actuarial loss (gain) (27) (33)  
Prior service (credit) cost 0 5  
Amortization of:      
Net actuarial (loss) gain from prior years 31 30  
Prior service credit (cost) (2) (2)  
Settlement/curtailment/other 5 (1)  
Change in AOCL, pretax $ 7 $ (1)  
v3.25.0.1
Retirement Plans Retirement Plans (Schedule of PBO That Exceeded Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
PBO $ (11,476) $ (13,019)
Fair value of plan assets $ 9,657 $ 11,029
v3.25.0.1
Retirement Plans (Schedule of ABO That Exceeded Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits    
Compensation And Retirement Disclosure Line Items    
ABO $ (11,380) $ (12,900)
Fair value of plan assets 9,657 11,029
Other  Post-Retirement Benefits    
Compensation And Retirement Disclosure Line Items    
ABO (227) (275)
Fair value of plan assets $ 0 $ 22
v3.25.0.1
Retirement Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Benefit obligation discount rate 5.40% 4.83% 5.08%
Rate of increase in compensation levels 2.58% 2.60%  
Other  Post-Retirement Benefits      
Compensation And Retirement Disclosure Line Items      
Benefit obligation discount rate 5.41% 4.89%  
Health care cost trend rate:      
Trend rate for next year 7.50% 6.25%  
Ultimate trend rate 5.00% 5.00%  
Year rate reaches ultimate trend rate 2035 2032  
v3.25.0.1
Retirement Plans Retirement Plans (Weighted Average Assumptions Used to Determine Net Annual Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligation 4.83% 5.08% 2.84%
Service cost 3.90% 4.50% 2.51%
Interest cost 4.74% 4.98% 2.31%
Expected long-term rate of return on assets 6.35% 6.34% 6.78%
Rate of increase in compensation levels 2.66% 2.60% 2.52%
Other  Post-Retirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Benefit obligation 4.89% 5.16% 2.89%
Service cost 4.91% 5.26% 3.32%
Interest cost 4.83% 5.09% 2.33%
Expected long-term rate of return on assets 5.07% 5.04% 5.12%
v3.25.0.1
Retirement Plans (Asset Allocation Policy Ranges) (Details)
Dec. 31, 2024
Equity funds | Minimum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 40.00%
Equity funds | Maximum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 70.00%
Fixed Income Investments | Minimum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 30.00%
Fixed Income Investments | Maximum  
Defined Benefit Plan Disclosure [Line Items]  
Asset allocation policy range 60.00%
v3.25.0.1
Retirement Plans (Fair Value of Plan Assets By Investment Category Within The Fair Value Hierarchy - Pension Benefits) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 10,500 $ 11,886 $ 11,435
Fair Value | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 10,041 11,253  
Fair Value | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 177 216  
Fair Value | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3,597 4,152  
Fair Value | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 6,048 6,663  
Fair Value | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 14 13  
Fair Value | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 183 184  
Fair Value | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 22 25  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 725 682  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 16 10  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 514 446  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 195 226  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 9,097 10,349  
Significant Other Observable Inputs (Level 2) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 161 206  
Significant Other Observable Inputs (Level 2) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 3,083 3,706  
Significant Other Observable Inputs (Level 2) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 5,853 6,437  
Significant Other Observable Inputs (Level 2) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3)      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 219 222 196
Significant Unobservable Inputs (Level 3) | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 219 222  
Significant Unobservable Inputs (Level 3) | Cash and equivalents | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Fixed-income funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Unobservable Inputs (Level 3) | Real estate funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 14 13 12
Significant Unobservable Inputs (Level 3) | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 14 13  
Significant Unobservable Inputs (Level 3) | Insurance deposit contracts      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 183 184 161
Significant Unobservable Inputs (Level 3) | Insurance deposit contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 183 184  
Significant Unobservable Inputs (Level 3) | Retirement annuity contracts      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 22 25 $ 23
Significant Unobservable Inputs (Level 3) | Retirement annuity contracts | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 22 25  
Plan assets measured using NAV as a practical expedient | Equity funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 37 10  
Plan assets measured using NAV as a practical expedient | Real estate funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 421 581  
Plan assets measured using NAV as a practical expedient | Hedge funds | Pension Benefits      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 1 $ 42  
v3.25.0.1
Retirement Plans (Fair Value of Plan Assets By Investment Category Within The Fair Value Hierarchy - Other Post-retirement Benefits) (Details) - Other  Post-Retirement Benefits - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 645 $ 649 $ 626
Fair Value      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 640 642  
Fair Value | Cash and equivalents      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 7 19  
Fair Value | Equity funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 120 118  
Fair Value | Fixed-income funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 102 94  
Fair Value | Fixed-income securities      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 411 411  
Quoted Prices in Active Markets for Identical Assets (Level 1)      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 85 81  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 74 71  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 11 10  
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed-income securities      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 0 0  
Significant Other Observable Inputs (Level 2)      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 555 561  
Significant Other Observable Inputs (Level 2) | Cash and equivalents      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 7 19  
Significant Other Observable Inputs (Level 2) | Equity funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 46 47  
Significant Other Observable Inputs (Level 2) | Fixed-income funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 91 84  
Significant Other Observable Inputs (Level 2) | Fixed-income securities      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets 411 411  
Plan assets measured using NAV as a practical expedient | Real estate funds      
Compensation And Retirement Disclosure Line Items      
Total pension plan assets $ 5 $ 7  
v3.25.0.1
Retirement Plans (Changes in Level 3 Retirement Plan Assets) (Details) - Significant Unobservable Inputs (Level 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year $ 222 $ 196
Unrealized gains (losses), net (11) 24
Realized gains, net   3
Purchases, sales and settlements, net 8 (1)
Fair value of assets at end of year 219 222
Insurance Deposits Contracts    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 184 161
Unrealized gains (losses), net (9) 23
Realized gains, net   0
Purchases, sales and settlements, net 8 0
Fair value of assets at end of year 183 184
Retirement annuity contracts    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 25 23
Unrealized gains (losses), net (3) 2
Realized gains, net   0
Purchases, sales and settlements, net 0 0
Fair value of assets at end of year 22 25
Real Estate Funds    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of assets at beginning of year 13 12
Unrealized gains (losses), net 1 (1)
Realized gains, net   3
Purchases, sales and settlements, net 0 (1)
Fair value of assets at end of year $ 14 $ 13