General dynamics corporation (GD)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jul'18Apr'18Dec'17Oct'17Jul'17Apr'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Cash flows from operating activities - continuing operations:
Net earnings

706,000

1,020,000

913,000

806,000

745,000

909,000

851,000

786,000

799,000

636,000

764,000

749,000

763,000

570,000

647,000

714,000

641,000

835,000

733,000

752,000

716,000

701,000

696,000

541,000

595,000

495,000

651,000

640,000

571,000

-2,130,000

600,000

634,000

564,000

603,000

652,000

653,000

618,000

729,000

650,000

648,000

597,000

614,000

572,000

618,000

590,000

Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment

122,000

114,000

120,000

118,000

114,000

121,000

109,000

117,000

89,000

93,000

87,000

90,000

92,000

95,000

89,000

92,000

89,000

93,000

88,000

90,000

94,000

90,000

94,000

96,000

95,000

102,000

94,000

91,000

95,000

90,000

97,000

92,000

97,000

95,000

87,000

87,000

85,000

88,000

86,000

85,000

86,000

87,000

86,000

86,000

85,000

Amortization of intangible and finance lease right-of-use assets

90,000

90,000

90,000

92,000

91,000

100,000

106,000

101,000

20,000

22,000

19,000

19,000

19,000

18,000

20,000

23,000

27,000

28,000

29,000

29,000

30,000

30,000

30,000

31,000

30,000

31,000

33,000

32,000

47,000

42,000

57,000

58,000

57,000

62,000

60,000

58,000

58,000

57,000

55,000

55,000

57,000

57,000

53,000

54,000

54,000

Equity-based compensation expense

30,000

30,000

31,000

32,000

40,000

30,000

39,000

42,000

29,000

30,000

41,000

29,000

23,000

19,000

25,000

24,000

27,000

14,000

13,000

31,000

40,000

34,000

30,000

37,000

27,000

30,000

29,000

30,000

31,000

10,000

35,000

34,000

35,000

32,000

32,000

32,000

32,000

30,000

30,000

29,000

29,000

30,000

29,000

30,000

28,000

Excess tax benefit from equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,000

-

12,000

22,000

32,000

4,000

3,000

4,000

12,000

5,000

2,000

1,000

21,000

2,000

1,000

6,000

15,000

-1,000

0

2,000

17,000

-

-

0

1,000

Deferred income tax benefit

-28,000

164,000

-55,000

-7,000

-10,000

63,000

-60,000

-10,000

4,000

246,000

62,000

48,000

45,000

36,000

138,000

28,000

-18,000

125,000

67,000

29,000

-8,000

42,000

30,000

28,000

36,000

64,000

4,000

36,000

11,000

-197,000

50,000

0

3,000

-49,000

29,000

15,000

19,000

-9,000

35,000

20,000

10,000

38,000

103,000

46,000

40,000

Discontinued operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-10,000

-84,000

0

-13,000

0

0

0

0

-36,000

2,000

-105,000

-1,000

-

-

-

-

-

-

-

-

-

-

-

-

0

1,000

-3,000

-2,000

-4,000

-3,000

-3,000

-3,000

(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable

33,000

77,000

-189,000

-15,000

-49,000

55,000

-128,000

-494,000

150,000

221,000

-317,000

207,000

84,000

143,000

-59,000

-172,000

210,000

-378,000

201,000

-67,000

-388,000

-141,000

-293,000

223,000

-119,000

42,000

79,000

45,000

57,000

-86,000

-249,000

-123,000

233,000

254,000

-242,000

-4,000

389,000

-26,000

329,000

-202,000

51,000

-173,000

175,000

-143,000

292,000

Unbilled receivables

78,000

-300,000

529,000

201,000

873,000

-825,000

595,000

422,000

608,000

-374,000

546,000

477,000

338,000

141,000

384,000

247,000

276,000

330,000

-61,000

-178,000

-152,000

99,000

-510,000

36,000

94,000

-296,000

-6,000

27,000

98,000

-58,000

103,000

-32,000

-162,000

-190,000

120,000

118,000

14,000

-144,000

892,000

-173,000

-241,000

32,000

3,000

141,000

-64,000

Inventories

546,000

-270,000

90,000

346,000

210,000

-263,000

312,000

306,000

236,000

239,000

-71,000

16,000

-2,000

171,000

122,000

-137,000

221,000

-170,000

-120,000

-34,000

183,000

44,000

-19,000

257,000

21,000

-12,000

51,000

66,000

95,000

150,000

24,000

202,000

114,000

-160,000

122,000

70,000

154,000

172,000

12,000

-18,000

-143,000

16,000

-59,000

51,000

64,000

Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable

-375,000

170,000

137,000

-134,000

-167,000

127,000

0

34,000

-358,000

490,000

85,000

154,000

-72,000

262,000

148,000

-22,000

179,000

-423,000

112,000

12,000

210,000

-335,000

-96,000

299,000

-29,000

-203,000

9,000

-44,000

34,000

-45,000

-26,000

45,000

-387,000

188,000

-68,000

123,000

-226,000

165,000

175,000

140,000

-114,000

54,000

-128,000

-169,000

151,000

Customer advances and deposits

-373,000

460,000

42,000

16,000

-623,000

-76,000

271,000

-10,000

-149,000

560,000

-267,000

66,000

-95,000

249,000

-99,000

-437,000

-18,000

-645,000

-256,000

-381,000

-871,000

-540,000

1,206,000

190,000

-165,000

314,000

70,000

40,000

-94,000

473,000

31,000

21,000

205,000

636,000

-290,000

85,000

198,000

361,000

302,000

-403,000

-230,000

383,000

192,000

82,000

-512,000

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

202,000

-

-

-

253,000

-

-

-

251,000

-

-

-

150,000

-

30,000

-167,000

217,000

-

-

-121,000

188,000

-

-

-

215,000

-

-

-

234,000

-

-

-

192,000

Other current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-76,000

-

-

-

-52,000

-

-

-

-38,000

-

-

-

-173,000

65,000

-34,000

27,000

-176,000

128,000

9,000

155,000

-269,000

-

-

-

-120,000

-

-

-

-374,000

-88,000

-55,000

-32,000

-131,000

Other, net

181,000

155,000

-243,000

100,000

-49,000

550,000

-240,000

39,000

-64,000

-19,000

-16,000

-148,000

-52,000

342,000

92,000

-110,000

-46,000

-12,000

-71,000

-30,000

6,000

-47,000

204,000

-60,000

117,000

-349,000

294,000

-41,000

-30,000

-93,000

202,000

81,000

-127,000

93,000

120,000

30,000

-21,000

-40,000

215,000

-285,000

79,000

-199,000

143,000

-132,000

53,000

Net cash used by operating activities

-666,000

-

-

-

-795,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

688,000

745,000

-

2,504,000

872,000

422,000

1,558,000

466,000

583,000

504,000

699,000

704,000

789,000

414,000

2,022,000

137,000

751,000

328,000

1,419,000

880,000

477,000

210,000

1,498,000

594,000

609,000

154,000

Net cash (used) provided by operating activities

-

-

-

-

-

-

-

787,000

-496,000

-

872,000

477,000

533,000

791,000

499,000

393,000

480,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows from investing activities:
Capital expenditures

185,000

381,000

244,000

181,000

181,000

243,000

168,000

175,000

104,000

155,000

120,000

91,000

62,000

148,000

110,000

69,000

65,000

209,000

170,000

92,000

98,000

184,000

175,000

75,000

87,000

169,000

102,000

90,000

75,000

150,000

110,000

111,000

65,000

185,000

121,000

91,000

61,000

151,000

96,000

63,000

60,000

134,000

81,000

89,000

81,000

Business acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

261,000

75,000

90,000

-

-

-

-

-

-

-

-

6,000

640,000

-3,000

168,000

Maturities of held-to-maturity securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

500,000

0

0

0

0

-

-

-

-

-

-

-

-126,000

119,000

101,000

105,000

116,000

6,000

335,000

262,000

2,000

-

-

-

-

Purchases of held-to-maturity securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

126,000

31,000

150,000

200,000

78,000

16,000

148,000

57,000

247,000

-

-

-

-

Purchases of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,000

-

-

165,000

-65,000

23,000

93,000

83,000

174,000

27,000

29,000

139,000

31,000

-

-

-

-

Sales of available-for-sale securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-8,000

23,000

-5,000

-22,000

6,000

176,000

-95,000

-75,000

1,000

63,000

-5,000

-70,000

23,000

-32,000

-69,000

-2,000

53,000

5,000

-6,000

112,000

-94,000

187,000

10,000

-4,000

-10,000

64,000

-51,000

-2,000

-2,000

34,000

-109,000

82,000

-17,000

95,000

27,000

-156,000

-59,000

43,000

1,000

-70,000

-54,000

-24,000

65,000

-191,000

36,000

Net cash used by investing activities

-177,000

-390,000

-241,000

-176,000

-187,000

83,000

-73,000

-10,139,000

-105,000

-203,000

-390,000

-110,000

-85,000

-109,000

-97,000

-67,000

-118,000

-218,000

-133,000

55,000

496,000

-276,000

-681,000

-68,000

-77,000

-151,000

-51,000

-85,000

-76,000

26,000

-162,000

-242,000

-264,000

-517,000

-1,206,000

-113,000

-138,000

-147,000

185,000

-164,000

-282,000

-471,000

-634,000

-2,000

-285,000

Cash flows from financing activities:
Proceeds from fixed-rate notes

3,960,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from commercial paper, net

2,271,000

-1,797,000

-447,000

384,000

1,010,000

-818,000

-1,118,000

292,000

2,494,000

2,000

-1,000

-1,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of common stock

449,000

0

0

98,000

133,000

1,236,000

97,000

169,000

267,000

386,000

271,000

547,000

354,000

482,000

325,000

163,000

1,026,000

504,000

1,164,000

945,000

620,000

265,000

426,000

1,261,000

1,430,000

44,000

211,000

485,000

0

0

10,000

516,000

76,000

19,000

328,000

807,000

314,000

459,000

215,000

311,000

200,000

100,000

0

0

109,000

Payments of Dividends

295,000

294,000

295,000

295,000

268,000

274,000

275,000

276,000

250,000

251,000

252,000

253,000

230,000

233,000

231,000

232,000

215,000

218,000

223,000

226,000

206,000

204,000

207,000

213,000

198,000

197,000

196,000

198,000

0

360,000

180,000

184,000

169,000

169,000

171,000

176,000

157,000

160,000

161,000

163,000

147,000

147,000

147,000

147,000

136,000

Proceeds from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28,000

42,000

111,000

87,000

72,000

60,000

166,000

249,000

99,000

272,000

200,000

12,000

25,000

10,000

33,000

78,000

12,000

11,000

37,000

138,000

118,000

2,000

-11,000

168,000

74,000

38,000

3,000

27,000

Repayment of fixed-rate notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

500,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of commercial paper

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,808,000

51,000

714,000

139,000

Other, net

-202,000

29,000

177,000

-58,000

88,000

137,000

-71,000

28,000

-25,000

17,000

-66,000

131,000

-22,000

-218,000

76,000

89,000

7,000

0

-4,000

-55,000

30,000

-84,000

12,000

22,000

32,000

-

-

-

-

-17,000

-26,000

27,000

1,000

1,000

-4,000

-17,000

15,000

-3,000

0

0

16,000

3,000

-2,000

-5,000

-1,000

Net cash provided by financing activities

5,285,000

-2,062,000

-565,000

-67,000

697,000

-2,191,000

-1,561,000

6,886,000

1,952,000

-1,518,000

395,000

-670,000

-606,000

-641,000

12,000

-306,000

-1,234,000

-694,000

-1,349,000

-1,115,000

-1,209,000

-481,000

-561,000

-1,286,000

-1,347,000

-165,000

-105,000

-479,000

24,000

-370,000

-206,000

-640,000

-166,000

-375,000

455,000

-963,000

-318,000

-504,000

-1,074,000

-485,000

-163,000

-170,000

-162,000

-116,000

-358,000

Excess tax benefit from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,000

12,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used by discontinued operations

-14,000

-14,000

-13,000

-19,000

-5,000

-6,000

-8,000

-4,000

-2,000

-12,000

-11,000

-9,000

-8,000

-10,000

-10,000

-28,000

-6,000

-12,000

-15,000

-8,000

-8,000

10,000

2,000

27,000

-3,000

-6,000

-2,000

-7,000

-3,000

67,000

-2,000

1,000

-1,000

-21,000

-3,000

-2,000

-1,000

2,000

-1,000

0

-3,000

-3,000

-3,000

-3,000

-6,000

Net increase (decrease) in cash and equivalents

4,428,000

-72,000

272,000

29,000

-290,000

-47,000

-852,000

-2,470,000

1,349,000

261,000

866,000

-312,000

-166,000

31,000

404,000

-8,000

-878,000

-587,000

-660,000

-380,000

24,000

-717,000

1,264,000

-455,000

-1,005,000

1,236,000

308,000

12,000

449,000

422,000

334,000

-92,000

-17,000

1,109,000

-617,000

-327,000

-129,000

770,000

-10,000

-172,000

-238,000

854,000

-205,000

488,000

-495,000

Supplemental cash flow information:
Income tax payments, net

-43,000

-

90,000

434,000

-37,000

-

150,000

151,000

4,000

-

70,000

324,000

4,000

-

217,000

439,000

21,000

-

246,000

477,000

53,000

-

292,000

214,000

67,000

-

245,000

442,000

26,000

-

299,000

424,000

82,000

-

270,000

479,000

55,000

-

227,000

488,000

35,000

-

144,000

429,000

41,000

Interest payments

66,000

-

55,000

168,000

48,000

-

49,000

74,000

21,000

-

20,000

26,000

20,000

-

16,000

26,000

16,000

-

17,000

26,000

19,000

-

21,000

25,000

19,000

-

20,000

27,000

19,000

-

57,000

21,000

57,000

-

46,000

22,000

44,000

-

62,000

21,000

62,000

-

63,000

22,000

29,000