General Dynamics (GD) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jul. 03, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2022
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	274,246,220
Entity Central Index Key	0000040533
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenue:
Total revenue	$ 9,189	$ 9,220	$ 18,581	$ 18,609
Operating costs and expenses:
General and administrative (G&A)	(614)	(556)	(1,240)	(1,115)
Operating costs and expenses, total	(8,211)	(8,261)	(16,695)	(16,712)
Operating earnings	978	959	1,886	1,897
Other, net	40	31	79	61
Interest, net	(95)	(109)	(193)	(232)
Earnings before income tax	923	881	1,772	1,726
Provision for income tax, net	(157)	(144)	(276)	(281)
Net earnings	$ 766	$ 737	$ 1,496	$ 1,445
Earnings per share
Basic (in dollars per share)	$ 2.77	$ 2.63	$ 5.41	$ 5.12
Diluted (in dollars per share)	$ 2.75	$ 2.61	$ 5.35	$ 5.10
Products
Revenue:
Total revenue	$ 5,057	$ 5,160	$ 10,266	$ 10,515
Operating costs and expenses:
Cost of sales	(4,169)	(4,259)	(8,481)	(8,697)
Services
Revenue:
Total revenue	4,132	4,060	8,315	8,094
Operating costs and expenses:
Cost of sales	$ (3,428)	$ (3,446)	$ (6,974)	$ (6,900)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 766	$ 737	$ 1,496	$ 1,445
Changes in unrealized cash flow hedges	(102)	5	(156)	(86)
Foreign currency translation adjustments	(251)	68	(189)	30
Changes in retirement plans’ funded status	47	71	89	172
Other comprehensive (loss) income, pretax	(306)	144	(256)	116
Benefit (provision) for income tax, net	18	(13)	23	(13)
Other comprehensive (loss) income, net of tax	(288)	131	(233)	103
Comprehensive income	$ 478	$ 868	$ 1,263	$ 1,548

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions		Jul. 03, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents		$ 2,223	$ 1,603
Accounts receivable		3,213	3,041
Unbilled receivables		7,819	8,498
Inventories		6,158	5,340
Other current assets		1,166	1,505
Total current assets		20,579	19,987
Noncurrent assets:
Property, plant and equipment, net		5,479	5,417
Intangible assets, net		1,867	1,978
Goodwill	[1]	20,002	20,098
Other assets		2,554	2,593
Total noncurrent assets		29,902	30,086
Total assets		50,481	50,073
Current liabilities:
Short-term debt and current portion of long-term debt		1,754	1,005
Accounts payable		3,138	3,167
Customer advances and deposits		6,531	6,266
Other current liabilities		3,313	3,540
Total current liabilities		14,736	13,978
Noncurrent liabilities:
Long-term debt		9,741	10,490
Other liabilities		8,623	7,964
Commitments and contingencies (see Note J)
Total noncurrent liabilities		18,364	18,454
Shareholders’ equity:
Common stock		482	482
Surplus		3,466	3,278
Retained earnings		36,218	35,420
Treasury stock		(20,632)	(19,619)
Accumulated other comprehensive loss		(2,153)	(1,920)
Total shareholders’ equity		17,381	17,641
Total liabilities and shareholders’ equity		$ 50,481	$ 50,073
[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. 03, 2022	Jul. 04, 2021
Cash flows from operating activities - continuing operations:
Net earnings	$ 1,496	$ 1,445
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment	278	280
Amortization of intangible and finance lease right-of-use assets	147	159
Equity-based compensation expense	120	72
Deferred income tax benefit	(218)	(37)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable	(172)	(94)
Unbilled receivables	695	134
Inventories	(816)	(58)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable	(29)	(364)
Customer advances and deposits	1,402	(226)
Other, net	(276)	(193)
Net cash provided by operating activities	2,627	1,118
Cash flows from investing activities:
Capital expenditures	(365)	(306)
Other, net	0	(2)
Net cash used by investing activities	(365)	(308)
Cash flows from financing activities:
Purchases of common stock	(1,094)	(1,352)
Dividends paid	(679)	(651)
Proceeds from commercial paper, gross (maturities greater than 3 months)	0	1,997
Proceeds from fixed-rate notes	0	1,497
Other, net	110	338
Net cash used by financing activities	(1,663)	(671)
Net cash provided (used) by discontinued operations	21	(13)
Net increase in cash and equivalents	620	126
Cash and equivalents at beginning of period	1,603	2,824
Cash and equivalents at end of period	2,223	2,950
Supplemental cash flow information:
Income tax payments, net	(565)	(245)
Interest payments	(191)	(228)
Repayment of fixed-rate notes
Cash flows from financing activities:
Repayments of Long-term Debt	0	(2,000)
Repayment of floating-rate notes
Cash flows from financing activities:
Repayments of Long-term Debt	$ 0	$ (500)

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock, Par	Common Stock, Surplus	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
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 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 loss	131					131
Ending balance at Jul. 04, 2021	15,321	482	3,194	34,273	(19,181)	(3,447)
Beginning balance at Dec. 31, 2021	17,641	482	3,278	35,420	(19,619)	(1,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,496			1,496
Cash dividends declared	(698)			(698)
Equity-based awards	272		188		84
Shares purchased	(1,097)				(1,097)
Other comprehensive loss	(233)					(233)
Ending balance at Jul. 03, 2022	17,381	482	3,466	36,218	(20,632)	(2,153)
Beginning balance at Apr. 03, 2022	18,014	482	3,434	35,800	(19,837)	(1,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	766			766
Cash dividends declared	(348)			(348)
Equity-based awards	42		32		10
Shares purchased	(805)				(805)
Other comprehensive loss	(288)					(288)
Ending balance at Jul. 03, 2022	$ 17,381	$ 482	$ 3,466	$ 36,218	$ (20,632)	$ (2,153)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 03, 2022
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. 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 3, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 3, 2022, and July 4, 2021. 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, 2021. 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 3, 2022 December 31, 2021 PP&E $ 11,727 $ 11,464 Accumulated depreciation (6,248) (6,047) PP&E, net $ 5,479 $ 5,417 Accounting Standards Updates. There are accounting standards that have been issued by the Financial Accounting Standards Board (FASB) 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

Revenue	6 Months Ended
	Jul. 03, 2022
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 80% of our revenue for the three- and six-month periods ended July 3, 2022, and 81% and 80% of our revenue for the three- and six-month periods ended July 4, 2021, 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 20% of our revenue for the three- and six-month periods ended July 3, 2022 , and 19% and 20% of our revenue for the three- and six-month periods ended July 4, 2021, 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 3, 2022, we had $87.6 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 50% of our remaining performance obligations as revenue by year-end 2023, an additional 30% by year-end 2025 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, award fees 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 fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best judgment at the time. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. The aggregate impact of adjustments in contract estimates increased our revenue, operating earnings and diluted earnings per share as follows: Three Months Ended Six Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Revenue $ 112 $ 75 $ 219 $ 160 Operating earnings 101 76 206 139 Diluted earnings per share $ 0.29 $ 0.21 $ 0.58 $ 0.39 No adjustment on any one contract was material to the unaudited Consolidated Financial Statements for the three- and six-month periods ended July 3, 2022, or July 4, 2021. 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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Aircraft manufacturing $ 1,112 $ 1,072 $ 2,374 $ 2,444 Aircraft services 755 550 1,396 1,065 Total Aerospace 1,867 1,622 3,770 3,509 Nuclear-powered submarines 1,710 1,679 3,472 3,398 Surface ships 611 585 1,204 1,113 Repair and other services 330 272 626 508 Total Marine Systems 2,651 2,536 5,302 5,019 Military vehicles 1,084 1,231 2,179 2,434 Weapons systems, armament and munitions 418 511 834 971 Engineering and other services 164 157 328 314 Total Combat Systems 1,666 1,899 3,341 3,719 Information technology (IT) services 2,010 2,071 4,150 4,156 C5ISR* solutions 995 1,092 2,018 2,206 Total Technologies 3,005 3,163 6,168 6,362 Total revenue $ 9,189 $ 9,220 $ 18,581 $ 18,609 * Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance Revenue by contract type was as follows: Three Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 1,614 $ 1,609 $ 1,441 $ 1,286 $ 5,950 Cost-reimbursement — 1,042 211 1,256 2,509 Time-and-materials 253 — 14 463 730 Total revenue $ 1,867 $ 2,651 $ 1,666 $ 3,005 $ 9,189 Three Months Ended July 4, 2021 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 Six Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 3,287 $ 3,210 $ 2,906 $ 2,624 $ 12,027 Cost-reimbursement — 2,092 408 2,584 5,084 Time-and-materials 483 — 27 960 1,470 Total revenue $ 3,770 $ 5,302 $ 3,341 $ 6,168 $ 18,581 Six Months Ended July 4, 2021 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 Our segments operate under fixed-price, cost-reimbursement and time-and-materials contracts. Our production contracts are primarily fixed-price. Under these contracts, we agree to perform a specific scope of work for a fixed amount. Contracts for research, engineering, repair and maintenance, and other services are typically cost-reimbursement or time-and-materials. Under cost-reimbursement contracts, the customer reimburses contract costs incurred and pays a fixed, incentive or award-based fee. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials. Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts 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 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: Department of Defense (DoD) $ 80 $ 2,620 $ 940 $ 1,667 $ 5,307 Non-DoD — — 3 1,178 1,181 Foreign military sales (FMS) 49 29 50 6 134 Total U.S. government 129 2,649 993 2,851 6,622 U.S. commercial 1,088 1 60 53 1,202 Non-U.S. government 179 1 590 93 863 Non-U.S. commercial 471 — 23 8 502 Total revenue $ 1,867 $ 2,651 $ 1,666 $ 3,005 $ 9,189 Three Months Ended July 4, 2021 U.S. government: DoD $ 72 $ 2,492 $ 954 $ 1,758 $ 5,276 Non-DoD — — 3 1,295 1,298 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 Six Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: DoD $ 160 $ 5,225 $ 1,795 $ 3,418 $ 10,598 Non-DoD — 1 5 2,421 2,427 FMS 82 73 119 16 290 Total U.S. government 242 5,299 1,919 5,855 13,315 U.S. commercial 2,198 1 105 103 2,407 Non-U.S. government 299 2 1,275 195 1,771 Non-U.S. commercial 1,031 — 42 15 1,088 Total revenue $ 3,770 $ 5,302 $ 3,341 $ 6,168 $ 18,581 Six Months Ended July 4, 2021 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 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 3, 2022, were not materially impacted by any other factors. Revenue recognized for the three- and six-month periods ended July 3, 2022, and July 4, 2021, that was included in the contract liability balance at the beginning of each year was $865 and $2.6 billion, and $860 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. 03, 2022
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 2022 and 2021 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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Basic weighted average shares outstanding 276,267 280,742 276,670 282,422 Dilutive effect of stock options and restricted stock/RSUs* 2,676 1,471 2,712 1,170 Diluted weighted average shares outstanding 278,943 282,213 279,382 283,592 * 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 1,713 and 1,212 for the three- and six-month periods ended July 3, 2022, and 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 03, 2022
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 3, 2022 December 31, 2021 Deferred tax asset $ 42 $ 41 Deferred tax liability (624) (868) Net deferred tax liability $ (582) $ (827) 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 2020. 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 3, 2022, 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. 03, 2022
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 3, 2022 December 31, 2021 Unbilled revenue $ 36,712 $ 39,566 Advances and progress billings (28,893) (31,068) Net unbilled receivables $ 7,819 $ 8,498 On July 3, 2022, and December 31, 2021, net unbilled receivables included $2.2 billion and $3.3 billion, respectively, associated with two large international contracts in our Combat Systems segment. A wheeled vehicle contract, originally negotiated in 2012, was amended in 2020 to include a revised payment schedule that addressed a build-up in unbilled receivables. Under the amended contract, we have received progress payments that have reduced the program’s unbilled balance to $745. The remaining scheduled progress payments will liquidate the net unbilled receivables balance by the end of 2023. A separate tracked vehicle contract signed in 2010 has been experiencing an unbilled receivable build-up since 2021 while we work to resolve customer concerns on certain aspects of the program. As a result, the balance on this program has grown to $1.5 billion.

Inventories

Inventories	6 Months Ended
	Jul. 03, 2022
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost in a production lot. 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 3, 2022 December 31, 2021 Work in process $ 4,287 $ 3,654 Raw materials 1,715 1,651 Finished goods 143 22 Pre-owned aircraft 13 13 Total inventories $ 6,158 $ 5,340 The increase in total inventories during the six-month period ended July 3, 2022, was due primarily to increased production of in-service aircraft reflecting strong customer demand, as well as the ramp-up in production of new Gulfstream aircraft models announced in the last three years. Customer deposits associated with firm orders for these aircraft, which are reflected in customer advances and deposits and other noncurrent liabilities on the Consolidated Balance Sheet, have correspondingly increased. The increase in total inventories also included four Gulfstream aircraft that were not delivered in the second quarter due to an airworthiness directive (AD) issued by the U.S. Federal Aviation Administration (FAA) that placed limitations on permissible landing conditions for the G500 and G600 aircraft models. These four aircraft are expected to deliver in the third quarter. A software update has been developed to address the AD limitations and is undergoing FAA review.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 03, 2022
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, 2021 (a) $ 3,039 $ 297 $ 2,827 $ 13,935 $ 20,098 Other (b) (68) — (20) (8) (96) July 3, 2022 (a) $ 2,971 $ 297 $ 2,807 $ 13,927 $ 20,002 (a) Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses. (b) 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 3, 2022 December 31, 2021 Contract and program intangible assets (b) $ 3,235 $ (1,634) $ 1,601 $ 3,239 $ (1,547) $ 1,692 Trade names and trademarks 484 (237) 247 501 (238) 263 Technology and software 69 (51) 18 70 (48) 22 Other intangible assets 64 (63) 1 64 (63) 1 Total intangible assets $ 3,852 $ (1,985) $ 1,867 $ 3,874 $ (1,896) $ 1,978 (a) Changes in gross carrying amounts consisted primarily of adjustments for foreign currency translation. (b) Consisted of acquired backlog and probable follow-on work and associated customer relationships. Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $49 and $99 for the three- and six-month periods ended July 3, 2022, and $56 and $111 for the three- and six-month periods ended July 4, 2021, respectively.

Debt

Debt	6 Months Ended
	Jul. 03, 2022
Debt Disclosure [Abstract]
Debt	DEBT Debt consisted of the following: July 3, 2022 December 31, 2021 Fixed-rate notes due: Interest rate: 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% 500 500 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% 500 500 April 2040 4.250% 750 750 June 2041 2.850% 500 500 November 2042 3.600% 500 500 April 2050 4.250% 750 750 Other Various 97 106 Total debt principal 11,597 11,606 Less unamortized debt issuance costs and discounts 102 111 Total debt 11,495 11,495 Less current portion 1,754 1,005 Long-term debt $ 9,741 $ 10,490 On July 3, 2022, we h ad no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. Separately, we have a $4 billion committed bank credit facility for general corporate purposes and working capital needs and to support our commercial paper issuances. This credit facility expires in March 2027. We may renew or replace this credit facility in whole or in part at or prior to its expiration date. We also have an effective shelf registration on file with the 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 3, 2022.

Other Liabilities

Other Liabilities	6 Months Ended
	Jul. 03, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of significant other liabilities by balance sheet caption follows: July 3, 2022 December 31, 2021 Salaries and wages $ 1,016 $ 1,022 Dividends payable 346 331 Lease liabilities 313 337 Retirement benefits 283 288 Workers’ compensation 244 270 Other 1,111 1,292 Total other current liabilities $ 3,313 $ 3,540 Retirement benefits $ 2,600 $ 2,813 Customer deposits on commercial contracts 2,387 1,250 Lease liabilities 1,364 1,343 Other 2,272 2,558 Total other liabilities $ 8,623 $ 7,964

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jul. 03, 2022
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. In the third quarter of 2021, the court dismissed the relator’s complaint with prejudice. The relator has appealed the dismissal of the complaint to the United States Court of Appeals. 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 approximate ly $1.2 billion on July 3, 2022. 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 ca se, 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 3, 2022, the estimated change in fair market values from the date of the commitments was not materi al. 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 3, 2022, and July 4, 2021, were as follows: Six Months Ended July 3, 2022 July 4, 2021 Beginning balance $ 641 $ 660 Warranty expense 39 45 Payments (63) (65) Adjustments (8) — Ending balance $ 609 $ 640

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jul. 03, 2022
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. In the six-month period ended July 3, 2022, we repurchased 4.9 million of our outstanding shares for $1.1 billion. On July 3, 2022, 7.2 million shares remained authorized by our board of directors for repurchase, representing 2.6% of our total shares outstanding. We repurchased 7.9 million shares for $1.4 billion in the six-month period ended July 4, 2021. Dividends per Share. Our board of directors declared dividends per share of $1.26 and $2.52 for the three- and six-month periods ended July 3, 2022, and $1.19 and $2.38 for the three- and six-month periods ended July 4, 2021, respectively. We paid cash dividends of $349 and $679 for the three- and six-month periods ended July 3, 2022, and $336 and $651 for the three- and six-month periods ended July 4, 2021, respectively. Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following: Changes in Unrealized Cash Flow Hedges Foreign Currency Translation Adjustments Changes in Retirement Plans’ Funded Status AOCL December 31, 2021 $ 144 $ 538 $ (2,602) $ (1,920) Other comprehensive loss, pretax (156) (189) 89 (256) Benefit for income tax, net 41 — (18) 23 Other comprehensive loss, net of tax (115) (189) 71 (233) July 3, 2022 $ 29 $ 349 $ (2,531) $ (2,153) 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) Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See Note O for these amounts, which are included in our net periodic pension and other post-retirement benefit credit.

Segment Information

Segment Information	6 Months Ended
	Jul. 03, 2022
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATIONWe 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 (a) Operating Earnings Three Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Aerospace $ 1,867 $ 1,622 $ 238 $ 195 Marine Systems 2,651 2,536 211 210 Combat Systems 1,666 1,899 245 266 Technologies 3,005 3,163 304 308 Corporate (b) — — (20) (20) Total $ 9,189 $ 9,220 $ 978 $ 959 Six Months Ended Aerospace $ 3,770 $ 3,509 $ 481 $ 415 Marine Systems 5,302 5,019 422 410 Combat Systems 3,341 3,719 472 510 Technologies 6,168 6,362 602 614 Corporate (b) — — (91) (52) Total $ 18,581 $ 18,609 $ 1,886 $ 1,897 (a) See Note B for additional revenue information by segment. (b) Corporate operating results consisted primarily of equity-based compensation expense.

Fair Value

Fair Value	6 Months Ended
	Jul. 03, 2022
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 3, 2022, or December 31, 2021. 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 3, 2022, and December 31, 2021, 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 3, 2022 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 2 $ 2 $ — $ 2 $ — Available-for-sale debt securities 116 116 — 116 — Equity securities 49 49 49 — — Other investments 17 17 — — 17 Cash flow hedge assets 226 226 — 226 — Cash flow hedge liabilities (117) (117) — (117) — Measured at amortized cost: Short- and long-term debt principal (11,597) (11,152) — (11,152) — December 31, 2021 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 4 $ 4 $ — $ 4 $ — Available-for-sale debt securities 125 125 — 125 — Equity securities 62 62 62 — — Other investments 12 12 — — 12 Cash flow hedge assets 320 320 — 320 — Cash flow hedge liabilities (98) (98) — (98) — Measured at amortized cost: Short- and long-term debt principal (11,606) (12,549) — (12,549) — 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 hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Jul. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes. Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and 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 duratio n of the activities that are at risk. Commodity Price Risk. We are subject to commodity price risk, primarily on long-term, fixed-price contracts. To the extent possible, we include 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 instru ments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows. Investment Risk. Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years. On July 3, 2022, and December 31, 2021, we held $2.2 billion and $1.6 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 3, 2022, and December 31, 2021, we held marketable securities in trust of $167 and $191, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note M for additional details. Hedging Activities. We had notional forward exchange contracts outstanding of $6.5 billion and $6.8 billion on July 3, 2022, and December 31, 2021, respectively. These derivative financial instruments are cash flow hedges, and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note M for additional details. Changes in fair value (gains and losses) related to derivative financial instruments that qualify as cash flow hedges are deferred in AOCL until the underlying transaction is reflected in earnings. Alternatively, gains and losses on derivative financial instruments that do not qualify for hedge accounting are recorded each period in earnings. All gains and losses from derivative financial instruments recognized in the Consolidated Statement of Earnings are presented in the same line item as the underlying transaction, generally operating costs and expenses. Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations for the three- and six-month periods ended July 3, 2022, and July 4, 2021. 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 3, 2022, and July 4, 2021, 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 3, 2022, and December 31, 2021. 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 3, 2022, and July 4, 2021. 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 3, 2022, and July 4, 2021.

Retirement Plans

Retirement Plans	6 Months Ended
	Jul. 03, 2022
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 3, 2022, and July 4, 2021, consisted of the following: Pension Benefits Other Post-retirement Benefits Three Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Service cost $ 26 $ 29 $ 2 $ 3 Interest cost 100 90 5 4 Expected return on plan assets (227) (241) (8) (9) Net actuarial loss (gain) 53 80 (5) — Prior service (credit) cost (5) (5) 1 — Net periodic benefit credit $ (53) $ (47) $ (5) $ (2) Six Months Ended Service cost $ 52 $ 59 $ 3 $ 5 Interest cost 200 180 10 9 Expected return on plan assets (455) (482) (16) (18) Net actuarial loss (gain) 107 183 (9) — Prior service (credit) cost (10) (10) 1 — Net periodic benefit credit $ (106) $ (70) $ (11) $ (4) 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. As we expect to recover these costs, we defer them in other contract costs in other current assets on the Consolidated Balance Sheet until they can be allocated to contracts, which is generally after they are paid. To the extent there is a non-service component of net periodic benefit credit for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 03, 2022
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. 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 3, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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 3, 2022, and July 4, 2021. 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, 2021.
Accounting Standards Updates	Accounting Standards Updates. There are accounting standards that have been issued by the Financial Accounting Standards Board (FASB) 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.
Performance Obligations	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 80% of our revenue for the three- and six-month periods ended July 3, 2022, and 81% and 80% of our revenue for the three- and six-month periods ended July 4, 2021, 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 20% of our revenue for the three- and six-month periods ended July 3, 2022 , and 19% and 20% of our revenue for the three- and six-month periods ended July 4, 2021, 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 3, 2022, we had $87.6 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 50% of our remaining performance obligations as revenue by year-end 2023, an additional 30% by year-end 2025 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, award fees 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 fees or incentive fees in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical award experience, anticipated performance and our best judgment at the time. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates regularly. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified. 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. The amount for an incentive or award fee is determined by our ability to achieve targets set in the contract, such as cost, quality, schedule and performance. Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials. Each of these contract types presents advantages and disadvantages. Typically, we assume more risk with fixed-price contracts. However, these types of contracts offer additional profits when we complete the work for less than originally estimated. Cost-reimbursement contracts generally subject us to lower risk. Accordingly, the associated base fees are usually lower than fees earned on fixed-price contracts. Under time-and-materials contracts, our profit may vary if actual labor-hour rates vary significantly from the negotiated rates. Also, because these contracts 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 2022 and 2021 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 2020. 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 3, 2022, 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, 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 duratio Commodity Price Risk. We are subject to 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 instru ments but are not accounted for separately, because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows. Hedging Activities. We had notional forward exchange contracts outstanding of $6.5 billion and $6.8 billion on July 3, 2022, and December 31, 2021, respectively. These derivative financial instruments are cash flow hedges, and are reflected at fair value on the Consolidated Balance Sheet in other current assets and liabilities. See Note M for additional details.
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. 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 approximate ly $1.2 billion on July 3, 2022. 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 ca se, 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 3, 2022, the estimated change in fair market values from the date of the commitments was not materi
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	SEGMENT INFORMATIONWe 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. 03, 2022
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 3, 2022 December 31, 2021 PP&E $ 11,727 $ 11,464 Accumulated depreciation (6,248) (6,047) PP&E, net $ 5,479 $ 5,417

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 03, 2022
Revenue Recognition [Abstract]
Schedule of Impact of Adjustments in Contract Estimates	The aggregate impact of adjustments in contract estimates increased our revenue, operating earnings and diluted earnings per share as follows: Three Months Ended Six Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Revenue $ 112 $ 75 $ 219 $ 160 Operating earnings 101 76 206 139 Diluted earnings per share $ 0.29 $ 0.21 $ 0.58 $ 0.39
Revenue by Major Product Line	Revenue by major products and services was as follows: Three Months Ended Six Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Aircraft manufacturing $ 1,112 $ 1,072 $ 2,374 $ 2,444 Aircraft services 755 550 1,396 1,065 Total Aerospace 1,867 1,622 3,770 3,509 Nuclear-powered submarines 1,710 1,679 3,472 3,398 Surface ships 611 585 1,204 1,113 Repair and other services 330 272 626 508 Total Marine Systems 2,651 2,536 5,302 5,019 Military vehicles 1,084 1,231 2,179 2,434 Weapons systems, armament and munitions 418 511 834 971 Engineering and other services 164 157 328 314 Total Combat Systems 1,666 1,899 3,341 3,719 Information technology (IT) services 2,010 2,071 4,150 4,156 C5ISR* solutions 995 1,092 2,018 2,206 Total Technologies 3,005 3,163 6,168 6,362 Total revenue $ 9,189 $ 9,220 $ 18,581 $ 18,609 * Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
Revenue by Contract Type	Revenue by contract type was as follows: Three Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 1,614 $ 1,609 $ 1,441 $ 1,286 $ 5,950 Cost-reimbursement — 1,042 211 1,256 2,509 Time-and-materials 253 — 14 463 730 Total revenue $ 1,867 $ 2,651 $ 1,666 $ 3,005 $ 9,189 Three Months Ended July 4, 2021 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 Six Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total Fixed-price $ 3,287 $ 3,210 $ 2,906 $ 2,624 $ 12,027 Cost-reimbursement — 2,092 408 2,584 5,084 Time-and-materials 483 — 27 960 1,470 Total revenue $ 3,770 $ 5,302 $ 3,341 $ 6,168 $ 18,581 Six Months Ended July 4, 2021 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
Revenue by Customer	Revenue by customer was as follows: Three Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: Department of Defense (DoD) $ 80 $ 2,620 $ 940 $ 1,667 $ 5,307 Non-DoD — — 3 1,178 1,181 Foreign military sales (FMS) 49 29 50 6 134 Total U.S. government 129 2,649 993 2,851 6,622 U.S. commercial 1,088 1 60 53 1,202 Non-U.S. government 179 1 590 93 863 Non-U.S. commercial 471 — 23 8 502 Total revenue $ 1,867 $ 2,651 $ 1,666 $ 3,005 $ 9,189 Three Months Ended July 4, 2021 U.S. government: DoD $ 72 $ 2,492 $ 954 $ 1,758 $ 5,276 Non-DoD — — 3 1,295 1,298 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 Six Months Ended July 3, 2022 Aerospace Marine Systems Combat Systems Technologies Total U.S. government: DoD $ 160 $ 5,225 $ 1,795 $ 3,418 $ 10,598 Non-DoD — 1 5 2,421 2,427 FMS 82 73 119 16 290 Total U.S. government 242 5,299 1,919 5,855 13,315 U.S. commercial 2,198 1 105 103 2,407 Non-U.S. government 299 2 1,275 195 1,771 Non-U.S. commercial 1,031 — 42 15 1,088 Total revenue $ 3,770 $ 5,302 $ 3,341 $ 6,168 $ 18,581 Six Months Ended July 4, 2021 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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Basic weighted average shares outstanding 276,267 280,742 276,670 282,422 Dilutive effect of stock options and restricted stock/RSUs* 2,676 1,471 2,712 1,170 Diluted weighted average shares outstanding 278,943 282,213 279,382 283,592 * 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 1,713 and 1,212 for the three- and six-month periods ended July 3, 2022, and 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 03, 2022
Income Tax Disclosure [Abstract]
Net Deferred Tax Assets and Liabilities	Our net deferred tax liability consisted of the following: July 3, 2022 December 31, 2021 Deferred tax asset $ 42 $ 41 Deferred tax liability (624) (868) Net deferred tax liability $ (582) $ (827)

Unbilled Receivables (Tables)

Unbilled Receivables (Tables)	6 Months Ended
	Jul. 03, 2022
Contractors [Abstract]
Schedule of Unbilled Receivables	Unbilled receivables consisted of the following: July 3, 2022 December 31, 2021 Unbilled revenue $ 36,712 $ 39,566 Advances and progress billings (28,893) (31,068) Net unbilled receivables $ 7,819 $ 8,498

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 03, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: July 3, 2022 December 31, 2021 Work in process $ 4,287 $ 3,654 Raw materials 1,715 1,651 Finished goods 143 22 Pre-owned aircraft 13 13 Total inventories $ 6,158 $ 5,340

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 03, 2022
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, 2021 (a) $ 3,039 $ 297 $ 2,827 $ 13,935 $ 20,098 Other (b) (68) — (20) (8) (96) July 3, 2022 (a) $ 2,971 $ 297 $ 2,807 $ 13,927 $ 20,002 (a) Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses. (b) 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 3, 2022 December 31, 2021 Contract and program intangible assets (b) $ 3,235 $ (1,634) $ 1,601 $ 3,239 $ (1,547) $ 1,692 Trade names and trademarks 484 (237) 247 501 (238) 263 Technology and software 69 (51) 18 70 (48) 22 Other intangible assets 64 (63) 1 64 (63) 1 Total intangible assets $ 3,852 $ (1,985) $ 1,867 $ 3,874 $ (1,896) $ 1,978 (a) Changes in gross carrying amounts consisted primarily of adjustments for foreign currency translation.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 03, 2022
Debt Disclosure [Abstract]
Schedule Of Debt	Debt consisted of the following: July 3, 2022 December 31, 2021 Fixed-rate notes due: Interest rate: 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% 500 500 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% 500 500 April 2040 4.250% 750 750 June 2041 2.850% 500 500 November 2042 3.600% 500 500 April 2050 4.250% 750 750 Other Various 97 106 Total debt principal 11,597 11,606 Less unamortized debt issuance costs and discounts 102 111 Total debt 11,495 11,495 Less current portion 1,754 1,005 Long-term debt $ 9,741 $ 10,490

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022 December 31, 2021 Salaries and wages $ 1,016 $ 1,022 Dividends payable 346 331 Lease liabilities 313 337 Retirement benefits 283 288 Workers’ compensation 244 270 Other 1,111 1,292 Total other current liabilities $ 3,313 $ 3,540 Retirement benefits $ 2,600 $ 2,813 Customer deposits on commercial contracts 2,387 1,250 Lease liabilities 1,364 1,343 Other 2,272 2,558 Total other liabilities $ 8,623 $ 7,964

Commitments And Contingencies (

Commitments And Contingencies (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022, and July 4, 2021, were as follows: Six Months Ended July 3, 2022 July 4, 2021 Beginning balance $ 641 $ 660 Warranty expense 39 45 Payments (63) (65) Adjustments (8) — Ending balance $ 609 $ 640

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jul. 03, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following: Changes in Unrealized Cash Flow Hedges Foreign Currency Translation Adjustments Changes in Retirement Plans’ Funded Status AOCL December 31, 2021 $ 144 $ 538 $ (2,602) $ (1,920) Other comprehensive loss, pretax (156) (189) 89 (256) Benefit for income tax, net 41 — (18) 23 Other comprehensive loss, net of tax (115) (189) 71 (233) July 3, 2022 $ 29 $ 349 $ (2,531) $ (2,153) 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)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jul. 03, 2022
Segment Reporting [Abstract]
Summary Of Financial Information For Each Of Our Segments	Summary financial information for each of our segments follows: Revenue (a) Operating Earnings Three Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Aerospace $ 1,867 $ 1,622 $ 238 $ 195 Marine Systems 2,651 2,536 211 210 Combat Systems 1,666 1,899 245 266 Technologies 3,005 3,163 304 308 Corporate (b) — — (20) (20) Total $ 9,189 $ 9,220 $ 978 $ 959 Six Months Ended Aerospace $ 3,770 $ 3,509 $ 481 $ 415 Marine Systems 5,302 5,019 422 410 Combat Systems 3,341 3,719 472 510 Technologies 6,168 6,362 602 614 Corporate (b) — — (91) (52) Total $ 18,581 $ 18,609 $ 1,886 $ 1,897 (a) See Note B for additional revenue information by segment. (b) Corporate operating results consisted primarily of equity-based compensation expense.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022, and December 31, 2021, 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 3, 2022 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 2 $ 2 $ — $ 2 $ — Available-for-sale debt securities 116 116 — 116 — Equity securities 49 49 49 — — Other investments 17 17 — — 17 Cash flow hedge assets 226 226 — 226 — Cash flow hedge liabilities (117) (117) — (117) — Measured at amortized cost: Short- and long-term debt principal (11,597) (11,152) — (11,152) — December 31, 2021 Measured at fair value: Marketable securities held in trust: Cash and equivalents $ 4 $ 4 $ — $ 4 $ — Available-for-sale debt securities 125 125 — 125 — Equity securities 62 62 62 — — Other investments 12 12 — — 12 Cash flow hedge assets 320 320 — 320 — Cash flow hedge liabilities (98) (98) — (98) — Measured at amortized cost: Short- and long-term debt principal (11,606) (12,549) — (12,549) —

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jul. 03, 2022
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 3, 2022, and July 4, 2021, consisted of the following: Pension Benefits Other Post-retirement Benefits Three Months Ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Service cost $ 26 $ 29 $ 2 $ 3 Interest cost 100 90 5 4 Expected return on plan assets (227) (241) (8) (9) Net actuarial loss (gain) 53 80 (5) — Prior service (credit) cost (5) (5) 1 — Net periodic benefit credit $ (53) $ (47) $ (5) $ (2) Six Months Ended Service cost $ 52 $ 59 $ 3 $ 5 Interest cost 200 180 10 9 Expected return on plan assets (455) (482) (16) (18) Net actuarial loss (gain) 107 183 (9) — Prior service (credit) cost (10) (10) 1 — Net periodic benefit credit $ (106) $ (70) $ (11) $ (4)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jul. 03, 2022
Accounting Policies [Line Items]
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. 03, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
PP&E	$ 11,727	$ 11,464
Accumulated depreciation	(6,248)	(6,047)
PP&E, net	$ 5,479	$ 5,417

Revenue - Additional Informatio

Revenue - Additional Information (Details) contract in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022 USD ($) contract	Jul. 04, 2021 USD ($)	Jul. 03, 2022 USD ($)	Jul. 04, 2021 USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of active contracts | contract	10
Revenue recognized in contract liability balance | $	$ 865	$ 860	$ 2,600	$ 2,400
Transferred over Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, percentage from products and services transferred to customers	80%	81%	80%	80%
Transferred at Point in Time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, percentage from products and services transferred to customers	20%	19%		20%

Revenue - Remaining Performance

Revenue - Remaining Performance Obligations to be Recognized as Revenue (Details) $ in Billions	Jul. 03, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-04
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligations	$ 87.6
Revenue, remaining performance obligation percentage	50%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation percentage	30%
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. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 9,189	$ 9,220	$ 18,581	$ 18,609
Operating Earnings	978	959	1,886	1,897
Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	112	75	219	160
Operating Earnings	$ 101	$ 76	$ 206	$ 139
Diluted earnings per share (in dollars per share)	$ 0.29	$ 0.21	$ 0.58	$ 0.39

Revenue - Revenue by Products a

Revenue - Revenue by Products and Services (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenue [Line Items]
Total revenue		$ 9,189	$ 9,220	$ 18,581	$ 18,609
Aerospace
Revenue [Line Items]
Total revenue		1,867	1,622	3,770	3,509
Aerospace | Aircraft manufacturing
Revenue [Line Items]
Total revenue		1,112	1,072	2,374	2,444
Aerospace | Aircraft services
Revenue [Line Items]
Total revenue		755	550	1,396	1,065
Marine Systems
Revenue [Line Items]
Total revenue		2,651	2,536	5,302	5,019
Marine Systems | Nuclear-powered submarines
Revenue [Line Items]
Total revenue		1,710	1,679	3,472	3,398
Marine Systems | Surface ships
Revenue [Line Items]
Total revenue		611	585	1,204	1,113
Marine Systems | Repair and other services
Revenue [Line Items]
Total revenue		330	272	626	508
Combat Systems
Revenue [Line Items]
Total revenue		1,666	1,899	3,341	3,719
Combat Systems | Military vehicles
Revenue [Line Items]
Total revenue		1,084	1,231	2,179	2,434
Combat Systems | Weapons systems, armament and munitions
Revenue [Line Items]
Total revenue		418	511	834	971
Combat Systems | Engineering and other services
Revenue [Line Items]
Total revenue		164	157	328	314
Technologies
Revenue [Line Items]
Total revenue		3,005	3,163	6,168	6,362
Technologies | Information technology (IT) services
Revenue [Line Items]
Total revenue		2,010	2,071	4,150	4,156
Technologies | C5ISR* solutions
Revenue [Line Items]
Total revenue	[1]	$ 995	$ 1,092	$ 2,018	$ 2,206
[1]Command, control, communications, computers, cyber, 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. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenue [Line Items]
Total revenue	$ 9,189	$ 9,220	$ 18,581	$ 18,609
Fixed-price
Revenue [Line Items]
Total revenue	5,950	6,222	12,027	12,624
Cost-reimbursement
Revenue [Line Items]
Total revenue	2,509	2,305	5,084	4,602
Time-and-materials
Revenue [Line Items]
Total revenue	730	693	1,470	1,383
Aerospace
Revenue [Line Items]
Total revenue	1,867	1,622	3,770	3,509
Aerospace | Fixed-price
Revenue [Line Items]
Total revenue	1,614	1,440	3,287	3,149
Aerospace | Cost-reimbursement
Revenue [Line Items]
Total revenue	0	0	0	0
Aerospace | Time-and-materials
Revenue [Line Items]
Total revenue	253	182	483	360
Marine Systems
Revenue [Line Items]
Total revenue	2,651	2,536	5,302	5,019
Marine Systems | Fixed-price
Revenue [Line Items]
Total revenue	1,609	1,810	3,210	3,594
Marine Systems | Cost-reimbursement
Revenue [Line Items]
Total revenue	1,042	726	2,092	1,425
Marine Systems | Time-and-materials
Revenue [Line Items]
Total revenue	0	0	0	0
Combat Systems
Revenue [Line Items]
Total revenue	1,666	1,899	3,341	3,719
Combat Systems | Fixed-price
Revenue [Line Items]
Total revenue	1,441	1,668	2,906	3,237
Combat Systems | Cost-reimbursement
Revenue [Line Items]
Total revenue	211	216	408	451
Combat Systems | Time-and-materials
Revenue [Line Items]
Total revenue	14	15	27	31
Technologies
Revenue [Line Items]
Total revenue	3,005	3,163	6,168	6,362
Technologies | Fixed-price
Revenue [Line Items]
Total revenue	1,286	1,304	2,624	2,644
Technologies | Cost-reimbursement
Revenue [Line Items]
Total revenue	1,256	1,363	2,584	2,726
Technologies | Time-and-materials
Revenue [Line Items]
Total revenue	$ 463	$ 496	$ 960	$ 992

Revenue - Revenue by Customer (

Revenue - Revenue by Customer (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Revenue [Line Items]
Total revenue	$ 9,189	$ 9,220	$ 18,581	$ 18,609
U.S. Government - DoD
Revenue [Line Items]
Total revenue	5,307	5,276	10,598	10,417
U.S. Government - Non-DoD
Revenue [Line Items]
Total revenue	1,181	1,298	2,427	2,550
U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Total revenue	134	127	290	303
Total U.S. government
Revenue [Line Items]
Total revenue	6,622	6,701	13,315	13,270
U.S. commercial
Revenue [Line Items]
Total revenue	1,202	1,061	2,407	2,042
Non-U.S. government
Revenue [Line Items]
Total revenue	863	936	1,771	1,989
Non-U.S. commercial
Revenue [Line Items]
Total revenue	502	522	1,088	1,308
Aerospace
Revenue [Line Items]
Total revenue	1,867	1,622	3,770	3,509
Aerospace | U.S. Government - DoD
Revenue [Line Items]
Total revenue	80	72	160	130
Aerospace | U.S. Government - Non-DoD
Revenue [Line Items]
Total revenue	0	0	0	0
Aerospace | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Total revenue	49	18	82	37
Aerospace | Total U.S. government
Revenue [Line Items]
Total revenue	129	90	242	167
Aerospace | U.S. commercial
Revenue [Line Items]
Total revenue	1,088	982	2,198	1,839
Aerospace | Non-U.S. government
Revenue [Line Items]
Total revenue	179	50	299	240
Aerospace | Non-U.S. commercial
Revenue [Line Items]
Total revenue	471	500	1,031	1,263
Marine Systems
Revenue [Line Items]
Total revenue	2,651	2,536	5,302	5,019
Marine Systems | U.S. Government - DoD
Revenue [Line Items]
Total revenue	2,620	2,492	5,225	4,912
Marine Systems | U.S. Government - Non-DoD
Revenue [Line Items]
Total revenue	0	0	1	4
Marine Systems | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Total revenue	29	41	73	97
Marine Systems | Total U.S. government
Revenue [Line Items]
Total revenue	2,649	2,533	5,299	5,013
Marine Systems | U.S. commercial
Revenue [Line Items]
Total revenue	1	1	1	2
Marine Systems | Non-U.S. government
Revenue [Line Items]
Total revenue	1	0	2	2
Marine Systems | Non-U.S. commercial
Revenue [Line Items]
Total revenue	0	2	0	2
Combat Systems
Revenue [Line Items]
Total revenue	1,666	1,899	3,341	3,719
Combat Systems | U.S. Government - DoD
Revenue [Line Items]
Total revenue	940	954	1,795	1,870
Combat Systems | U.S. Government - Non-DoD
Revenue [Line Items]
Total revenue	3	3	5	5
Combat Systems | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Total revenue	50	62	119	149
Combat Systems | Total U.S. government
Revenue [Line Items]
Total revenue	993	1,019	1,919	2,024
Combat Systems | U.S. commercial
Revenue [Line Items]
Total revenue	60	42	105	108
Combat Systems | Non-U.S. government
Revenue [Line Items]
Total revenue	590	822	1,275	1,554
Combat Systems | Non-U.S. commercial
Revenue [Line Items]
Total revenue	23	16	42	33
Technologies
Revenue [Line Items]
Total revenue	3,005	3,163	6,168	6,362
Technologies | U.S. Government - DoD
Revenue [Line Items]
Total revenue	1,667	1,758	3,418	3,505
Technologies | U.S. Government - Non-DoD
Revenue [Line Items]
Total revenue	1,178	1,295	2,421	2,541
Technologies | U.S. Government - Foreign Military Sales (FMS)
Revenue [Line Items]
Total revenue	6	6	16	20
Technologies | Total U.S. government
Revenue [Line Items]
Total revenue	2,851	3,059	5,855	6,066
Technologies | U.S. commercial
Revenue [Line Items]
Total revenue	53	36	103	93
Technologies | Non-U.S. government
Revenue [Line Items]
Total revenue	93	64	195	193
Technologies | Non-U.S. commercial
Revenue [Line Items]
Total revenue	$ 8	$ 4	$ 15	$ 10

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (shares)		276,267	280,742	276,670	282,422
Dilutive effect of stock options and restricted stock/RSUs (shares)	[1]	2,676	1,471	2,712	1,170
Diluted weighted average shares outstanding (shares)		278,943	282,213	279,382	283,592
Stock/RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (shares)		1,713	5,392	1,212	8,746
[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 1,713 and 1,212 for the three- and six-month periods ended July 3, 2022, and 5,392 and 8,746 for the three- and six-month periods ended July 4, 2021, respectively.

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Jul. 03, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 42	$ 41
Deferred tax liability	(624)	(868)
Net deferred tax liability	$ (582)	$ (827)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Jul. 03, 2022 USD ($)
Income Tax Disclosure [Abstract]
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. 03, 2022	Dec. 31, 2021
Contractors [Abstract]
Unbilled revenue	$ 36,712	$ 39,566
Advances and progress billings	(28,893)	(31,068)
Net unbilled receivables	$ 7,819	$ 8,498

Unbilled Receivables - Addition

Unbilled Receivables - Additional Information (Details) $ in Millions	Jul. 03, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Contracts In Process [Line Items]
Net unbilled receivables	$ 7,819	$ 8,498
Combat Systems | Two Large International Contracts
Contracts In Process [Line Items]
Net unbilled receivables	$ 2,200	$ 3,300
Number of contracts | contract	2	2
Combat Systems | Wheeled Armored Vehicle
Contracts In Process [Line Items]
Net unbilled receivables	$ 745
Combat Systems | Tracked Vehicle
Contracts In Process [Line Items]
Net unbilled receivables	$ 1,500

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jul. 03, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Work in process	$ 4,287	$ 3,654
Raw materials	1,715	1,651
Finished goods	143	22
Pre-owned aircraft	13	13
Total inventories	$ 6,158	$ 5,340

Inventory -Narrative (Details)

Inventory -Narrative (Details)	6 Months Ended
	Jul. 03, 2022
Inventory Disclosure [Abstract]
Increase in production of aircraft (in years)	3 years

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. 03, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 20,098	[1]
Other	(96)	[2]
Goodwill, end of period	20,002	[1]
Aerospace
Goodwill [Roll Forward]
Goodwill, beginning of period	3,039	[1]
Other	(68)	[2]
Goodwill, end of period	2,971	[1]
Marine Systems
Goodwill [Roll Forward]
Goodwill, beginning of period	297	[1]
Other	0	[2]
Goodwill, end of period	297	[1]
Combat Systems
Goodwill [Roll Forward]
Goodwill, beginning of period	2,827	[1]
Other	(20)	[2]
Goodwill, end of period	2,807	[1]
Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period	13,935	[1]
Other	(8)	[2]
Goodwill, end of period	13,927	[1]
Accumulated impairment losses	$ 1,800
[1]Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses.[2]Consisted primarily of adjustments for foreign currency translation.

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		Jul. 03, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	$ 3,852	$ 3,874
Accumulated Amortization		(1,985)	(1,896)
Net Carrying Amount		1,867	1,978
Contract and program intangible assets
Intangible Assets [Line Items]
Gross Carrying Amount	[1],[2]	3,235	3,239
Accumulated Amortization	[2]	(1,634)	(1,547)
Net Carrying Amount		1,601	1,692
Trade names and trademarks
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	484	501
Accumulated Amortization		(237)	(238)
Net Carrying Amount		247	263
Technology and software
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	69	70
Accumulated Amortization		(51)	(48)
Net Carrying Amount		18	22
Other intangible assets
Intangible Assets [Line Items]
Gross Carrying Amount	[1]	64	64
Accumulated Amortization		(63)	(63)
Net Carrying Amount		$ 1	$ 1
[1]Changes in gross carrying amounts consisted primarily of adjustments for 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. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangibles	$ 49	$ 56	$ 99	$ 111

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt principal	$ 11,597	$ 11,606
Less unamortized debt issuance costs and discounts	102	111
Total debt	11,495	11,495
Less current portion	1,754	1,005
Long-term debt	$ 9,741	10,490
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	500
Fixed Rate Notes Due August 2026
Debt Instrument [Line Items]
Interest rate:	2.125%
Long term debt	$ 500	500
Fixed Rate Notes Due April 2027
Debt Instrument [Line Items]
Interest rate:	3.50%
Long term debt	$ 750	750
Fixed Rate Notes Due November 2027
Debt Instrument [Line Items]
Interest rate:	2.625%
Long term debt	$ 500	500
Fixed Rate Notes Due May 2028
Debt Instrument [Line Items]
Interest rate:	3.75%
Long term debt	$ 1,000	1,000
Fixed Rate Notes Due April 2030
Debt Instrument [Line Items]
Interest rate:	3.625%
Long term debt	$ 1,000	1,000
Fixed Rate Notes Due June 2031
Debt Instrument [Line Items]
Interest rate:	2.25%
Long term debt	$ 500	500
Fixed Rate Notes Due April 2040
Debt Instrument [Line Items]
Interest rate:	4.25%
Long term debt	$ 750	750
Fixed Rate Notes Due June 2041
Debt Instrument [Line Items]
Interest rate:	2.85%
Long term debt	$ 500	500
Fixed Rate Notes Due November 2042
Debt Instrument [Line Items]
Interest rate:	3.60%
Long term debt	$ 500	500
Fixed Rate Notes Due April 2050
Debt Instrument [Line Items]
Interest rate:	4.25%
Long term debt	$ 750	750
Other
Debt Instrument [Line Items]
Other Interest rate	Various
Long term debt	$ 97	$ 106

Debt - Additional Information (

Debt - Additional Information (Details)	Jul. 03, 2022 USD ($)
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 4,000,000,000
Commercial paper
Debt Instrument [Line Items]
Commercial paper outstanding	$ 0

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Jul. 03, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Salaries and wages	$ 1,016	$ 1,022
Dividends payable	346	331
Lease liabilities	313	337
Retirement benefits	283	288
Workers’ compensation	244	270
Other	1,111	1,292
Total other current liabilities	3,313	3,540
Retirement benefits	2,600	2,813
Customer deposits on commercial contracts	2,387	1,250
Lease liabilities	1,364	1,343
Other	2,272	2,558
Total other liabilities	$ 8,623	$ 7,964

Commitments And Contingencies -

Commitments And Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Jul. 03, 2022 USD ($)
Other Commitments [Line Items]
Letters of credit and guarantees	$ 1,200
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. 03, 2022	Jul. 04, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$ 641	$ 660
Warranty expense	39	45
Payments	(63)	(65)
Adjustments	(8)	0
Ending balance	$ 609	$ 640

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Equity [Abstract]
Stock repurchased during the period (shares)			4,900,000	7,900,000
Stock repurchased during the period, value			$ 1,100	$ 1,400
Remaining number of shares authorized to be repurchased (shares)	7,200,000		7,200,000
Shares remaining to be repurchased as a percent of total shares outstanding	2.60%		2.60%
Dividends declared per share	$ 1.26	$ 1.19	$ 2.52	$ 2.38
Dividends paid in cash	$ 349	$ 336	$ 679	$ 651

Shareholders' Equity - Changes

Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ (1,920)
Ending Balance	(2,153)
Changes in Unrealized Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	144	$ 272
Other comprehensive loss, pretax	(156)	(86)
Benefit for income tax, net	41	23
Other comprehensive income, net of tax	(115)	(63)
Ending Balance	29	209
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	538	641
Other comprehensive loss, pretax	(189)	30
Benefit for income tax, net	0	0
Other comprehensive income, net of tax	(189)	30
Ending Balance	349	671
Changes in Retirement Plans’ Funded Status
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(2,602)	(4,463)
Other comprehensive loss, pretax	89	172
Benefit for income tax, net	(18)	(36)
Other comprehensive income, net of tax	71	136
Ending Balance	(2,531)	(4,327)
AOCL
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(1,920)	(3,550)
Other comprehensive loss, pretax	(256)	116
Benefit for income tax, net	23	(13)
Other comprehensive income, net of tax	(233)	103
Ending Balance	$ (2,153)	$ (3,447)

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jul. 03, 2022 segment
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. 03, 2022		Jul. 04, 2021		Jul. 03, 2022	Jul. 04, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 9,189		$ 9,220		$ 18,581	$ 18,609
Operating Earnings	978		959		1,886	1,897
Aerospace
Segment Reporting Information [Line Items]
Total revenue	1,867		1,622		3,770	3,509
Marine Systems
Segment Reporting Information [Line Items]
Total revenue	2,651		2,536		5,302	5,019
Combat Systems
Segment Reporting Information [Line Items]
Total revenue	1,666		1,899		3,341	3,719
Technologies
Segment Reporting Information [Line Items]
Total revenue	3,005		3,163		6,168	6,362
Operating Segments | Aerospace
Segment Reporting Information [Line Items]
Total revenue	1,867		1,622		3,770	3,509
Operating Earnings	238		195		481	415
Operating Segments | Marine Systems
Segment Reporting Information [Line Items]
Total revenue	2,651		2,536		5,302	5,019
Operating Earnings	211		210		422	410
Operating Segments | Combat Systems
Segment Reporting Information [Line Items]
Total revenue	1,666		1,899		3,341	3,719
Operating Earnings	245		266		472	510
Operating Segments | Technologies
Segment Reporting Information [Line Items]
Total revenue	3,005		3,163		6,168	6,362
Operating Earnings	304		308		602	614
Corporate
Segment Reporting Information [Line Items]
Total revenue	0	[1]	0	[1]	0	0
Operating Earnings	$ (20)	[1]	$ (20)	[1]	$ (91)	$ (52)
[1] (a) See Note B for additional revenue information by segment. (b) Corporate operating results consisted primarily of equity-based compensation expense.

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Millions	Jul. 03, 2022	Dec. 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets (liabilities)
Cash and equivalents	$ 0	$ 0
Available-for-sale debt securities	0	0
Equity securities	49	62
Other investments	0	0
Cash flow hedge assets	0	0
Cash flow hedge liabilities	0	0
Short- and long-term debt principal	0	0
Significant Other Observable Inputs (Level 2)
Financial assets (liabilities)
Cash and equivalents	2	4
Available-for-sale debt securities	116	125
Equity securities	0	0
Other investments	0	0
Cash flow hedge assets	226	320
Cash flow hedge liabilities	(117)	(98)
Short- and long-term debt principal	(11,152)	(12,549)
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	17	12
Cash flow hedge assets	0	0
Cash flow hedge liabilities	0	0
Short- and long-term debt principal	0	0
Carrying Value
Financial assets (liabilities)
Cash and equivalents	2	4
Available-for-sale debt securities	116	125
Equity securities	49	62
Other investments	17	12
Cash flow hedge assets	226	320
Cash flow hedge liabilities	(117)	(98)
Short- and long-term debt principal	(11,597)	(11,606)
Fair Value
Financial assets (liabilities)
Cash and equivalents	2	4
Available-for-sale debt securities	116	125
Equity securities	49	62
Other investments	17	12
Cash flow hedge assets	226	320
Cash flow hedge liabilities	(117)	(98)
Short- and long-term debt principal	$ (11,152)	$ (12,549)

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Details) - USD ($)	6 Months Ended
	Jul. 03, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Average maturity of foreign currency forward contracts, in years	2 years
Cash and equivalents	$ 2,223,000,000	$ 1,603,000,000
Marketable securities held in trust	167,000,000	191,000,000
Notional forward foreign exchange contracts outstanding	$ 6,500,000,000	$ 6,800,000,000
Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Maturity of fixed-income securities, in years	5 years

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2022	Jul. 04, 2021	Jul. 03, 2022	Jul. 04, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 26	$ 29	$ 52	$ 59
Interest cost	100	90	200	180
Expected return on plan assets	(227)	(241)	(455)	(482)
Net actuarial loss (gain)	53	80	107	183
Prior service (credit) cost	(5)	(5)	(10)	(10)
Net periodic benefit credit	(53)	(47)	(106)	(70)
Other Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	3	3	5
Interest cost	5	4	10	9
Expected return on plan assets	(8)	(9)	(16)	(18)
Net actuarial loss (gain)	(5)	0	(9)	0
Prior service (credit) cost	1	0	1	0
Net periodic benefit credit	$ (5)	$ (2)	$ (11)	$ (4)