GENERAL DYNAMICS CORP, 10-Q filed on 4/23/2025
Quarterly Report
v3.25.1
Cover
 3 Months Ended
Mar. 30, 2025
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 30, 2025
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 Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 268,396,163
Entity Central Index Key 0000040533
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
v3.25.1
Consolidated Statement of Earnings (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Revenue:    
Total revenue $ 12,223 $ 10,731
Operating costs and expenses:    
General and administrative (G&A) (625) (627)
Operating costs and expenses, total (10,955) (9,695)
Operating earnings 1,268 1,036
Other, net 21 14
Interest, net (89) (82)
Earnings before income tax 1,200 968
Provision for income tax, net (206) (169)
Net earnings $ 994 $ 799
Earnings per share    
Basic (in dollars per share) $ 3.69 $ 2.92
Diluted (in dollars per share) $ 3.66 $ 2.88
Products    
Revenue:    
Total revenue $ 7,334 $ 6,134
Operating costs and expenses:    
Cost of sales (6,141) (5,189)
Services    
Revenue:    
Total revenue 4,889 4,597
Operating costs and expenses:    
Cost of sales $ (4,189) $ (3,879)
v3.25.1
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net earnings $ 994 $ 799
Changes in unrealized cash flow hedges 46 (42)
Foreign currency translation adjustments 102 (298)
Changes in retirement plans’ funded status 18 40
Other comprehensive income (loss), pretax 166 (300)
(Provision) benefit for income tax, net (17) 3
Other comprehensive income (loss), net of tax 149 (297)
Comprehensive income $ 1,143 $ 502
v3.25.1
Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and equivalents $ 1,242 $ 1,697
Accounts receivable 3,294 2,977
Unbilled receivables 9,139 8,248
Inventories 9,816 9,724
Other current assets 1,626 1,740
Total current assets 25,117 24,386
Noncurrent assets:    
Property, plant and equipment, net 6,461 6,467
Intangible assets, net 1,462 1,520
Goodwill [1] 20,623 20,556
Other assets 2,917 2,951
Total noncurrent assets 31,463 31,494
Total assets 56,580 55,880
Current liabilities:    
Short-term debt and current portion of long-term debt 2,349 1,502
Accounts payable 3,357 3,344
Customer advances and deposits 9,770 9,491
Other current liabilities 3,284 3,487
Total current liabilities 18,760 17,824
Noncurrent liabilities:    
Long-term debt 7,260 7,260
Other liabilities 8,335 8,733
Commitments and contingencies (see Note J)
Total noncurrent liabilities 15,595 15,993
Shareholders’ equity:    
Common stock 482 482
Surplus 4,064 4,062
Retained earnings 42,082 41,487
Treasury stock (23,034) (22,450)
Accumulated other comprehensive loss (1,369) (1,518)
Total shareholders’ equity 22,225 22,063
Total liabilities and shareholders’ equity $ 56,580 $ 55,880
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
v3.25.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Cash flows from operating activities – continuing operations:    
Net earnings $ 994 $ 799
Adjustments to reconcile net earnings to net cash from operating activities:    
Depreciation of property, plant and equipment 162 152
Amortization of intangible and finance lease right-of-use assets 61 59
Equity-based compensation expense 34 34
Deferred income tax benefit (59) (39)
(Increase) decrease in assets, net of effects of business acquisitions:    
Accounts receivable (317) (115)
Unbilled receivables (879) (519)
Inventories (92) (1,011)
Increase (decrease) in liabilities, net of effects of business acquisitions:    
Accounts payable 13 100
Customer advances and deposits 13 384
Other, net (78) (122)
Net cash used by operating activities (148) (278)
Cash flows from investing activities:    
Capital expenditures (142) (159)
Other, net 12 (23)
Net cash used by investing activities (130) (182)
Cash flows from financing activities:    
Proceeds from commercial paper, net 1,590 0
Repayment of fixed-rate notes (750) 0
Purchases of common stock (600) (105)
Dividends paid (383) (361)
Other, net (32) 50
Net cash used by financing activities (175) (416)
Net cash used by discontinued operations (2) (1)
Net decrease in cash and equivalents (455) (877)
Cash and equivalents at beginning of period 1,697 1,913
Cash and equivalents at end of period 1,242 1,036
Supplemental cash flow information:    
Income tax payments, net (34) (33)
Interest payments $ (42) $ (26)
v3.25.1
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock, Par
Common Stock, Surplus
Retained Earnings
Treasury Stock, Common
Accumulated Other Comprehensive Loss
Beginning 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 799     799    
Cash dividends declared (391)     (391)    
Equity-based awards 105   60   45  
Shares purchased (105)       (105)  
Other comprehensive income (loss) (297)         (297)
Ending balance at Mar. 31, 2024 21,410 482 3,820 39,678 (21,114) (1,456)
Beginning balance at Dec. 31, 2024 22,063 482 4,062 41,487 (22,450) (1,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 994     994    
Cash dividends declared (399)     (399)    
Equity-based awards 23   2   21  
Shares purchased (605)       (605)  
Other comprehensive income (loss) 149         149
Ending balance at Mar. 30, 2025 $ 22,225 $ 482 $ 4,064 $ 42,082 $ (23,034) $ (1,369)
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 30, 2025
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 unaudited 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 unaudited 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.
Interim Financial Statements. The unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) to be condensed or omitted.
Our fiscal quarters are typically 13 weeks in length. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year. Operating results for the three-month period ended March 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
The unaudited Consolidated Financial Statements contain all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations and financial condition for the three-month periods ended March 30, 2025, and March 31, 2024.
These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.
Property, Plant and Equipment, Net. Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E consisted of the following:
March 30, 2025December 31, 2024
PP&E$13,698 $13,564 
Accumulated depreciation(7,237)(7,097)
PP&E, net$6,461 $6,467 
Recent Accounting Pronouncements. For a discussion of accounting standards that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective, refer to the Recent Accounting Pronouncements section in our Annual Report on Form 10-K for the year ended
December 31, 2024. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.
v3.25.1
Revenue
 3 Months Ended
Mar. 30, 2025
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 75% and 80% of our revenue for the three-month periods ended March 30, 2025 and March 31, 2024, respectively. 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 25% and 20% of our revenue for the three-month periods ended March 30, 2025 and March 31, 2024, respectively. 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 March 30, 2025, we had $88.7 billion of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately 65% of our remaining performance obligations as revenue by year-end 2026, an additional 25% by year-end 2028 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:
Three Months EndedMarch 30, 2025March 31, 2024
Revenue$78 $57 
Operating earnings31 36 
Diluted earnings per share$0.09 $0.10 
No adjustment on any one contract was material to the unaudited Consolidated Financial Statements for the three-month periods ended March 30, 2025, or March 31, 2024.
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:
Three Months EndedMarch 30, 2025March 31, 2024
Aircraft manufacturing$2,168 $1,261 
Aircraft services858 823 
Total Aerospace3,026 2,084 
Nuclear-powered submarines2,620 2,406 
Surface ships710 652 
Repair and other services259 273 
Total Marine Systems3,589 3,331 
Military vehicles1,215 1,234 
Weapons systems, armament and munitions701 650 
Engineering and other services260 218 
Total Combat Systems2,176 2,102 
Information technology (IT) services2,364 2,164 
C5ISR* solutions1,068 1,050 
Total Technologies3,432 3,214 
Total revenue$12,223 $10,731 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by contract type was as follows:
Three Months Ended March 30, 2025AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$2,753 $1,724 $1,848 $1,445 $7,770 
Cost-reimbursement— 1,865 310 1,469 3,644 
Time-and-materials273 — 18 518 809 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Three Months Ended March 31, 2024
Fixed-price$1,829 $1,571 $1,859 $1,360 $6,619 
Cost-reimbursement— 1,759 230 1,351 3,340 
Time-and-materials255 1 13 503 772 
Total revenue$2,084 $3,331 $2,102 $3,214 $10,731 
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:
Three Months Ended March 30, 2025AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of Defense (DoD)$65 $3,558 $1,210 $2,012 $6,845 
Non-DoD— — 2 1,248 1,250 
Foreign military sales (FMS)5 29 218 3 255 
Total U.S. government70 3,587 1,430 3,263 8,350 
U.S. commercial1,224 1 59 46 1,330 
Non-U.S. government171 1 658 115 945 
Non-U.S. commercial1,561 — 29 8 1,598 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Three Months Ended March 31, 2024
U.S. government:
DoD$51 $3,298 $1,172 $1,829 $6,350 
Non-DoD— — 1 1,185 1,186 
FMS11 31 258 11 311 
Total U.S. government62 3,329 1,431 3,025 7,847 
U.S. commercial1,218 1 53 44 1,316 
Non-U.S. government214 1 586 127 928 
Non-U.S. commercial590 — 32 18 640 
Total revenue$2,084 $3,331 $2,102 $3,214 $10,731 
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 three-month period ended March 30, 2025, were not materially impacted by any other factors.
Revenue recognized for the three-month periods ended March 30, 2025, and March 31, 2024, that was included in the contract liability balance at the beginning of each year was $2.6 billion and $1.7 billion, respectively. This revenue represented primarily the sale of business jet aircraft.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 30, 2025
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):
Three Months EndedMarch 30, 2025March 31, 2024
Basic weighted average shares outstanding269,038 273,496 
Dilutive effect of stock options and restricted stock/RSUs*2,711 3,508 
Diluted weighted average shares outstanding271,749 277,004 
*    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 period and, therefore, the effect of including these options would be antidilutive. These options totaled 1,667 and 426 for the three-month periods ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Net Deferred Tax Liability. 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:
March 30, 2025December 31, 2024
Deferred tax asset$17 $19 
Deferred tax liability(530)(573)
Net deferred tax liability$(513)$(554)
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 years ending December 31, 2024 and 2025, the IRS placed us into a CAP phase in which they will consider certain tax return information in advance to expedite their risk assessment and review of our returns.
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 March 30, 2025, 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.
v3.25.1
Unbilled Receivables
 3 Months Ended
Mar. 30, 2025
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:
March 30, 2025December 31, 2024
Unbilled revenue$43,165 $40,634 
Advances and progress billings(34,026)(32,386)
Net unbilled receivables$9,139 $8,248 
On March 30, 2025, and December 31, 2024, net unbilled receivables included $1.3 billion and $1.2 billion, respectively, 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.
v3.25.1
Inventories
 3 Months Ended
Mar. 30, 2025
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:
March 30, 2025December 31, 2024
Work in process$6,235 $6,279 
Raw materials3,548 3,396 
Finished goods33 26 
Pre-owned aircraft— 23 
Total inventories$9,816 $9,724 
v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 30, 2025
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, 2024 (a)
$3,085 $297 $2,758 $14,416 $20,556 
Acquisitions (b)— — 1 13 14 
Other (c)36 — 13 4 53 
March 30, 2025 (a)
$3,121 $297 $2,772 $14,433 $20,623 
(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
March 30, 2025December 31, 2024
Contract and program intangible assets (b)$3,261 $(2,031)$1,230 $3,278 $(1,989)$1,289 
Trade names and trademarks520 (298)222 511 (289)222 
Technology and software62 (52)10 61 (52)9 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,903 $(2,441)$1,462 $3,910 $(2,390)$1,520 
(a)Changes in gross carrying amounts consisted primarily of adjustments for acquired intangible assets and foreign currency translation.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $44 and $45 for the three-month periods ended March 30, 2025, and March 31, 2024, respectively.
v3.25.1
Debt
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
March 30, 2025December 31, 2024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $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 
Commercial paper4.458%1,600 — 
OtherVarious78 76 
Total debt principal9,678 8,826 
Less unamortized debt issuance costs and discounts69 64 
Total debt9,609 8,762 
Less current portion2,349 1,502 
Long-term debt$7,260 $7,260 
On March 30, 2025, we had $1.6 billion of commercial paper outstanding, with a dollar-weighted average interest rate of 4.458%. In late March 2025, we repaid fixed-rate notes of $750 prior to their scheduled maturity on April 1, 2025. Separately, we have $5 billion in committed bank credit facilities for general corporate purposes and working capital needs and to support our commercial paper issuances. These credit facilities include a $4 billion facility expiring March 2027 and a $1 billion 364-day facility that we established in early April 2025. We may renew or replace these credit facilities in whole or in part at or prior to their expiration date. We also have an effective shelf registration on file with the 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 March 30, 2025.
v3.25.1
Other Liabilities
 3 Months Ended
Mar. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities OTHER LIABILITIES
A summary of significant other liabilities by balance sheet caption follows:
March 30, 2025December 31, 2024
Salaries and wages$986 $1,325 
Dividends payable404 390 
Lease liabilities318 319 
Workers’ compensation253 244 
Other1,323 1,209 
Total other current liabilities$3,284 $3,487 
Customer deposits on commercial contracts$2,730 $2,996 
Retirement benefits1,957 2,024 
Lease liabilities1,580 1,595 
Other2,068 2,118 
Total other liabilities$8,335 $8,733 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 30, 2025
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 $2.1 billion on March 30, 2025. 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 March 30, 2025, the estimated change in fair market values from the date of the commitments was not material.
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 the three-month periods ended March 30, 2025, and March 31, 2024, were as follows:
Three Months EndedMarch 30, 2025March 31, 2024
Beginning balance$642 $597 
Warranty expense35 23 
Payments(27)(24)
Adjustments(2)3 
Ending balance$648 $599 
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
Share Repurchases. In the three-month period ended March 30, 2025, we repurchased 2.4 million of our outstanding shares for $600. On March 30, 2025, 6.9 million shares remained authorized by our board of directors (Board) for repurchase, representing 2.6% of our total shares outstanding. We repurchased 0.4 million shares for $105 in the three-month period ended March 31, 2024.
Dividends per Share. Our Board declared dividends per share of $1.50 and $1.42 for the three-month periods ended March 30, 2025 and March 31, 2024, respectively. We paid cash dividends of $383 and $361 for the three-month periods ended March 30, 2025 and March 31, 2024, respectively.
Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following:
Changes in Unrealized Cash Flow HedgesForeign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2024$(76)$235 $(1,677)$(1,518)
Other comprehensive income, pretax46 102 18 166 
Provision for income tax, net(13)— (4)(17)
Other comprehensive income, net of tax33 102 14 149 
March 30, 2025$(43)$337 $(1,663)$(1,369)
December 31, 2023$11 $673 $(1,843)$(1,159)
Other comprehensive loss, pretax(42)(298)40 (300)
Benefit for income tax, net12 — (9)3 
Other comprehensive loss, net of tax(30)(298)31 (297)
March 31, 2024$(19)$375 $(1,812)$(1,456)
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 O for these amounts, which are included in our net periodic pension and other post-retirement benefit cost (credit).
v3.25.1
Segment Information
 3 Months Ended
Mar. 30, 2025
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
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024March 30, 2025March 31, 2024
Aerospace$3,026 $2,084 $(2,594)$(1,829)$432 $255 
Marine Systems3,589 3,331 (3,339)(3,099)250 232 
Combat Systems2,176 2,102 (1,885)(1,820)291 282 
Technologies3,432 3,214 (3,104)(2,919)328 295 
Corporate (c)— — — — (33)(28)
Total$12,223 $10,731 $(10,922)$(9,667)$1,268 $1,036 
(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 G&A expenses.
(c)Corporate operating costs consisted primarily of equity-based compensation expense.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024March 30, 2025December 31, 2024
Aerospace$25 $55 $58 $49 $16,410 $16,192 
Marine Systems87 74 66 57 7,059 7,019 
Combat Systems16 10 28 27 11,091 10,275 
Technologies14 19 68 75 19,595 19,286 
Corporate— 1 3 3 2,425 3,108 
Total$142 $159 $223 $211 $56,580 $55,880 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
v3.25.1
Fair Value
 3 Months Ended
Mar. 30, 2025
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 March 30, 2025, or December 31, 2024.
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 March 30, 2025, and December 31, 2024, 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)March 30, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$3 $3 $— $3 $— 
Available-for-sale debt securities153 153 — 153 — 
Commingled equity funds47 47 47 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments47 47 27 — 20 
Cash flow hedge assets42 42 — 42 — 
Cash flow hedge liabilities(94)(94)— (94)— 
Measured at amortized cost:
Short- and long-term debt principal(9,678)(9,031)— (9,031)— 
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)— 
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.
v3.25.1
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Mar. 30, 2025
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 March 30, 2025, and December 31, 2024, we held $1.2 billion and $1.7 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 March 30, 2025, and December 31, 2024, we held marketable securities in trust of $209 and $218, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note M for additional details.
Hedging Activities. We had notional forward exchange contracts outstanding of $5.9 billion and $6.2 billion on March 30, 2025, and December 31, 2024, 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 M 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 for the three-month periods ended March 30, 2025, and March 31, 2024. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations for the three-month periods ended March 30, 2025, and March 31, 2024, 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 March 30, 2025, and December 31, 2024.
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 for the
three-month periods ended March 30, 2025, and March 31, 2024. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material for the three-month periods ended March 30, 2025, and March 31, 2024.
v3.25.1
Retirement Plans
 3 Months Ended
Mar. 30, 2025
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
For our defined benefit plans, net periodic benefit cost (credit) for the three-month periods ended March 30, 2025, and March 31, 2024, consisted of the following:
Pension BenefitsOther Post-retirement Benefits
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024
Service cost$18 $19 $1 $1 
Interest cost149 157 7 7 
Expected return on plan assets(184)(206)(9)(8)
Net actuarial loss (gain)27 49 (8)(8)
Prior service (credit) cost(1)(2)— 1 
Net periodic benefit cost (credit) $9 $17 $(9)$(7)
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. 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 periodic benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net earnings $ 994 $ 799
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 30, 2025
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
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 30, 2025
Accounting Policies [Abstract]  
Basis of Consolidation and Classification The unaudited 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 unaudited 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.
Interim Financial Statements The unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) to be condensed or omitted.
Our fiscal quarters are typically 13 weeks in length. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year. Operating results for the three-month period ended March 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
The unaudited Consolidated Financial Statements contain all adjustments that are of a normal recurring nature necessary for a fair presentation of our results of operations and financial condition for the three-month periods ended March 30, 2025, and March 31, 2024.
These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.
Recent Accounting Pronouncements For a discussion of accounting standards that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective, refer to the Recent Accounting Pronouncements section in our Annual Report on Form 10-K for the year ended December 31, 2024. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.
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. 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.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.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 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.
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.
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).
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 years ending December 31, 2024 and 2025, the IRS placed us into a CAP phase in which they will consider certain tax return information in advance to expedite their risk assessment and review of our returns.
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 March 30, 2025, 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.
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.
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.
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 totaling approximately $2.1 billion on March 30, 2025. 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 March 30, 2025, the estimated change in fair market values from the date of the commitments was not material.
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 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.
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.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.Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years.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.
Foreign Currency and 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.
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
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. 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 periodic benefit cost (credit) for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 30, 2025
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment, Net Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E consisted of the following:
March 30, 2025December 31, 2024
PP&E$13,698 $13,564 
Accumulated depreciation(7,237)(7,097)
PP&E, net$6,461 $6,467 
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 30, 2025
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:
Three Months EndedMarch 30, 2025March 31, 2024
Revenue$78 $57 
Operating earnings31 36 
Diluted earnings per share$0.09 $0.10 
Revenue by Major Product Line
Revenue by major products and services was as follows:
Three Months EndedMarch 30, 2025March 31, 2024
Aircraft manufacturing$2,168 $1,261 
Aircraft services858 823 
Total Aerospace3,026 2,084 
Nuclear-powered submarines2,620 2,406 
Surface ships710 652 
Repair and other services259 273 
Total Marine Systems3,589 3,331 
Military vehicles1,215 1,234 
Weapons systems, armament and munitions701 650 
Engineering and other services260 218 
Total Combat Systems2,176 2,102 
Information technology (IT) services2,364 2,164 
C5ISR* solutions1,068 1,050 
Total Technologies3,432 3,214 
Total revenue$12,223 $10,731 
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by Contract Type
Revenue by contract type was as follows:
Three Months Ended March 30, 2025AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
Fixed-price$2,753 $1,724 $1,848 $1,445 $7,770 
Cost-reimbursement— 1,865 310 1,469 3,644 
Time-and-materials273 — 18 518 809 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Three Months Ended March 31, 2024
Fixed-price$1,829 $1,571 $1,859 $1,360 $6,619 
Cost-reimbursement— 1,759 230 1,351 3,340 
Time-and-materials255 1 13 503 772 
Total revenue$2,084 $3,331 $2,102 $3,214 $10,731 
Revenue by Customer
Revenue by customer was as follows:
Three Months Ended March 30, 2025AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Revenue
U.S. government:
Department of Defense (DoD)$65 $3,558 $1,210 $2,012 $6,845 
Non-DoD— — 2 1,248 1,250 
Foreign military sales (FMS)5 29 218 3 255 
Total U.S. government70 3,587 1,430 3,263 8,350 
U.S. commercial1,224 1 59 46 1,330 
Non-U.S. government171 1 658 115 945 
Non-U.S. commercial1,561 — 29 8 1,598 
Total revenue$3,026 $3,589 $2,176 $3,432 $12,223 
Three Months Ended March 31, 2024
U.S. government:
DoD$51 $3,298 $1,172 $1,829 $6,350 
Non-DoD— — 1 1,185 1,186 
FMS11 31 258 11 311 
Total U.S. government62 3,329 1,431 3,025 7,847 
U.S. commercial1,218 1 53 44 1,316 
Non-U.S. government214 1 586 127 928 
Non-U.S. commercial590 — 32 18 640 
Total revenue$2,084 $3,331 $2,102 $3,214 $10,731 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Weighted Average Shares Outstanding
Basic and diluted weighted average shares outstanding were as follows (in thousands):
Three Months EndedMarch 30, 2025March 31, 2024
Basic weighted average shares outstanding269,038 273,496 
Dilutive effect of stock options and restricted stock/RSUs*2,711 3,508 
Diluted weighted average shares outstanding271,749 277,004 
*    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 period and, therefore, the effect of including these options would be antidilutive. These options totaled 1,667 and 426 for the three-month periods ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 30, 2025
Income Tax Disclosure [Abstract]  
Net Deferred Tax Assets and Liabilities Our net deferred tax liability consisted of the following:
March 30, 2025December 31, 2024
Deferred tax asset$17 $19 
Deferred tax liability(530)(573)
Net deferred tax liability$(513)$(554)
v3.25.1
Unbilled Receivables (Tables)
 3 Months Ended
Mar. 30, 2025
Contractors [Abstract]  
Schedule of Unbilled Receivables Unbilled receivables consisted of the following:
March 30, 2025December 31, 2024
Unbilled revenue$43,165 $40,634 
Advances and progress billings(34,026)(32,386)
Net unbilled receivables$9,139 $8,248 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following:
March 30, 2025December 31, 2024
Work in process$6,235 $6,279 
Raw materials3,548 3,396 
Finished goods33 26 
Pre-owned aircraft— 23 
Total inventories$9,816 $9,724 
v3.25.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill By Reporting Unit The changes in the carrying amount of goodwill by reporting unit were as follows:
AerospaceMarine SystemsCombat SystemsTechnologiesTotal
Goodwill
December 31, 2024 (a)
$3,085 $297 $2,758 $14,416 $20,556 
Acquisitions (b)— — 1 13 14 
Other (c)36 — 13 4 53 
March 30, 2025 (a)
$3,121 $297 $2,772 $14,433 $20,623 
(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
March 30, 2025December 31, 2024
Contract and program intangible assets (b)$3,261 $(2,031)$1,230 $3,278 $(1,989)$1,289 
Trade names and trademarks520 (298)222 511 (289)222 
Technology and software62 (52)10 61 (52)9 
Other intangible assets60 (60)— 60 (60)— 
Total intangible assets$3,903 $(2,441)$1,462 $3,910 $(2,390)$1,520 
(a)Changes in gross carrying amounts consisted primarily of adjustments for acquired intangible assets and foreign currency translation.
(b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following:
March 30, 2025December 31, 2024
Fixed-rate notes due:Interest rate:
April 20253.250%$— $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 
Commercial paper4.458%1,600 — 
OtherVarious78 76 
Total debt principal9,678 8,826 
Less unamortized debt issuance costs and discounts69 64 
Total debt9,609 8,762 
Less current portion2,349 1,502 
Long-term debt$7,260 $7,260 
v3.25.1
Other Liabilities (Tables)
 3 Months Ended
Mar. 30, 2025
Other Liabilities Disclosure [Abstract]  
Summary of Significant Other Liabilities by Balance Sheet Caption
A summary of significant other liabilities by balance sheet caption follows:
March 30, 2025December 31, 2024
Salaries and wages$986 $1,325 
Dividends payable404 390 
Lease liabilities318 319 
Workers’ compensation253 244 
Other1,323 1,209 
Total other current liabilities$3,284 $3,487 
Customer deposits on commercial contracts$2,730 $2,996 
Retirement benefits1,957 2,024 
Lease liabilities1,580 1,595 
Other2,068 2,118 
Total other liabilities$8,335 $8,733 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Warranty Liabilities
The changes in the carrying amount of warranty liabilities for the three-month periods ended March 30, 2025, and March 31, 2024, were as follows:
Three Months EndedMarch 30, 2025March 31, 2024
Beginning balance$642 $597 
Warranty expense35 23 
Payments(27)(24)
Adjustments(2)3 
Ending balance$648 $599 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following:
Changes in Unrealized Cash Flow HedgesForeign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2024$(76)$235 $(1,677)$(1,518)
Other comprehensive income, pretax46 102 18 166 
Provision for income tax, net(13)— (4)(17)
Other comprehensive income, net of tax33 102 14 149 
March 30, 2025$(43)$337 $(1,663)$(1,369)
December 31, 2023$11 $673 $(1,843)$(1,159)
Other comprehensive loss, pretax(42)(298)40 (300)
Benefit for income tax, net12 — (9)3 
Other comprehensive loss, net of tax(30)(298)31 (297)
March 31, 2024$(19)$375 $(1,812)$(1,456)
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 30, 2025
Segment Reporting [Abstract]  
Summary of Financial Information for Each of Our Segments
Summary financial information for each of our segments follows:
Revenue (a)Other Segment Items (b)Operating Earnings
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024March 30, 2025March 31, 2024
Aerospace$3,026 $2,084 $(2,594)$(1,829)$432 $255 
Marine Systems3,589 3,331 (3,339)(3,099)250 232 
Combat Systems2,176 2,102 (1,885)(1,820)291 282 
Technologies3,432 3,214 (3,104)(2,919)328 295 
Corporate (c)— — — — (33)(28)
Total$12,223 $10,731 $(10,922)$(9,667)$1,268 $1,036 
(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 G&A expenses.
(c)Corporate operating costs consisted primarily of equity-based compensation expense.
The following is additional summary financial information for each of our segments:
Capital ExpendituresDepreciation and Amortization*Identifiable Assets
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024March 30, 2025December 31, 2024
Aerospace$25 $55 $58 $49 $16,410 $16,192 
Marine Systems87 74 66 57 7,059 7,019 
Combat Systems16 10 28 27 11,091 10,275 
Technologies14 19 68 75 19,595 19,286 
Corporate— 1 3 3 2,425 3,108 
Total$142 $159 $223 $211 $56,580 $55,880 
*    Depreciation and amortization by reportable segment is included within the other segment items expense caption.
v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Other Financial Assets and Liabilities The following tables present the fair values of our other financial assets and liabilities on March 30, 2025, and December 31, 2024, 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)March 30, 2025
Measured at fair value:
Marketable securities held in trust:
Cash and equivalents$3 $3 $— $3 $— 
Available-for-sale debt securities153 153 — 153 — 
Commingled equity funds47 47 47 — — 
Commingled fixed-income funds6 6 6 — — 
Other investments47 47 27 — 20 
Cash flow hedge assets42 42 — 42 — 
Cash flow hedge liabilities(94)(94)— (94)— 
Measured at amortized cost:
Short- and long-term debt principal(9,678)(9,031)— (9,031)— 
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)— 
v3.25.1
Retirement Plans (Tables)
 3 Months Ended
Mar. 30, 2025
Retirement Benefits [Abstract]  
Net Periodic Defined-Benefit Pension and Other Post-Retirement Benefit Cost
For our defined benefit plans, net periodic benefit cost (credit) for the three-month periods ended March 30, 2025, and March 31, 2024, consisted of the following:
Pension BenefitsOther Post-retirement Benefits
Three Months EndedMarch 30, 2025March 31, 2024March 30, 2025March 31, 2024
Service cost$18 $19 $1 $1 
Interest cost149 157 7 7 
Expected return on plan assets(184)(206)(9)(8)
Net actuarial loss (gain)27 49 (8)(8)
Prior service (credit) cost(1)(2)— 1 
Net periodic benefit cost (credit) $9 $17 $(9)$(7)
v3.25.1
Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended
Mar. 30, 2025
Accounting Policies [Abstract]  
Length of fiscal quarters, weeks 91 days
v3.25.1
Summary of Significant Accounting Policies - Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
PP&E $ 13,698 $ 13,564
Accumulated depreciation (7,237) (7,097)
PP&E, net $ 6,461 $ 6,467
v3.25.1
Revenue - Additional Information (Details)
contract in Thousands, $ in Billions
 3 Months Ended
Mar. 30, 2025
USD ($)
contract
Mar. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]    
Number of active contracts | contract 9  
Revenue recognized in contract liability balance | $ $ 2.6 $ 1.7
Transferred over Time    
Disaggregation of Revenue [Line Items]    
Revenue, percentage from products and services transferred to customers 75.00% 80.00%
Transferred at Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue, percentage from products and services transferred to customers 25.00% 20.00%
v3.25.1
Revenue - Remaining Performance Obligations to be Recognized as Revenue (Details)
$ in Billions
Mar. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-31  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligations $ 88.7
Revenue, remaining performance obligation percentage 65.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation percentage 25.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years
v3.25.1
Revenue - Impact of Adjustments in Contract Estimates (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Change in Accounting Estimate [Line Items]    
Total revenue $ 12,223 $ 10,731
Operating Earnings 1,268 1,036
Contracts Accounted for under Percentage of Completion    
Change in Accounting Estimate [Line Items]    
Total revenue 78 57
Operating Earnings $ 31 $ 36
Diluted earnings per share (in dollars per share) $ 0.09 $ 0.10
v3.25.1
Revenue - Revenue by Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Revenue [Line Items]    
Total revenue $ 12,223 $ 10,731
Aerospace    
Revenue [Line Items]    
Total revenue 3,026 2,084
Aerospace | Aircraft manufacturing    
Revenue [Line Items]    
Total revenue 2,168 1,261
Aerospace | Aircraft services    
Revenue [Line Items]    
Total revenue 858 823
Marine Systems    
Revenue [Line Items]    
Total revenue 3,589 3,331
Marine Systems | Nuclear-powered submarines    
Revenue [Line Items]    
Total revenue 2,620 2,406
Marine Systems | Surface ships    
Revenue [Line Items]    
Total revenue 710 652
Marine Systems | Repair and other services    
Revenue [Line Items]    
Total revenue 259 273
Combat Systems    
Revenue [Line Items]    
Total revenue 2,176 2,102
Combat Systems | Military vehicles    
Revenue [Line Items]    
Total revenue 1,215 1,234
Combat Systems | Weapons systems, armament and munitions    
Revenue [Line Items]    
Total revenue 701 650
Combat Systems | Engineering and other services    
Revenue [Line Items]    
Total revenue 260 218
Technologies    
Revenue [Line Items]    
Total revenue 3,432 3,214
Technologies | Information technology (IT) services    
Revenue [Line Items]    
Total revenue 2,364 2,164
Technologies | C5ISR* solutions    
Revenue [Line Items]    
Total revenue [1] $ 1,068 $ 1,050
[1] Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
v3.25.1
Revenue - Revenue by Contract Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Revenue [Line Items]    
Total revenue $ 12,223 $ 10,731
Fixed-price    
Revenue [Line Items]    
Total revenue 7,770 6,619
Cost-reimbursement    
Revenue [Line Items]    
Total revenue 3,644 3,340
Time-and-materials    
Revenue [Line Items]    
Total revenue 809 772
Aerospace    
Revenue [Line Items]    
Total revenue 3,026 2,084
Aerospace | Fixed-price    
Revenue [Line Items]    
Total revenue 2,753 1,829
Aerospace | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 0 0
Aerospace | Time-and-materials    
Revenue [Line Items]    
Total revenue 273 255
Marine Systems    
Revenue [Line Items]    
Total revenue 3,589 3,331
Marine Systems | Fixed-price    
Revenue [Line Items]    
Total revenue 1,724 1,571
Marine Systems | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 1,865 1,759
Marine Systems | Time-and-materials    
Revenue [Line Items]    
Total revenue 0 1
Combat Systems    
Revenue [Line Items]    
Total revenue 2,176 2,102
Combat Systems | Fixed-price    
Revenue [Line Items]    
Total revenue 1,848 1,859
Combat Systems | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 310 230
Combat Systems | Time-and-materials    
Revenue [Line Items]    
Total revenue 18 13
Technologies    
Revenue [Line Items]    
Total revenue 3,432 3,214
Technologies | Fixed-price    
Revenue [Line Items]    
Total revenue 1,445 1,360
Technologies | Cost-reimbursement    
Revenue [Line Items]    
Total revenue 1,469 1,351
Technologies | Time-and-materials    
Revenue [Line Items]    
Total revenue $ 518 $ 503
v3.25.1
Revenue - Revenue by Customer (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Revenue [Line Items]    
Total revenue $ 12,223 $ 10,731
U.S. Government - DoD    
Revenue [Line Items]    
Total revenue 6,845 6,350
U.S. Government - Non-DoD    
Revenue [Line Items]    
Total revenue 1,250 1,186
U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 255 311
Total U.S. government    
Revenue [Line Items]    
Total revenue 8,350 7,847
U.S. commercial    
Revenue [Line Items]    
Total revenue 1,330 1,316
Non-U.S. government    
Revenue [Line Items]    
Total revenue 945 928
Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 1,598 640
Aerospace    
Revenue [Line Items]    
Total revenue 3,026 2,084
Aerospace | U.S. Government - DoD    
Revenue [Line Items]    
Total revenue 65 51
Aerospace | U.S. Government - Non-DoD    
Revenue [Line Items]    
Total revenue 0 0
Aerospace | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 5 11
Aerospace | Total U.S. government    
Revenue [Line Items]    
Total revenue 70 62
Aerospace | U.S. commercial    
Revenue [Line Items]    
Total revenue 1,224 1,218
Aerospace | Non-U.S. government    
Revenue [Line Items]    
Total revenue 171 214
Aerospace | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 1,561 590
Marine Systems    
Revenue [Line Items]    
Total revenue 3,589 3,331
Marine Systems | U.S. Government - DoD    
Revenue [Line Items]    
Total revenue 3,558 3,298
Marine Systems | U.S. Government - Non-DoD    
Revenue [Line Items]    
Total revenue 0 0
Marine Systems | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 29 31
Marine Systems | Total U.S. government    
Revenue [Line Items]    
Total revenue 3,587 3,329
Marine Systems | U.S. commercial    
Revenue [Line Items]    
Total revenue 1 1
Marine Systems | Non-U.S. government    
Revenue [Line Items]    
Total revenue 1 1
Marine Systems | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 0 0
Combat Systems    
Revenue [Line Items]    
Total revenue 2,176 2,102
Combat Systems | U.S. Government - DoD    
Revenue [Line Items]    
Total revenue 1,210 1,172
Combat Systems | U.S. Government - Non-DoD    
Revenue [Line Items]    
Total revenue 2 1
Combat Systems | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 218 258
Combat Systems | Total U.S. government    
Revenue [Line Items]    
Total revenue 1,430 1,431
Combat Systems | U.S. commercial    
Revenue [Line Items]    
Total revenue 59 53
Combat Systems | Non-U.S. government    
Revenue [Line Items]    
Total revenue 658 586
Combat Systems | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue 29 32
Technologies    
Revenue [Line Items]    
Total revenue 3,432 3,214
Technologies | U.S. Government - DoD    
Revenue [Line Items]    
Total revenue 2,012 1,829
Technologies | U.S. Government - Non-DoD    
Revenue [Line Items]    
Total revenue 1,248 1,185
Technologies | U.S. Government - Foreign Military Sales (FMS)    
Revenue [Line Items]    
Total revenue 3 11
Technologies | Total U.S. government    
Revenue [Line Items]    
Total revenue 3,263 3,025
Technologies | U.S. commercial    
Revenue [Line Items]    
Total revenue 46 44
Technologies | Non-U.S. government    
Revenue [Line Items]    
Total revenue 115 127
Technologies | Non-U.S. commercial    
Revenue [Line Items]    
Total revenue $ 8 $ 18
v3.25.1
Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Basic weighted average shares outstanding (shares) 269,038 273,496
Dilutive effect of stock options and restricted stock/RSUs (shares) [1] 2,711 3,508
Diluted weighted average shares outstanding (shares) 271,749 277,004
Stock/RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (shares) 1,667 426
[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 period and, therefore, the effect of including these options would be antidilutive. These options totaled 1,667 and 426 for the three-month periods ended March 30, 2025 and March 31, 2024, respectively.
v3.25.1
Income Taxes - Net Deferred Tax Liability (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax asset $ 17 $ 19
Deferred tax liability (530) (573)
Net deferred tax liability $ (513) $ (554)
v3.25.1
Income Taxes - Additional Information (Details)
Mar. 30, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Amount of unrecorded tax benefit that will vary significantly over the next 12 months $ 0
v3.25.1
Unbilled Receivables (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Contractors [Abstract]    
Unbilled revenue $ 43,165 $ 40,634
Advances and progress billings (34,026) (32,386)
Net unbilled receivables $ 9,139 $ 8,248
v3.25.1
Unbilled Receivables - Additional Information (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Contracts In Process [Line Items]    
Net unbilled receivables $ 9,139 $ 8,248
Combat Systems | Large International Contract    
Contracts In Process [Line Items]    
Net unbilled receivables $ 1,300 $ 1,200
v3.25.1
Inventories - Schedule of Inventory (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Work in process $ 6,235 $ 6,279
Raw materials 3,548 3,396
Finished goods 33 26
Pre-owned aircraft 0 23
Total inventories $ 9,816 $ 9,724
v3.25.1
Goodwill and Intangible Assets - Changes In Carrying Amount of Goodwill by Reporting Unit (Details)
$ in Millions
 3 Months Ended
Mar. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning of period $ 20,556 [1]
Acquisitions 14
Other 53 [2]
Goodwill, end of period 20,623 [1]
Aerospace  
Goodwill [Roll Forward]  
Goodwill, beginning of period 3,085 [1]
Acquisitions 0
Other 36 [2]
Goodwill, end of period 3,121 [1]
Marine Systems  
Goodwill [Roll Forward]  
Goodwill, beginning of period 297 [1]
Acquisitions 0
Other 0 [2]
Goodwill, end of period 297 [1]
Combat Systems  
Goodwill [Roll Forward]  
Goodwill, beginning of period 2,758 [1]
Acquisitions 1
Other 13 [2]
Goodwill, end of period 2,772 [1]
Technologies  
Goodwill [Roll Forward]  
Goodwill, beginning of period 14,416 [1]
Acquisitions 13
Other 4 [2]
Goodwill, end of period 14,433 [1]
Accumulated impairment losses $ 1,800
[1] Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
[2] Consisted primarily of adjustments for foreign currency translation.
v3.25.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Intangible Assets [Line Items]    
Gross Carrying Amount [1] $ 3,903 $ 3,910
Accumulated Amortization (2,441) (2,390)
Intangible assets, net 1,462 1,520
Contract and program intangible assets    
Intangible Assets [Line Items]    
Gross Carrying Amount [1],[2] 3,261 3,278
Accumulated Amortization [2] (2,031) (1,989)
Intangible assets, net 1,230 1,289
Trade names and trademarks    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 520 511
Accumulated Amortization (298) (289)
Intangible assets, net 222 222
Technology and software    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 62 61
Accumulated Amortization (52) (52)
Intangible assets, net 10 9
Other intangible assets    
Intangible Assets [Line Items]    
Gross Carrying Amount [1] 60 60
Accumulated Amortization (60) (60)
Intangible assets, net $ 0 $ 0
[1] Changes in gross carrying amounts consisted primarily of adjustments for acquired intangible assets and foreign currency translation.
[2] Consisted of acquired backlog and probable follow-on work and associated customer relationships.
v3.25.1
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense of intangibles $ 44 $ 45
v3.25.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt principal $ 9,678 $ 8,826
Less unamortized debt issuance costs and discounts 69 64
Total debt 9,609 8,762
Less current portion 2,349 1,502
Long-term debt $ 7,260 7,260
Commercial paper    
Debt Instrument [Line Items]    
Weighted average interest rate 4.458%  
Short-term debt $ 1,600 0
Fixed Rate Notes Due April 2025    
Debt Instrument [Line Items]    
Interest rate: 3.25%  
Long term debt $ 0 750
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]    
Other Interest rate Various  
Long term debt $ 78 $ 76
v3.25.1
Debt - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 30, 2025
Mar. 30, 2025
Mar. 31, 2024
Debt Instrument [Line Items]      
Repayment of fixed-rate notes   $ 750,000,000 $ 0
Credit facility, maximum borrowing capacity $ 5,000,000,000 5,000,000,000  
Loans Payable      
Debt Instrument [Line Items]      
Repayment of fixed-rate notes 750,000,000    
Commercial paper      
Debt Instrument [Line Items]      
Commercial paper outstanding $ 1,600,000,000 $ 1,600,000,000  
Weighted average interest rate 4.458% 4.458%  
Committed Bank Credit Facility | Line of Credit      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 1,000,000,000 $ 1,000,000,000  
Term   364 days  
Multi Year Facility Expiring March 2027 | Line of Credit      
Debt Instrument [Line Items]      
Credit facility, maximum borrowing capacity $ 4,000,000,000 $ 4,000,000,000  
v3.25.1
Other Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Salaries and wages $ 986 $ 1,325
Dividends payable 404 390
Lease liabilities 318 319
Workers’ compensation 253 244
Other 1,323 1,209
Total other current liabilities 3,284 3,487
Customer deposits on commercial contracts 2,730 2,996
Retirement benefits 1,957 2,024
Lease liabilities 1,580 1,595
Other 2,068 2,118
Total other liabilities $ 8,335 $ 8,733
v3.25.1
Commitments and Contingencies - Additional Information (Details)
$ in Billions
 3 Months Ended
Mar. 30, 2025
USD ($)
Other Commitments [Line Items]  
Letters of credit and guarantees $ 2.1
Aerospace | Maximum  
Other Commitments [Line Items]  
Period preceding delivery of aircraft to customer fair market value of trade-in aircraft is established, days, maximum 45 days
v3.25.1
Commitments and Contingencies - Product Guarantee (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Beginning balance $ 642 $ 597
Warranty expense 35 23
Payments (27) (24)
Adjustments (2) 3
Ending balance $ 648 $ 599
v3.25.1
Shareholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Equity [Abstract]    
Stock repurchased during the period (shares) 2.4 0.4
Stock repurchased during the period, value $ 600 $ 105
Remaining number of shares authorized to be repurchased (shares) 6.9  
Shares remaining to be repurchased as a percent of total shares outstanding 2.60%  
Dividends declared per share $ 1.50 $ 1.42
Dividends paid in cash $ 383 $ 361
v3.25.1
Shareholders' Equity - Changes in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance $ 22,063 $ 21,299
Ending balance 22,225 21,410
Changes in Unrealized Cash Flow Hedges    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (76) 11
Other comprehensive income (loss), pretax 46 (42)
(Provision) benefit for income tax, net (13) 12
Other comprehensive income (loss), net of tax 33 (30)
Ending balance (43) (19)
Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance 235 673
Other comprehensive income (loss), pretax 102 (298)
(Provision) benefit for income tax, net 0 0
Other comprehensive income (loss), net of tax 102 (298)
Ending balance 337 375
Changes in Retirement Plans’ Funded Status    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (1,677) (1,843)
Other comprehensive income (loss), pretax 18 40
(Provision) benefit for income tax, net (4) (9)
Other comprehensive income (loss), net of tax 14 31
Ending balance (1,663) (1,812)
AOCL    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Beginning balance (1,518) (1,159)
Other comprehensive income (loss), pretax 166 (300)
(Provision) benefit for income tax, net (17) 3
Other comprehensive income (loss), net of tax 149 (297)
Ending balance $ (1,369) $ (1,456)
v3.25.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 4
v3.25.1
Segment Information - Summary of Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]      
Total revenue $ 12,223 $ 10,731  
Other Segment Item (10,922) (9,667)  
Operating Earnings 1,268 1,036  
Capital Expenditures 142 159  
Depreciation and Amortization 223 211  
Assets 56,580 55,880 $ 55,880
Aerospace      
Segment Reporting Information [Line Items]      
Total revenue 3,026 2,084  
Marine Systems      
Segment Reporting Information [Line Items]      
Total revenue 3,589 3,331  
Combat Systems      
Segment Reporting Information [Line Items]      
Total revenue 2,176 2,102  
Technologies      
Segment Reporting Information [Line Items]      
Total revenue 3,432 3,214  
Operating Segments | Aerospace      
Segment Reporting Information [Line Items]      
Total revenue 3,026 2,084  
Other Segment Item (2,594) (1,829)  
Operating Earnings 432 255  
Capital Expenditures 25 55  
Depreciation and Amortization 58 49  
Assets 16,410 16,192  
Operating Segments | Marine Systems      
Segment Reporting Information [Line Items]      
Total revenue 3,589 3,331  
Other Segment Item (3,339) (3,099)  
Operating Earnings 250 232  
Capital Expenditures 87 74  
Depreciation and Amortization 66 57  
Assets 7,059 7,019  
Operating Segments | Combat Systems      
Segment Reporting Information [Line Items]      
Total revenue 2,176 2,102  
Other Segment Item (1,885) (1,820)  
Operating Earnings 291 282  
Capital Expenditures 16 10  
Depreciation and Amortization 28 27  
Assets 11,091 10,275  
Operating Segments | Technologies      
Segment Reporting Information [Line Items]      
Total revenue 3,432 3,214  
Other Segment Item (3,104) (2,919)  
Operating Earnings 328 295  
Capital Expenditures 14 19  
Depreciation and Amortization 68 75  
Assets 19,595 19,286  
Corporate      
Segment Reporting Information [Line Items]      
Total revenue [1] 0 0  
Other Segment Item 0 0  
Operating Earnings [1] (33) (28)  
Capital Expenditures 0 1  
Depreciation and Amortization 3 3  
Assets $ 2,425 $ 3,108  
[1]
(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 G&A expenses.
(c)Corporate operating costs consisted primarily of equity-based compensation expense.
v3.25.1
Fair Value (Details) - USD ($)
$ in Millions
Mar. 30, 2025
Dec. 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Marketable securities held in trust:    
Cash and equivalents $ 0 $ 27
Available-for-sale debt securities 0 0
Other investments 27 28
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Short- and long-term debt principal 0 0
Significant Other Observable Inputs (Level 2)    
Marketable securities held in trust:    
Cash and equivalents 3 9
Available-for-sale debt securities 153 128
Other investments 0 0
Cash flow hedge assets 42 52
Cash flow hedge liabilities (94) (140)
Short- and long-term debt principal (9,031) (8,103)
Significant Unobservable Inputs (Level 3)    
Marketable securities held in trust:    
Cash and equivalents 0 0
Available-for-sale debt securities 0 0
Other investments 20 12
Cash flow hedge assets 0 0
Cash flow hedge liabilities 0 0
Short- and long-term debt principal 0 0
Carrying Value    
Marketable securities held in trust:    
Cash and equivalents 3 36
Available-for-sale debt securities 153 128
Commingled equity funds 47 48
Commingled fixed-income funds 6 6
Other investments 47 40
Cash flow hedge assets 42 52
Cash flow hedge liabilities (94) (140)
Short- and long-term debt principal (9,678) (8,826)
Fair Value    
Marketable securities held in trust:    
Cash and equivalents 3 36
Available-for-sale debt securities 153 128
Commingled equity funds 47 48
Commingled fixed-income funds 6 6
Other investments 47 40
Cash flow hedge assets 42 52
Cash flow hedge liabilities (94) (140)
Short- and long-term debt principal (9,031) (8,103)
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Marketable securities held in trust:    
Commingled equity funds 47 48
Commingled fixed-income funds 6 6
Fair Value | Significant Other Observable Inputs (Level 2)    
Marketable securities held in trust:    
Commingled equity funds 0 0
Commingled fixed-income funds 0 0
Fair Value | Significant Unobservable Inputs (Level 3)    
Marketable securities held in trust:    
Commingled equity funds 0 0
Commingled fixed-income funds $ 0 $ 0
v3.25.1
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Average maturity of foreign currency forward contracts, in years 2 years  
Cash and equivalents $ 1,242 $ 1,697
Marketable securities held in trust 209 218
Notional forward foreign exchange contracts outstanding $ 5,900 $ 6,200
Maximum    
Derivative Instruments, Gain (Loss) [Line Items]    
Maturity of fixed-income securities, in years 5 years  
v3.25.1
Retirement Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2025
Mar. 31, 2024
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 18 $ 19
Interest cost 149 157
Expected return on plan assets (184) (206)
Net actuarial loss (gain) 27 49
Prior service (credit) cost (1) (2)
Net periodic benefit cost (credit) 9 17
Other Post-retirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 1 1
Interest cost 7 7
Expected return on plan assets (9) (8)
Net actuarial loss (gain) (8) (8)
Prior service (credit) cost 0 1
Net periodic benefit cost (credit) $ (9) $ (7)