General Dynamics (GD) 10-Q 28 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jul. 04, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 4, 2021
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	279,541,414
Entity Central Index Key	0000040533
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue:
Revenue	$ 9,220	$ 9,264	$ 18,609	$ 18,013
Operating costs and expenses:
General and administrative (G&A)	(556)	(574)	(1,115)	(1,099)
Operating costs and expenses, total	(8,261)	(8,430)	(16,712)	(16,245)
Operating earnings	959	834	1,897	1,768
Other, net	31	25	61	46
Interest, net	(109)	(132)	(232)	(239)
Earnings before income tax	881	727	1,726	1,575
Provision for income tax, net	(144)	(102)	(281)	(244)
Net earnings	$ 737	$ 625	$ 1,445	$ 1,331
Earnings per share
Basic (in dollars per share)	$ 2.63	$ 2.18	$ 5.12	$ 4.63
Diluted (in dollars per share)	$ 2.61	$ 2.18	$ 5.10	$ 4.61
Products
Revenue:
Revenue	$ 5,160	$ 5,505	$ 10,515	$ 10,395
Operating costs and expenses:
Cost of sales	(4,259)	(4,607)	(8,697)	(8,593)
Services
Revenue:
Revenue	4,060	3,759	8,094	7,618
Operating costs and expenses:
Cost of sales	$ (3,446)	$ (3,249)	$ (6,900)	$ (6,553)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 737	$ 625	$ 1,445	$ 1,331
Gains (losses) on cash flow hedges	5	170	(86)	71
Foreign currency translation adjustments	68	159	30	(79)
Change in retirement plans’ funded status	71	84	172	171
Other comprehensive income, pretax	144	413	116	163
Provision for income tax, net	(13)	(62)	(13)	(56)
Other comprehensive income, net of tax	131	351	103	107
Comprehensive income	$ 868	$ 976	$ 1,548	$ 1,438

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Current assets:
Cash and equivalents		$ 2,950	$ 2,824
Accounts receivable		3,255	3,161
Unbilled receivables		7,923	8,024
Inventories		5,803	5,745
Other current assets		1,649	1,789
Total current assets		21,580	21,543
Noncurrent assets:
Property, plant and equipment, net		5,135	5,100
Intangible assets, net		2,003	2,117
Goodwill	[1]	20,021	20,053
Other assets		2,444	2,495
Total noncurrent assets		29,603	29,765
Total assets		51,183	51,308
Current liabilities:
Short-term debt and current portion of long-term debt		2,821	3,003
Accounts payable		2,595	2,952
Customer advances and deposits		5,956	6,276
Other current liabilities		3,609	3,733
Total current liabilities		14,981	15,964
Noncurrent liabilities:
Long-term debt		11,485	9,995
Other liabilities		9,396	9,688
Commitments and contingencies
Total noncurrent liabilities		20,881	19,683
Shareholders’ equity:
Common stock		482	482
Surplus		3,194	3,124
Retained earnings		34,273	33,498
Treasury stock		(19,181)	(17,893)
Accumulated other comprehensive loss		(3,447)	(3,550)
Total shareholders’ equity		15,321	15,661
Total liabilities and shareholders’ equity		$ 51,183	$ 51,308
[1]	Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Cash flows from operating activities - continuing operations:
Net earnings	$ 1,445	$ 1,331
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	280	254
Amortization of intangible and finance lease right-of-use assets	159	177
Equity-based compensation expense	72	61
Deferred income tax benefit	(37)	(83)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(94)	(1)
Unbilled receivables	134	160
Inventories	(58)	(433)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(364)	(782)
Customer advances and deposits	(226)	(863)
Other, net	(193)	356
Net cash provided by operating activities	1,118	177
Cash flows from investing activities:
Capital expenditures	(306)	(406)
Other, net	(2)	184
Net cash used by investing activities	(308)	(222)
Cash flows from financing activities:
Repayment of notes	(2,000)	(2,000)
Proceeds from commercial paper, gross (maturities greater than 3 months)	1,997	420
Proceeds from fixed-rate notes	1,497	3,960
Purchases of common stock	(1,352)	(501)
Dividends paid	(651)	(610)
Proceeds from commercial paper, net	0	816
Other, net	338	(118)
Net cash (used) provided by financing activities	(671)	1,467
Net cash used by discontinued operations	(13)	(24)
Net increase in cash and equivalents	126	1,398
Cash and equivalents at beginning of period	2,824	902
Cash and equivalents at end of period	2,950	2,300
Supplemental cash flow information:
Income tax payments, net	(245)	(56)
Interest payments	(228)	(221)
LIBOR
Cash flows from financing activities:
Repayment of notes	$ (500)	$ (500)

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect Adjustment	[1]	Common Stock, Par	Common Stock, Surplus	Retained Earnings	Retained EarningsCumulative Effect Adjustment	[1]	Treasury Stock	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 13,978	$ (37)		$ 482	$ 3,039	$ 31,633	$ (37)		$ (17,358)	$ (3,818)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,331					1,331
Cash dividends declared	(633)					(633)
Equity-based awards	61				11				50
Shares purchased	(501)								(501)
Other comprehensive income (loss)	107									107
Ending balance at Jun. 28, 2020	14,306			482	3,050	32,294			(17,809)	(3,711)
Beginning balance at Mar. 29, 2020	13,609			482	3,015	31,983			(17,809)	(4,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	625					625
Cash dividends declared	(314)					(314)
Equity-based awards	35				35				0
Other comprehensive income (loss)	351									351
Ending balance at Jun. 28, 2020	14,306			482	3,050	32,294			(17,809)	(3,711)
Beginning balance at Dec. 31, 2020	15,661			482	3,124	33,498			(17,893)	(3,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,445					1,445
Cash dividends declared	(670)					(670)
Equity-based awards	141				70				71
Shares purchased	(1,359)								(1,359)
Other comprehensive income (loss)	103									103
Ending balance at Jul. 04, 2021	15,321			482	3,194	34,273			(19,181)	(3,447)
Beginning balance at Apr. 04, 2021	15,340			482	3,152	33,869			(18,585)	(3,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	737					737
Cash dividends declared	(333)					(333)
Equity-based awards	61				42				19
Shares purchased	(615)								(615)
Other comprehensive income (loss)	131									131
Ending balance at Jul. 04, 2021	$ 15,321			$ 482	$ 3,194	$ 34,273			$ (19,181)	$ (3,447)
[1]	Reflects the cumulative effect of Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization. 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. 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 inter-company balances and transactions in the unaudited Consolidated Financial Statements. Some prior-year amounts have been reclassified among financial statement accounts or disclosures to conform to the current-year presentation. 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. Further discussion of our significant accounting policies is contained in the other notes to these financial statements. 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- and six-month periods ended July 4, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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- and six-month periods ended July 4, 2021, and June 28, 2020. 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, 2020. 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: July 4, 2021 December 31, 2020 PP&E $ 10,948 $ 10,714 Accumulated depreciation (5,813) (5,614) PP&E, net $ 5,135 $ 5,100 Accounting Standards Updates. There are accounting standards that have been issued by the Financial Accounting Standards Board but are not yet effective. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 04, 2021
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: Aerospace Marine Systems Combat Systems Technologies Total December 31, 2020 (a) $ 3,065 $ 297 $ 2,786 $ 13,905 $ 20,053 Acquisitions (b) 27 — — — 27 Other (c) (72) — 6 7 (59) July 4, 2021 (a) $ 3,020 $ 297 $ 2,792 $ 13,912 $ 20,021 (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 Amortization Net Carrying Amount Gross Carrying Amount (a) Accumulated Amortization Net Carrying Amount July 4, 2021 December 31, 2020 Contract and program intangible assets (b) $ 3,406 $ (1,699) $ 1,707 $ 3,399 $ (1,600) $ 1,799 Trade names and trademarks 498 (229) 269 516 (229) 287 Technology and software 131 (107) 24 134 (106) 28 Other intangible assets 86 (83) 3 161 (158) 3 Total intangible assets $ 4,121 $ (2,118) $ 2,003 $ 4,210 $ (2,093) $ 2,117 (a) Changes in gross carrying amounts consisted primarily of adjustments for write-offs of fully amortized intangible assets, acquired intangible assets and foreign currency translation. (b) Consisted of acquired backlog and probable follow-on work and associated customer relationships.

Revenue

Revenue	6 Months Ended
	Jul. 04, 2021
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. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract 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 81% and 80% of our revenue for the three- and six-month periods ended July 4, 2021, and 76% and 78% of our revenue for the three- and six-month periods ended June 28, 2020, 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 cost represents 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 19% and 20% of our revenue for the three- and six-month periods ended July 4, 2021 , and 24% and 22% of our revenue for the three- and six-month periods ended June 28, 2020, 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 July 4, 2021, we had $89.2 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 45% of our remaining performance obligations as revenue by year-end 2022, an additional 30% by year-end 2024 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. For long-term contracts, 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 and award and incentive fees. We include in our contract estimates additional revenue for submitted 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 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 judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. 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 on our revenue, operating earnings and diluted earnings per share were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Revenue $ 75 $ 54 $ 160 $ 144 Operating earnings 76 (5) 139 85 Diluted earnings per share $ 0.21 $ (0.01) $ 0.39 $ 0.23 No adjustment on any one contract was material to the unaudited Consolidated Financial Statements for the three- and six-month periods ended July 4, 2021, or June 28, 2020. The 2020 results reflect an approximate $40 loss in our Technologies segment on a contract with a non-U.S. customer from schedule delays caused by COVID-related travel restrictions. Revenue by Category. Our portfolio of products and services consists of approximately 10,000 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 Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Aircraft manufacturing $ 1,072 $ 1,532 $ 2,444 $ 2,697 Aircraft services and completions 550 442 1,065 968 Total Aerospace 1,622 1,974 3,509 3,665 Nuclear-powered submarines 1,679 1,708 3,398 3,268 Surface ships 585 510 1,113 972 Repair and other services 272 253 508 477 Total Marine Systems 2,536 2,471 5,019 4,717 Military vehicles 1,231 1,103 2,434 2,249 Weapons systems, armament and munitions 511 515 971 948 Engineering and other services 157 136 314 265 Total Combat Systems 1,899 1,754 3,719 3,462 Information technology (IT) services 2,071 1,884 4,156 3,872 C4ISR* solutions 1,092 1,181 2,206 2,297 Total Technologies 3,163 3,065 6,362 6,169 Total revenue $ 9,220 $ 9,264 $ 18,609 $ 18,013 * Command, control, communications, computers, intelligence, surveillance and reconnaissance Revenue by contract type was as follows: Three Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 1,440 $ 1,810 $ 1,668 $ 1,304 $ 6,222 Cost-reimbursement — 726 216 1,363 2,305 Time-and-materials 182 — 15 496 693 Total revenue $ 1,622 $ 2,536 $ 1,899 $ 3,163 $ 9,220 Three Months Ended June 28, 2020 Fixed-price $ 1,849 $ 1,716 $ 1,507 $ 1,404 $ 6,476 Cost-reimbursement — 750 230 1,271 2,251 Time-and-materials 125 5 17 390 537 Total revenue $ 1,974 $ 2,471 $ 1,754 $ 3,065 $ 9,264 Six Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 3,149 $ 3,594 $ 3,237 $ 2,644 $ 12,624 Cost-reimbursement — 1,425 451 2,726 4,602 Time-and-materials 360 — 31 992 1,383 Total revenue $ 3,509 $ 5,019 $ 3,719 $ 6,362 $ 18,609 Six Months Ended June 28, 2020 Fixed-price $ 3,327 $ 3,285 $ 2,972 $ 2,793 $ 12,377 Cost-reimbursement — 1,425 459 2,618 4,502 Time-and-materials 338 7 31 758 1,134 Total revenue $ 3,665 $ 4,717 $ 3,462 $ 6,169 $ 18,013 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. These fees are 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 can provide little or no fee for managing material costs, the content mix can impact profitability. Revenue by customer was as follows: Three Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: Department of Defense (DoD) $ 72 $ 2,492 $ 954 $ 1,758 $ 5,276 Non-DoD — — 3 1,295 1,298 Foreign Military Sales (FMS) 18 41 62 6 127 Total U.S. government 90 2,533 1,019 3,059 6,701 U.S. commercial 982 1 42 36 1,061 Non-U.S. government 50 — 822 64 936 Non-U.S. commercial 500 2 16 4 522 Total revenue $ 1,622 $ 2,536 $ 1,899 $ 3,163 $ 9,220 Three Months Ended June 28, 2020 U.S. government: DoD $ 52 $ 2,390 $ 930 $ 1,695 $ 5,067 Non-DoD — 1 3 1,147 1,151 FMS 52 51 99 13 215 Total U.S. government 104 2,442 1,032 2,855 6,433 U.S. commercial 1,032 27 86 66 1,211 Non-U.S. government 53 2 618 112 785 Non-U.S. commercial 785 — 18 32 835 Total revenue $ 1,974 $ 2,471 $ 1,754 $ 3,065 $ 9,264 Six Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: DoD $ 130 $ 4,912 $ 1,870 $ 3,505 $ 10,417 Non-DoD — 4 5 2,541 2,550 FMS 37 97 149 20 303 Total U.S. government 167 5,013 2,024 6,066 13,270 U.S. commercial 1,839 2 108 93 2,042 Non-U.S. government 240 2 1,554 193 1,989 Non-U.S. commercial 1,263 2 33 10 1,308 Total revenue $ 3,509 $ 5,019 $ 3,719 $ 6,362 $ 18,609 Six Months Ended June 28, 2020 U.S. government: DoD $ 213 $ 4,549 $ 1,818 $ 3,332 $ 9,912 Non-DoD — 2 6 2,331 2,339 FMS 70 100 188 26 384 Total U.S. government 283 4,651 2,012 5,689 12,635 U.S. commercial 1,812 60 141 147 2,160 Non-U.S. government 74 5 1,281 264 1,624 Non-U.S. commercial 1,496 1 28 69 1,594 Total revenue $ 3,665 $ 4,717 $ 3,462 $ 6,169 $ 18,013 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 six-month period ended July 4, 2021, were not materially impacted by any other factors. Revenue recognized for the three- and six-month periods ended July 4, 2021, and June 28, 2020, that was included in the contract liability balance at the beginning of each year was $860 and $2.4 billion, and $1.2 billion and $2.4 billion, respectively. This revenue represented primarily the sale of business jet aircraft.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 04, 2021
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. Basic weighted average shares outstanding have decreased in 2021 and 2020 due to share repurchases. 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 Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Basic weighted average shares outstanding 280,742 286,388 282,422 287,479 Dilutive effect of stock options and restricted stock/RSUs* 1,471 545 1,170 1,036 Diluted weighted average shares outstanding 282,213 286,933 283,592 288,515 * Excludes outstanding options to purchase shares of common stock 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 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, and 7,723 and 6,811 for the three- and six-month periods ended June 28, 2020, respectively.

Fair Value

Fair Value	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021, or December 31, 2020. 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 unaudited Consolidated Balance Sheet approximate their fair value. The following tables present the fair values of our other financial assets and liabilities on July 4, 2021, and December 31, 2020, and the basis for determining their fair values: Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets (Liabilities) July 4, 2021 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 3 $ 3 $ — $ 3 $ — Available-for-sale debt securities 140 140 — 140 — Equity securities 60 60 60 — — Other investments 9 9 — — 9 Cash flow hedges 368 368 — 368 — Measured at amortized cost: Short- and long-term debt principal (14,428) (15,569) — (15,569) — December 31, 2020 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 19 $ 19 $ 17 $ 2 $ — Available-for-sale debt securities 134 134 — 134 — Equity securities 58 58 58 — — Other investments 9 9 — — 9 Cash flow hedges 419 419 — 419 — Measured at amortized cost: Short- and long-term debt principal (13,117) (14,606) — (14,606) — Our Level 1 assets include investments in publicly traded equity securities valued using quoted prices from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedge assets 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.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 04, 2021
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: July 4, 2021 December 31, 2020 Deferred tax asset $ 35 $ 37 Deferred tax liability (439) (461) Net deferred tax liability $ (404) $ (424) Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time audit of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2019. 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 current tax law, we believe the total amount of any unrecognized tax benefits on July 4, 2021, 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.

Unbilled Receivables

Unbilled Receivables	6 Months Ended
	Jul. 04, 2021
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: July 4, 2021 December 31, 2020 Unbilled revenue $ 37,015 $ 36,657 Advances and progress billings (29,092) (28,633) Net unbilled receivables $ 7,923 $ 8,024 On July 4, 2021, and December 31, 2020, net unbilled receivables included $1.8 billion and $2.8 billion, respectively, associated with a large international wheeled armored vehicle contract in our Combat Systems segment. We had experienced delays in payment under the contract in 2018 and 2019, which resulted in the large unbilled receivables balances. In March 2020, we finalized a contract amendment with the customer that included a revised payment schedule. Under the amended contract, we received progress payments of $1 billion in 2020 and $1.5 billion in the first six months of 2021. Further progress payments will liquidate the net unbilled receivables balance over the next few years.

Inventories

Inventories	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIESThe 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. Raw materials are valued primarily on 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: July 4, 2021 December 31, 2020 Work in process $ 3,986 $ 3,990 Raw materials 1,587 1,712 Finished goods 28 30 Pre-owned aircraft 202 13 Total inventories $ 5,803 $ 5,745

Debt

Debt	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Debt	DEBT Debt consisted of the following: July 4, 2021 December 31, 2020 Fixed-rate notes due: Interest rate: May 2021 3.000% $ — $ 2,000 July 2021 3.875% 500 500 November 2022 2.250% 1,000 1,000 May 2023 3.375% 750 750 August 2023 1.875% 500 500 November 2024 2.375% 500 500 April 2025 3.250% 750 750 May 2025 3.500% 750 750 June 2026 1.150% 500 — August 2026 2.125% 500 500 April 2027 3.500% 750 750 November 2027 2.625% 500 500 May 2028 3.750% 1,000 1,000 April 2030 3.625% 1,000 1,000 June 2031 2.250% 500 — April 2040 4.250% 750 750 June 2041 2.850% 500 — November 2042 3.600% 500 500 April 2050 4.250% 750 750 Floating-rate notes due: May 2021 3-month LIBOR + 0.38% — 500 Commercial paper 0.252% 2,000 — Other Various 428 117 Total debt principal 14,428 13,117 Less unamortized debt issuance 122 119 Total debt 14,306 12,998 Less current portion 2,821 3,003 Long-term debt $ 11,485 $ 9,995 In May 2021, we issued $1.5 billion of fixed-rate notes. The proceeds, together with cash on hand and commercial paper issuances, were used to repay fixed- and floating-rate notes totaling $2.5 billion that matured in May 2021 and for general corporate purposes. On July 15, 2021, we repaid an additional $500 of fixed-rate notes at the scheduled maturity. On July 4, 2021, we had $2 billion of commercial paper outstanding with a dollar-weighted average interest rate of 0.252%. 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 $2 billion 364-day facility expiring in March 2022, a $2 billion multi-year facility expiring in March 2023 and a $1 billion multi-year facility expiring in March 2025. We may renew or replace these credit facilities in whole or in part at or prior to their expiration dates. 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 July 4, 2021.

Other Liabilities

Other Liabilities	6 Months Ended
	Jul. 04, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of significant other liabilities by balance sheet caption follows: July 4, 2021 December 31, 2020 Salaries and wages $ 1,028 $ 1,007 Retirement benefits 296 306 Workers’ compensation 277 338 Operating lease liabilities 256 262 Fair value of cash flow hedges 105 79 Other (a) 1,647 1,741 Total other current liabilities $ 3,609 $ 3,733 Retirement benefits $ 4,848 $ 5,182 Operating lease liabilities 1,080 1,149 Customer deposits on commercial contracts 974 872 Deferred income taxes 439 461 Other (b) 2,055 2,024 Total other liabilities $ 9,396 $ 9,688 (a) Consisted primarily of dividends payable, taxes payable, environmental remediation reserves, warranty reserves, deferred revenue and supplier contributions in the Aerospace segment, liabilities of discontinued operations, finance lease liabilities and insurance-related costs. (b) Consisted primarily of warranty reserves, workers’ compensation liabilities, finance lease liabilities and liabilities of discontinued operations.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jul. 04, 2021
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS ’ EQUITY Share Repurchases. Our board of directors from time to time authorizes management to repurchase outstanding shares of our common stock on the open market. On June 2, 2021, the board of directors authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock. In the six-month period ended July 4, 2021, we repurchased 7.9 million of our outstanding shares for $1.4 billion. On July 4, 2021, 14.5 million shares remained authorized by our board of directors for repurchase, representing 5.2% of our total shares outstanding. We repurchased 3.4 million shares for $501 in the six-month period ended June 28, 2020. Dividends per Share. Our board of directors declared dividends of $1.19 and $2.38 per share for the three- and six-month periods ended July 4, 2021, and $1.10 and $2.20 per share for the three- and six-month periods ended June 28, 2020, respectively. We paid cash dividends of $336 and $651 for the three- and six-month periods ended July 4, 2021, and $315 and $610 for the three- and six-month periods ended June 28, 2020, 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: Gains on Cash Flow Hedges Foreign Currency Translation Adjustments Changes in Retirement Plans’ Funded Status AOCL December 31, 2020 $ 272 $ 641 $ (4,463) $ (3,550) Other comprehensive income, pretax (86) 30 172 116 Provision for income tax, net 23 — (36) (13) Other comprehensive income, net of tax (63) 30 136 103 July 4, 2021 $ 209 $ 671 $ (4,327) $ (3,447) December 31, 2019 $ 2 $ 288 $ (4,108) $ (3,818) Other comprehensive income, pretax 71 (79) 171 163 Provision for income tax, net (20) — (36) (56) Other comprehensive income, net of tax 51 (79) 135 107 June 28, 2020 $ 53 $ 209 $ (3,973) $ (3,711) 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 N for these amounts, which are included in our net periodic pension and other post-retirement benefit cost.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Jul. 04, 2021
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, interest 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 inter-company transactions denominated in foreign currencies. To the extent possible, we include terms in our contracts 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. Interest Rate Risk. Our financial instruments subject to interest rate risk include variable-rate commercial paper and fixed-rate long-term debt obligations. The interest rate risk associated with our financial instruments is not material. Commodity Price Risk. We are subject to rising labor and commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include terms in our contracts 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 labor or 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 July 4, 2021, and December 31, 2020, we held $3 billion and $2.8 billion in cash and equivalents, respectively, but held no marketable securities other than those held in trust to meet some of our obligations under workers’ compensation and non-qualified pension plans. On July 4, 2021, and December 31, 2020, we held marketable securities in trust of $203 and $211, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note E for additional details. Hedging Activities. On July 4, 2021, we had notional forward exchange contracts outstanding of $7.6 billion. On December 31, 2020, we had notional forward exchange and interest rate swap contracts outstanding of $9.4 billion. 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 E 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, either operating costs and expenses or interest expense. 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- and six-month periods ended July 4, 2021, and June 28, 2020. 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- and six-month periods ended July 4, 2021, and June 28, 2020, 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 July 4, 2021, and December 31, 2020. 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- and six-month periods ended July 4, 2021, and June 28, 2020. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material for the six-month periods ended July 4, 2021, and June 28, 2020.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jul. 04, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Litigation In 2015, Electric Boat Corporation, a subsidiary of General Dynamics Corporation, received a Civil Investigative Demand from the U.S. Department of Justice regarding an investigation of potential False Claims Act violations relating to alleged failures of Electric Boat’s quality system with respect to allegedly non-conforming parts purchased from a supplier. In 2016, Electric Boat was made aware that it is a defendant in a lawsuit related to this matter which had been filed under seal in U.S. district court. Also in 2016, the Suspending and Debarring Official for the U.S. Department of the Navy issued a Show Cause Letter to Electric Boat requesting that Electric Boat respond to the official’s concerns regarding Electric Boat’s oversight and management with respect to its quality assurance systems for subcontractors and suppliers. Electric Boat responded to the Show Cause Letter and engaged in discussions with the U.S. government. In the third quarter of 2019, the Department of Justice declined to intervene in the qui tam action, noting that its investigation continues, and the court unsealed the relator’s complaint. In the fourth quarter of 2020, the relator filed a second amended complaint. Given the current status of these matters, 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 these matters, there could be a material impact on our results of operations, financial condition and cash flows. Additionally, various other claims and legal proceedings incidental to the normal course of business are pending or threatened against us. These other matters relate to such issues as government investigations and claims, the protection of the environment, asbestos-related claims and employee-related matters. The nature of litigation is such that we cannot predict the outcome of these other matters. However, based on information currently available, we believe any potential liabilities in these other proceedings, individually or in the aggregate, will not have a material impact on our results of operations, financial condition or cash flows. Environmental We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a Potentially Responsible Party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts. As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows. Other Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows. In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows. Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $1 billion on July 4, 2021. 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, our Aerospace segment has outstanding options with some customers 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 pre-determined 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 pre-established 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 July 4, 2021, 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 six-month periods ended July 4, 2021, and June 28, 2020, were as follows: Six Months Ended July 4, 2021 June 28, 2020 Beginning balance $ 660 $ 619 Warranty expense 45 55 Payments (65) (51) Adjustments — (2) Ending balance $ 640 $ 621

Retirement Plans

Retirement Plans	6 Months Ended
	Jul. 04, 2021
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 credit for the three- and six-month periods ended July 4, 2021, and June 28, 2020, consisted of the following: Pension Benefits Other Post-retirement Benefits Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 29 $ 30 $ 3 $ 3 Interest cost 90 123 4 7 Expected return on plan assets (241) (235) (9) (9) Net actuarial loss (gain) 80 71 — (1) Prior service credit (5) (5) — — Net periodic benefit credit $ (47) $ (16) $ (2) $ — Six Months Ended Service cost $ 59 $ 59 $ 5 $ 5 Interest cost 180 246 9 14 Expected return on plan assets (482) (469) (18) (18) Net actuarial loss (gain) 183 140 — (2) Prior service credit (10) (9) — — Net periodic benefit credit $ (70) $ (33) $ (4) $ (1) 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. For these plans, the amount allocated to contracts is determined in accordance with the Cost Accounting Standards and Federal Acquisition Regulation. At this time, cumulative benefit costs exceed the amount allocated to contracts. To the extent we consider recovery of benefit costs to be probable based on our backlog and probable follow-on contracts, we defer the excess in other contract costs in other current assets on the Consolidated Balance Sheet until the cost is allocable to contracts. To the extent there is a non-service

Segment Information

Segment Information	6 Months Ended
	Jul. 04, 2021
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. We measure each segment’s profitability based on operating earnings. As a result, we do not allocate net interest, other income and expense items, and income taxes to our segments. Summary financial information for each of our segments follows: Revenue Operating Earnings Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Aerospace $ 1,622 $ 1,974 $ 195 $ 159 Marine Systems 2,536 2,471 210 200 Combat Systems 1,899 1,754 266 239 Technologies 3,163 3,065 308 247 Corporate* — — (20) (11) Total $ 9,220 $ 9,264 $ 959 $ 834 Six Months Ended Aerospace $ 3,509 $ 3,665 $ 415 $ 399 Marine Systems 5,019 4,717 410 384 Combat Systems 3,719 3,462 510 462 Technologies 6,362 6,169 614 545 Corporate* — — (52) (22) Total $ 18,609 $ 18,013 $ 1,897 $ 1,768 * Corporate operating results consist primarily of equity-based compensation expense.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Basis of Consolidation and Classification	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 inter-company balances and transactions in the unaudited Consolidated Financial Statements. Some prior-year amounts have been reclassified among financial statement accounts or disclosures to conform to the current-year presentation. 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	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- and six-month periods ended July 4, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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- and six-month periods ended July 4, 2021, and June 28, 2020. 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, 2020.
Accounting Standards Updates	Accounting Standards Updates. There are accounting standards that have been issued by the Financial Accounting Standards Board but are not yet effective. These standards are not expected to have a material impact on our results of operations, financial condition or cash flows.
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. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract 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 81% and 80% of our revenue for the three- and six-month periods ended July 4, 2021, and 76% and 78% of our revenue for the three- and six-month periods ended June 28, 2020, 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 cost represents 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 19% and 20% of our revenue for the three- and six-month periods ended July 4, 2021 , and 24% and 22% of our revenue for the three- and six-month periods ended June 28, 2020, 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 July 4, 2021, we had $89.2 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 45% of our remaining performance obligations as revenue by year-end 2022, an additional 30% by year-end 2024 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. For long-term contracts, 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 and award and incentive fees. We include in our contract estimates additional revenue for submitted 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 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 judgment at the time. Because of our certainty in estimating these amounts, they are included in the transaction price of our contracts and the associated remaining performance obligations. 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. Revenue by Category. Our portfolio of products and services consists of approximately 10,000 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. These fees are 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 can provide little or no fee for managing material costs, the content mix can impact profitability.
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. Basic weighted average shares outstanding have decreased in 2021 and 2020 due to share repurchases. 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).
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.
Tax Uncertainties	Tax Uncertainties. We participate in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), a real-time audit of our consolidated federal corporate income tax return. The IRS has examined our consolidated federal income tax returns through 2019. 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 current tax law, we believe the total amount of any unrecognized tax benefits on July 4, 2021, 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.
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. Raw materials are valued primarily on 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.
Derivative Financial Instruments and Hedging Activities	We are exposed to market risk, primarily from foreign currency exchange rates, interest 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 inter-company transactions denominated in foreign currencies. To the extent possible, we include terms in our contracts 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. Interest Rate Risk. Our financial instruments subject to interest rate risk include variable-rate commercial paper and fixed-rate long-term debt obligations. The interest rate risk associated with our financial instruments is not material. Commodity Price Risk. We are subject to rising labor and commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include terms in our contracts that are designed to Hedging Activities. On July 4, 2021, we had notional forward exchange contracts outstanding of $7.6 billion. On December 31, 2020, we had notional forward exchange and interest rate swap contracts outstanding of $9.4 billion. 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 E for additional details.
Foreign Currency and Financial Statement Translation	Foreign Currency Financial Statement Translation. We translate foreign currency balance sheets from our international businesses’ functional currency (generally the respective local currency) to U.S. dollars at the end-of-period exchange rates, and statements of earnings at the average exchange rates for each period. The resulting foreign currency translation adjustments are a component of AOCL.
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.
Product Warranties	Product Warranties. We provide warranties to our customers associated with certain product sales. We record estimated warranty costs in the period in which the related products are delivered. The warranty liability recorded at each balance sheet date is based generally on the number of months of warranty coverage remaining for the products delivered and the average historical monthly warranty payments. Warranty obligations incurred in connection with long-term production contracts are accounted for within the contract estimates at completion. Our other warranty obligations, primarily for business jet aircraft, are included in other current and noncurrent liabilities on the Consolidated Balance Sheet.
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
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. We measure each segment’s profitability based on operating earnings. As a result, we do not allocate net interest, other income and expense items, and income taxes to our segments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 04, 2021
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: July 4, 2021 December 31, 2020 PP&E $ 10,948 $ 10,714 Accumulated depreciation (5,813) (5,614) PP&E, net $ 5,135 $ 5,100

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 04, 2021
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: Aerospace Marine Systems Combat Systems Technologies Total December 31, 2020 (a) $ 3,065 $ 297 $ 2,786 $ 13,905 $ 20,053 Acquisitions (b) 27 — — — 27 Other (c) (72) — 6 7 (59) July 4, 2021 (a) $ 3,020 $ 297 $ 2,792 $ 13,912 $ 20,021 (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 Amortization Net Carrying Amount Gross Carrying Amount (a) Accumulated Amortization Net Carrying Amount July 4, 2021 December 31, 2020 Contract and program intangible assets (b) $ 3,406 $ (1,699) $ 1,707 $ 3,399 $ (1,600) $ 1,799 Trade names and trademarks 498 (229) 269 516 (229) 287 Technology and software 131 (107) 24 134 (106) 28 Other intangible assets 86 (83) 3 161 (158) 3 Total intangible assets $ 4,121 $ (2,118) $ 2,003 $ 4,210 $ (2,093) $ 2,117 (a) Changes in gross carrying amounts consisted primarily of adjustments for write-offs of fully amortized intangible assets, acquired intangible assets and foreign currency translation.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 04, 2021
Revenue Recognition [Abstract]
Schedule of Impact of Adjustments in Contract Estimates	The aggregate impact of adjustments in contract estimates on our revenue, operating earnings and diluted earnings per share were as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Revenue $ 75 $ 54 $ 160 $ 144 Operating earnings 76 (5) 139 85 Diluted earnings per share $ 0.21 $ (0.01) $ 0.39 $ 0.23
Revenue by Major Product Line	Revenue by major products and services was as follows: Three Months Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Aircraft manufacturing $ 1,072 $ 1,532 $ 2,444 $ 2,697 Aircraft services and completions 550 442 1,065 968 Total Aerospace 1,622 1,974 3,509 3,665 Nuclear-powered submarines 1,679 1,708 3,398 3,268 Surface ships 585 510 1,113 972 Repair and other services 272 253 508 477 Total Marine Systems 2,536 2,471 5,019 4,717 Military vehicles 1,231 1,103 2,434 2,249 Weapons systems, armament and munitions 511 515 971 948 Engineering and other services 157 136 314 265 Total Combat Systems 1,899 1,754 3,719 3,462 Information technology (IT) services 2,071 1,884 4,156 3,872 C4ISR* solutions 1,092 1,181 2,206 2,297 Total Technologies 3,163 3,065 6,362 6,169 Total revenue $ 9,220 $ 9,264 $ 18,609 $ 18,013 * Command, control, communications, computers, intelligence, surveillance and reconnaissance
Revenue by Contract Type	Revenue by contract type was as follows: Three Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 1,440 $ 1,810 $ 1,668 $ 1,304 $ 6,222 Cost-reimbursement — 726 216 1,363 2,305 Time-and-materials 182 — 15 496 693 Total revenue $ 1,622 $ 2,536 $ 1,899 $ 3,163 $ 9,220 Three Months Ended June 28, 2020 Fixed-price $ 1,849 $ 1,716 $ 1,507 $ 1,404 $ 6,476 Cost-reimbursement — 750 230 1,271 2,251 Time-and-materials 125 5 17 390 537 Total revenue $ 1,974 $ 2,471 $ 1,754 $ 3,065 $ 9,264 Six Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 3,149 $ 3,594 $ 3,237 $ 2,644 $ 12,624 Cost-reimbursement — 1,425 451 2,726 4,602 Time-and-materials 360 — 31 992 1,383 Total revenue $ 3,509 $ 5,019 $ 3,719 $ 6,362 $ 18,609 Six Months Ended June 28, 2020 Fixed-price $ 3,327 $ 3,285 $ 2,972 $ 2,793 $ 12,377 Cost-reimbursement — 1,425 459 2,618 4,502 Time-and-materials 338 7 31 758 1,134 Total revenue $ 3,665 $ 4,717 $ 3,462 $ 6,169 $ 18,013
Revenue by Customer	Revenue by customer was as follows: Three Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: Department of Defense (DoD) $ 72 $ 2,492 $ 954 $ 1,758 $ 5,276 Non-DoD — — 3 1,295 1,298 Foreign Military Sales (FMS) 18 41 62 6 127 Total U.S. government 90 2,533 1,019 3,059 6,701 U.S. commercial 982 1 42 36 1,061 Non-U.S. government 50 — 822 64 936 Non-U.S. commercial 500 2 16 4 522 Total revenue $ 1,622 $ 2,536 $ 1,899 $ 3,163 $ 9,220 Three Months Ended June 28, 2020 U.S. government: DoD $ 52 $ 2,390 $ 930 $ 1,695 $ 5,067 Non-DoD — 1 3 1,147 1,151 FMS 52 51 99 13 215 Total U.S. government 104 2,442 1,032 2,855 6,433 U.S. commercial 1,032 27 86 66 1,211 Non-U.S. government 53 2 618 112 785 Non-U.S. commercial 785 — 18 32 835 Total revenue $ 1,974 $ 2,471 $ 1,754 $ 3,065 $ 9,264 Six Months Ended July 4, 2021 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: DoD $ 130 $ 4,912 $ 1,870 $ 3,505 $ 10,417 Non-DoD — 4 5 2,541 2,550 FMS 37 97 149 20 303 Total U.S. government 167 5,013 2,024 6,066 13,270 U.S. commercial 1,839 2 108 93 2,042 Non-U.S. government 240 2 1,554 193 1,989 Non-U.S. commercial 1,263 2 33 10 1,308 Total revenue $ 3,509 $ 5,019 $ 3,719 $ 6,362 $ 18,609 Six Months Ended June 28, 2020 U.S. government: DoD $ 213 $ 4,549 $ 1,818 $ 3,332 $ 9,912 Non-DoD — 2 6 2,331 2,339 FMS 70 100 188 26 384 Total U.S. government 283 4,651 2,012 5,689 12,635 U.S. commercial 1,812 60 141 147 2,160 Non-U.S. government 74 5 1,281 264 1,624 Non-U.S. commercial 1,496 1 28 69 1,594 Total revenue $ 3,665 $ 4,717 $ 3,462 $ 6,169 $ 18,013

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 04, 2021
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 Ended Six Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Basic weighted average shares outstanding 280,742 286,388 282,422 287,479 Dilutive effect of stock options and restricted stock/RSUs* 1,471 545 1,170 1,036 Diluted weighted average shares outstanding 282,213 286,933 283,592 288,515 * Excludes outstanding options to purchase shares of common stock 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 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, and 7,723 and 6,811 for the three- and six-month periods ended June 28, 2020, respectively.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jul. 04, 2021
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 July 4, 2021, and December 31, 2020, and the basis for determining their fair values: Carrying Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Financial Assets (Liabilities) July 4, 2021 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 3 $ 3 $ — $ 3 $ — Available-for-sale debt securities 140 140 — 140 — Equity securities 60 60 60 — — Other investments 9 9 — — 9 Cash flow hedges 368 368 — 368 — Measured at amortized cost: Short- and long-term debt principal (14,428) (15,569) — (15,569) — December 31, 2020 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 19 $ 19 $ 17 $ 2 $ — Available-for-sale debt securities 134 134 — 134 — Equity securities 58 58 58 — — Other investments 9 9 — — 9 Cash flow hedges 419 419 — 419 — Measured at amortized cost: Short- and long-term debt principal (13,117) (14,606) — (14,606) —

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 04, 2021
Income Tax Disclosure [Abstract]
Net Deferred Tax Assets and Liabilities	Our net deferred tax liability consisted of the following: July 4, 2021 December 31, 2020 Deferred tax asset $ 35 $ 37 Deferred tax liability (439) (461) Net deferred tax liability $ (404) $ (424)

Unbilled Receivables (Tables)

Unbilled Receivables (Tables)	6 Months Ended
	Jul. 04, 2021
Contractors [Abstract]
Schedule of Unbilled Receivables	Unbilled receivables consisted of the following: July 4, 2021 December 31, 2020 Unbilled revenue $ 37,015 $ 36,657 Advances and progress billings (29,092) (28,633) Net unbilled receivables $ 7,923 $ 8,024

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 04, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: July 4, 2021 December 31, 2020 Work in process $ 3,986 $ 3,990 Raw materials 1,587 1,712 Finished goods 28 30 Pre-owned aircraft 202 13 Total inventories $ 5,803 $ 5,745

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 04, 2021
Debt Disclosure [Abstract]
Schedule Of Debt	Debt consisted of the following: July 4, 2021 December 31, 2020 Fixed-rate notes due: Interest rate: May 2021 3.000% $ — $ 2,000 July 2021 3.875% 500 500 November 2022 2.250% 1,000 1,000 May 2023 3.375% 750 750 August 2023 1.875% 500 500 November 2024 2.375% 500 500 April 2025 3.250% 750 750 May 2025 3.500% 750 750 June 2026 1.150% 500 — August 2026 2.125% 500 500 April 2027 3.500% 750 750 November 2027 2.625% 500 500 May 2028 3.750% 1,000 1,000 April 2030 3.625% 1,000 1,000 June 2031 2.250% 500 — April 2040 4.250% 750 750 June 2041 2.850% 500 — November 2042 3.600% 500 500 April 2050 4.250% 750 750 Floating-rate notes due: May 2021 3-month LIBOR + 0.38% — 500 Commercial paper 0.252% 2,000 — Other Various 428 117 Total debt principal 14,428 13,117 Less unamortized debt issuance 122 119 Total debt 14,306 12,998 Less current portion 2,821 3,003 Long-term debt $ 11,485 $ 9,995

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jul. 04, 2021
Other Liabilities Disclosure [Abstract]
Summary Of Significant Other Liabilities By Balance Sheet Caption	A summary of significant other liabilities by balance sheet caption follows: July 4, 2021 December 31, 2020 Salaries and wages $ 1,028 $ 1,007 Retirement benefits 296 306 Workers’ compensation 277 338 Operating lease liabilities 256 262 Fair value of cash flow hedges 105 79 Other (a) 1,647 1,741 Total other current liabilities $ 3,609 $ 3,733 Retirement benefits $ 4,848 $ 5,182 Operating lease liabilities 1,080 1,149 Customer deposits on commercial contracts 974 872 Deferred income taxes 439 461 Other (b) 2,055 2,024 Total other liabilities $ 9,396 $ 9,688 (a) Consisted primarily of dividends payable, taxes payable, environmental remediation reserves, warranty reserves, deferred revenue and supplier contributions in the Aerospace segment, liabilities of discontinued operations, finance lease liabilities and insurance-related costs. (b) Consisted primarily of warranty reserves, workers’ compensation liabilities, finance lease liabilities and liabilities of discontinued operations.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jul. 04, 2021
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: Gains on Cash Flow Hedges Foreign Currency Translation Adjustments Changes in Retirement Plans’ Funded Status AOCL December 31, 2020 $ 272 $ 641 $ (4,463) $ (3,550) Other comprehensive income, pretax (86) 30 172 116 Provision for income tax, net 23 — (36) (13) Other comprehensive income, net of tax (63) 30 136 103 July 4, 2021 $ 209 $ 671 $ (4,327) $ (3,447) December 31, 2019 $ 2 $ 288 $ (4,108) $ (3,818) Other comprehensive income, pretax 71 (79) 171 163 Provision for income tax, net (20) — (36) (56) Other comprehensive income, net of tax 51 (79) 135 107 June 28, 2020 $ 53 $ 209 $ (3,973) $ (3,711)

Commitments And Contingencies (

Commitments And Contingencies (Tables)	6 Months Ended
	Jul. 04, 2021
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 six-month periods ended July 4, 2021, and June 28, 2020, were as follows: Six Months Ended July 4, 2021 June 28, 2020 Beginning balance $ 660 $ 619 Warranty expense 45 55 Payments (65) (51) Adjustments — (2) Ending balance $ 640 $ 621

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jul. 04, 2021
Retirement Benefits [Abstract]
Net Periodic Defined-Benefit Pension And Other Post-Retirement Benefit Cost	net periodic benefit credit for the three- and six-month periods ended July 4, 2021, and June 28, 2020, consisted of the following: Pension Benefits Other Post-retirement Benefits Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Service cost $ 29 $ 30 $ 3 $ 3 Interest cost 90 123 4 7 Expected return on plan assets (241) (235) (9) (9) Net actuarial loss (gain) 80 71 — (1) Prior service credit (5) (5) — — Net periodic benefit credit $ (47) $ (16) $ (2) $ — Six Months Ended Service cost $ 59 $ 59 $ 5 $ 5 Interest cost 180 246 9 14 Expected return on plan assets (482) (469) (18) (18) Net actuarial loss (gain) 183 140 — (2) Prior service credit (10) (9) — — Net periodic benefit credit $ (70) $ (33) $ (4) $ (1)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 04, 2021
Segment Reporting [Abstract]
Summary Of Financial Information For Each Of Our Segments	Summary financial information for each of our segments follows: Revenue Operating Earnings Three Months Ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Aerospace $ 1,622 $ 1,974 $ 195 $ 159 Marine Systems 2,536 2,471 210 200 Combat Systems 1,899 1,754 266 239 Technologies 3,163 3,065 308 247 Corporate* — — (20) (11) Total $ 9,220 $ 9,264 $ 959 $ 834 Six Months Ended Aerospace $ 3,509 $ 3,665 $ 415 $ 399 Marine Systems 5,019 4,717 410 384 Combat Systems 3,719 3,462 510 462 Technologies 6,362 6,169 614 545 Corporate* — — (52) (22) Total $ 18,609 $ 18,013 $ 1,897 $ 1,768 * Corporate operating results consist primarily of equity-based compensation expense.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jul. 04, 2021
Accounting Policies [Abstract]
Length of fiscal quarters, weeks	91 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant, and Equipment, Net (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
PP&E	$ 10,948	$ 10,714
Accumulated depreciation	(5,813)	(5,614)
PP&E, net	$ 5,135	$ 5,100

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes In Carrying Amount of Goodwill by Reporting Unit (Details) $ in Millions	6 Months Ended
	Jul. 04, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 20,053	[1]
Acquisitions	27	[2]
Other	(59)	[3]
Goodwill, end of period	20,021	[1]
Aerospace
Goodwill [Roll Forward]
Goodwill, beginning of period	3,065	[1]
Acquisitions	27	[2]
Other	(72)	[3]
Goodwill, end of period	3,020	[1]
Marine Systems
Goodwill [Roll Forward]
Goodwill, beginning of period	297	[1]
Acquisitions	0	[2]
Other	0	[3]
Goodwill, end of period	297	[1]
Combat Systems
Goodwill [Roll Forward]
Goodwill, beginning of period	2,786	[1]
Acquisitions	0	[2]
Other	6	[3]
Goodwill, end of period	2,792	[1]
Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period	13,905	[1]
Acquisitions	0	[2]
Other	7	[3]
Goodwill, end of period	13,912	[1]
Accumulated impairment losses	$ 1,800
[1]	Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.
[2]	Included adjustments during the purchase price allocation period.
[3]	Consisted primarily of adjustments for foreign currency translation.

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	$ 4,121	$ 4,210
Accumulated Amortization		(2,118)	(2,093)
Net Carrying Amount		2,003	2,117
Contract and program intangible assets
Intangible Assets [Line Items]
Gross Carrying Amount	[1],[2]	3,406	3,399
Accumulated Amortization	[2]	(1,699)	(1,600)
Net Carrying Amount	[2]	1,707	1,799
Trade names and trademarks
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	498	516
Accumulated Amortization		(229)	(229)
Net Carrying Amount		269	287
Technology and software
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	131	134
Accumulated Amortization		(107)	(106)
Net Carrying Amount		24	28
Other intangible assets
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	86	161
Accumulated Amortization		(83)	(158)
Net Carrying Amount		$ 3	$ 3
[1]	Changes in gross carrying amounts consisted primarily of adjustments for write-offs of fully amortized intangible assets, acquired intangible assets and foreign currency translation.
[2]	Consisted of acquired backlog and probable follow-on work and associated customer relationships.

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangibles	$ 56	$ 65	$ 111	$ 131

Revenue - Additional Informatio

Revenue - Additional Information (Details) contract in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 04, 2021USD ($)contract	Jun. 28, 2020USD ($)	Jul. 04, 2021USD ($)	Jun. 28, 2020USD ($)	Dec. 31, 2020USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of active contracts | contract	10
Revenue recognized in contract liability balance	$ 860	$ 1,200	$ 2,400	$ 2,400
Technologies | COVID-19 Pandemic | Non-U.S. government
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Loss on contract with customer from COVID-related schedule delays					$ 40
Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, percentage from products and services transferred to customers	81.00%	76.00%	80.00%	78.00%
Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, percentage from products and services transferred to customers	19.00%	24.00%	20.00%	22.00%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations to be Recognized as Revenue (Details) $ in Billions	Jul. 04, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-05
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligations	$ 89.2
Revenue, remaining performance obligation percentage	45.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation percentage	30.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years

Revenue - Impact of Adjustments

Revenue - Impact of Adjustments in Contract Estimates (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	$ 9,220	$ 9,264	$ 18,609	$ 18,013
Operating Earnings	959	834	1,897	1,768
Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue	75	54	160	144
Operating Earnings	$ 76	$ (5)	$ 139	$ 85
Diluted earnings per share (in dollars per share)	$ 0.21	$ (0.01)	$ 0.39	$ 0.23

Revenue - Revenue by Products a

Revenue - Revenue by Products and Services (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue [Line Items]
Revenue		$ 9,220	$ 9,264	$ 18,609	$ 18,013
Aerospace
Revenue [Line Items]
Revenue		1,622	1,974	3,509	3,665
Aerospace | Aircraft manufacturing
Revenue [Line Items]
Revenue		1,072	1,532	2,444	2,697
Aerospace | Aircraft services and completions
Revenue [Line Items]
Revenue		550	442	1,065	968
Marine Systems
Revenue [Line Items]
Revenue		2,536	2,471	5,019	4,717
Marine Systems | Nuclear-powered submarines
Revenue [Line Items]
Revenue		1,679	1,708	3,398	3,268
Marine Systems | Surface ships
Revenue [Line Items]
Revenue		585	510	1,113	972
Marine Systems | Repair and other services
Revenue [Line Items]
Revenue		272	253	508	477
Combat Systems
Revenue [Line Items]
Revenue		1,899	1,754	3,719	3,462
Combat Systems | Military vehicles
Revenue [Line Items]
Revenue		1,231	1,103	2,434	2,249
Combat Systems | Weapons systems, armament and munitions
Revenue [Line Items]
Revenue		511	515	971	948
Combat Systems | Engineering and other services
Revenue [Line Items]
Revenue		157	136	314	265
Technologies
Revenue [Line Items]
Revenue		3,163	3,065	6,362	6,169
Technologies | Information Technology Services [Member]
Revenue [Line Items]
Revenue		2,071	1,884	4,156	3,872
Technologies | C4ISR* solutions
Revenue [Line Items]
Revenue	[1]	$ 1,092	$ 1,181	$ 2,206	$ 2,297
[1]	Command, control, communications, computers, intelligence, surveillance and reconnaissance

Revenue - Revenue by Contract T

Revenue - Revenue by Contract Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue [Line Items]
Revenue	$ 9,220	$ 9,264	$ 18,609	$ 18,013
Fixed-price
Revenue [Line Items]
Revenue	6,222	6,476	12,624	12,377
Cost-reimbursement
Revenue [Line Items]
Revenue	2,305	2,251	4,602	4,502
Time-and-materials
Revenue [Line Items]
Revenue	693	537	1,383	1,134
Aerospace
Revenue [Line Items]
Revenue	1,622	1,974	3,509	3,665
Aerospace | Fixed-price
Revenue [Line Items]
Revenue	1,440	1,849	3,149	3,327
Aerospace | Cost-reimbursement
Revenue [Line Items]
Revenue	0	0	0	0
Aerospace | Time-and-materials
Revenue [Line Items]
Revenue	182	125	360	338
Marine Systems
Revenue [Line Items]
Revenue	2,536	2,471	5,019	4,717
Marine Systems | Fixed-price
Revenue [Line Items]
Revenue	1,810	1,716	3,594	3,285
Marine Systems | Cost-reimbursement
Revenue [Line Items]
Revenue	726	750	1,425	1,425
Marine Systems | Time-and-materials
Revenue [Line Items]
Revenue	0	5	0	7
Combat Systems
Revenue [Line Items]
Revenue	1,899	1,754	3,719	3,462
Combat Systems | Fixed-price
Revenue [Line Items]
Revenue	1,668	1,507	3,237	2,972
Combat Systems | Cost-reimbursement
Revenue [Line Items]
Revenue	216	230	451	459
Combat Systems | Time-and-materials
Revenue [Line Items]
Revenue	15	17	31	31
Technologies
Revenue [Line Items]
Revenue	3,163	3,065	6,362	6,169
Technologies | Fixed-price
Revenue [Line Items]
Revenue	1,304	1,404	2,644	2,793
Technologies | Cost-reimbursement
Revenue [Line Items]
Revenue	1,363	1,271	2,726	2,618
Technologies | Time-and-materials
Revenue [Line Items]
Revenue	$ 496	$ 390	$ 992	$ 758

Revenue - Revenue by Customer (

Revenue - Revenue by Customer (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Revenue [Line Items]
Revenue	$ 9,220	$ 9,264	$ 18,609	$ 18,013
U.S. Government - DoD
Revenue [Line Items]
Revenue	5,276	5,067	10,417	9,912
U.S. Government - Non-DoD
Revenue [Line Items]
Revenue	1,298	1,151	2,550	2,339
U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Revenue	127	215	303	384
Total U.S. government
Revenue [Line Items]
Revenue	6,701	6,433	13,270	12,635
U.S. commercial
Revenue [Line Items]
Revenue	1,061	1,211	2,042	2,160
Non-U.S. government
Revenue [Line Items]
Revenue	936	785	1,989	1,624
Non-U.S. commercial
Revenue [Line Items]
Revenue	522	835	1,308	1,594
Aerospace
Revenue [Line Items]
Revenue	1,622	1,974	3,509	3,665
Aerospace | U.S. Government - DoD
Revenue [Line Items]
Revenue	72	52	130	213
Aerospace | U.S. Government - Non-DoD
Revenue [Line Items]
Revenue	0	0	0	0
Aerospace | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Revenue	18	52	37	70
Aerospace | Total U.S. government
Revenue [Line Items]
Revenue	90	104	167	283
Aerospace | U.S. commercial
Revenue [Line Items]
Revenue	982	1,032	1,839	1,812
Aerospace | Non-U.S. government
Revenue [Line Items]
Revenue	50	53	240	74
Aerospace | Non-U.S. commercial
Revenue [Line Items]
Revenue	500	785	1,263	1,496
Marine Systems
Revenue [Line Items]
Revenue	2,536	2,471	5,019	4,717
Marine Systems | U.S. Government - DoD
Revenue [Line Items]
Revenue	2,492	2,390	4,912	4,549
Marine Systems | U.S. Government - Non-DoD
Revenue [Line Items]
Revenue	0	1	4	2
Marine Systems | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Revenue	41	51	97	100
Marine Systems | Total U.S. government
Revenue [Line Items]
Revenue	2,533	2,442	5,013	4,651
Marine Systems | U.S. commercial
Revenue [Line Items]
Revenue	1	27	2	60
Marine Systems | Non-U.S. government
Revenue [Line Items]
Revenue	0	2	2	5
Marine Systems | Non-U.S. commercial
Revenue [Line Items]
Revenue	2	0	2	1
Combat Systems
Revenue [Line Items]
Revenue	1,899	1,754	3,719	3,462
Combat Systems | U.S. Government - DoD
Revenue [Line Items]
Revenue	954	930	1,870	1,818
Combat Systems | U.S. Government - Non-DoD
Revenue [Line Items]
Revenue	3	3	5	6
Combat Systems | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Revenue	62	99	149	188
Combat Systems | Total U.S. government
Revenue [Line Items]
Revenue	1,019	1,032	2,024	2,012
Combat Systems | U.S. commercial
Revenue [Line Items]
Revenue	42	86	108	141
Combat Systems | Non-U.S. government
Revenue [Line Items]
Revenue	822	618	1,554	1,281
Combat Systems | Non-U.S. commercial
Revenue [Line Items]
Revenue	16	18	33	28
Technologies
Revenue [Line Items]
Revenue	3,163	3,065	6,362	6,169
Technologies | U.S. Government - DoD
Revenue [Line Items]
Revenue	1,758	1,695	3,505	3,332
Technologies | U.S. Government - Non-DoD
Revenue [Line Items]
Revenue	1,295	1,147	2,541	2,331
Technologies | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Revenue	6	13	20	26
Technologies | Total U.S. government
Revenue [Line Items]
Revenue	3,059	2,855	6,066	5,689
Technologies | U.S. commercial
Revenue [Line Items]
Revenue	36	66	93	147
Technologies | Non-U.S. government
Revenue [Line Items]
Revenue	64	112	193	264
Technologies | Non-U.S. commercial
Revenue [Line Items]
Revenue	$ 4	$ 32	$ 10	$ 69

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Earnings Per Share [Abstract]
Basic weighted average shares outstanding (shares)		280,742	286,388	282,422	287,479
Dilutive effect of stock options and restricted stock/RSUs (shares)	[1]	1,471	545	1,170	1,036
Diluted weighted average shares outstanding (shares)		282,213	286,933	283,592	288,515
Stock/RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)		5,392	7,723	8,746	6,811
[1]	Excludes outstanding options to purchase shares of common stock 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 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, and 7,723 and 6,811 for the three- and six-month periods ended June 28, 2020, respectively.

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets (liabilities)
Cash and equivalents	$ 0	$ 17
Available-for-sale debt securities	0	0
Equity securities	60	58
Other investments	0	0
Cash flow hedges	0	0
Short- and long-term debt principal	0	0
Significant Other Observable Inputs (Level 2)
Financial assets (liabilities)
Cash and equivalents	3	2
Available-for-sale debt securities	140	134
Equity securities	0	0
Other investments	0	0
Cash flow hedges	368	419
Short- and long-term debt principal	(15,569)	(14,606)
Significant Unobservable Inputs (Level 3)
Financial assets (liabilities)
Cash and equivalents	0	0
Available-for-sale debt securities	0	0
Equity securities	0	0
Other investments	9	9
Cash flow hedges	0	0
Short- and long-term debt principal	0	0
Carrying Value
Financial assets (liabilities)
Cash and equivalents	3	19
Available-for-sale debt securities	140	134
Equity securities	60	58
Other investments	9	9
Cash flow hedges	368	419
Short- and long-term debt principal	(14,428)	(13,117)
Fair Value
Financial assets (liabilities)
Cash and equivalents	3	19
Available-for-sale debt securities	140	134
Equity securities	60	58
Other investments	9	9
Cash flow hedges	368	419
Short- and long-term debt principal	$ (15,569)	$ (14,606)

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 35	$ 37
Deferred tax liability	(439)	(461)
Net deferred tax liability	$ (404)	$ (424)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Jul. 04, 2021USD ($)
Income Tax Disclosure [Abstract]
Possible chance of tax position sustained, percentage	50.00%
Amount of unrecorded tax benefit that will vary significantly over the next 12 months	$ 0

Unbilled Receivables (Details)

Unbilled Receivables (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Contractors [Abstract]
Unbilled revenue	$ 37,015	$ 36,657
Advances and progress billings	(29,092)	(28,633)
Net unbilled receivables	$ 7,923	$ 8,024

Unbilled Receivables - Addition

Unbilled Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Apr. 04, 2021	Jul. 04, 2021	Dec. 31, 2020
Contracts In Process [Line Items]
Net unbilled receivables		$ 7,923	$ 8,024
Large International Wheel Armored Vehicle | Combat Systems
Contracts In Process [Line Items]
Net unbilled receivables		1,800	$ 2,800
Progress payments received	$ 1,000	$ 1,500

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jul. 04, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Work in process	$ 3,986	$ 3,990
Raw materials	1,587	1,712
Finished goods	28	30
Pre-owned aircraft	202	13
Total inventories	$ 5,803	$ 5,745

Debt (Details)

Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt principal	$ 14,428	$ 13,117
Less unamortized debt issuance costs and discounts	122	119
Total debt	14,306	12,998
Less current portion	2,821	3,003
Long-term debt	$ 11,485	9,995
Commercial paper
Debt Instrument [Line Items]
Weighted average interest rate	0.252%
Short-term debt	$ 2,000	0
Fixed Rate Notes Due May 2021
Debt Instrument [Line Items]
Interest rate	3.00%
Long term debt	$ 0	2,000
Fixed Rate Notes Due July 2021
Debt Instrument [Line Items]
Interest rate	3.875%
Long term debt	$ 500	500
Fixed Rate Notes Due November 2022
Debt Instrument [Line Items]
Interest rate	2.25%
Long term debt	$ 1,000	1,000
Fixed Rate Notes Due May 2023
Debt Instrument [Line Items]
Interest rate	3.375%
Long term debt	$ 750	750
Fixed Rate Notes Due August 2023
Debt Instrument [Line Items]
Interest rate	1.875%
Long term debt	$ 500	500
Fixed Rate Notes Due November 2024
Debt Instrument [Line Items]
Interest rate	2.375%
Long term debt	$ 500	500
Fixed Rate Notes Due April 2025
Debt Instrument [Line Items]
Interest rate	3.25%
Long term debt	$ 750	750
Fixed Rate Notes Due May 2025
Debt Instrument [Line Items]
Interest rate	3.50%
Long term debt	$ 750	750
Fixed Rate Notes Due June 2026
Debt Instrument [Line Items]
Interest rate	1.15%
Long term debt	$ 500	0
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 Two Thousand Thirty One
Debt Instrument [Line Items]
Interest rate	2.25%
Long term debt	$ 500	0
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	0
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
Floating Rate Notes Due May 2021 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.38%
Short-term debt	$ 0	500
Other Debt Securities
Debt Instrument [Line Items]
Other Interest rate	Various
Long term debt	$ 428	$ 117

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2021	Jul. 04, 2021	Jun. 28, 2020
Debt Instrument [Line Items]
Repayments of fixed-rate and floating-rate notes	$ 2,500,000,000
Repayment of fixed-rate notes		$ 2,000,000,000	$ 2,000,000,000
Credit facility, maximum borrowing capacity		5,000,000,000
Commercial paper
Debt Instrument [Line Items]
Commercial paper outstanding		$ 2,000,000,000
Weighted average interest rate on commercial paper		0.252%
Credit Facility | 364-day Facility Expiring March 2022
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 2,000,000,000
Debt term		364 days
Fixed-rate Notes
Debt Instrument [Line Items]
Debt issued	1,500,000,000
Fixed-rate Notes | Fixed Rate Notes Due May 2021
Debt Instrument [Line Items]
Repayment of fixed-rate notes	$ 500,000,000
Credit Facility | Multi-year Facility Expiring March 2023
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 2,000,000,000
Credit Facility | Multi-year Facility Expiring March 2025
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 1,000,000,000

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions		Jul. 04, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Salaries and wages		$ 1,028	$ 1,007
Workers’ compensation		277	338
Retirement benefits		296	306
Operating lease liabilities		256	262
Fair value of cash flow hedges		105	79
Other	[1]	1,647	1,741
Total other current liabilities		3,609	3,733
Retirement benefits		4,848	5,182
Operating lease liabilities		1,080	1,149
Customer deposits on commercial contracts		974	872
Deferred income taxes		439	461
Other	[2]	2,055	2,024
Total other liabilities		$ 9,396	$ 9,688
[1]	Consisted primarily of dividends payable, taxes payable, environmental remediation reserves, warranty reserves, deferred revenue and supplier contributions in the Aerospace segment, liabilities of discontinued operations, finance lease liabilities and insurance-related costs.
[2]	Consisted primarily of warranty reserves, workers’ compensation liabilities, finance lease liabilities and liabilities of discontinued operations.

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020	Mar. 04, 2020
Equity [Abstract]
Stock repurchase program, number of shares authorized to be repurchased					10,000,000
Stock repurchased during the period (shares)			7,900,000	3,400,000
Stock repurchased during the period, value			$ 1,400	$ 501
Remaining number of shares authorized to be repurchased (shares)	14,500,000		14,500,000
Shares remaining to be repurchased as a percent of total shares outstanding	5.20%		5.20%
Dividends declared per share	$ 1.19	$ 1.10	$ 2.38	$ 2.20
Dividends paid in cash	$ 336	$ 315	$ 651	$ 610

Shareholders' Equity - Changes

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ (3,550)
Other comprehensive income, pretax	116	$ 163
Provision for income tax, net	(13)	(56)
Other comprehensive income, net of tax	103	107
Ending Balance	(3,447)
Gains on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	272	2
Other comprehensive income, pretax	(86)	71
Provision for income tax, net	23	(20)
Other comprehensive income, net of tax	(63)	51
Ending Balance	209	53
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	641	288
Other comprehensive income, pretax	30	(79)
Provision for income tax, net	0	0
Other comprehensive income, net of tax	30	(79)
Ending Balance	671	209
Changes in Retirement Plans’ Funded Status
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(4,463)	(4,108)
Other comprehensive income, pretax	172	171
Provision for income tax, net	(36)	(36)
Other comprehensive income, net of tax	136	135
Ending Balance	(4,327)	(3,973)
AOCL
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(3,550)	(3,818)
Ending Balance	$ (3,447)	$ (3,711)

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Details) - USD ($)	6 Months Ended
	Jul. 04, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Average maturity of foreign currency forward contracts, in years	2 years
Cash and equivalents	$ 2,950,000,000	$ 2,824,000,000
Marketable securities held in trust	203,000,000	211,000,000
Notional forward foreign exchange contracts outstanding	$ 7,600,000,000	$ 9,400,000,000
Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Maturity of fixed-income securities, in years	5 years

Commitments And Contingencies -

Commitments And Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Jul. 04, 2021USD ($)
Other Commitments [Line Items]
Letters of credit and guarantees	$ 1,000
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

Commitments And Contingencies_2

Commitments And Contingencies - Product Guarantee (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$ 660	$ 619
Warranty expense	45	55
Payments	(65)	(51)
Adjustments	0	(2)
Ending balance	$ 640	$ 621

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2021	Jun. 28, 2020	Jul. 04, 2021	Jun. 28, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 29	$ 30	$ 59	$ 59
Interest cost	90	123	180	246
Expected return on plan assets	(241)	(235)	(482)	(469)
Net actuarial loss (gain)	80	71	183	140
Prior service credit	(5)	(5)	(10)	(9)
Net periodic benefit credit	(47)	(16)	(70)	(33)
Other Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	3	5	5
Interest cost	4	7	9	14
Expected return on plan assets	(9)	(9)	(18)	(18)
Net actuarial loss (gain)	0	(1)	0	(2)
Prior service credit	0	0	0	0
Net periodic benefit credit	$ (2)	$ 0	$ (4)	$ (1)

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jul. 04, 2021segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Summary o

Segment Information - Summary of Financial Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 04, 2021		Jun. 28, 2020		Jul. 04, 2021	Jun. 28, 2020
Segment Reporting Information [Line Items]
Revenue	$ 9,220		$ 9,264		$ 18,609	$ 18,013
Operating Earnings	959		834		1,897	1,768
Aerospace
Segment Reporting Information [Line Items]
Revenue	1,622		1,974		3,509	3,665
Marine Systems
Segment Reporting Information [Line Items]
Revenue	2,536		2,471		5,019	4,717
Combat Systems
Segment Reporting Information [Line Items]
Revenue	1,899		1,754		3,719	3,462
Technologies
Segment Reporting Information [Line Items]
Revenue	3,163		3,065		6,362	6,169
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Revenue	1,622		1,974		3,509	3,665
Operating Earnings	195		159		415	399
Operating Segments | Marine Systems
Segment Reporting Information [Line Items]
Revenue	2,536		2,471		5,019	4,717
Operating Earnings	210		200		410	384
Operating Segments | Combat Systems
Segment Reporting Information [Line Items]
Revenue	1,899		1,754		3,719	3,462
Operating Earnings	266		239		510	462
Operating Segments | Technologies
Segment Reporting Information [Line Items]
Revenue	3,163		3,065		6,362	6,169
Operating Earnings	308		247		614	545
Corporate*
Segment Reporting Information [Line Items]
Revenue	0	[1]	0	[1]	0	0
Operating Earnings	$ (20)	[1]	$ (11)	[1]	$ (52)	$ (22)
[1]	Corporate operating results consist primarily of equity-based compensation expense.