Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

General Dynamics Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Short-term debt and current portion of long-term debt	2,920)	973)	2)	900)	501)
Accounts payable	3,162)	3,179)	3,207)	2,538)	1,964)
Customer advances and deposits	7,148)	7,270)	6,992)	4,939)	5,674)
Salaries and wages	941)	952)	786)	695)	648)
Workers’ compensation	306)	244)	320)	337)	369)
Retirement benefits	296)	272)	295)	303)	304)
Current operating lease liabilities	252)	—)	—)	—)	—)
Fair value of cash flow hedges	32)	141)	180)	521)	780)
Deferred income taxes	—)	—)	—)	1,258)	829)
Other	1,744)	1,708)	1,317)	1,355)	1,376)
Other current liabilities	3,571)	3,317)	2,898)	4,469)	4,306)
Current liabilities	16,801)	14,739)	13,099)	12,846)	12,445)
Long-term debt, excluding current portion	9,010)	11,444)	3,980)	2,988)	2,898)
Retirement benefits	5,172)	4,422)	4,408)	4,393)	4,251)
Noncurrent operating lease liabilities	1,251)	—)	—)	—)	—)
Customer deposits on commercial contracts	709)	726)	814)	418)	506)
Deferred income taxes	481)	577)	244)	72)	75)
Other	1,840)	1,768)	1,066)	1,179)	1,084)
Other liabilities	9,453)	7,493)	6,532)	6,062)	5,916)
Noncurrent liabilities	18,463)	18,937)	10,512)	9,050)	8,814)
Total liabilities	35,264)	33,676)	23,611)	21,896)	21,259)
Common stock	482)	482)	482)	482)	482)
Surplus	3,039)	2,946)	2,872)	2,819)	2,730)
Retained earnings	31,633)	29,326)	26,444)	25,227)	23,204)
Treasury stock	(17,358)	(17,244)	(15,543)	(14,156)	(12,392)
Accumulated other comprehensive loss	(4,219)	(3,778)	(2,820)	(3,396)	(3,286)
Shareholders’ equity	13,577)	11,732)	11,435)	10,976)	10,738)
Total liabilities and shareholders’ equity	48,841)	45,408)	35,046)	32,872)	31,997)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Balance sheet item	Description	The company
Current liabilities	Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.	General Dynamics Corp. current liabilities increased from 2017 to 2018 and from 2018 to 2019.
Noncurrent liabilities	Amount of obligation due after one year or beyond the normal operating cycle, if longer.	General Dynamics Corp. noncurrent liabilities increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.
Total liabilities	Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.	General Dynamics Corp. total liabilities increased from 2017 to 2018 and from 2018 to 2019.
Shareholders’ equity	Total of all stockholders’ equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity stockholders’ equity attributable to the parent excludes the amount of stockholders’ equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.	General Dynamics Corp. shareholders’ equity increased from 2017 to 2018 and from 2018 to 2019.

General Dynamics Corp. (NYSE:GD)

Balance Sheet: Liabilities and Stockholders’ Equity