
| State or other jurisdiction of incorporation or organization | I.R.S. Employer Identification No. | ||||||||||||||||
| Address of principal executive offices | Zip code | ||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| None | ||
| PART I | PAGE | |||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 1B. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| PART II | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| Item 7. | ||||||||
| Item 7A. | ||||||||
| Item 8. | ||||||||
| Item 9. | ||||||||
| Item 9A. | ||||||||
| Item 9B. | ||||||||
| Item 9C. | ||||||||
| PART III | ||||||||
| Item 10. | ||||||||
| Item 11. | ||||||||
| Item 12. | ||||||||
| Item 13. | ||||||||
| Item 14. | Principal Accountant Fees and Services | |||||||
| PART IV | ||||||||
| Item 15. | ||||||||
| Item 16. | ||||||||


| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Aircraft manufacturing | $ | 5,876 | $ | 5,864 | $ | 6,115 | |||||||||||
| Aircraft services | 2,691 | 2,271 | 1,960 | ||||||||||||||
| Total Aerospace | $ | 8,567 | $ | 8,135 | $ | 8,075 | |||||||||||

| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Nuclear-powered submarines | $ | 7,310 | $ | 7,117 | $ | 6,938 | |||||||||||
| Surface ships | 2,561 | 2,328 | 2,055 | ||||||||||||||
| Repair and other services | 1,169 | 1,081 | 986 | ||||||||||||||
| Total Marine Systems | $ | 11,040 | $ | 10,526 | $ | 9,979 | |||||||||||

| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Military vehicles | $ | 4,581 | $ | 4,699 | $ | 4,687 | |||||||||||
| Weapons systems, armament and munitions | 2,024 | 2,006 | 1,991 | ||||||||||||||
| Engineering and other services | 703 | 646 | 545 | ||||||||||||||
| Total Combat Systems | $ | 7,308 | $ | 7,351 | $ | 7,223 | |||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| IT services | $ | 8,195 | $ | 8,069 | $ | 7,892 | |||||||||||
| C5ISR solutions | 4,297 | 4,388 | 4,756 | ||||||||||||||
| Total Technologies | $ | 12,492 | $ | 12,457 | $ | 12,648 | |||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| DoD | $ | 22,250 | $ | 21,386 | $ | 20,840 | |||||||||||
| Non-DoD | 4,808 | 4,862 | 4,726 | ||||||||||||||
| Foreign military sales (FMS)* | 633 | 598 | 737 | ||||||||||||||
| Total U.S. government | $ | 27,691 | $ | 26,846 | $ | 26,303 | |||||||||||
| % of total revenue | 70 | % | 70 | % | 69 | % | |||||||||||
| (Square feet in millions) | Company-owned Facilities | Leased Facilities | Government-owned Facilities | Total | |||||||||||||||||||
| Aerospace | 5.9 | 9.4 | 0.5 | 15.8 | |||||||||||||||||||
| Marine Systems | 8.7 | 4.5 | — | 13.2 | |||||||||||||||||||
| Combat Systems | 6.5 | 4.7 | 4.9 | 16.1 | |||||||||||||||||||
| Technologies | 3.1 | 7.9 | 0.9 | 11.9 | |||||||||||||||||||
| Total square feet | 24.2 | 26.5 | 6.3 | 57.0 | |||||||||||||||||||
| Name, Position and Office | Age | ||||
| Jason W. Aiken – Executive Vice President, Technologies and Chief Financial Officer since January 2023; Senior Vice President and Chief Financial Officer, January 2014 - December 2022; Vice President of the company and Chief Financial Officer of Gulfstream Aerospace Corporation, September 2011 - December 2013; Vice President and Controller, April 2010 - August 2011; Staff Vice President, Accounting, July 2006 - March 2010 | 50 | ||||
| Christopher J. Brady – Vice President of the company and President of General Dynamics Mission Systems since January 2019; Vice President, Engineering of General Dynamics Mission Systems, January 2015 - December 2018; Vice President, Engineering of General Dynamics C4 Systems, May 2013 - December 2014; Vice President, Assured Communications Systems of General Dynamics C4 Systems, August 2004 - May 2013 | 60 | ||||
Mark L. Burns – Vice President of the company and President of Gulfstream Aerospace Corporation since July 2015; Vice President of the company since February 2014; President, Product Support of Gulfstream Aerospace Corporation, June 2008 - June 2015 | 63 | ||||
Danny Deep – Vice President of the company and President of General Dynamics Land Systems since April 2020; Chief Operating Officer of General Dynamics Land Systems, September 2018 - April 2020; Vice President of General Dynamics Land Systems – Canada, January 2011 - September 2018 | 53 | ||||
| Gregory S. Gallopoulos – Senior Vice President, General Counsel and Secretary since January 2010; Vice President and Deputy General Counsel, July 2008 - January 2010; Managing Partner of Jenner & Block LLP, January 2005 - June 2008 | 63 | ||||
| M. Amy Gilliland – Senior Vice President of the company since April 2015; President of General Dynamics Information Technology since September 2017; Deputy for Operations of General Dynamics Information Technology, April 2017 - September 2017; Senior Vice President, Human Resources and Administration, April 2015 - March 2017; Vice President, Human Resources, February 2014 - March 2015; Staff Vice President, Strategic Planning, January 2013 - February 2014; Staff Vice President, Investor Relations, June 2008 - January 2013 | 48 | ||||
| Kevin M. Graney – Vice President of the company and President of Electric Boat Corporation since October 2019; Vice President of the company and President of NASSCO, January 2017 - October 2019; Vice President and General Manager of NASSCO, November 2013 - January 2017 | 59 | ||||
| Kimberly A. Kuryea – Senior Vice President, Human Resources and Administration since April 2017; Vice President and Controller, September 2011 - March 2017; Chief Financial Officer of General Dynamics Advanced Information Systems, November 2007 - August 2011; Staff Vice President, Internal Audit, March 2004 - October 2007 | 55 | ||||
| William A. Moss – Vice President and Controller since April 2017; Staff Vice President, Internal Audit, May 2015 - March 2017; Staff Vice President, Accounting, August 2010 - May 2015 | 59 | ||||
| Phebe N. Novakovic – Chairman and Chief Executive Officer since January 2013; President and Chief Operating Officer, May 2012 - December 2012; Executive Vice President, Marine Systems, May 2010 - May 2012; Senior Vice President, Planning and Development, July 2005 - May 2010; Vice President, Strategic Planning, October 2002 - July 2005 | 65 | ||||
| Mark C. Roualet – Executive Vice President, Combat Systems, since March 2013; Vice President of the company and President of General Dynamics Land Systems, October 2008 - March 2013; Senior Vice President and Chief Operating Officer of General Dynamics Land Systems, July 2007 - October 2008 | 64 | ||||
| Robert E. Smith – Executive Vice President, Marine Systems, since July 2019; Vice President of the company and President of Jet Aviation, January 2014 - July 2019; Vice President and Chief Financial Officer of Jet Aviation, July 2012 - January 2014 | 55 | ||||
Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares That May Yet Be Purchased Under the Program | |||||||||||||||||||||||||
| Period | Total Number of Shares | Average Price per Share | ||||||||||||||||||||||||
| Shares Purchased Pursuant to Share Buyback Program | ||||||||||||||||||||||||||
| 10/3/22-10/30/22 | — | $ | — | — | 7,150,564 | |||||||||||||||||||||
| 10/31/22-11/27/22 | 441,286 | 249.14 | 441,286 | 6,709,278 | ||||||||||||||||||||||
| 11/28/22-12/31/22 | — | — | — | 6,709,278 | ||||||||||||||||||||||
| Shares Delivered or Withheld Pursuant to Restricted Stock Vesting* | ||||||||||||||||||||||||||
| 10/3/22-10/30/22 | 776 | 213.77 | ||||||||||||||||||||||||
| 10/31/22-11/27/22 | 498 | 249.13 | ||||||||||||||||||||||||
| 11/28/22-12/31/22 | 728 | 253.72 | ||||||||||||||||||||||||
| 443,288 | $ | 249.09 | ||||||||||||||||||||||||

| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue | $ | 39,407 | $ | 38,469 | $ | 938 | 2.4 | % | |||||||||||||||
| Operating costs and expenses | (35,196) | (34,306) | (890) | 2.6 | % | ||||||||||||||||||
| Operating earnings | 4,211 | 4,163 | 48 | 1.2 | % | ||||||||||||||||||
| Operating margin | 10.7 | % | 10.8 | % | |||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue | $ | 8,567 | $ | 8,135 | $ | 432 | 5.3 | % | |||||||||||||||
| Operating earnings | 1,130 | 1,031 | 99 | 9.6 | % | ||||||||||||||||||
| Operating margin | 13.2 | % | 12.7 | % | |||||||||||||||||||
| Gulfstream aircraft deliveries (in units) | 120 | 119 | 1 | 0.8 | % | ||||||||||||||||||
| Aircraft services | $ | 420 | |||
| Aircraft manufacturing | 12 | ||||
| Total increase | $ | 432 | |||
| Aircraft manufacturing | $ | 123 | |||
| Aircraft services | 89 | ||||
| G&A/other expenses | (113) | ||||
| Total increase | $ | 99 | |||
| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue | $ | 11,040 | $ | 10,526 | $ | 514 | 4.9 | % | |||||||||||||||
| Operating earnings | 897 | 874 | 23 | 2.6 | % | ||||||||||||||||||
| Operating margin | 8.1 | % | 8.3 | % | |||||||||||||||||||
| U.S. Navy ship construction | $ | 577 | |||
| U.S. Navy ship engineering, repair and other services | (63) | ||||
| Total increase | $ | 514 | |||
| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue | $ | 7,308 | $ | 7,351 | $ | (43) | (0.6) | % | |||||||||||||||
| Operating earnings | 1,075 | 1,067 | 8 | 0.7 | % | ||||||||||||||||||
| Operating margin | 14.7 | % | 14.5 | % | |||||||||||||||||||
| International military vehicles | $ | (318) | |||
| U.S. military vehicles | 282 | ||||
| Weapons systems and munitions | (7) | ||||
| Total decrease | $ | (43) | |||
| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue | $ | 12,492 | $ | 12,457 | $ | 35 | 0.3 | % | |||||||||||||||
| Operating earnings | 1,227 | 1,275 | (48) | (3.8) | % | ||||||||||||||||||
| Operating margin | 9.8 | % | 10.2 | % | |||||||||||||||||||
| IT services | $ | 126 | |||
| C5ISR* solutions | (91) | ||||
| Total increase | $ | 35 | |||
| Year Ended December 31 | 2022 | 2021 | Variance | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Products | $ | 23,022 | $ | 22,428 | $ | 594 | 2.6 | % | |||||||||||||||
| Services | 16,385 | 16,041 | 344 | 2.1 | % | ||||||||||||||||||
| Operating Costs: | |||||||||||||||||||||||
| Products | $ | (18,981) | $ | (18,524) | $ | (457) | 2.5 | % | |||||||||||||||
| Services | (13,804) | (13,537) | (267) | 2.0 | % | ||||||||||||||||||
| Ship construction | $ | 577 | |||
| Other, net | 17 | ||||
| Total increase | $ | 594 | |||
| Aircraft services | $ | 420 | |||
| Other, net | (76) | ||||
| Total increase | $ | 344 | |||
| Funded | Unfunded | Total Backlog | Estimated Potential Contract Value | Total Estimated Contract Value | |||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Aerospace | $ | 19,077 | $ | 439 | $ | 19,516 | $ | 685 | $ | 20,201 | |||||||||||||||||||
| Marine Systems | 26,246 | 19,453 | 45,699 | 3,672 | 49,371 | ||||||||||||||||||||||||
| Combat Systems | 12,726 | 525 | 13,251 | 5,364 | 18,615 | ||||||||||||||||||||||||
| Technologies | 9,100 | 3,571 | 12,671 | 26,889 | 39,560 | ||||||||||||||||||||||||
| Total | $ | 67,149 | $ | 23,988 | $ | 91,137 | $ | 36,610 | $ | 127,747 | |||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||
| Aerospace | $ | 15,878 | $ | 415 | $ | 16,293 | $ | 1,657 | $ | 17,950 | |||||||||||||||||||
| Marine Systems | 23,678 | 21,177 | 44,855 | 4,271 | 49,126 | ||||||||||||||||||||||||
| Combat Systems | 12,584 | 509 | 13,093 | 6,936 | 20,029 | ||||||||||||||||||||||||
| Technologies | 9,005 | 4,348 | 13,353 | 26,997 | 40,350 | ||||||||||||||||||||||||
| Total | $ | 61,145 | $ | 26,449 | $ | 87,594 | $ | 39,861 | $ | 127,455 | |||||||||||||||||||




| Year Ended December 31 | 2022 | 2021 | |||||||||
| Net cash provided by operating activities | $ | 4,579 | $ | 4,271 | |||||||
| Net cash used by investing activities | (1,489) | (882) | |||||||||
| Net cash used by financing activities | (3,471) | (4,590) | |||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Net cash provided by operating activities | $ | 4,579 | $ | 4,271 | $ | 3,858 | |||||||||||
| Capital expenditures | (1,114) | (887) | (967) | ||||||||||||||
| Free cash flow | $ | 3,465 | $ | 3,384 | $ | 2,891 | |||||||||||
| Cash flows as a percentage of net earnings: | |||||||||||||||||
| Net cash provided by operating activities | 135 | % | 131 | % | 122 | % | |||||||||||
| Free cash flow | 102 | % | 104 | % | 91 | % | |||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Net earnings | $ | 3,390 | $ | 3,257 | $ | 3,167 | |||||||||||
| After-tax interest expense | 309 | 340 | 386 | ||||||||||||||
| After-tax amortization expense | 235 | 254 | 280 | ||||||||||||||
| Net operating profit after taxes | $ | 3,934 | $ | 3,851 | $ | 3,833 | |||||||||||
| Average invested capital | $ | 31,260 | $ | 32,270 | $ | 32,431 | |||||||||||
| Return on invested capital | 12.6 | % | 11.9 | % | 11.8 | % | |||||||||||
| Year Ended December 31 | 2022 | ||||
| Revenue | $ | 14,246 | |||
| Operating costs and expenses, excluding G&A | (12,310) | ||||
| Net earnings | 840 | ||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Cash and equivalents | $ | 540 | $ | 925 | |||||||
| Other current assets | 4,279 | 3,149 | |||||||||
| Noncurrent assets | 4,164 | 3,597 | |||||||||
| Total assets | $ | 8,983 | $ | 7,671 | |||||||
| Short-term debt and current portion of long-term debt | $ | 1,250 | $ | 999 | |||||||
| Other current liabilities | 3,392 | 3,190 | |||||||||
| Long-term debt | 9,189 | 10,424 | |||||||||
| Other noncurrent liabilities | 3,814 | 3,844 | |||||||||
| Total liabilities | $ | 17,645 | $ | 18,457 | |||||||
| (Dollars in millions) | 2022 | 2021 | |||||||||
| Recognized | $ | (133) | $ | (1) | |||||||
| Unrecognized | (90) | (196) | |||||||||
| Year Ended December 31 | |||||||||||||||||
| (Dollars in millions, except per-share amounts) | 2022 | 2021 | 2020 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Products | $ | $ | $ | ||||||||||||||
| Services | |||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||
| Products | ( | ( | ( | ||||||||||||||
| Services | ( | ( | ( | ||||||||||||||
| General and administrative (G&A) | ( | ( | ( | ||||||||||||||
| ( | ( | ( | |||||||||||||||
| Operating earnings | |||||||||||||||||
| Other, net | |||||||||||||||||
| Interest, net | ( | ( | ( | ||||||||||||||
| Earnings before income tax | |||||||||||||||||
| Provision for income tax, net | ( | ( | ( | ||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Earnings per share | |||||||||||||||||
| Basic | $ | $ | $ | ||||||||||||||
| Diluted | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | ||||||||||||||||||||
| (Dollars in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Net earnings | $ | $ | $ | |||||||||||||||||
| Changes in unrealized cash flow hedges | ( | ( | ||||||||||||||||||
| Foreign currency translation adjustments | ( | ( | ||||||||||||||||||
| Changes in retirement plans’ funded status | ( | |||||||||||||||||||
| Other comprehensive (loss) income, pretax | ( | |||||||||||||||||||
| (Provision) benefit for income tax, net | ( | ( | ||||||||||||||||||
| Other comprehensive (loss) income, net of tax | ( | |||||||||||||||||||
| Comprehensive income | $ | $ | $ | |||||||||||||||||
| December 31 | |||||||||||
| (Dollars in millions) | 2022 | 2021 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and equivalents | $ | $ | |||||||||
| Accounts receivable | |||||||||||
| Unbilled receivables | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Noncurrent assets: | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Intangible assets, net | |||||||||||
| Goodwill | |||||||||||
| Other assets | |||||||||||
| Total noncurrent assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Short-term debt and current portion of long-term debt | $ | $ | |||||||||
| Accounts payable | |||||||||||
| Customer advances and deposits | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Noncurrent liabilities: | |||||||||||
| Long-term debt | |||||||||||
| Other liabilities | |||||||||||
| Commitments and contingencies (see Note M) | |||||||||||
| Total noncurrent liabilities | |||||||||||
| Shareholders’ equity: | |||||||||||
| Common stock | |||||||||||
| Surplus | |||||||||||
| Retained earnings | |||||||||||
| Treasury stock | ( | ( | |||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Total shareholders’ equity | |||||||||||
| Total liabilities and shareholders’ equity | $ | $ | |||||||||
| Year Ended December 31 | |||||||||||||||||
| (Dollars in millions) | 2022 | 2021 | 2020 | ||||||||||||||
| Cash flows from operating activities – continuing operations: | |||||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Adjustments to reconcile net earnings to net cash from operating activities: | |||||||||||||||||
| Depreciation of property, plant and equipment | |||||||||||||||||
| Amortization of intangible and finance lease right-of-use assets | |||||||||||||||||
| Equity-based compensation expense | |||||||||||||||||
| Deferred income tax benefit | ( | ( | ( | ||||||||||||||
| (Increase) decrease in assets, net of effects of business acquisitions: | |||||||||||||||||
| Accounts receivable | |||||||||||||||||
| Unbilled receivables | ( | ( | ( | ||||||||||||||
| Inventories | ( | ||||||||||||||||
| Increase (decrease) in liabilities, net of effects of business acquisitions: | |||||||||||||||||
| Accounts payable | ( | ||||||||||||||||
| Customer advances and deposits | ( | ||||||||||||||||
| Income taxes payable | ( | ( | ( | ||||||||||||||
| Other, net | ( | ( | |||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Capital expenditures | ( | ( | ( | ||||||||||||||
| Other, net | ( | ( | |||||||||||||||
| Net cash used by investing activities | ( | ( | ( | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Dividends paid | ( | ( | ( | ||||||||||||||
| Purchases of common stock | ( | ( | ( | ||||||||||||||
| Repayment of fixed-rate notes | ( | ( | ( | ||||||||||||||
| Proceeds from commercial paper, gross (maturities greater than 3 months) | |||||||||||||||||
| Repayment of commercial paper, gross (maturities greater than 3 months) | ( | ( | |||||||||||||||
| Proceeds from fixed-rate notes | |||||||||||||||||
| Repayment of floating-rate notes | ( | ( | |||||||||||||||
| Proceeds from (repayment of) credit facility, net | ( | ||||||||||||||||
| Other, net | ( | ||||||||||||||||
| Net cash used by financing activities | ( | ( | ( | ||||||||||||||
| Net cash provided (used) by discontinued operations | ( | ( | |||||||||||||||
| Net (decrease) increase in cash and equivalents | ( | ( | |||||||||||||||
| Cash and equivalents at beginning of year | |||||||||||||||||
| Cash and equivalents at end of year | $ | $ | $ | ||||||||||||||
| Common Stock | Retained | Treasury | Accumulated Other Comprehensive | Total Shareholders’ | |||||||||||||||||||||||||||||||
| (Dollars in millions) | Par | Surplus | Earnings | Stock | Loss | Equity | |||||||||||||||||||||||||||||
| December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
| Net earnings | — | — | — | — | |||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Equity-based awards | — | — | — | ||||||||||||||||||||||||||||||||
| Shares purchased | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
| Other | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| December 31, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | |||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Equity-based awards | — | — | — | ||||||||||||||||||||||||||||||||
| Shares purchased | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
| December 31, 2021 | ( | ( | |||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | |||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| Equity-based awards | — | — | — | ||||||||||||||||||||||||||||||||
| Shares purchased | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Other | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
| December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Interest expense | $ | $ | $ | ||||||||||||||
| Interest income | ( | ( | ( | ||||||||||||||
| Interest expense, net | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Revenue | $ | $ | $ | ||||||||||||||
| Operating earnings | |||||||||||||||||
| Diluted earnings per share | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Aircraft manufacturing | $ | $ | $ | ||||||||||||||
| Aircraft services | |||||||||||||||||
| Total Aerospace | |||||||||||||||||
| Nuclear-powered submarines | |||||||||||||||||
| Surface ships | |||||||||||||||||
| Repair and other services | |||||||||||||||||
| Total Marine Systems | |||||||||||||||||
| Military vehicles | |||||||||||||||||
| Weapons systems, armament and munitions | |||||||||||||||||
| Engineering and other services | |||||||||||||||||
| Total Combat Systems | |||||||||||||||||
| Information technology (IT) services | |||||||||||||||||
| C5ISR* solutions | |||||||||||||||||
| Total Technologies | |||||||||||||||||
| Total revenue | $ | $ | $ | ||||||||||||||
| Year Ended December 31, 2022 | Aerospace | Marine Systems | Combat Systems | Technologies | Total Revenue | ||||||||||||||||||||||||
| Fixed-price | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Cost-reimbursement | |||||||||||||||||||||||||||||
| Time-and-materials | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
| Fixed-price | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Cost-reimbursement | |||||||||||||||||||||||||||||
| Time-and-materials | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
| Fixed-price | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Cost-reimbursement | |||||||||||||||||||||||||||||
| Time-and-materials | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31, 2022 | Aerospace | Marine Systems | Combat Systems | Technologies | Total Revenue | ||||||||||||||||||||||||
| U.S. government: | |||||||||||||||||||||||||||||
| Department of Defense (DoD) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Non-DoD | |||||||||||||||||||||||||||||
| Foreign military sales (FMS) | |||||||||||||||||||||||||||||
| Total U.S. government | |||||||||||||||||||||||||||||
| U.S. commercial | |||||||||||||||||||||||||||||
| Non-U.S. government | |||||||||||||||||||||||||||||
| Non-U.S. commercial | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
| U.S. government: | |||||||||||||||||||||||||||||
| DoD | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Non-DoD | |||||||||||||||||||||||||||||
| FMS | |||||||||||||||||||||||||||||
| Total U.S. government | |||||||||||||||||||||||||||||
| U.S. commercial | |||||||||||||||||||||||||||||
| Non-U.S. government | |||||||||||||||||||||||||||||
| Non-U.S. commercial | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
| U.S. government: | |||||||||||||||||||||||||||||
| DoD | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Non-DoD | |||||||||||||||||||||||||||||
| FMS | |||||||||||||||||||||||||||||
| Total U.S. government | |||||||||||||||||||||||||||||
| U.S. commercial | |||||||||||||||||||||||||||||
| Non-U.S. government | |||||||||||||||||||||||||||||
| Non-U.S. commercial | |||||||||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Basic weighted average shares outstanding | |||||||||||||||||
| Dilutive effect of stock options and restricted stock/RSUs* | |||||||||||||||||
| Diluted weighted average shares outstanding | |||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Current: | |||||||||||||||||
| U.S. federal | $ | $ | $ | ||||||||||||||
| State | |||||||||||||||||
| Foreign | |||||||||||||||||
| Total current | |||||||||||||||||
| Deferred: | |||||||||||||||||
| U.S. federal | ( | ( | ( | ||||||||||||||
| State | ( | ( | ( | ||||||||||||||
| Foreign | ( | ||||||||||||||||
| Total deferred | ( | ( | ( | ||||||||||||||
| Provision for income taxes, net | $ | $ | $ | ||||||||||||||
| Net income tax payments | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Statutory federal income tax rate | % | % | % | ||||||||||||||
| Domestic tax credits | ( | ( | ( | ||||||||||||||
| Equity-based compensation | ( | ( | ( | ||||||||||||||
| Foreign-derived intangible income | ( | ( | ( | ||||||||||||||
| State tax on commercial operations, net of federal benefits | |||||||||||||||||
| Global impact of international operations | ( | ||||||||||||||||
| Tax impact of restructuring | ( | ||||||||||||||||
| Other, net | ( | ( | ( | ||||||||||||||
| Effective income tax rate | % | % | % | ||||||||||||||
| December 31 | 2022 | 2021 | |||||||||
| Retirement benefits | $ | $ | |||||||||
| Lease liabilities | |||||||||||
| Tax loss and credit carryforwards | |||||||||||
| Salaries and wages | |||||||||||
| Workers’ compensation | |||||||||||
| Other | |||||||||||
| Deferred assets | |||||||||||
| Valuation allowances | ( | ( | |||||||||
| Net deferred assets | $ | $ | |||||||||
| Intangible assets | $ | ( | $ | ( | |||||||
| Property, plant and equipment | ( | ( | |||||||||
| Lease right-of-use assets | ( | ( | |||||||||
| Contract accounting methods | ( | ( | |||||||||
| Capital Construction Fund qualified ships | ( | ( | |||||||||
| Other | ( | ( | |||||||||
| Deferred liabilities | $ | ( | $ | ( | |||||||
| Net deferred tax liability | $ | ( | $ | ( | |||||||
| December 31 | 2022 | 2021 | |||||||||
| Deferred tax asset | $ | $ | |||||||||
| Deferred tax liability | ( | ( | |||||||||
| Net deferred tax liability | $ | ( | $ | ( | |||||||
| December 31 | 2022 | 2021 | |||||||||
| Non-U.S. government | $ | $ | |||||||||
| U.S. government | |||||||||||
| Commercial | |||||||||||
| Total accounts receivable | $ | $ | |||||||||
| December 31 | 2022 | 2021 | |||||||||
| Unbilled revenue | $ | $ | |||||||||
| Advances and progress billings | ( | ( | |||||||||
| Net unbilled receivables | $ | $ | |||||||||
| December 31 | 2022 | 2021 | |||||||||
| Work in process | $ | $ | |||||||||
| Raw materials | |||||||||||
| Finished goods | |||||||||||
| Pre-owned aircraft | |||||||||||
| Total inventories | $ | $ | |||||||||
| Aerospace | Marine Systems | Combat Systems | Technologies | Total Goodwill | |||||||||||||||||||||||||
| December 31, 2020 (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Acquisitions (b) | |||||||||||||||||||||||||||||
| Other (c) | ( | ( | ( | ||||||||||||||||||||||||||
| December 31, 2021 (a) | |||||||||||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||||||||||
| Other (c) | ( | ( | ( | ( | |||||||||||||||||||||||||
| December 31, 2022 (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Gross Carrying Amount (a) | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount (a) | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
| December 31 | 2022 | 2021 | |||||||||||||||||||||
| Contract and program intangible assets (b) | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Trade names and trademarks | ( | ( | |||||||||||||||||||||
| Technology and software | ( | ( | |||||||||||||||||||||
| Other intangible assets | ( | ( | |||||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Intangible Asset | Range of Amortization Life | |||||||
| Contract and program intangible assets | ||||||||
| Trade names and trademarks | ||||||||
| Technology and software | ||||||||
| Other intangible assets | ||||||||
| Year Ended December 31 | Amortization Expense | ||||
| 2023 | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| December 31 | 2022 | 2021 | |||||||||
| Machinery and equipment | $ | $ | |||||||||
| Buildings and improvements | |||||||||||
| Construction in process | |||||||||||
| Land and improvements | |||||||||||
| Total PP&E | |||||||||||
| Accumulated depreciation | ( | ( | |||||||||
| PP&E, net | $ | $ | |||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Finance lease cost: | |||||||||||||||||
| Amortization of ROU assets | $ | $ | $ | ||||||||||||||
| Interest on lease liabilities | |||||||||||||||||
| Operating lease cost | |||||||||||||||||
| Short-term lease cost | |||||||||||||||||
| Variable lease cost | |||||||||||||||||
| Sublease income | ( | ( | ( | ||||||||||||||
| Total lease costs, net | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Operating cash flows from operating leases | $ | $ | $ | ||||||||||||||
| Operating cash flows from finance leases | |||||||||||||||||
| Financing cash flows from finance leases | |||||||||||||||||
| ROU assets obtained in exchange for lease liabilities: | |||||||||||||||||
| Operating leases | |||||||||||||||||
| Finance leases | |||||||||||||||||
| December 31 | 2022 | 2021 | |||||||||
| Weighted-average remaining lease term: | |||||||||||
| Operating leases | |||||||||||
| Finance leases | |||||||||||
| Weighted-average discount rate: | |||||||||||
| Operating leases | % | % | |||||||||
| Finance leases | % | % | |||||||||
| Year Ended December 31 | Operating Leases | Finance Leases | |||||||||
| 2023 | $ | $ | |||||||||
| 2024 | |||||||||||
| 2025 | |||||||||||
| 2026 | |||||||||||
| 2027 | |||||||||||
| Thereafter | |||||||||||
| Total future lease payments | |||||||||||
| Less imputed interest | |||||||||||
| Present value of future lease payments | |||||||||||
| Less current portion of lease liabilities | |||||||||||
| Long-term lease liabilities | $ | $ | |||||||||
| ROU assets | $ | $ | |||||||||
| Operating Leases | Finance Leases | ||||||||||
| Current portion of lease liabilities | $ | $ | |||||||||
| Long-term lease liabilities | |||||||||||
| ROU assets | |||||||||||
| December 31 | 2022 | 2021 | ||||||||||||
| Fixed-rate notes due: | Interest rate: | |||||||||||||
| November 2022 | $ | $ | ||||||||||||
| May 2023 | ||||||||||||||
| August 2023 | ||||||||||||||
| November 2024 | ||||||||||||||
| April 2025 | ||||||||||||||
| May 2025 | ||||||||||||||
| June 2026 | ||||||||||||||
| August 2026 | ||||||||||||||
| April 2027 | ||||||||||||||
| November 2027 | ||||||||||||||
| May 2028 | ||||||||||||||
| April 2030 | ||||||||||||||
| June 2031 | ||||||||||||||
| April 2040 | ||||||||||||||
| June 2041 | ||||||||||||||
| November 2042 | ||||||||||||||
| April 2050 | ||||||||||||||
| Other | ||||||||||||||
| Total debt principal | ||||||||||||||
| Less unamortized debt issuance costs and discounts | ||||||||||||||
| Total debt | ||||||||||||||
| Less current portion | ||||||||||||||
| Long-term debt | $ | $ | ||||||||||||
| Year Ended December 31 | Debt Principal | ||||
| 2023 | $ | ||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| Thereafter | |||||
| Total debt principal | $ | ||||
| December 31 | 2022 | 2021 | |||||||||
| Salaries and wages | $ | $ | |||||||||
| Dividends payable | |||||||||||
| Lease liabilities | |||||||||||
| Workers’ compensation | |||||||||||
| Retirement benefits | |||||||||||
| Other | |||||||||||
| Total other current liabilities | $ | $ | |||||||||
| Retirement benefits | $ | $ | |||||||||
| Customer deposits on commercial contracts | |||||||||||
| Lease liabilities | |||||||||||
| Other | |||||||||||
| Total other liabilities | $ | $ | |||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Beginning balance | $ | $ | $ | ||||||||||||||
| Warranty expense | |||||||||||||||||
| Payments | ( | ( | ( | ||||||||||||||
| Adjustments | ( | ||||||||||||||||
| Ending balance | $ | $ | $ | ||||||||||||||
| Changes in Unrealized Cash Flow Hedges | Foreign Currency Translation Adjustments | Changes in Retirement Plans’ Funded Status | AOCL | |||||||||||
| December 31, 2019 | $ | $ | $ | ( | $ | ( | ||||||||
| Other comprehensive income, pretax | ( | |||||||||||||
| Benefit from income tax, net | ( | |||||||||||||
| Other comprehensive income, net of tax | ( | |||||||||||||
| December 31, 2020 | ( | ( | ||||||||||||
| Other comprehensive income, pretax | ( | ( | ||||||||||||
| Provision for income tax, net | ( | ( | ||||||||||||
| Other comprehensive income, net of tax | ( | ( | ||||||||||||
| December 31, 2021 | ( | ( | ||||||||||||
| Other comprehensive loss, pretax | ( | ( | ( | |||||||||||
| Provision for income tax, net | ( | ( | ||||||||||||
| Other comprehensive loss, net of tax | ( | ( | ( | |||||||||||
| December 31, 2022 | $ | $ | $ | ( | $ | ( | ||||||||
| Revenue (a) | Operating Earnings | Revenue from U.S. Government | |||||||||||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
| Aerospace | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Marine Systems | |||||||||||||||||||||||||||||||||||
| Combat Systems | |||||||||||||||||||||||||||||||||||
| Technologies | |||||||||||||||||||||||||||||||||||
| Corporate (b) | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Identifiable Assets | Capital Expenditures | Depreciation and Amortization | |||||||||||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
| Aerospace | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Marine Systems | |||||||||||||||||||||||||||||||||||
| Combat Systems | |||||||||||||||||||||||||||||||||||
| Technologies | |||||||||||||||||||||||||||||||||||
| Corporate | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| North America: | |||||||||||||||||
| United States | $ | $ | $ | ||||||||||||||
| Other | |||||||||||||||||
| Total North America | |||||||||||||||||
| Europe | |||||||||||||||||
| Asia/Pacific | |||||||||||||||||
| Africa/Middle East | |||||||||||||||||
| South America | |||||||||||||||||
| Total revenue | $ | $ | $ | ||||||||||||||
| Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
| Financial Assets (Liabilities) | December 31, 2022 | ||||||||||||||||||||||||||||
| Measured at fair value: | |||||||||||||||||||||||||||||
| Marketable securities held in trust: | |||||||||||||||||||||||||||||
| Cash and equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Available-for-sale debt securities | |||||||||||||||||||||||||||||
| Commingled equity funds | |||||||||||||||||||||||||||||
| Commingled fixed-income funds | |||||||||||||||||||||||||||||
| Other investments | |||||||||||||||||||||||||||||
| Cash flow hedge assets | |||||||||||||||||||||||||||||
| Cash flow hedge liabilities | ( | ( | ( | ||||||||||||||||||||||||||
Measured at amortized cost: | |||||||||||||||||||||||||||||
| Short- and long-term debt principal | ( | ( | ( | ||||||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||
| Measured at fair value: | |||||||||||||||||||||||||||||
| Marketable securities held in trust: | |||||||||||||||||||||||||||||
| Cash and equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Available-for-sale debt securities | |||||||||||||||||||||||||||||
| Equity securities | |||||||||||||||||||||||||||||
| Other investments | |||||||||||||||||||||||||||||
| Cash flow hedge assets | |||||||||||||||||||||||||||||
| Cash flow hedge liabilities | ( | ( | ( | ||||||||||||||||||||||||||
Measured at amortized cost: | |||||||||||||||||||||||||||||
| Short- and long-term debt principal | ( | ( | ( | ||||||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Stock options | $ | $ | $ | ||||||||||||||
| Restricted stock/RSUs | |||||||||||||||||
| Total equity-based compensation expense, net of tax | $ | $ | $ | ||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Expected volatility | |||||||||||||||||
| Weighted average expected volatility | % | % | % | ||||||||||||||
| Expected term (in months) | |||||||||||||||||
| Risk-free interest rate | |||||||||||||||||
| Expected dividend yield | % | % | % | ||||||||||||||
| In Shares and Dollars | Shares Under Option | Weighted Average Exercise Price Per Share | |||||||||
| Outstanding on December 31, 2021 | $ | ||||||||||
| Granted | |||||||||||
| Exercised | ( | ||||||||||
| Forfeited/canceled | ( | ||||||||||
| Outstanding on December 31, 2022 | $ | ||||||||||
| Vested and expected to vest on December 31, 2022 | $ | ||||||||||
| Exercisable on December 31, 2022 | $ | ||||||||||
| Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
| Outstanding | $ | ||||||||||
| Vested and expected to vest | |||||||||||
| Exercisable | |||||||||||
| In Shares and Dollars | Shares/ Share-Equivalent Units | Weighted Average Grant-Date Fair Value Per Share | |||||||||
| Nonvested at December 31, 2021 | $ | ||||||||||
| Granted | |||||||||||
| Vested | ( | ||||||||||
| Forfeited | ( | ||||||||||
| Nonvested at December 31, 2022 | $ | ||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||
| 2023 | $ | $ | |||||||||
| 2024 | |||||||||||
| 2025 | |||||||||||
| 2026 | |||||||||||
| 2027 | |||||||||||
| 2028-2032 | |||||||||||
| Pension Benefits | |||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Service cost | $ | $ | $ | ||||||||||||||
| Interest cost | |||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ||||||||||||||
| Net actuarial loss | |||||||||||||||||
| Prior service credit | ( | ( | ( | ||||||||||||||
| Settlement/curtailment/other | |||||||||||||||||
| Net annual benefit (credit) cost | $ | ( | $ | ( | $ | ||||||||||||
| Other Post-retirement Benefits | |||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Service cost | $ | $ | $ | ||||||||||||||
| Interest cost | |||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ||||||||||||||
| Net actuarial gain | ( | ( | |||||||||||||||
| Prior service cost (credit) | ( | ||||||||||||||||
| Settlement/curtailment/other | ( | ||||||||||||||||
| Net annual benefit credit | $ | ( | $ | ( | $ | ( | |||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Change in Benefit Obligation | |||||||||||||||||||||||
| Benefit obligation at beginning of year | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Service cost | ( | ( | ( | ( | |||||||||||||||||||
| Interest cost | ( | ( | ( | ( | |||||||||||||||||||
| Amendments | ( | ||||||||||||||||||||||
| Actuarial gain | |||||||||||||||||||||||
| Settlement/curtailment/other | |||||||||||||||||||||||
| Benefits paid | |||||||||||||||||||||||
| Benefit obligation at end of year | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Change in Plan/Trust Assets | |||||||||||||||||||||||
| Fair value of assets at beginning of year | $ | $ | $ | $ | |||||||||||||||||||
| Actual return on plan assets | ( | ( | |||||||||||||||||||||
| Employer contributions | |||||||||||||||||||||||
| Settlement/curtailment/other | ( | ( | |||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Fair value of assets at end of year | $ | $ | $ | $ | |||||||||||||||||||
| Funded status at end of year | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||
| December 31 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Noncurrent assets | $ | $ | $ | $ | |||||||||||||||||||
| Current liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Noncurrent liabilities | ( | ( | ( | ( | |||||||||||||||||||
| Net (liability) asset recognized | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||
| December 31 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Net actuarial loss (gain) | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Prior service (credit) cost | ( | ( | |||||||||||||||||||||
| Total amount recognized in AOCL, pretax | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||
| Year Ended December 31 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Net actuarial gain | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Prior service (credit) cost | ( | ( | ( | ||||||||||||||||||||
| Amortization of: | |||||||||||||||||||||||
| Net actuarial (loss) gain from prior years | ( | ( | |||||||||||||||||||||
| Prior service credit (cost) | ( | ||||||||||||||||||||||
| Settlement/curtailment/other | ( | ( | |||||||||||||||||||||
| Change in AOCL, pretax | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| December 31 | 2022 | 2021 | |||||||||
| PBO | $ | ( | $ | ( | |||||||
| Fair value of plan assets | |||||||||||
| Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||
| December 31 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| ABO | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Fair value of plan assets | |||||||||||||||||||||||
| Assumptions on December 31 | 2022 | 2021 | |||||||||
| Pension Benefits | |||||||||||
| Benefit obligation discount rate | % | % | |||||||||
| Rate of increase in compensation levels | % | % | |||||||||
| Other Post-retirement Benefits | |||||||||||
| Benefit obligation discount rate | % | % | |||||||||
| Health care cost trend rate: | |||||||||||
| Trend rate for next year | % | % | |||||||||
| Ultimate trend rate | % | % | |||||||||
| Year rate reaches ultimate trend rate | |||||||||||
| Assumptions for Year Ended December 31 | 2022 | 2021 | 2020 | ||||||||||||||
| Pension Benefits | |||||||||||||||||
| Discount rates: | |||||||||||||||||
| Benefit obligation | % | % | % | ||||||||||||||
| Service cost | % | % | % | ||||||||||||||
| Interest cost | % | % | % | ||||||||||||||
| Expected long-term rate of return on assets | % | % | % | ||||||||||||||
| Rate of increase in compensation levels | % | % | % | ||||||||||||||
| Other Post-retirement Benefits | |||||||||||||||||
| Discount rates: | |||||||||||||||||
| Benefit obligation | % | % | % | ||||||||||||||
| Service cost | % | % | % | ||||||||||||||
| Interest cost | % | % | % | ||||||||||||||
| Expected long-term rate of return on assets | % | % | % | ||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
| Asset Category | December 31, 2022 | ||||||||||||||||||||||
| Cash and equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Commingled funds: | |||||||||||||||||||||||
| Equity funds | |||||||||||||||||||||||
| Fixed-income funds | |||||||||||||||||||||||
| Real estate funds | |||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||
| Insurance deposit contracts | |||||||||||||||||||||||
| Retirement annuity contracts | |||||||||||||||||||||||
| Total plan assets in fair value hierarchy | $ | $ | $ | $ | |||||||||||||||||||
| Plan assets measured using NAV as a practical expedient*: | |||||||||||||||||||||||
| Real estate funds | |||||||||||||||||||||||
| Hedge funds | |||||||||||||||||||||||
| Equity funds | |||||||||||||||||||||||
| Total pension plan assets | $ | ||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
| Asset Category | December 31, 2021 | ||||||||||||||||||||||
| Cash and equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Commingled funds: | |||||||||||||||||||||||
| Equity funds | |||||||||||||||||||||||
| Fixed-income funds | |||||||||||||||||||||||
| Real estate funds | |||||||||||||||||||||||
| Equity securities (a): | |||||||||||||||||||||||
| U.S. companies | |||||||||||||||||||||||
| Non-U.S. companies | |||||||||||||||||||||||
| Fixed-income securities: | |||||||||||||||||||||||
| Corporate bonds (b) | |||||||||||||||||||||||
| Treasury securities | |||||||||||||||||||||||
| Other investments: | |||||||||||||||||||||||
| Insurance deposit contracts | |||||||||||||||||||||||
| Retirement annuity contracts | |||||||||||||||||||||||
| Total plan assets in fair value hierarchy | $ | $ | $ | $ | |||||||||||||||||||
| Plan assets measured using NAV as a practical expedient (c): | |||||||||||||||||||||||
| Real estate funds | |||||||||||||||||||||||
| Hedge funds | |||||||||||||||||||||||
| Equity funds | |||||||||||||||||||||||
| Total pension plan assets | $ | ||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | |||||||||||||||
| Asset Category (a) | December 31, 2022 | ||||||||||||||||
| Cash and equivalents | $ | $ | $ | ||||||||||||||
| Commingled funds: | |||||||||||||||||
| Equity funds | |||||||||||||||||
| Fixed-income funds | |||||||||||||||||
| Fixed-income securities | |||||||||||||||||
| Total plan assets in fair value hierarchy | $ | $ | $ | ||||||||||||||
| Plan assets measured using NAV as a practical expedient (b): | |||||||||||||||||
| Real estate funds | |||||||||||||||||
| Hedge funds | |||||||||||||||||
| Total other post-retirement benefit plan assets | $ | ||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | |||||||||||||||
| Asset Category (a) | December 31, 2021 | ||||||||||||||||
| Cash and equivalents | $ | $ | $ | ||||||||||||||
| Commingled funds: | |||||||||||||||||
| Equity funds | |||||||||||||||||
| Fixed-income funds | |||||||||||||||||
| Real estate funds | |||||||||||||||||
| Equity securities | |||||||||||||||||
| Fixed-income securities | |||||||||||||||||
| Total plan assets in fair value hierarchy | $ | $ | $ | ||||||||||||||
| Plan assets measured using NAV as a practical expedient (b): | |||||||||||||||||
| Real estate funds | |||||||||||||||||
| Hedge funds | |||||||||||||||||
| Total other post-retirement benefit plan assets | $ | ||||||||||||||||
| Insurance Deposits Contracts | Retirement Annuity Contracts | Private Equity Investments | Real Estate Funds | Total Level 3 Assets | |||||||||||||||||||||||||
| December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Transfers out of Level 3 | ( | ( | ( | ||||||||||||||||||||||||||
| Actual return on plan assets: | |||||||||||||||||||||||||||||
| Unrealized gains (losses), net | ( | ||||||||||||||||||||||||||||
| Purchases, sales and settlements, net | ( | ( | |||||||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||
| Actual return on plan assets: | |||||||||||||||||||||||||||||
| Unrealized losses, net | ( | ( | ( | ||||||||||||||||||||||||||
| Realized losses, net | ( | ( | |||||||||||||||||||||||||||
| Purchases, sales and settlements, net | |||||||||||||||||||||||||||||
| December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| /s/ KPMG LLP | ||||||||
| /s/ Phebe N. Novakovic | /s/ Jason W. Aiken | ||||||||||
| Phebe N. Novakovic | Jason W. Aiken | ||||||||||
| Chairman and Chief Executive Officer | Executive Vice President, Technologies | ||||||||||
| and Chief Financial Officer | |||||||||||
| /s/ KPMG LLP | ||||||||
| McLean, Virginia | ||||||||
| February 7, 2023 | ||||||||
| Consolidated Statement of Earnings | ||
| Consolidated Statement of Comprehensive Income | ||
| Consolidated Balance Sheet | ||
| Consolidated Statement of Cash Flows | ||
| Consolidated Statement of Shareholders’ Equity | ||
| Notes to Consolidated Financial Statements (A to S) | ||
| Exhibit Number | Description | ||||
| 3.1 | |||||
| 3.2 | |||||
| 4.1 | |||||
| 4.2 | |||||
| 4.3 | |||||
| 4.4 | |||||
| 4.5 | |||||
| 4.6 | |||||
| 4.7 | |||||
| 4.8 | |||||
| 4.9 | |||||
| 4.10 | |||||
| 10.1* | |||||
| 10.2* | |||||
| 10.3* | |||||
| 10.4* | |||||
| 10.5* | |||||
| 10.6* | |||||
| 10.7* | |||||
| 10.8* | |||||
| 10.9* | |||||
| 10.10* | |||||
| 10.11* | |||||
| 10.12* | |||||
| 10.13* | |||||
| 10.14* | |||||
| 10.15* | |||||
| 10.16* | |||||
| 10.17* | |||||
| 10.18* | |||||
| 10.19* | |||||
| 10.20* | |||||
| 10.21* | |||||
| 10.22* | |||||
| 10.23* | |||||
| 21 | |||||
| 22 | |||||
| 23 | |||||
| 24 | |||||
| 31.1 | |||||
| 31.2 | |||||
| 32.1 | |||||
| 32.2 | |||||
101.INS | Inline eXtensible Business Reporting Language (XBRL) Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document** | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document** | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document** | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document** | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document** | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) | ||||
| GENERAL DYNAMICS CORPORATION | ||||||||
| by | /s/ William A. Moss | |||||||
| William A. Moss | ||||||||
| Vice President and Controller | ||||||||
Dated: February 7, 2023 | ||||||||
| /s/ Phebe N. Novakovic | Chairman, Chief Executive Officer and Director | ||||
| Phebe N. Novakovic | (Principal Executive Officer) | ||||
| /s/ Jason W. Aiken | Executive Vice President, Technologies and Chief Financial Officer | ||||
| Jason W. Aiken | (Principal Financial Officer) | ||||
| /s/ William A. Moss | Vice President and Controller | ||||
| William A. Moss | (Principal Accounting Officer) | ||||
| * | |||||
| Richard D. Clarke | Director | ||||
| * | |||||
| James S. Crown | Director | ||||
| * | |||||
| Rudy F. deLeon | Director | ||||
| * | |||||
| Cecil D. Haney | Director | ||||
| * | |||||
| Mark M. Malcolm | Director | ||||
| * | |||||
| James N. Mattis | Director | ||||
| * | |||||
| C. Howard Nye | Director | ||||
| * | |||||
| Catherine B. Reynolds | Director | ||||
| * | |||||
Laura J. Schumacher | Director | ||||
| * | |||||
Robert K. Steel | Director | ||||
| * | |||||
John G. Stratton | Director | ||||
| * | |||||
Peter A. Wall | Director | ||||
| /s/ Gregory S. Gallopoulos | |||||||||||
| Gregory S. Gallopoulos | |||||||||||
| Senior Vice President, General Counsel and Secretary | |||||||||||
| Exhibit 21 | ||||||||
| GENERAL DYNAMICS CORPORATION | ||||||||
| SUBSIDIARIES | ||||||||
| AS OF JANUARY 31, 2023 | ||||||||
| Subsidiaries of General Dynamics Corporation (Parent and Registrant) | Place of Incorporation | Percent of Voting Power | ||||||
| American Overseas Marine Company, LLC | Delaware | 100 | ||||||
| Applied Physical Sciences Corp. | Connecticut | 100 | ||||||
| ARMA Global Corporation | Florida | 100 | ||||||
| Avion Logistics Limited | Hong Kong | 100 | ||||||
| Avjet Corporation | California | 100 | ||||||
| Bath Iron Works Canada, LLC | Delaware | 100 | ||||||
| Bath Iron Works Corporation | Maine | 100 | ||||||
| Blueprint Technologies, Inc. | Virginia | 100 | ||||||
| Braintree I Maritime Corp. | Delaware | 100 | ||||||
| Braintree II Maritime Corp. | Delaware | 100 | ||||||
| Braintree III Maritime Corp. | Delaware | 100 | ||||||
| Braintree IV Maritime Corp. | Delaware | 100 | ||||||
| Braintree V Maritime Corp. | Delaware | 100 | ||||||
| Concord I Maritime Corporation | Delaware | 100 | ||||||
| Concord II Maritime Corporation | Delaware | 100 | ||||||
| Concord III Maritime Corporation | Delaware | 100 | ||||||
| Concord IV Maritime Corporation | Delaware | 100 | ||||||
| Concord V Maritime Corporation | Delaware | 100 | ||||||
| Convair Aircraft Corporation | Delaware | 100 | ||||||
| Convair Corporation | Delaware | 100 | ||||||
| CSC Computer Sciences Egypt LLC | Egypt | 100 | ||||||
| CSC Computer Sciences Venezuela, S.A. | Venezuela | 100 | ||||||
| CSRA (Costa Rica) S.A. | Costa Rica | 100 | ||||||
| CSRA (Guyana) Inc. | Guyana | 100 | ||||||
| CSRA (Middle East) LLC | Virginia | 100 | ||||||
| CSRA Argentina S.R.L. | Argentina | 100 | ||||||
| CSRA Bahamas Limited | Bahamas | 100 | ||||||
| CSRA Bahrain W.L.L. | Bahrain | 100 | ||||||
| CSRA Belgium SRL | Belgium | 100 | ||||||
| CSRA BH d.o.o. | Bosnia and Herzegovina | 100 | ||||||
| CSRA Bolivia S.R.L. | Bolivia | 100 | ||||||
| CSRA Brasil Servicos de Tecnologia Ltda. | Brazil | 100 | ||||||
| CSRA Canada Inc. | Canada | 100 | ||||||
| CSRA Caribbean Inc. | Nevada | 100 | ||||||
| CSRA Chile SpA | Chile | 100 | ||||||
| CSRA Colombia SAS | Colombia | 100 | ||||||
| CSRA Consular Services Holding Company LLC | Nevada | 100 | ||||||
| CSRA Consular Services Inc. | Nevada | 100 | ||||||
| CSRA Consular Services India Private Limited | India | 100 | ||||||
| CSRA France SARL | France | 100 | ||||||
| CSRA Honduras, Sociedad Anonima | Honduras | 100 | ||||||
| CSRA Information Technology Spain, SL | Spain | 100 | ||||||
| CSRA Ireland Limited | Ireland | 100 | ||||||
| CSRA Italy S.R.L. | Italy | 100 | ||||||
| CSRA Kosovo L.L.C. | Kosovo | 100 | ||||||
| CSRA LATAM LLC | Virginia | 100 | ||||||
| CSRA Mexico S. de R.L. de C.V. | Mexico | 100 | ||||||
| CSRA Netherlands B.V. | Netherlands | 100 | ||||||
| CSRA Nicaragua, Sociedad Anonima | Nicaragua | 100 | ||||||
| CSRA Peru S.R.L. | Peru | 100 | ||||||
| CSRA Senegal SARL | Senegal | 100 | ||||||
| CSRA South Africa (Pty) Ltd | South Africa | 100 | ||||||
| CSRA State and Local Solutions LLC | Nevada | 100 | ||||||
| CSRA Trinidad & Tobago Limited | Trinidad and Tobago | 100 | ||||||
| CSRA Turkey Bilisim Teknolojileri Limited Sirketi | Turkey | 100 | ||||||
| CSRA Uruguay S.R.L. | Uruguay | 100 | ||||||
| CSRA Visa Services Israel Ltd. | Israel | 100 | ||||||
| CSRAIT - Information Services Portugal, Unipessoal LDA | Portugal | 100 | ||||||
| Customer Services Ecuador CSRA S.A. | Ecuador | 100 | ||||||
| DynPort Vaccine Company, LLC | Virginia | 100 | ||||||
| Eagle Enterprise, Inc. | Delaware | 100 | ||||||
| EB Groton Engineering, Inc. | Delaware | 100 | ||||||
| EBV Explosives Environmental Company | Delaware | 100 | ||||||
| ELCS-CZ, s.r.o. | Czech Republic | 100 | ||||||
| Electric Boat - Australia, LLC | Delaware | 100 | ||||||
| Electric Boat - UK, LLC | Delaware | 100 | ||||||
| Electric Boat Canada, LLC | Delaware | 100 | ||||||
| Electric Boat Corporation | Delaware | 100 | ||||||
| Electric Boat France, LLC | Delaware | 100 | ||||||
| Electrocom, Inc. | Delaware | 100 | ||||||
| Expro Finance Inc. | Canada | 100 | ||||||
| ForeSight Technology Services, LLC | Virginia | 100 | ||||||
| Freeman United Coal Mining Company, LLC | Delaware | 100 | ||||||
| GD Arabia Limited | Saudi Arabia | 100 | ||||||
| GD European Land Systems - Steyr GmbH | Austria | 100 | ||||||
| GD European Land Systems Holding GmbH | Austria | 100 | ||||||
| General Dynamics - OTS (Global), Inc. | Delaware | 100 | ||||||
| General Dynamics AIS Australia Pty Ltd | Australia | 100 | ||||||
| General Dynamics Canadian Finance Inc. | Canada | 100 | ||||||
| General Dynamics Canadian Holdings Inc. | Canada | 100 | ||||||
| General Dynamics Commercial Cyber Services, LLC | Virginia | 100 | ||||||
| General Dynamics European Finance Limited | England and Wales | 100 | ||||||
| General Dynamics European Land Systems - Austria GmbH | Austria | 100 | ||||||
| General Dynamics European Land Systems – Bridge Systems GmbH | Germany | 100 | ||||||
| General Dynamics European Land Systems - Czech s.r.o. | Czech Republic | 100 | ||||||
| General Dynamics European Land Systems - Deutschland GmbH | Germany | 100 | ||||||
| General Dynamics European Land Systems - FWW GmbH | Germany | 100 | ||||||
| General Dynamics European Land Systems - Mowag GmbH | Switzerland | 100 | ||||||
| General Dynamics European Land Systems Botswana Proprietary Ltd. | Botswana | 100 | ||||||
| General Dynamics European Land Systems Denmark ApS | Denmark | 100 | ||||||
| General Dynamics European Land Systems Romania S.R.L. | Romania | 100 | ||||||
| General Dynamics European Land Systems, S.L. | Spain | 100 | ||||||
| General Dynamics Global Force, LLC | Delaware | 100 | ||||||
| General Dynamics Global Holdings Limited | England and Wales | 100 | ||||||
| General Dynamics Global Imaging Technologies, LLC | Delaware | 100 | ||||||
| General Dynamics Government Satellite Services, LLC | Delaware | 100 | ||||||
| General Dynamics Government Systems Corporation | Delaware | 100 | ||||||
| General Dynamics Government Systems Overseas Corporation | Delaware | 100 | ||||||
| General Dynamics Information Technology, Inc. | Virginia | 100 | ||||||
| General Dynamics International Corporation | Delaware | 100 | ||||||
| General Dynamics Land Systems - Australia Pty. Ltd. | Australia | 100 | ||||||
| General Dynamics Land Systems - Canada Corporation | Canada | 100 | ||||||
| General Dynamics Land Systems - Canada Services Inc. | Canada | 100 | ||||||
| General Dynamics Land Systems - Canadian Services Limited | Canada | 100 | ||||||
| General Dynamics Land Systems - Force Protection Inc. | Nevada | 100 | ||||||
| General Dynamics Land Systems – Global LLC | Delaware | 100 | ||||||
| General Dynamics Land Systems Customer Service & Support Company | Texas | 100 | ||||||
| General Dynamics Land Systems Holdings LLC | Delaware | 100 | ||||||
| General Dynamics Land Systems Inc. | Delaware | 100 | ||||||
| General Dynamics Limited | England and Wales | 100 | ||||||
| General Dynamics Marine Systems, Inc. | Delaware | 100 | ||||||
| General Dynamics Mission Systems Asia-Pacific SDN BHD | Brunei | 100 | ||||||
| General Dynamics Mission Systems International Limited | England and Wales | 100 | ||||||
| General Dynamics Mission Systems Overseas Company, LLC | Delaware | 100 | ||||||
| General Dynamics Mission Systems, Inc. | Delaware | 100 | ||||||
| General Dynamics Mission Systems – Italy S.R.L. | Italy | 100 | ||||||
| General Dynamics Motion Control, LLC | Delaware | 100 | ||||||
| General Dynamics One Source, LLC | Delaware | 100 | ||||||
| General Dynamics Ordnance and Tactical Systems - Canada Inc. | Canada | 100 | ||||||
| General Dynamics Ordnance and Tactical Systems - Canada Valleyfield Inc. | Canada | 100 | ||||||
| General Dynamics Ordnance and Tactical Systems - Simunition Operations, Inc. | Delaware | 100 | ||||||
| General Dynamics Ordnance and Tactical Systems, Inc. | Virginia | 100 | ||||||
| General Dynamics OTS (Aerospace), Inc. | Washington | 100 | ||||||
| General Dynamics OTS (California), Inc. | California | 100 | ||||||
| General Dynamics OTS (DRI), Inc. | Alabama | 100 | ||||||
| General Dynamics OTS (Niceville), Inc. | Florida | 100 | ||||||
| General Dynamics OTS (Wilkes Barre), LLC | Pennsylvania | 100 | ||||||
| General Dynamics Overseas Systems and Services Corporation | Delaware | 100 | ||||||
| General Dynamics Properties, Inc. | Delaware | 100 | ||||||
| General Dynamics Robotic Systems, Inc. | Delaware | 100 | ||||||
| General Dynamics Satellite Communication Services, LLC | Delaware | 100 | ||||||
| General Dynamics Saudi Holdings, S.L. | Spain | 100 | ||||||
| General Dynamics Shared Resources, LLC | Delaware | 100 | ||||||
| General Dynamics Support Services Company | Delaware | 100 | ||||||
| General Dynamics Swiss Financial Management Limited | England and Wales | 100 | ||||||
| General Dynamics United Kingdom Limited | England and Wales | 100 | ||||||
| General Dynamics Worldwide Holdings, Inc. | Delaware | 100 | ||||||
| General Dynamics-OTS, Inc. | Delaware | 100 | ||||||
| GM GDLS Defense Group, L.L.C. | Delaware | 100 | ||||||
| GPS Source, Inc. | Colorado | 100 | ||||||
| Gulfstream 100 Holdings LLC | Delaware | 100 | ||||||
| Gulfstream Aerospace Corporation (CA) | California | 100 | ||||||
| Gulfstream Aerospace Corporation (DE) | Delaware | 100 | ||||||
| Gulfstream Aerospace Corporation (GA) | Georgia | 100 | ||||||
| Gulfstream Aerospace Corporation (OK) | Oklahoma | 100 | ||||||
| Gulfstream Aerospace Corporation of Texas | Texas | 100 | ||||||
| Gulfstream Aerospace Hong Kong Limited | Hong Kong | 100 | ||||||
| Gulfstream Aerospace LLC | Delaware | 100 | ||||||
| Gulfstream Aerospace LP | Texas | 100 | ||||||
| Gulfstream Aerospace Services Corporation | Delaware | 100 | ||||||
| Gulfstream Aerospace, Ltd. | England and Wales | 100 | ||||||
| Gulfstream Aerospace, Sociedad de Responsabilidad Limitada de Capital Variable (S. de R.L. de C.V.) | Mexico | 100 | ||||||
| Gulfstream Austria, GmbH | Austria | 100 | ||||||
| Gulfstream Do Brasil Servicos De Suporte E Manutencao A Aeronaves Ltda. | Brazil | 100 | ||||||
| Gulfstream International Corporation | Delaware | 100 | ||||||
| Gulfstream Leasing LLC | Georgia | 100 | ||||||
| Gulfstream Product Support Corporation | Delaware | 100 | ||||||
| Gulfstream Services Corporation | Georgia | 100 | ||||||
| Gulfstream Tennessee Corporation | Delaware | 100 | ||||||
| Gulfstream-California, Inc. | Delaware | 100 | ||||||
| Hawker Pacific Asia Holdings Pte Ltd | Singapore | 100 | ||||||
| Information Services Consulting Limited | England and Wales | 100 | ||||||
| Interiores Aereos S.A. de C.V. | Mexico | 100 | ||||||
| International Manufacturing Technologies, Inc. | California | 100 | ||||||
| Janteq Australia PTY Limited | Australia | 100 | ||||||
| Janteq Corp. | Maryland | 100 | ||||||
| Jet Aviation (Asia Pacific) Pte Ltd | Singapore | 100 | ||||||
| Jet Aviation (Bermuda) Ltd. | Bermuda | 100 | ||||||
| Jet Aviation (Hong Kong) Ltd. | Hong Kong | 100 | ||||||
| Jet Aviation (Malaysia) MRO SDN BHD | Malaysia | 100 | ||||||
| Jet Aviation (Malaysia) SDN, BHD | Malaysia | 100 | ||||||
| Jet Aviation 125 Services, LLC | Delaware | 100 | ||||||
| Jet Aviation AG | Switzerland | 100 | ||||||
| Jet Aviation Airservices Limited | Hong Kong | 100 | ||||||
| Jet Aviation Australia Pty Ltd | Australia | 100 | ||||||
| Jet Aviation Bozeman, LLC | Montana | 100 | ||||||
| Jet Aviation Business Jets (Hong Kong) Limited | Hong Kong | 100 | ||||||
| Jet Aviation Business Jets AG | Switzerland | 100 | ||||||
| Jet Aviation Business Jets FZCO | UAE | 100 | ||||||
| Jet Aviation Business Jets San Marino S.R.L. | San Marino | 100 | ||||||
| Jet Aviation Business Jets Singapore Pte Ltd | Singapore | 100 | ||||||
| Jet Aviation California, LLC | California | 100 | ||||||
| Jet Aviation Dulles, LLC | Delaware | 100 | ||||||
| Jet Aviation Flight Services, Inc. | Maryland | 100 | ||||||
| Jet Aviation France SAS | France | 100 | ||||||
| Jet Aviation French Polynesia | French Polynesia | 100 | ||||||
| Jet Aviation Holding GmbH | Switzerland | 100 | ||||||
| Jet Aviation Holdings USA, Inc. | Delaware | 100 | ||||||
| Jet Aviation Houston, Inc. | Texas | 100 | ||||||
| Jet Aviation International, Inc. | Florida | 100 | ||||||
| Jet Aviation Malaga SA | Spain | 100 | ||||||
| Jet Aviation Management AG | Switzerland | 100 | ||||||
| Jet Aviation Netherlands B.V. | Netherlands | 100 | ||||||
| Jet Aviation New Caledonia | New Caledonia | 100 | ||||||
| Jet Aviation NZ Limited | New Zealand | 100 | ||||||
| Jet Aviation of America, Inc. | Maryland | 100 | ||||||
| Jet Aviation Opa Locka, LLC | Florida | 100 | ||||||
| Jet Aviation Savannah Holding, LLC | Delaware | 100 | ||||||
| Jet Aviation Scottsdale LLC | Arizona | 100 | ||||||
| Jet Aviation Services GmbH | Germany | 100 | ||||||
| Jet Aviation St. Louis, Inc. | Missouri | 100 | ||||||
| Jet Aviation Staffing, LLC | Delaware | 100 | ||||||
| Jet Aviation Teterboro, L.P. | New Jersey | 100 | ||||||
| Jet Aviation Texas, Inc. | Texas | 100 | ||||||
| Jet Aviation/Palm Beach, Inc. | Florida | 100 | ||||||
| Jet Aviation Vienna GmbH | Austria | 100 | ||||||
| Longreach Energy, LLC | Delaware | 100 | ||||||
| Material Service Resources Company, LLC | Delaware | 100 | ||||||
| Mediaware International Pty Ltd | Australia | 100 | ||||||
| Metro Machine Corp. | Virginia | 100 | ||||||
| Midwest Properties Sales, LLC | Delaware | 100 | ||||||
| NASSCO Holdings Incorporated | Delaware | 100 | ||||||
| National Steel and Shipbuilding Company | Nevada | 100 | ||||||
| Newberry Holdings, LLC | Virginia | 100 | ||||||
| Pazo’s Fuel Services, Inc. | Puerto Rico | 100 | ||||||
| Plane 79, LLC | Delaware | 100 | ||||||
| Praxis Engineering Technologies, LLC | Delaware | 100 | ||||||
| Progeny Systems, LLC | Virginia | 100 | ||||||
| Proyectos Prohumane Mexico, S.A. de C.V. | Mexico | 100 | ||||||
| Quincy Maritime Corporation III | Delaware | 100 | ||||||
| Santa Barbara Sistemas S.A. | Spain | 100 | ||||||
| Savannah Air Center, LLC | Georgia | 100 | ||||||
| Southern Illinois Recovery, Inc. | Delaware | 100 | ||||||
| St. Marks Powder, Inc. | Delaware | 100 | ||||||
| Tecnologias Internacionales de Manufactura S.A. de C.V. | Mexico | 100 | ||||||
| The Depth of Ideas for General Trading, LLC | Iraq | 100 | ||||||
| Vangent Servicios de Mexico, S.A. de C.V. | Mexico | 100 | ||||||
| Vulnerability Research Labs, LLC | Delaware | 100 | ||||||
| /s/ RICHARD D. CLARKE | /s/ C. HOWARD NYE | |||||||
| Richard D. Clarke | C. Howard Nye | |||||||
| /s/ JAMES S. CROWN | /s/ CATHERINE B. REYNOLDS | |||||||
| James S. Crown | Catherine B. Reynolds | |||||||
| /s/ RUDY F. DELEON | /s/ LAURA J. SCHUMACHER | |||||||
| Rudy F. deLeon | Laura J. Schumacher | |||||||
| /s/ CECIL D. HANEY | /s/ ROBERT K. STEEL | |||||||
| Cecil D. Haney | Robert K. Steel | |||||||
| /s/ MARK M. MALCOLM | /s/ JOHN G. STRATTON | |||||||
| Mark M. Malcolm | John G. Stratton | |||||||
| /s/ JAMES N. MATTIS | /s/ PETER A. WALL | |||||||
| James N. Mattis | Peter A. Wall | |||||||
| February 7, 2023 | /s/ Phebe N. Novakovic | ||||
| Phebe N. Novakovic | |||||
| Chairman and Chief Executive Officer | |||||
| February 7, 2023 | /s/ Jason W. Aiken | ||||
| Jason W. Aiken | |||||
| Executive Vice President, Technologies and Chief Financial Officer | |||||
| February 7, 2023 | /s/ Phebe N. Novakovic | ||||
| Phebe N. Novakovic | |||||
| Chairman and Chief Executive Officer | |||||
| February 7, 2023 | /s/ Jason W. Aiken | ||||
| Jason W. Aiken | |||||
| Executive Vice President, Technologies and Chief Financial Officer | |||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Auditor Information [Abstract] | |
| Auditor Firm ID | 185 |
| Auditor Location | McLean, VA |
| Auditor Name | KPMG LLP |
Consolidated Statement of Earnings - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue: | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| Operating costs and expenses: | |||
| General and administrative (G&A) | (2,411) | (2,245) | (2,192) |
| Operating costs and expenses, Total | (35,196) | (34,306) | (33,792) |
| Operating earnings | 4,211 | 4,163 | 4,133 |
| Other, net | 189 | 134 | 82 |
| Interest, net | (364) | (424) | (477) |
| Earnings before income tax | 4,036 | 3,873 | 3,738 |
| Provision for income tax, net | (646) | (616) | (571) |
| Net earnings | $ 3,390 | $ 3,257 | $ 3,167 |
| Earnings per share | |||
| Basic (in dollars per share) | $ 12.31 | $ 11.61 | $ 11.04 |
| Diluted (in dollars per share) | $ 12.19 | $ 11.55 | $ 11.00 |
| Products | |||
| Revenue: | |||
| Revenue | $ 23,022 | $ 22,428 | $ 22,188 |
| Operating costs and expenses: | |||
| Cost of sales | (18,981) | (18,524) | (18,192) |
| Services | |||
| Revenue: | |||
| Revenue | 16,385 | 16,041 | 15,737 |
| Operating costs and expenses: | |||
| Cost of sales | $ (13,804) | $ (13,537) | $ (13,408) |
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net earnings | $ 3,390 | $ 3,257 | $ 3,167 |
| Changes in unrealized cash flow hedges | (190) | (174) | 366 |
| Foreign currency translation adjustments | (278) | (103) | 353 |
| Changes in retirement plans’ funded status | 241 | 2,365 | (453) |
| Other comprehensive (loss) income, pretax | (227) | 2,088 | 266 |
| (Provision) benefit for income tax, net | (5) | (458) | 2 |
| Other comprehensive (loss) income, net of tax | (232) | 1,630 | 268 |
| Comprehensive income | $ 3,158 | $ 4,887 | $ 3,435 |
Consolidated Statement of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash flows from operating activities – continuing operations: | |||
| Net earnings | $ 3,390 | $ 3,257 | $ 3,167 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation of property, plant and equipment | 586 | 568 | 523 |
| Amortization of intangible and finance lease right-of-use assets | 298 | 322 | 355 |
| Equity-based compensation expense | 165 | 126 | 128 |
| Deferred income tax benefit | (178) | (66) | (127) |
| (Increase) decrease in assets, net of effects of business acquisitions: | |||
| Accounts receivable | 46 | 138 | 371 |
| Unbilled receivables | (256) | (410) | (116) |
| Inventories | (980) | 405 | 502 |
| Increase (decrease) in liabilities, net of effects of business acquisitions: | |||
| Accounts payable | 224 | 194 | (215) |
| Customer advances and deposits | 2,082 | 354 | (707) |
| Income taxes payable | (436) | (45) | (39) |
| Other, net | (362) | (572) | 16 |
| Net cash provided by operating activities | 4,579 | 4,271 | 3,858 |
| Cash flows from investing activities: | |||
| Capital expenditures | (1,114) | (887) | (967) |
| Other, net | (375) | 5 | (7) |
| Net cash used by investing activities | (1,489) | (882) | (974) |
| Cash flows from financing activities: | |||
| Dividends paid | (1,369) | (1,315) | (1,240) |
| Purchases of common stock | (1,229) | (1,828) | (587) |
| Proceeds from commercial paper, gross (maturities greater than 3 months) | 0 | 1,997 | 420 |
| Repayment of commercial paper, gross (maturities greater than 3 months) | 0 | (1,997) | (420) |
| Proceeds from fixed-rate notes | 0 | 1,497 | 3,960 |
| Proceeds from (repayment of) credit facility, net | 0 | 6 | (441) |
| Other, net | 127 | 50 | (95) |
| Net cash used by financing activities | (3,471) | (4,590) | (903) |
| Net cash provided (used) by discontinued operations | 20 | (20) | (59) |
| Net (decrease) increase in cash and equivalents | (361) | (1,221) | 1,922 |
| Cash and equivalents at beginning of year | 1,603 | 2,824 | 902 |
| Cash and equivalents at end of year | 1,242 | 1,603 | 2,824 |
| Fixed-rate notes | |||
| Cash flows from financing activities: | |||
| Repayments of notes | (1,000) | (2,500) | (2,000) |
| Floating-rate notes | |||
| Cash flows from financing activities: | |||
| Repayments of notes | $ 0 | $ (500) | $ (500) |
Consolidated Statement of Shareholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Common Stock Surplus |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2019 | $ 13,978 | $ 482 | $ 3,039 | $ 31,633 | $ (17,358) | $ (3,818) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net earnings | 3,167 | 3,167 | ||||
| Cash dividends declared | (1,265) | (1,265) | ||||
| Equity-based awards | 152 | 85 | 67 | |||
| Shares purchased | (602) | (602) | ||||
| Other comprehensive income (loss) | 268 | 268 | ||||
| Other | (37) | (37) | ||||
| Ending 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 | 3,257 | 3,257 | ||||
| Cash dividends declared | (1,335) | (1,335) | ||||
| Equity-based awards | 263 | 154 | 109 | |||
| Shares purchased | (1,835) | (1,835) | ||||
| Other comprehensive income (loss) | 1,630 | 1,630 | ||||
| Ending 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 | 3,390 | 3,390 | ||||
| Cash dividends declared | (1,391) | (1,391) | ||||
| Equity-based awards | 383 | 278 | 105 | |||
| Shares purchased | (1,207) | (1,207) | ||||
| Other comprehensive income (loss) | (232) | (232) | ||||
| Other | (16) | (16) | ||||
| Ending Balance at Dec. 31, 2022 | $ 18,568 | $ 482 | $ 3,556 | $ 37,403 | $ (20,721) | $ (2,152) |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. The following is a discussion of certain significant accounting policies, and discussion of our other significant accounting policies is contained in the notes to these financial statements. Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the 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. Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates. Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $480 in 2022, $415 in 2021 and $374 in 2020. R&D expenses have trended upward driven by activities primarily associated with ongoing new aircraft development efforts. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts. The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred. Interest, Net. Net interest expense consisted of the following:
See Note K for information regarding our debt obligations, including interest rates. Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive (loss) income in the Consolidated Statement of Comprehensive Income. We had no trading or held-to-maturity debt securities on December 31, 2022 or 2021. See Note P for additional information regarding our investments in debt and equity securities. Acquisitions. In the last three years, we acquired four businesses in our Aerospace segment, two businesses in our Combat Systems segment and a business in our Technologies segment. The operating results of these acquisitions have been included in our reported results since their respective closing dates. The purchase prices of the acquisitions have been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill. Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows. Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of fair value is based primarily on the discounted cash flows of the underlying operations. In the fourth quarter of 2022, we completed qualitative assessments for our Aerospace, Marine Systems and Combat Systems reporting units as the estimated fair values of each of the reporting units significantly exceeded the respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our qualitative assessments did not present indicators of impairment for the reporting units. In the fourth quarter of 2022, we completed a quantitative assessment for our Technologies reporting unit, and the results indicated that no impairment existed. The Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25%. The fair value of the Technologies reporting unit decreased since our previous quantitative assessment, performed in the fourth quarter of 2020, driven by the negative impact of increased interest rates on our discounted projected cash flows. For a summary of our goodwill by reporting unit, see Note H. 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.
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 77% of our revenue in 2022, 78% in 2021 and 77% in 2020. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses. Revenue from goods and services transferred to customers at a point in time accounted for 23% of our revenue in 2022, 22% in 2021 and 23% in 2020. 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 December 31, 2022, we had $91.1 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 35% of our remaining performance obligations as revenue in 2023, an additional 40% by the end of 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 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:
While no adjustment on any one contract was material to the Consolidated Financial Statements in 2022, 2021 or 2020, our Marine Systems segment’s 2022 results were affected negatively by supply chain impacts to the Virginia-class submarine schedule, offset partially by improved performance on auxiliary and support ships. 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:
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance Revenue by contract type was as follows:
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:
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 year ended December 31, 2022, were not materially impacted by any other factors. Revenue recognized in 2022, 2021 and 2020 that was included in the contract liability balance at the beginning of each year was $4 billion, $3.4 billion and $3.8 billion, respectively. This revenue represented primarily the sale of business jet aircraft.
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Earnings Per Share |
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| 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 decreased in 2022 and 2021 due to share repurchases. See Note N for further discussion of our 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):
*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 year and, therefore, the effect of including these options would be antidilutive. These options totaled 1,466 in 2022, 5,037 in 2021 and 7,159 in 2020.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | INCOME TAXES Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law. The following is a summary of our net provision for income taxes for continuing operations:
The reported tax provision differs from the amounts paid because some income and expense items are recognized in different time periods for financial reporting than for income tax purposes. This includes the impact of the requirement, effective January 1, 2022, to capitalize and amortize over five years certain research and experimental expenditures that were previously deductible immediately for tax purposes, which contributed to increased net income tax payments and is reflected in the net deferred tax liability related to intangible assets. State and local income taxes allocable to U.S. government contracts are included in operating costs and expenses in the Consolidated Statement of Earnings and, therefore, are not included in the provision above. The reconciliation from the statutory federal income tax rate to our effective income tax rate follows:
Net Deferred Tax Liability. The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
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:
We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized. Our deferred tax balance associated with our retirement benefits includes a deferred tax asset of $637 on December 31, 2022, and $692 on December 31, 2021, related to the amounts recorded in accumulated other comprehensive loss (AOCL) to recognize the funded status of our retirement plans. For a reconciliation of the increase in funded status of our defined benefit plans in 2022, see Note S. One of our deferred tax liabilities results from our participation in the Capital Construction Fund (CCF), a program established by the U.S. government and administered by the Maritime Administration that supports the acquisition, construction, reconstruction or operation of U.S. flag merchant marine vessels. The program allows us to defer federal and state income taxes on earnings derived from eligible programs as long as the proceeds are deposited in the fund and withdrawals are used for qualified activities. We had U.S. government accounts receivable pledged (and thereby deposited) to the CCF of $299 and $295 on December 31, 2022 and 2021, respectively. On December 31, 2022, we had net operating loss carryforwards of $912, substantially all of which are associated with jurisdictions that have an indefinite carryforward period. 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 2021. 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 December 31, 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.
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Accounts Receivable |
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| Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable | ACCOUNTS RECEIVABLE Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Accounts receivable consisted of the following:
Receivables from non-U.S. government customers included amounts related to long-term production programs for the Spanish Ministry of Defence of $1.2 billion and $1.4 billion on December 31, 2022 and 2021, respectively. A different ministry, the Spanish Ministry of Industry, has funded work on these programs in advance of costs incurred by the company. The cash advances are reported on the Consolidated Balance Sheet in current customer advances and deposits and will be repaid to the Ministry of Industry as we collect on the outstanding receivables from the Ministry of Defence. The net amounts for these programs on December 31, 2022 and 2021, were advance payments of $91 and $55, respectively. With respect to our other receivables, we expect to collect substantially all of the year-end 2022 balance during 2023.
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Unbilled Receivables |
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| 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:
On December 31, 2022 and 2021, net unbilled receivables included $2.7 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 in 2021 and 2022 that have reduced the program’s unbilled balance to $1 billion as of December 31, 2022. 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 receivables build-up since 2021 resulting in a $1.7 billion balance as of December 31, 2022. Based on ongoing discussions with the customer, we expect payments to resume in the first quarter of 2023 assuming continued successful program activity. Other than the balance related to the tracked vehicle contract, we expect to bill substantially all of the remaining year-end 2022 net unbilled receivables balance during 2023, and the amount not expected to be billed in 2023 results primarily from the agreed-upon contractual billing terms. G&A costs in unbilled revenue on December 31, 2022 and 2021, were $559 and $501, respectively.
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | INVENTORIES The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value. Inventories consisted of the following:
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Goodwill and Intangible Assets |
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| 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:
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses. (b)Included adjustments during the purchase price allocation period. (c)Consisted primarily of adjustments for foreign currency translation. Intangible Assets. Intangible assets consisted of the following:
(a)Changes in gross carrying amounts consisted primarily of adjustments for write-offs of fully amortized intangible assets, acquired intangible assets and foreign currency translation. (b)Consisted of acquired backlog and probable follow-on work and associated customer relationships. We did not recognize any impairments of our intangible assets in 2022, 2021 or 2020. The amortization lives (in years) of our intangible assets on December 31, 2022, were as follows:
Amortization expense is included in operating costs and expenses in the Consolidated Statement of Earnings. Amortization expense for intangible assets was $202 in 2022, $226 in 2021 and $261 in 2020. We expect to record annual amortization expense over the next five years as follows:
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Property, Plant And Equipment, Net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant And Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation. Net PP&E by major asset class consisted of the following:
We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years. Our government customers provide certain facilities and equipment for our use that are not included above.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases, Operating | LEASES We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments. Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred. Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations. The components of lease costs were as follows:
Additional information related to leases was as follows:
Additional quantitative lease information was as follows:
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2022:
On December 31, 2021, operating and finance lease liabilities and the related ROU assets were as follows:
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets. On December 31, 2022, we had additional future payments on leases that had not yet commenced of $351. These leases will commence in 2023, and have lease terms ranging from to 40 years.
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| Leases, Financing | LEASES We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments. Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred. Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations. The components of lease costs were as follows:
Additional information related to leases was as follows:
Additional quantitative lease information was as follows:
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2022:
On December 31, 2021, operating and finance lease liabilities and the related ROU assets were as follows:
Lease liabilities are included on the Consolidated Balance Sheet in current and noncurrent other liabilities, while ROU assets are included in noncurrent other assets. On December 31, 2022, we had additional future payments on leases that had not yet commenced of $351. These leases will commence in 2023, and have lease terms ranging from to 40 years.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | DEBT Debt consisted of the following:
In November 2022, we repaid fixed-rate notes of $1 billion at the scheduled maturity using cash on hand. Interest payments associated with our debt were $383 in 2022, $433 in 2021 and $459 in 2020. The aggregate amounts of scheduled principal maturities of our debt are as follows:
On December 31, 2022, we had 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 Securities and Exchange Commission (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 December 31, 2022.
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Other Liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | OTHER LIABILITIES A summary of significant other liabilities by balance sheet caption follows:
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Commitments And Contingencies |
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| 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 appealed the dismissal of the complaint to the United States Court of Appeals. In the fourth quarter of 2022, the Court of Appeals heard oral arguments on the appeal, and thereafter took the case under submission. Given the current status of these matters, we are unable to express a view regarding the ultimate outcome or, if the outcome is adverse, to estimate an amount or range of reasonably possible loss. Depending on the outcome of these matters, there could be a material impact on our results of operations, financial condition and cash flows. Additionally, various other claims and legal proceedings incidental to the normal course of business are pending or threatened against us. These other matters relate to such issues as government investigations and claims, the protection of the environment, asbestos-related claims and employee-related matters. The nature of litigation is such that we cannot predict the outcome of these other matters. However, based on information currently available, we believe any potential liabilities in these other proceedings, individually or in the aggregate, will not have a material impact on our results of operations, financial condition or cash flows. Environmental We are subject to and affected by a variety of federal, state, local and foreign environmental laws and regulations. We are directly or indirectly involved in environmental investigations or remediation at some of our current and former facilities and third-party sites that we do not own but where we have been designated a potentially responsible party (PRP) by the U.S. Environmental Protection Agency or a state environmental agency. Based on historical experience, we expect that a significant percentage of the total remediation and compliance costs associated with these facilities will continue to be allowable contract costs and, therefore, recoverable under U.S. government contracts. As required, we provide financial assurance for certain sites undergoing or subject to investigation or remediation. We accrue environmental costs when it is probable that a liability has been incurred and the amount can be reasonably estimated. Where applicable, we seek insurance recovery for costs related to environmental liabilities. We do not record insurance recoveries before collection is considered probable. Based on all known facts and analyses, we do not believe that our liability at any individual site, or in the aggregate, arising from such environmental conditions will be material to our results of operations, financial condition or cash flows. We also do not believe that the range of reasonably possible additional loss beyond what has been recorded would be material to our results of operations, financial condition or cash flows. Other Government Contracts. As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties, and compensatory and treble damages. We believe the outcome of such ongoing government audits and investigations will not have a material impact on our results of operations, financial condition or cash flows. In the performance of our contracts, we routinely request contract modifications that require additional funding from the customer. Most often, these requests are due to customer-directed changes in the scope of work. While we are entitled to recovery of these costs under our contracts, the administrative process with our customer may be protracted. Based on the circumstances, we periodically file requests for equitable adjustment (REAs) that are sometimes converted into claims. In some cases, these requests are disputed by our customer. We believe our outstanding modifications, REAs and other claims will be resolved without material impact to our results of operations, financial condition or cash flows. Letters of Credit and Guarantees. In the ordinary course of business, we have entered into letters of credit, bank guarantees, surety bonds and other similar arrangements with financial institutions and insurance carriers totaling approximately $1.4 billion on December 31, 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 predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction. As of December 31, 2022, the estimated change in fair market values from the date of the commitments was not material. Labor Agreements. On December 31, 2022, approximately one-fifth of the employees of our subsidiaries were working under collectively bargained terms and conditions, including 62 collective agreements that we have negotiated directly with unions and works councils. A number of these agreements expire within any given year. Historically, we have been successful at renegotiating these labor agreements without any material disruption of operating activities. In 2023, we expect to negotiate the terms of 28 agreements covering approximately 12,600 employees. We do not expect the renegotiations will, either individually or in the aggregate, have a material impact on our results of operations, financial condition or cash flows. 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 each of the past three years were as follows:
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Shareholders' Equity |
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | SHAREHOLDERS’ EQUITYAuthorized Stock. Our authorized capital stock consists of 500 million shares of $1 per share par value common stock and 50 million shares of $1 per share par value preferred stock. The preferred stock is issuable in series, with the rights, preferences and limitations of each series to be determined by our board of directors. Shares Issued and Outstanding. On December 31, 2022, we had 481,880,634 shares of common stock issued and 274,411,106 shares of common stock outstanding, including unvested restricted stock of 488,890 shares. On December 31, 2021, we had 481,880,634 shares of common stock issued and 277,620,943 shares of common stock outstanding. No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2022 and 2021 resulted from shares repurchased in the open market and share activity under our equity compensation plans. See Note R for additional details. 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 2022, we repurchased 5.3 million of our outstanding shares for $1.2 billion. On December 31, 2022, 6.7 million shares remained authorized by our board of directors for repurchase, representing 2.4% of our total shares outstanding. We repurchased 10.3 million shares for $1.8 billion in 2021 and 4.1 million shares for $602 in 2020. Dividends per Share. Our board of directors declared dividends per share of $5.04 in 2022, $4.76 in 2021 and $4.40 in 2020. We paid cash dividends of $1.4 billion in 2022, $1.3 billion in 2021 and $1.2 billion in 2020. Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of AOCL consisted of the following:
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 S for these amounts, which are included in our net annual pension and other post-retirement benefit (credit) cost.
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | SEGMENT INFORMATION We have four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We organize our segments in accordance with the nature of products and services offered. We measure each segment’s profitability based on operating earnings. As a result, we do not allocate net interest, other income and expense items, and income taxes to our segments. Summary financial information for each of our segments follows:
(a)See Note B for additional revenue information by segment. (b)Corporate operating costs consisted primarily of equity-based compensation expense. The following is additional summary financial information for each of our segments:
The following table presents our revenue by geographic area based on the location of our customers:
Our revenue from non-U.S. operations was $4 billion in 2022, $4.4 billion in 2021 and $4.3 billion in 2020, and earnings from continuing operations before income taxes from non-U.S. operations were $567 in 2022, $588 in 2021 and $585 in 2020. The long-lived assets associated with these operations were 4% of our total long-lived assets on December 31, 2022, 2021 and 2020.
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Fair Value |
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| 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 December 31, 2022 or 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 Consolidated Balance Sheet approximate their fair value. The following tables present the fair values of our other financial assets and liabilities on December 31, 2022 and 2021, and the basis for determining their fair values:
Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
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Dec. 31, 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 intercompany transactions denominated in foreign currencies. To the extent possible, we include terms in our contracts that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk. 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 instruments but are not accounted for separately because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows. Investment Risk. Our investment policy allows for purchases of fixed-income securities with an investment-grade rating and a maximum maturity of up to five years. On December 31, 2022 and 2021, we held $1.2 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 December 31, 2022 and 2021, we held marketable securities in trust of $162 and $191, respectively. These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets. See Note P for additional details. Hedging Activities. We had notional forward exchange contracts outstanding of $6.9 billion and $6.8 billion on December 31, 2022 and 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 P 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 in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, 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 December 31, 2022 and 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 in any of the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
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Equity Compensation Plans |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Compensation Plans | EQUITY COMPENSATION PLANS Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our board of directors. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these. Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock. On December 31, 2022, in addition to the shares reserved for issuance upon the exercise of outstanding stock options, approximately 18 million shares have been authorized for awards that may be granted in the future. Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses. The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date. We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis effective with the 2022 grant. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
We determine the above assumptions based on the following: •Expected volatility is based on the historical volatility of our common stock over a period equal to the expected term of the option •Expected term is based on assumptions used by a set of comparable peer companies •Risk-free interest rate is the yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option at the grant date •Expected dividend yield is based on our historical dividend yield The resulting weighted average fair value per stock option granted (in dollars) was $38.93 in 2022, $28.87 in 2021 and $24.86 in 2020. Stock option expense reduced pretax operating earnings (and on a diluted per-share basis) by $91 ($0.26) in 2022, $58 ($0.16) in 2021 and $55 ($0.15) in 2020. On December 31, 2022, we had $45 of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.5 years. A summary of stock option activity during 2022 follows:
Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2022, follows:
In the table above, intrinsic value is calculated as the excess, if any, of the market price of our stock on the last trading day of the year over the exercise price of the options. For stock options exercised, intrinsic value is calculated as the difference between the market price on the date of exercise and the exercise price. The total intrinsic value of stock options exercised was $205 in 2022, $62 in 2021 and $57 in 2020. Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant. Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units. We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the board of directors as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range. We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period of the awards, except for restricted stock awards to retirement-eligible participants that are recognized on an accelerated basis. Compensation expense related to restricted stock and RSUs reduced pretax operating earnings (and on a diluted per-share basis) by $74 ($0.21) in 2022, $68 ($0.19) in 2021 and $73 ($0.20) in 2020. On December 31, 2022, we had $73 of unrecognized compensation cost related to restricted stock and RSUs, which is expected to be recognized over a weighted average period of 1.8 years. A summary of restricted stock and RSU activity during 2022 follows:
The total fair value of vesting shares was $95 in 2022, $52 in 2021 and $103 in 2020.
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Retirement Plans |
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| 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 Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year. Defined Contribution Plans We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions. Our contributions to these plans totaled $415 in 2022, $398 in 2021 and $379 in 2020. The defined-contribution plans held approximately 16 million and 17 million shares of our common stock, representing approximately 6% of our outstanding shares, on December 31, 2022 and 2021. Defined Benefit Plans Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service. In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement. Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations. We contributed $50 to our qualified pension plans in 2022. In 2023, our required contributions are $114. In the first quarter of 2023, we also made a discretionary contribution of $92, resulting in total expected pension plan contributions of $206 in 2023. We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received. Contributions to our other post-retirement benefit plans were not material in 2022 and are not expected to be material in 2023. Benefit Payments. We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
Benefit Cost. Our annual benefit cost consists of five primary elements: •The cost of benefits earned by employees for services rendered during the year •An interest charge on our plan liabilities •An expected return on our plan assets for the year •Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience •The cost or credit attributed to prior service resulting from changes we make to plan benefit terms For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately. Net annual benefit (credit) cost consisted of the following:
Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of net annual benefit (credit) cost for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings. Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation. The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
The overall decrease in our pension benefit obligation for the year ended December 31, 2022, was due primarily to actuarial gains created by the change in the weighted-average discount rate, which increased from 2.84% at December 31, 2021, to 5.08% at December 31, 2022. The overall decrease in our pension benefit obligation for the year ended December 31, 2021, was due primarily to the settlement resulting from the 2021 purchase of an irrevocable group annuity contract to transfer certain pension obligations to an insurance company, and actuarial gains created by the change in the weighted-average discount rate, which increased from 2.54% at December 31, 2020, to 2.84% at December 31, 2021. Amounts recognized on the Consolidated Balance Sheet consisted of the following:
Amounts deferred in AOCL for our defined benefit plans consisted of the following:
The following is a reconciliation of the change in AOCL for our defined benefit plans:
A pension plan’s funded status is the difference between the plan’s assets and its projected benefit obligation (PBO). The PBO is the present value of future benefits attributed to employee services rendered to date, including assumptions about future compensation levels. On December 31, 2022 and 2021, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
A pension plan’s accumulated benefit obligation (ABO) is the present value of future benefits attributed to employee services rendered to date, excluding assumptions about future compensation levels. The ABO for all pension plans was $13.4 billion and $17.5 billion on December 31, 2022 and 2021, respectively. The ABO for all other post-retirement plans was $616 and $840 on December 31, 2022 and 2021, respectively. On December 31, 2022 and 2021, most of our defined benefit plans had an ABO that exceeded the plans’ assets. Summary information for those plans follows:
Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question. The following table summarizes the weighted average assumptions used to determine our benefit obligations:
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period. We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2022, we decreased the expected long-term rates of return on assets by 36 basis points for our pension plans and by 121 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations. Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results. Assets. A committee of our board of directors is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost. In 2022, we selected a new outsourced third-party investment manager that has implemented an investment strategy utilizing primarily commingled funds versus the former outsourced third-party investment manager’s strategy that utilized primarily investments in individually held equity and fixed-income securities. Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2022, our target asset allocation ranges for plans that are less than fully funded were 40-70% return-seeking assets and 30-60% liability-hedging assets. More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2022, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets. We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2022, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment. Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally 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 plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts and real estate funds. Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days. The unfunded commitments related to these investments were not material on December 31, 2022 or 2021. The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:
*Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
(a)No single equity holding amounted to more than 1% of the total fair value. (b)Our corporate bond investments had an average rating of A. (c)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets. The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:
(a)We had no Level 3 investments on December 31, 2022. (b)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
(a)We had no Level 3 investments on December 31, 2021. (b)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets. Changes in our Level 3 defined benefit plan assets during 2022 and 2021 were as follows:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| Basis of Consolidation and Classification | Basis of Consolidation and Classification. The Consolidated Financial Statements include the accounts of General Dynamics Corporation and our wholly owned and majority-owned subsidiaries. We eliminate all intercompany balances and transactions in the 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.
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| Use of Estimates | Use of Estimates. The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates. |
| Research and Development Expenses | Research and Development Expenses. Company-sponsored research and development (R&D) expenses, including Aerospace product-development costs, were $480 in 2022, $415 in 2021 and $374 in 2020. R&D expenses have trended upward driven by activities primarily associated with ongoing new aircraft development efforts. R&D expenses are included in operating costs and expenses in the Consolidated Statement of Earnings in the period in which they are incurred. Customer-sponsored R&D expenses are charged directly to the related contracts. The Aerospace segment has cost-sharing arrangements with some of its suppliers that enhance the segment’s internal development capabilities and offset a portion of the financial cost associated with the segment’s product development efforts. These arrangements explicitly state that supplier contributions are for reimbursement of costs we incur in the development of new aircraft models and technologies, and we retain substantial rights in the products developed under these arrangements. We record amounts received from these cost-sharing arrangements as a reduction of R&D expenses. We have no obligation to refund any amounts received under the agreements regardless of the outcome of the development efforts. Under the typical terms of an agreement, payments received from suppliers for their share of the costs are based on milestones and are recognized as received. Our policy is to defer payments in excess of the costs we have incurred.
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| Cash and Equivalents and Investments in Debt and Equity Securities | Cash and Equivalents and Investments in Debt and Equity Securities. We consider securities with a maturity of three months or less to be cash equivalents. Our cash balances are invested primarily in time deposits rated A-/A3 or higher. Our investments in other securities are included in other current and noncurrent assets on the Consolidated Balance Sheet. We report our equity securities at fair value with subsequent changes in fair value recognized in net earnings. We report our available-for-sale debt securities at fair value with unrealized gains and losses recognized as a component of other comprehensive (loss) income in the Consolidated Statement of Comprehensive Income. |
| Long-lived Assets and Goodwill | Long-lived Assets and Goodwill. We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We assess the recoverability of the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived assets over the estimated fair value as determined by discounted cash flows. Goodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. We review goodwill for impairment annually at each of our reporting units or when circumstances indicate that the likelihood of an impairment is greater than 50%. Our reporting units are consistent with our operating segments in Note O. We use both qualitative and quantitative approaches when testing goodwill for impairment. When determining the approach to be used, we consider the current facts and circumstances of each reporting unit as well as the excess of each reporting unit’s estimated fair value over its carrying value based on our most recent quantitative assessments. Our qualitative approach evaluates the business environment and various events impacting the reporting unit including, but not limited to, macroeconomic conditions, changes in the business environment and reporting unit-specific events. If, based on the qualitative assessment, we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then a quantitative assessment is not necessary. However, if a quantitative assessment is determined to be necessary, we compare the fair value of a reporting unit to its carrying value and, if necessary, recognize an impairment loss for the amount by which the carrying value exceeds the reporting unit’s fair value. Our estimate of fair value is based primarily on the discounted cash flows of the underlying operations. In the fourth quarter of 2022, we completed qualitative assessments for our Aerospace, Marine Systems and Combat Systems reporting units as the estimated fair values of each of the reporting units significantly exceeded the respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018. Our qualitative assessments did not present indicators of impairment for the reporting units. In the fourth quarter of 2022, we completed a quantitative assessment for our Technologies reporting unit, and the results indicated that no impairment existed. The Technologies reporting unit’s estimated fair value exceeded its carrying value by approximately 25%. The fair value of the Technologies reporting unit decreased since our previous quantitative assessment, performed in the fourth quarter of 2020, driven by the negative impact of increased interest rates on our discounted projected cash flows. For a summary of our goodwill by reporting unit, see Note H.
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| 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. |
| 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 77% of our revenue in 2022, 78% in 2021 and 77% in 2020. Substantially all of our revenue in the defense segments is recognized over time because control is transferred continuously to our customers. Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred costs represent work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, G&A expenses. Revenue from goods and services transferred to customers at a point in time accounted for 23% of our revenue in 2022, 22% in 2021 and 23% in 2020. 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 December 31, 2022, we had $91.1 billion of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 35% of our remaining performance obligations as revenue in 2023, an additional 40% by the end of 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 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.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. 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.
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| Earnings Per Share | We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period.Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs). |
| Income Tax Provision | Income Tax Provision. We calculate our provision for federal, state and foreign income taxes based on current tax law. |
| 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 2021. 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 December 31, 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.
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| Accounts Receivable and Unbilled Receivables | Accounts receivable represent amounts billed and currently due from customers. Payment is typically received from our customers either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones.Unbilled receivables represent revenue recognized on long-term contracts (contract costs and estimated profits) less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms. |
| Inventories | The majority of our inventories are for business jet aircraft. Our inventories are stated at the lower of cost or net realizable value. Work in process represents largely labor, material and overhead costs associated with aircraft in the manufacturing process and is based primarily on the estimated average unit cost in a production lot. Substantially all of our raw materials are valued on either the average cost or the first-in, first-out method. We record pre-owned aircraft acquired in connection with the sale of new aircraft at the lower of the trade-in value or the estimated net realizable value. |
| Property, Plant and Equipment, Net | Property, plant and equipment (PP&E) is carried at historical cost, net of accumulated depreciation.We depreciate most of our assets using the straight-line method and the remainder using accelerated methods. Buildings and improvements are depreciated over periods of up to 50 years. Machinery and equipment are depreciated over periods of up to 30 years. |
| Leases | We determine at its inception whether an arrangement that provides us control over the use of an asset is a lease. We recognize at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. We have elected not to recognize an ROU asset and lease liability for leases with terms of 12 months or less. Some of our leases include options to extend the term of the lease for up to 29 years or to terminate the lease within one year. When it is reasonably certain that we will exercise the option, we include the impact of the option in the lease term for purposes of determining total future lease payments. As most of our lease agreements do not explicitly state the discount rate implicit in the lease, we use our incremental borrowing rate on the commencement date to calculate the present value of future payments. Certain of our leases include variable payments, which may be calculated based on the Consumer Price Index (CPI) or similar indices at the lease commencement date. To the extent these variable payments are not considered fixed, we exclude such payments from the ROU asset and lease liability and expense as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. For our real estate leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. For all other types of leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred. Our leases are for office space, manufacturing facilities, and machinery and equipment. Real estate represents more than 75% of our lease obligations.
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| 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 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 predetermined trade-in value. These commitments present more risk in the event of an adverse change in market conditions. In either case, any excess of the preestablished trade-in price above the fair market value at the time the new aircraft is delivered is treated as a reduction of revenue in the new-aircraft sales transaction.
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| 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. |
| 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. |
| Fair Value | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between marketplace participants. Various valuation approaches can be used to determine fair value, each requiring different valuation inputs. The following hierarchy classifies the inputs used to determine fair value into three levels: •Level 1 – quoted prices in active markets for identical assets or liabilities. •Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly. •Level 3 – unobservable inputs significant to the fair value measurement. Our financial instruments include cash and equivalents, accounts receivable and payable, marketable securities held in trust and other investments, short- and long-term debt, and derivative financial instruments. The carrying values of cash and equivalents and accounts receivable and payable on the Consolidated Balance Sheet approximate their fair value.Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or net asset value (NAV). These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. The fair value of our Level 2 assets and liabilities, which consist primarily of fixed-income securities, cash flow hedges and our fixed-rate notes, is determined under a market approach using valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. Our Level 3 assets include direct private equity investments that are measured using inputs unobservable to a marketplace participant.
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| Derivative Financial Instruments and Hedging Activities | We are exposed to market risk, primarily from foreign currency exchange rates, commodity prices and investments. We may use derivative financial instruments to hedge some of these risks as described below. We do not use derivative financial instruments for trading or speculative purposes. Foreign Currency Risk. Our foreign currency exchange rate risk relates to receipts from customers, payments to suppliers and intercompany transactions denominated in foreign currencies. To the extent possible, we include terms in our contracts that are designed to protect us from this risk. Otherwise, we enter into derivative financial instruments, principally foreign currency forward purchase and sale contracts, designed to offset and minimize our risk. The dollar-weighted two-year average maturity of these instruments generally matches the duration of the activities that are at risk. 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 instruments but are not accounted for separately because they are clearly and closely related to the host contract. We have not entered into any material commodity hedging contracts but may do so as circumstances warrant. We do not believe that changes in commodity prices will have a material impact on our results of operations or cash flows. Hedging Activities. We had notional forward exchange contracts outstanding of $6.9 billion and $6.8 billion on December 31, 2022 and 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 P 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 in any of the past three years. Net gains and losses reclassified to earnings from AOCL related to qualified hedges were also not material to our results of operations in any of the past three years, 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.
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| 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. 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 in any of the past three years. In addition, the effect of changes in foreign exchange rates on non-U.S. cash balances was not material in any of the past three years.
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| Equity Compensation Plans | Equity Compensation Overview. We have equity compensation plans for employees, as well as for non-employee members of our board of directors. The equity compensation plans seek to provide an effective means of attracting and retaining directors, officers and key employees, and to provide them with incentives to enhance our growth and profitability. Under the equity compensation plans, awards may be granted to officers, employees or non-employee directors in common stock, options to purchase common stock, restricted shares of common stock, participation units (including RSUs, stock appreciation rights and phantom stock units) or any combination of these.Annually, we grant awards of stock options, restricted stock and RSUs to participants in our equity compensation plans in early March. Additionally, we may make limited ad hoc grants on a quarterly basis for new hires or promotions. We issue common stock under our equity compensation plans from treasury stock.Equity-based Compensation Expense. Equity-based compensation expense is included in G&A expenses.Stock Options. Stock options granted under our equity compensation plans are issued with an exercise price at the fair value of our common stock determined by the average of the high and low stock prices as listed on the New York Stock Exchange (NYSE) on the date of grant. Participants generally vest in stock options over three years – with 50% of the options vesting after two years and the remaining 50% vesting the following year – and expire 10 years after the grant date.We recognize compensation expense related to stock options on a straight-line basis over the vesting period of the awards, net of estimated forfeitures, except for awards to retirement-eligible participants that are recognized on an accelerated basis effective with the 2022 grant. Estimated forfeitures are based on our historical forfeiture experience. We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model Restricted Stock/RSUs. Grants of restricted stock are awards of shares of common stock. RSUs represent obligations that have a value derived from or related to the value of our common stock, and are payable in cash or common stock. The fair value of restricted stock and RSUs equals the average of the high and low market prices of our common stock as listed on the NYSE on the date of grant. Participants generally vest in restricted stock and RSUs, over a three-year restriction period after the grant date, during which recipients may not sell, transfer, pledge, assign or otherwise convey their restricted shares to another party. During this period, restricted stock recipients receive cash dividends on their restricted shares and are entitled to vote those shares, while RSU recipients receive dividend-equivalent units instead of cash dividends and are not entitled to vote their RSUs or dividend-equivalent units. We grant RSUs with one or more performance measures (performance stock units or PSUs) determined by the compensation committee of the board of directors as described in our proxy statement. Depending on the company’s performance, the number of PSUs earned may be less than, equal to or greater than the original number of PSUs awarded subject to a payout range. We recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the vesting period
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| 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 Substantially all of our plans use a December 31 measurement date, consistent with our fiscal year. Defined Contribution Plans We provide eligible employees the opportunity to participate in defined contribution plans (commonly known as 401(k) plans), which permit contributions on a before-tax and after-tax basis. Employees may contribute to various investment alternatives. In most of these plans, we match a portion of the employees’ contributions. Plan Descriptions. We have trusteed, qualified pension plans covering eligible employees aligned with the markets in our business: U.S. government, non-U.S. government and commercial. Some of these plans require employees to make contributions to the plan. We also sponsor several non-qualified pension plans, which provide eligible executives with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law. The principal factors affecting the benefits earned by participants in our pension plans are employees’ years of service and compensation levels. Our primary U.S. pension plans, which comprise the majority of our unfunded obligation, were closed to new salaried participants on January 1, 2007, and were closed to new hourly participants in subsequent collective bargaining agreements over the next several years. Additionally, we have made several changes to these plans for certain participants that limit or cease the benefits that accrue for future service. In addition to pension benefits, we maintain plans that provide post-retirement health care and life insurance coverage for certain employees and retirees. These benefits vary by employment status, age, service and salary level at retirement. The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company. The plans provide health care and life insurance benefits only to those employees who retire directly from our service and not to those who terminate service prior to eligibility for retirement. Contributions. It is our policy to fund our qualified pension plans in a manner that optimizes the tax deductibility and contract recovery of contributions considered within our capital deployment framework. Therefore, we may make discretionary contributions in addition to the required contributions determined in accordance with IRS regulations.We maintain several tax-advantaged accounts, primarily Voluntary Employees’ Beneficiary Association (VEBA) trusts, to fund the obligations for some of our other post-retirement benefit plans. For non-funded plans, claims are paid as received.Benefit Cost. Our annual benefit cost consists of five primary elements: •The cost of benefits earned by employees for services rendered during the year •An interest charge on our plan liabilities •An expected return on our plan assets for the year •Actuarial gains and losses, which result from changes in assumptions and differences between actual and expected return on assets and participant experience •The cost or credit attributed to prior service resulting from changes we make to plan benefit terms For qualified pension plans and other post-retirement benefit plans, actuarial gains and losses and prior service costs or credits are initially deferred in AOCL and then amortized on a straight-line basis over future years. For our qualified U.S. government pension plans, we amortize actuarial gains and losses over a custom amortization period based on the amount of pension costs allocable to our U.S. government contracts. For the remaining qualified pension plans and other post-retirement benefit plans, we amortize only the amount of actuarial gains and losses that exceeds 10% of the greater of plan assets or benefit obligations. This amount is amortized over the average remaining service period of plan participants who are active employees unless all or almost all of a plan’s participants are inactive or are not accruing additional benefits. In such cases, the amortization period is based on the average remaining life expectancy of the plan participants. To further reduce the volatility of our annual benefit cost, gains and losses resulting from the return on plan assets are included over five years in the determination of the amortizable amount of actuarial gains and losses. For non-qualified pension plans, we recognize actuarial gains and losses immediately. Our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs related to employees working on government contracts. The amount allocated to U.S. government contracts is determined in accordance with the Federal Acquisition Regulation (FAR) and Cost Accounting Standards (CAS), which may result in a timing difference with the amount determined under GAAP. We defer this difference on the Consolidated Balance Sheet. At this time, the amount allocated to contracts exceeds cumulative benefit costs, resulting in a deferred credit that is reported in other noncurrent liabilities. To the extent there is a non-service component of net annual benefit (credit) cost for our defined benefit plans, it is reported in other income (expense) in the Consolidated Statement of Earnings.Funded Status. We recognize an asset or liability on the Consolidated Balance Sheet equal to the funded status of each of our defined benefit plans. The funded status is the difference between the fair value of the plan’s assets and its benefit obligation.Assumptions. We calculate the plan assets and liabilities for a given year and the net annual benefit cost for the subsequent year using assumptions determined as of December 31 of the year in question.We base the discount rates on a current yield curve developed from a portfolio of high-quality, fixed-income investments with maturities consistent with the projected benefit payout period. We determine the long-term rates of return on assets based on consideration of historical and forward-looking returns and the current and expected asset allocation. In 2022, we decreased the expected long-term rates of return on assets by 36 basis points for our pension plans and by 121 basis points for our other post-retirement benefit plans, resulting from changes in our asset allocations. Retirement plan assumptions are based on our best judgment, including consideration of current and future market conditions. Given the long-term nature of the assumptions being made, actual outcomes can and often do differ from these estimates. Changes in these estimates impact future pension and other post-retirement benefit costs. As previously discussed, our contractual arrangements with the U.S. government provide for the recovery of pension and other post-retirement benefit costs. Therefore, the impact of annual changes in financial reporting assumptions on the cost for these plans does not immediately affect our operating results.Assets. A committee of our board of directors is responsible for the strategic oversight of our defined benefit plan assets held in trust. Management develops investment policies and provides oversight of a third-party investment manager who reports to the committee on a regular basis. The outsourced third-party investment manager develops investment strategies and makes all day-to-day investment decisions related to defined benefit plan assets in accordance with our investment policy and target allocation percentages with the objective of generating future returns at or above our assumed long-term rates of return used to determine net annual benefit cost. In 2022, we selected a new outsourced third-party investment manager that has implemented an investment strategy utilizing primarily commingled funds versus the former outsourced third-party investment manager’s strategy that utilized primarily investments in individually held equity and fixed-income securities. Our investment policy endeavors to strike the appropriate balance between asset growth and funded status protection. The objective of the policy is to generate asset returns that will increase the funded status of our plans while systematically reducing cost and deficit risk as funded status of the plans improve. Several of our U.S. pension plans are now utilizing a target asset allocation strategy that will automatically increase investments in liability-hedging assets (primarily commingled fixed-income funds) and decrease investments in return-seeking assets (primarily commingled equity funds) as the plans reach specific funded status targets. At the end of 2022, our target asset allocation ranges for plans that are less than fully funded were 40-70% return-seeking assets and 30-60% liability-hedging assets. More than 90% of our pension plan assets are held in a single trust for our primary qualified U.S. government and commercial pension plans. On December 31, 2022, the trust was invested largely in commingled funds comprised primarily of equity and fixed-income securities. The trust also invests in other asset classes consistent with our investment policy. Our investment policy allows the use of derivative instruments when appropriate to reduce anticipated asset volatility, to gain exposure to an asset class or to adjust the duration of fixed-income assets. We hold assets in VEBA trusts for some of our other post-retirement benefit plans. On December 31, 2022, these trusts were invested largely in fixed-income securities and commingled funds comprised primarily of equity and fixed-income securities. Our asset allocation strategy for the VEBA trusts considers funded status, potential fluctuations in our other post-retirement benefit obligation, the taxable nature of certain VEBA trusts, tax deduction limits on contributions and the regulatory environment. Our defined benefit plan assets are reported at fair value. See Note P for a discussion of the hierarchy for determining fair value. Our Level 1 assets include commingled equity and fixed-income funds that are valued using a unit price or NAV. These funds are actively traded and valued using quoted prices for identical securities from the market exchanges. Our Level 2 assets include fixed-income securities and commingled equity and fixed-income funds whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally 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 plan assets invested in Level 2 commingled funds are valued using a unit price or NAV obtained from the fund’s transfer agent or investment manager that is based on the underlying, observable investments of the fund. Our Level 3 assets consist of insurance deposit contracts, retirement annuity contracts and real estate funds.Certain investments valued using NAV as a practical expedient are excluded from the fair value hierarchy. These investments are redeemable at NAV generally on a monthly or quarterly basis, and most have redemption notice periods of up to 90 days.
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Interest Expense | Net interest expense consisted of the following:
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Revenue (Tables) |
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| 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:
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| Schedule of Revenue by Major Products and Services | Revenue by major products and services was as follows:
*Command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance
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| Schedule of Revenue by Contract Type | Revenue by contract type was as follows:
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| Schedule of Revenue by Customer | Revenue by customer was as follows:
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Earnings Per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Weighted Average Shares Outstanding | Basic and diluted weighted average shares outstanding were as follows (in thousands):
*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 year and, therefore, the effect of including these options would be antidilutive. These options totaled 1,466 in 2022, 5,037 in 2021 and 7,159 in 2020.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Provision For Income Taxes For Continuing Operations | The following is a summary of our net provision for income taxes for continuing operations:
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| Schedule of Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate | The reconciliation from the statutory federal income tax rate to our effective income tax rate follows:
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| Schedule of Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings | The tax effects of temporary differences between reported earnings and taxable income consisted of the following:
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| Schedule of Net Deferred Tax Asset (Liability) | Our net deferred tax liability consisted of the following:
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Accounts Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Receivable | Accounts receivable consisted of the following:
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Unbilled Receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contractors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unbilled Receivables | Unbilled receivables consisted of the following:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories consisted of the following:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by reporting unit were as follows:
(a)Goodwill in the Technologies reporting unit was net of $1.8 billion of accumulated impairment losses. (b)Included adjustments during the purchase price allocation period. (c)Consisted primarily of adjustments for foreign currency translation.
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| Schedule of Intangible Assets | Intangible assets consisted of the following:
(a)Changes in gross carrying amounts consisted primarily of adjustments for write-offs of fully amortized intangible assets, acquired intangible assets and foreign currency translation. (b)Consisted of acquired backlog and probable follow-on work and associated customer relationships.
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| Schedule of Amortization Lives (In Years) of Intangible Assets | The amortization lives (in years) of our intangible assets on December 31, 2022, were as follows:
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| Schedule of Expected Annual Amortization Expense Over the Next Five Years of Intangible Assets | We expect to record annual amortization expense over the next five years as follows:
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Property, Plant And Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant And Equipment, Net | Net PP&E by major asset class consisted of the following:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Costs and Additional Information Related to Leases | The components of lease costs were as follows:
Additional information related to leases was as follows:
Additional quantitative lease information was as follows:
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| Schedule of Reconciliation of Future Undiscounted Cash Flows to the Operating Leases | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2022:
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| Schedule of Reconciliation of Future Undiscounted Cash Flows to the Finance Leases | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2022:
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| Schedule of Operating and Finance Lease Liabilities and Related ROU Assets | On December 31, 2021, operating and finance lease liabilities and the related ROU assets were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Debt consisted of the following:
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| Schedule of Principal Maturities of Debt | The aggregate amounts of scheduled principal maturities of our debt are as follows:
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Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Significant Other Liabilities By Balance Sheet Caption | A summary of significant other liabilities by balance sheet caption follows:
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Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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 each of the past three years were as follows:
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Shareholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income | The changes, pretax and net of tax, in each component of AOCL consisted of the following:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Information For Each Of Our Business Groups | Summary financial information for each of our segments follows:
(a)See Note B for additional revenue information by segment. (b)Corporate operating costs consisted primarily of equity-based compensation expense. The following is additional summary financial information for each of our segments:
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| Schedule of Revenue By Geographic Area | The following table presents our revenue by geographic area based on the location of our customers:
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying And Fair Values Of Other Financial Assets And Liabilities | The following tables present the fair values of our other financial assets and liabilities on December 31, 2022 and 2021, and the basis for determining their fair values:
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Equity Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity-Based Compensation Expense | The following table details the components of equity-based compensation expense recognized in net earnings in each of the past three years:
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| Schedule of Assumptions of Fair Value Options on the Date of Grant Using Black-Scholes Option Pricing Model | We estimate the fair value of stock options on the date of grant using the Black-Scholes option pricing model with the following assumptions for each of the past three years:
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| Schedule of Stock Option Activity | A summary of stock option activity during 2022 follows:
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| Schedule of Stock Options' Intrinsic Value And Remaining Contractual Term | Summary information with respect to our stock options’ intrinsic value and remaining contractual term on December 31, 2022, follows:
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| Schedule of Restricted Stock And Restricted Stock Unit Activity | A summary of restricted stock and RSU activity during 2022 follows:
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Retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Benefits To Be Paid From Retirement Plans Over The Next 10 Years | We expect the following benefits to be paid from our defined benefit plans over the next 10 years:
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| Schedule of Annual Pension and Other Post-retirement Benefit Costs | Net annual benefit (credit) cost consisted of the following:
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| Schedule of Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status of Defined Benefit Retirement Plans | The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined benefit plans:
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| Schedule of Amounts Recognized On Consolidated Balance Sheet | Amounts recognized on the Consolidated Balance Sheet consisted of the following:
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| Schedule of Amounts Deferred In AOCI | Amounts deferred in AOCL for our defined benefit plans consisted of the following:
The following is a reconciliation of the change in AOCL for our defined benefit plans:
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| Schedule of PBO That Exceeded The Plans' Assets | On December 31, 2022 and 2021, most of our pension plans had a PBO that exceeded the plans’ assets. Summary information for those plans follows:
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| Schedule of ABO That Exceeded The Plans' Assets | On December 31, 2022 and 2021, most of our defined benefit plans had an ABO that exceeded the plans’ assets. Summary information for those plans follows:
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| Schedule of Assumptions Used To Determine Benefit Obligations And Benefit Costs | The following table summarizes the weighted average assumptions used to determine our benefit obligations:
The following table summarizes the weighted average assumptions used to determine our net annual benefit cost:
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| Schedule of Fair Value of Plan Assets By Investment Category And The Corresponding Level Within The Fair Value Hierarchy | The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:
*Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
(a)No single equity holding amounted to more than 1% of the total fair value. (b)Our corporate bond investments had an average rating of A. (c)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets. The fair value of our other post-retirement benefit plan assets by category and the corresponding level within the fair value hierarchy were as follows:
(a)We had no Level 3 investments on December 31, 2022. (b)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
(a)We had no Level 3 investments on December 31, 2021. (b)Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
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| Schedule of Changes In Level 3 Retirement Plan Assets | Changes in our Level 3 defined benefit plan assets during 2022 and 2021 were as follows:
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Summary of Significant Accounting Policies (Narrative) (Details) |
12 Months Ended | 36 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
business
|
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Trading securities | $ | $ 0 | $ 0 | $ 0 | |
| Series of Individually Immaterial Business Acquisitions | Aerospace | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Number of businesses acquired | 4 | |||
| Series of Individually Immaterial Business Acquisitions | Combat Systems | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Number of businesses acquired | 2 | |||
| Series of Individually Immaterial Business Acquisitions | Technologies | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Number of businesses acquired | 1 | |||
| Company-sponsored R & D, including product development costs | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Research and development expense | $ | $ 480,000,000 | $ 415,000,000 | $ 374,000,000 | |
Summary of Significant Accounting Policies (Net Interest) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accounting Policies [Abstract] | |||
| Interest expense | $ 391 | $ 431 | $ 489 |
| Interest income | (27) | (7) | (12) |
| Interest expense, net | $ 364 | $ 424 | $ 477 |
Revenue (Narrative) (Details) contract in Thousands, $ in Billions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
contract
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Number of active contracts | contract | 10 | ||
| Revenue recognized in contract liability | $ | $ 4.0 | $ 3.4 | $ 3.8 |
| Transferred over Time | |||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Revenue, percentage from products and services transferred to customers | 77.00% | 78.00% | 77.00% |
| Transferred at Point in Time | |||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Revenue, percentage from products and services transferred to customers | 23.00% | 22.00% | 23.00% |
Revenue (Remaining Performance Obligations to be Recognized as Revenue) (Details) $ in Billions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
| Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
| Total backlog | $ 91.1 |
| Revenue, remaining performance obligation, percentage recognized | 35.00% |
| Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
| 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 recognized | 40.00% |
Revenue (Impact of Adjustments in Contract Estimates) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| Operating earnings | $ 4,211 | $ 4,163 | $ 4,133 |
| Diluted (in dollars per share) | $ 12.19 | $ 11.55 | $ 11.00 |
| Accounting Standards Update 2014-09 | |||
| Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
| Revenue | $ 343 | $ 411 | $ 389 |
| Operating earnings | $ 370 | $ 377 | $ 283 |
| Diluted (in dollars per share) | $ 1.05 | $ 1.06 | $ 0.78 |
Revenue (Revenue by Major Products and Services) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue from External Customer [Line Items] | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| Aerospace | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 8,567 | 8,135 | 8,075 |
| Aerospace | Aircraft manufacturing | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 5,876 | 5,864 | 6,115 |
| Aerospace | Aircraft services | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 2,691 | 2,271 | 1,960 |
| Marine Systems | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 11,040 | 10,526 | 9,979 |
| Marine Systems | Nuclear-powered submarines | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 7,310 | 7,117 | 6,938 |
| Marine Systems | Surface ships | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 2,561 | 2,328 | 2,055 |
| Marine Systems | Repair and other services | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 1,169 | 1,081 | 986 |
| Combat Systems | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 7,308 | 7,351 | 7,223 |
| Combat Systems | Military vehicles | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 4,581 | 4,699 | 4,687 |
| Combat Systems | Weapons systems, armament and munitions | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 2,024 | 2,006 | 1,991 |
| Combat Systems | Engineering and other services | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 703 | 646 | 545 |
| Technologies | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 12,492 | 12,457 | 12,648 |
| Technologies | Information technology (IT) services | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | 8,195 | 8,069 | 7,892 |
| Technologies | C5ISR* solutions | |||
| Revenue from External Customer [Line Items] | |||
| Revenue | $ 4,297 | $ 4,388 | $ 4,756 |
Revenue (Revenue by Contract Type) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue, Major Customer [Line Items] | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| Aerospace | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 8,567 | 8,135 | 8,075 |
| Marine Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 11,040 | 10,526 | 9,979 |
| Combat Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 7,308 | 7,351 | 7,223 |
| Technologies | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 12,492 | 12,457 | 12,648 |
| Fixed-price | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 25,971 | 25,802 | 26,279 |
| Fixed-price | Aerospace | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 7,626 | 7,329 | 7,402 |
| Fixed-price | Marine Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 6,509 | 6,711 | 6,924 |
| Fixed-price | Combat Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 6,434 | 6,400 | 6,159 |
| Fixed-price | Technologies | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 5,402 | 5,362 | 5,794 |
| Cost-reimbursement | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 10,532 | 9,897 | 9,342 |
| Cost-reimbursement | Aerospace | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 0 | 0 | 0 |
| Cost-reimbursement | Marine Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 4,529 | 3,812 | 3,045 |
| Cost-reimbursement | Combat Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 813 | 890 | 997 |
| Cost-reimbursement | Technologies | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 5,190 | 5,195 | 5,300 |
| Time-and-materials | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2,904 | 2,770 | 2,304 |
| Time-and-materials | Aerospace | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 941 | 806 | 673 |
| Time-and-materials | Marine Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2 | 3 | 10 |
| Time-and-materials | Combat Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 61 | 61 | 67 |
| Time-and-materials | Technologies | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | $ 1,900 | $ 1,900 | $ 1,554 |
Revenue (Revenue by Customer) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Revenue, Major Customer [Line Items] | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| U.S. Government - Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 22,250 | 21,386 | 20,840 |
| U.S. Government - Non Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 4,808 | 4,862 | 4,726 |
| U.S. Government - Foreign Military Sales | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 633 | 598 | 737 |
| Total U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 27,691 | 26,846 | 26,303 |
| U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 5,709 | 4,808 | 4,891 |
| Non-U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 3,557 | 3,922 | 3,485 |
| Non-U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2,450 | 2,893 | 3,246 |
| Aerospace | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 8,567 | 8,135 | 8,075 |
| Aerospace | U.S. Government - Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 313 | 255 | 394 |
| Aerospace | U.S. Government - Non Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 0 | 0 | 0 |
| Aerospace | U.S. Government - Foreign Military Sales | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 120 | 84 | 119 |
| Aerospace | Total U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 433 | 339 | 513 |
| Aerospace | U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 5,236 | 4,381 | 4,268 |
| Aerospace | Non-U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 587 | 622 | 221 |
| Aerospace | Non-U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2,311 | 2,793 | 3,073 |
| Marine Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 11,040 | 10,526 | 9,979 |
| Marine Systems | U.S. Government - Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 10,874 | 10,325 | 9,656 |
| Marine Systems | U.S. Government - Non Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2 | 6 | 9 |
| Marine Systems | U.S. Government - Foreign Military Sales | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 158 | 186 | 206 |
| Marine Systems | Total U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 11,034 | 10,517 | 9,871 |
| Marine Systems | U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 3 | 3 | 97 |
| Marine Systems | Non-U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 3 | 4 | 9 |
| Marine Systems | Non-U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 0 | 2 | 2 |
| Combat Systems | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 7,308 | 7,351 | 7,223 |
| Combat Systems | U.S. Government - Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 4,082 | 3,869 | 3,813 |
| Combat Systems | U.S. Government - Non Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 9 | 10 | 12 |
| Combat Systems | U.S. Government - Foreign Military Sales | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 325 | 294 | 366 |
| Combat Systems | Total U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 4,416 | 4,173 | 4,191 |
| Combat Systems | U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 237 | 223 | 254 |
| Combat Systems | Non-U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 2,563 | 2,881 | 2,704 |
| Combat Systems | Non-U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 92 | 74 | 74 |
| Technologies | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 12,492 | 12,457 | 12,648 |
| Technologies | U.S. Government - Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 6,981 | 6,937 | 6,977 |
| Technologies | U.S. Government - Non Department of Defense | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 4,797 | 4,846 | 4,705 |
| Technologies | U.S. Government - Foreign Military Sales | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 30 | 34 | 46 |
| Technologies | Total U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 11,808 | 11,817 | 11,728 |
| Technologies | U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 233 | 201 | 272 |
| Technologies | Non-U.S. government | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | 404 | 415 | 551 |
| Technologies | Non-U.S. commercial | |||
| Revenue, Major Customer [Line Items] | |||
| Revenue | $ 47 | $ 24 | $ 97 |
Earnings Per Share (Details) - shares shares in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
| Basic weighted average shares outstanding (shares) | 275,311 | 280,427 | 286,922 | ||
| Dilutive effect of stock options and restricted stock/RSUs (shares) | [1] | 2,858 | 1,590 | 991 | |
| Diluted weighted average shares outstanding (shares) | 278,169 | 282,017 | 287,913 | ||
| Stock Option | |||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
| Antidilutive outstanding options excluded from computation of earnings per share (shares) | 1,466 | 5,037 | 7,159 | ||
| |||||
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred tax asset amount related to accumulated other comprehensive income | $ 637 | $ 692 |
| Investment of U.S. government accounts receivable in the CCF | 299 | $ 295 |
| Net operating loss carryforwards | 912 | |
| Tax positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease | $ 0 |
Income Taxes (Net Provision For Income Taxes For Continuing Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current: | |||
| U.S. federal | $ 649 | $ 515 | $ 558 |
| State | 52 | 30 | 8 |
| Foreign | 123 | 137 | 132 |
| Total current | 824 | 682 | 698 |
| Deferred: | |||
| U.S. federal | (196) | (53) | (130) |
| State | (11) | (5) | (2) |
| Foreign | 29 | (8) | 5 |
| Total deferred | (178) | (66) | (127) |
| Provision for income taxes, net | 646 | 616 | 571 |
| Net income tax payments | $ 1,245 | $ 740 | $ 764 |
Income Taxes (Reconciliation From Statutory Federal Income Tax Rate To Effective Income Tax Rate) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
| Domestic tax credits | (1.50%) | (2.00%) | (4.60%) |
| Equity-based compensation | (0.80%) | (0.10%) | (0.20%) |
| Foreign-derived intangible income | (1.60%) | (1.50%) | (2.10%) |
| State tax on commercial operations, net of federal benefits | 0.80% | 0.50% | 0.10% |
| Global impact of international operations | 0.10% | (1.00%) | 1.90% |
| Tax impact of restructuring | (1.90%) | 0.00% | 0.00% |
| Other, net | (0.10%) | (1.00%) | (0.80%) |
| Effective income tax rate | 16.00% | 15.90% | 15.30% |
Income Taxes (Tax Effects Of Temporary Differences Between Reported Earnings And Taxable Earnings) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Retirement benefits | $ 461 | $ 570 |
| Lease liabilities | 373 | 370 |
| Tax loss and credit carryforwards | 259 | 294 |
| Salaries and wages | 200 | 236 |
| Workers’ compensation | 135 | 161 |
| Other | 358 | 365 |
| Deferred assets | 1,786 | 1,996 |
| Valuation allowances | (237) | (258) |
| Net deferred assets | 1,549 | 1,738 |
| Intangible assets | (731) | (1,059) |
| Property, plant and equipment | (444) | (412) |
| Lease right-of-use assets | (356) | (367) |
| Contract accounting methods | (291) | (259) |
| Capital Construction Fund qualified ships | (57) | (57) |
| Other | (316) | (411) |
| Deferred liabilities | (2,195) | (2,565) |
| Net deferred tax liability | $ (646) | $ (827) |
Income Taxes (Net Deferred Tax Asset (Liability)) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Income Tax Contingency [Line Items] | ||
| Net deferred tax liability | $ (646) | $ (827) |
| Other Noncurrent Assets | ||
| Income Tax Contingency [Line Items] | ||
| Deferred tax asset | 39 | 41 |
| Other Noncurrent Liabilities | ||
| Income Tax Contingency [Line Items] | ||
| Deferred tax liability | $ (685) | $ (868) |
Accounts Receivable (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accounts Receivable [Line Items] | ||
| Total accounts receivable | $ 3,008 | $ 3,041 |
| Non-U.S. government | ||
| Accounts Receivable [Line Items] | ||
| Total accounts receivable | 1,470 | 1,569 |
| Receivables related to long-term production programs | 1,200 | 1,400 |
| Receivables related to long-term production programs, net of customer advances | (91) | (55) |
| U.S. government | ||
| Accounts Receivable [Line Items] | ||
| Total accounts receivable | 1,093 | 1,043 |
| Commercial | ||
| Accounts Receivable [Line Items] | ||
| Total accounts receivable | $ 445 | $ 429 |
Unbilled Receivables (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Contractors [Abstract] | ||
| Unbilled revenue | $ 39,482 | $ 39,566 |
| Advances and progress billings | (30,687) | (31,068) |
| Unbilled receivables | $ 8,795 | $ 8,498 |
Unbilled Receivables (Narrative) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
contract
|
Dec. 31, 2021
USD ($)
contract
|
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Unbilled receivable | $ 39,482 | $ 39,566 |
| Unbilled receivables | 8,795 | 8,498 |
| G&A costs in unbilled revenue | 559 | 501 |
| Combat Systems | International Customer Through Canadian Government | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Unbilled receivable | 2,700 | $ 3,300 |
| Combat Systems | Large International Wheel Armored Vehicle Customer | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Unbilled receivables | 1,000 | |
| Combat Systems | Tracked Vehicle Customer | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Unbilled receivables | $ 1,700 | |
| Combat Systems | Large International Customer | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Number of contracts | contract | 2 | 2 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Work in process | $ 4,182 | $ 3,654 |
| Raw materials | 2,072 | 1,651 |
| Finished goods | 17 | 22 |
| Pre-owned aircraft | 51 | 13 |
| Total inventories | $ 6,322 | $ 5,340 |
Goodwill and Intangible Assets (Changes In Carrying Amount of Goodwill by Reporting Unit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||||
| Goodwill [Roll Forward] | |||||||||
| Goodwill, beginning of period | [1] | $ 20,098 | $ 20,053 | ||||||
| Acquisitions | 336 | 87 | [2] | ||||||
| Other | [3] | (100) | (42) | ||||||
| Goodwill, end of period | 20,334 | 20,098 | [1] | ||||||
| Aerospace | |||||||||
| Goodwill [Roll Forward] | |||||||||
| Goodwill, beginning of period | [1] | 3,039 | 3,065 | ||||||
| Acquisitions | [2] | 0 | 33 | ||||||
| Other | [3] | (20) | (59) | ||||||
| Goodwill, end of period | 3,019 | 3,039 | [1] | ||||||
| Marine Systems | |||||||||
| Goodwill [Roll Forward] | |||||||||
| Goodwill, beginning of period | [1] | 297 | 297 | ||||||
| Acquisitions | [2] | 0 | 0 | ||||||
| Other | [3] | 0 | 0 | ||||||
| Goodwill, end of period | 297 | 297 | [1] | ||||||
| Combat Systems | |||||||||
| Goodwill [Roll Forward] | |||||||||
| Goodwill, beginning of period | [1] | 2,827 | 2,786 | ||||||
| Acquisitions | [2] | 0 | 54 | ||||||
| Other | [3] | (61) | (13) | ||||||
| Goodwill, end of period | 2,766 | 2,827 | [1] | ||||||
| Technologies | |||||||||
| Goodwill [Roll Forward] | |||||||||
| Goodwill, beginning of period | [1] | 13,935 | 13,905 | ||||||
| Acquisitions | [2] | 336 | 0 | ||||||
| Other | [3] | (19) | 30 | ||||||
| Goodwill, end of period | 14,252 | $ 13,935 | [1] | ||||||
| Accumulated impairment loss | $ 1,800 | ||||||||
| |||||||||
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||
|---|---|---|---|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | [1] | $ 3,871 | $ 3,874 | |||
| Accumulated Amortization | (2,047) | (1,896) | ||||
| Net Carrying Amount | 1,824 | 1,978 | ||||
| Contract and program intangible assets | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | [1],[2] | 3,247 | 3,239 | |||
| Accumulated Amortization | [2] | (1,688) | (1,547) | |||
| Net Carrying Amount | 1,559 | 1,692 | ||||
| Trade names and trademarks | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | [1] | 496 | 501 | |||
| Accumulated Amortization | (248) | (238) | ||||
| Net Carrying Amount | 248 | 263 | ||||
| Technology and software | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | [1] | 64 | 70 | |||
| Accumulated Amortization | (48) | (48) | ||||
| Net Carrying Amount | 16 | 22 | ||||
| Other intangible assets | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | [1] | 64 | 64 | |||
| Accumulated Amortization | (63) | (63) | ||||
| Net Carrying Amount | $ 1 | $ 1 | ||||
| ||||||
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization expense of intangibles | $ 202 | $ 226 | $ 261 |
Goodwill and Intangible Assets (Amortization Life of Intangible Assets) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Contract and program intangible assets | Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 7 years |
| Contract and program intangible assets | Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 30 years |
| Trade names and trademarks | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 30 years |
| Technology and software | Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 7 years |
| Technology and software | Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 15 years |
| Other intangible assets | |
| Finite-Lived Intangible Assets [Line Items] | |
| Range of Amortization Life | 7 years |
Goodwill and Intangible Assets (Amortization Expense of Intangible Assets) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| 2023 | $ 192 |
| 2024 | 181 |
| 2025 | 174 |
| 2026 | 169 |
| 2027 | $ 158 |
Property, Plant And Equipment, Net (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Line Items] | ||
| Machinery and equipment | $ 6,620 | $ 6,281 |
| Buildings and improvements | 4,238 | 3,712 |
| Construction in process | 1,020 | 1,057 |
| Land and improvements | 414 | 414 |
| Total PP&E | 12,292 | 11,464 |
| Accumulated depreciation | (6,392) | (6,047) |
| PP&E, net | $ 5,900 | $ 5,417 |
| Buildings And Improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Depreciable life, maximum, years | 50 years | |
| Machinery And Equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Depreciable life, maximum, years | 30 years |
Leases (Narrative) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Lessee, Lease, Description [Line Items] | |
| Option to extend lease period | 29 years |
| Option to terminate lease period | 1 year |
| Percentage of leased real estate of total lease obligation | 75.00% |
| Additional leases that have not yet commenced | $ 351 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Term of leases that have not yet commenced | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Term of leases that have not yet commenced | 40 years |
Leases (Components of Lease Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Finance lease cost: | |||
| Amortization of ROU assets | $ 96 | $ 96 | $ 94 |
| Interest on lease liabilities | 14 | 20 | 25 |
| Operating lease cost | 308 | 323 | 326 |
| Short-term lease cost | 68 | 71 | 62 |
| Variable lease cost | 23 | 18 | 12 |
| Sublease income | (17) | (18) | (16) |
| Total lease costs, net | $ 492 | $ 510 | $ 503 |
Leases (Additional Information Related to Leases) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | $ 307 | $ 322 | $ 323 |
| Operating cash flows from finance leases | 13 | 21 | 25 |
| Financing cash flows from finance leases | 80 | 66 | 64 |
| ROU assets obtained in exchange for lease liabilities: | |||
| Operating leases | 297 | 249 | 205 |
| Finance leases | $ 4 | $ 27 | $ 45 |
| Weighted-average remaining lease term: | |||
| Operating leases | 12 years 4 months 24 days | 11 years 6 months | |
| Finance leases | 15 years 8 months 12 days | 13 years 8 months 12 days | |
| Weighted-average discount rate: | |||
| Operating leases | 3.00% | 3.00% | |
| Finance leases | 4.00% | 5.00% | |
Leases (Reconciliation of Undiscounted Cash Flows to the Operating and Finance Leases) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Operating Leases | ||
| 2023 | $ 285 | |
| 2024 | 232 | |
| 2025 | 164 | |
| 2026 | 129 | |
| 2027 | 112 | |
| Thereafter | 768 | |
| Total future lease payments | 1,690 | |
| Less imputed interest | 334 | |
| Present value of future lease payments | 1,356 | |
| Less current portion of lease liabilities | 250 | $ 258 |
| Long-term lease liabilities | $ 1,106 | $ 1,085 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
| ROU assets | $ 1,263 | $ 1,257 |
| Finance Leases | ||
| 2023 | 46 | |
| 2024 | 29 | |
| 2025 | 26 | |
| 2026 | 24 | |
| 2027 | 23 | |
| Thereafter | 178 | |
| Total future lease payments | 326 | |
| Less imputed interest | 64 | |
| Present value of future lease payments | 262 | |
| Less current portion of lease liabilities | 38 | 79 |
| Long-term lease liabilities | 224 | 258 |
| ROU assets | $ 227 | $ 319 |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Leases (Operating and Finance Leases Liabilities and Related ROU Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Operating Leases | ||
| Current portion of lease liabilities | $ 250 | $ 258 |
| Long-term lease liabilities | 1,106 | 1,085 |
| ROU assets | $ 1,263 | $ 1,257 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
| Finance Leases | ||
| Current portion of lease liabilities | $ 38 | $ 79 |
| Long-term lease liabilities | 224 | 258 |
| ROU assets | $ 227 | $ 319 |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Debt (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Debt Instrument [Line Items] | ||
| Total debt principal | $ 10,590 | $ 11,606 |
| Less unamortized debt issuance costs and discounts | 94 | 111 |
| Total debt | 10,496 | 11,495 |
| Less current portion | 1,253 | 1,005 |
| Long-term debt | $ 9,243 | 10,490 |
| Fixed Rate Notes Due November 2022 | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 2.25% | |
| Long-term debt | $ 0 | 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 | $ 90 | $ 106 |
Debt (Narrative) (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Nov. 30, 2022 |
|
| Debt Instrument [Line Items] | ||||
| Interest payments | $ 383,000,000 | $ 433,000,000 | $ 459,000,000 | |
| Credit facility, maximum borrowing capacity | 4,000,000,000 | |||
| Commercial Paper | ||||
| Debt Instrument [Line Items] | ||||
| Commercial paper outstanding | $ 0 | |||
| Notes | ||||
| Debt Instrument [Line Items] | ||||
| Debt issued | $ 1,000,000,000 | |||
Debt Debt (Aggregate Amounts Of Scheduled Maturities Of Debt For The Next Five Years) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2023 | $ 1,253 |
| 2024 | 505 |
| 2025 | 1,503 |
| 2026 | 1,003 |
| 2027 | 1,253 |
| Thereafter | 5,073 |
| Total debt principal | $ 10,590 |
Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Salaries and wages | $ 1,116 | $ 1,022 |
| Dividends payable | 347 | 331 |
| Lease liabilities | 288 | 337 |
| Workers’ compensation | 215 | 270 |
| Retirement benefits | 38 | 288 |
| Other | 1,250 | 1,292 |
| Total other current liabilities | 3,254 | 3,540 |
| Retirement benefits | 2,453 | 2,813 |
| Customer deposits on commercial contracts | 2,175 | 1,250 |
| Lease liabilities | 1,330 | 1,343 |
| Other | 2,475 | 2,558 |
| Total other liabilities | $ 8,433 | $ 7,964 |
Commitments And Contingencies (Narrative) (Details) $ in Billions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
employee
agreement
| |
| Commitments and Contingencies [Line Items] | |
| Letters of credit and guarantees | $ | $ 1.4 |
| Number of company-negotiated labor agreements | 62 |
| Number of collective agreements expected to be renegotiated | 28 |
| Number of employees covered by expected renegotiated collective agreements | employee | 12,600 |
| Unionized Employees Concentration Risk | Workforce Subject to Collective Bargaining Arrangements | |
| Commitments and Contingencies [Line Items] | |
| Percent of employees represented by labor organizations | 20.00% |
| Maximum | Aerospace | |
| Commitments and Contingencies [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 (Changes in Product Warranty Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
| Beginning balance | $ 641 | $ 660 | $ 619 |
| Warranty expense | 99 | 104 | 113 |
| Payments | (116) | (124) | (108) |
| Adjustments | (21) | 1 | 36 |
| Ending balance | $ 603 | $ 641 | $ 660 |
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Class of Stock [Line Items] | |||
| Authorized capital stock, common stock (shares) | 500,000,000 | ||
| Common stock, par value (in dollars per share) | $ 1 | ||
| Authorized capital stock, preferred stock (shares) | 50,000,000 | ||
| Preferred stock, par value (in dollars per share) | $ 1 | ||
| Common stock, issued (shares) | 481,880,634 | 481,880,634 | |
| Common stock, outstanding (shares) | 274,411,106 | 277,620,943 | |
| Preferred stock, outstanding (shares) | 0 | 0 | |
| Stock repurchased (shares) | 5,300,000 | 10,300,000 | 4,100,000 |
| Shares repurchased | $ 1,207 | $ 1,835 | $ 602 |
| Shares remaining under a prior authorization (shares) | 6,700,000 | ||
| Percent of total shares outstanding authorized for repurchase | 2.40% | ||
| Dividends declared per share | $ 5.04 | $ 4.76 | $ 4.40 |
| Dividends paid | $ 1,369 | $ 1,315 | $ 1,240 |
| Restricted Stock | |||
| Class of Stock [Line Items] | |||
| Unvested restricted stock (shares) | 488,890 | ||
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
| Beginning balance | $ (1,920) | $ (3,550) | |
| Other comprehensive loss, pretax | (227) | 2,088 | $ 266 |
| Benefit from (provision for) income tax, net | (5) | (458) | 2 |
| Other comprehensive (loss) income, net amount | (232) | ||
| Ending balance | (2,152) | (1,920) | (3,550) |
| Changes in Unrealized Cash Flow Hedges | |||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
| Beginning balance | 144 | 272 | 2 |
| Other comprehensive loss, pretax | (190) | (174) | 366 |
| Benefit from (provision for) income tax, net | 50 | 46 | (96) |
| Other comprehensive (loss) income, net amount | (140) | (128) | 270 |
| Ending balance | 4 | 144 | 272 |
| Foreign Currency Translation Adjustments | |||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
| Beginning balance | 538 | 641 | 288 |
| Other comprehensive loss, pretax | (278) | (103) | 353 |
| Benefit from (provision for) income tax, net | 0 | 0 | 0 |
| Other comprehensive (loss) income, net amount | (278) | (103) | 353 |
| Ending balance | 260 | 538 | 641 |
| Changes in Retirement Plans’ Funded Status | |||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
| Beginning balance | (2,602) | (4,463) | (4,108) |
| Other comprehensive loss, pretax | 241 | 2,365 | (453) |
| Benefit from (provision for) income tax, net | (55) | (504) | 98 |
| Other comprehensive (loss) income, net amount | 186 | 1,861 | (355) |
| Ending balance | (2,416) | (2,602) | (4,463) |
| AOCL | |||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
| Beginning balance | (3,818) | ||
| Other comprehensive (loss) income, net amount | $ 1,630 | $ 268 | |
| Ending balance | $ (2,152) | ||
Segment Information (Narrative) (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
segment
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Number of operating segments | segment | 4 | ||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| Long-lived assets of non-U.S. operations percent of total | 4.00% | 4.00% | 4.00% |
| International Operations | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 4,000 | $ 4,400 | $ 4,300 |
| Earnings from continuing operations before income tax | $ 567 | $ 588 | $ 585 |
Segment Information (Segment Reporting Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
| Segment Reporting Information [Line Items] | |||||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 | ||
| Operating Earnings | 4,211 | 4,163 | 4,133 | ||
| Identifiable Assets | 51,585 | 50,073 | 51,308 | ||
| Capital Expenditures | 1,114 | 887 | 967 | ||
| Depreciation and Amortization | 884 | 890 | 878 | ||
| Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 27,691 | 26,846 | 26,303 | ||
| Aerospace | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 8,567 | 8,135 | 8,075 | ||
| Aerospace | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 433 | 339 | 513 | ||
| Marine Systems | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,040 | 10,526 | 9,979 | ||
| Marine Systems | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,034 | 10,517 | 9,871 | ||
| Combat Systems | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 7,308 | 7,351 | 7,223 | ||
| Combat Systems | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 4,416 | 4,173 | 4,191 | ||
| Technologies | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 12,492 | 12,457 | 12,648 | ||
| Technologies | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,808 | 11,817 | 11,728 | ||
| Operating Segments | Aerospace | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 8,567 | 8,135 | 8,075 | ||
| Operating Earnings | 1,130 | 1,031 | 1,083 | ||
| Identifiable Assets | 12,676 | 11,748 | 12,050 | ||
| Capital Expenditures | 214 | 102 | 95 | ||
| Depreciation and Amortization | 195 | 205 | 201 | ||
| Operating Segments | Aerospace | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 433 | 339 | 513 | ||
| Operating Segments | Marine Systems | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,040 | 10,526 | 9,979 | ||
| Operating Earnings | 897 | 874 | 854 | ||
| Identifiable Assets | 5,864 | 5,294 | 4,488 | ||
| Capital Expenditures | 530 | 573 | 604 | ||
| Depreciation and Amortization | 191 | 165 | 145 | ||
| Operating Segments | Marine Systems | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,034 | 10,517 | 9,871 | ||
| Operating Segments | Combat Systems | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 7,308 | 7,351 | 7,223 | ||
| Operating Earnings | 1,075 | 1,067 | 1,041 | ||
| Identifiable Assets | 11,032 | 11,657 | 12,034 | ||
| Capital Expenditures | 94 | 100 | 92 | ||
| Depreciation and Amortization | 105 | 109 | 95 | ||
| Operating Segments | Combat Systems | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 4,416 | 4,173 | 4,191 | ||
| Operating Segments | Technologies | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 12,492 | 12,457 | 12,648 | ||
| Operating Earnings | 1,227 | 1,275 | 1,211 | ||
| Identifiable Assets | 19,700 | 19,490 | 19,663 | ||
| Capital Expenditures | 175 | 111 | 172 | ||
| Depreciation and Amortization | 383 | 401 | 428 | ||
| Operating Segments | Technologies | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 11,808 | 11,817 | 11,728 | ||
| Corporate | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | 0 | 0 | 0 | ||
| Operating Earnings | (118) | (84) | (56) | ||
| Identifiable Assets | [1] | 2,313 | 1,884 | 3,073 | |
| Capital Expenditures | [1] | 101 | 1 | 4 | |
| Depreciation and Amortization | [1] | 10 | 10 | 9 | |
| Corporate | Total U.S. government | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenue | $ 0 | $ 0 | $ 0 | ||
| |||||
Segment Information (Schedule of Revenues By Geographic Area Based On The Location of Customers) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 39,407 | $ 38,469 | $ 37,925 |
| North America: | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 34,334 | 32,588 | 32,272 |
| United States | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 33,400 | 31,654 | 31,194 |
| Other | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 934 | 934 | 1,078 |
| Europe | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 2,238 | 2,675 | 2,846 |
| Asia/Pacific | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 1,224 | 1,269 | 1,292 |
| Africa/Middle East | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 1,365 | 1,703 | 1,249 |
| South America | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 246 | $ 234 | $ 266 |
Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Carrying Value | ||
| Measured at fair value: | ||
| Cash and equivalents | $ 7 | $ 4 |
| Available-for-sale debt securities | 107 | 125 |
| Commingled equity funds | 42 | |
| Commingled fixed-income funds | 6 | |
| Equity securities | 62 | |
| Other investments | 17 | 12 |
| Cash flow hedge assets | 109 | 320 |
| Cash flow hedge liabilities | (67) | (98) |
| Measured at amortized cost: | ||
| Short- and long-term debt principal | (10,590) | (11,606) |
| Fair Value | ||
| Measured at fair value: | ||
| Cash and equivalents | 7 | 4 |
| Available-for-sale debt securities | 107 | 125 |
| Commingled equity funds | 42 | |
| Commingled fixed-income funds | 6 | |
| Equity securities | 62 | |
| Other investments | 17 | 12 |
| Cash flow hedge assets | 109 | 320 |
| Cash flow hedge liabilities | (67) | (98) |
| Measured at amortized cost: | ||
| Short- and long-term debt principal | (9,773) | (12,549) |
| Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Measured at fair value: | ||
| Cash and equivalents | 0 | 0 |
| Available-for-sale debt securities | 0 | 0 |
| Commingled equity funds | 42 | |
| Commingled fixed-income funds | 6 | |
| Equity securities | 62 | |
| Other investments | 0 | 0 |
| Cash flow hedge assets | 0 | 0 |
| Cash flow hedge liabilities | 0 | 0 |
| Measured at amortized cost: | ||
| Short- and long-term debt principal | 0 | 0 |
| Fair Value | Significant Other Observable Inputs (Level 2) | ||
| Measured at fair value: | ||
| Cash and equivalents | 7 | 4 |
| Available-for-sale debt securities | 107 | 125 |
| Commingled equity funds | 0 | |
| Commingled fixed-income funds | 0 | |
| Equity securities | 0 | |
| Other investments | 0 | 0 |
| Cash flow hedge assets | 109 | 320 |
| Cash flow hedge liabilities | (67) | (98) |
| Measured at amortized cost: | ||
| Short- and long-term debt principal | (9,773) | (12,549) |
| Fair Value | Significant Unobservable Inputs (Level 3) | ||
| Measured at fair value: | ||
| Cash and equivalents | 0 | 0 |
| Available-for-sale debt securities | 0 | 0 |
| Commingled equity funds | 0 | |
| Commingled fixed-income funds | 0 | |
| Equity securities | 0 | |
| Other investments | 17 | 12 |
| Cash flow hedge assets | 0 | 0 |
| Cash flow hedge liabilities | 0 | 0 |
| Measured at amortized cost: | ||
| Short- and long-term debt principal | $ 0 | $ 0 |
Derivative Financial Instruments And Hedging Activities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Average maturity of foreign currency forward contracts, in years | 2 years | |
| Cash and equivalents | $ 1,242 | $ 1,603 |
| Marketable securities held in trust | 162 | 191 |
| Derivative notional amount | $ 6,900 | $ 6,800 |
| Maximum | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Maturity of fixed-income securities, in years | 5 years |
Equity Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Number of shares available for grant (shares) | 18 | ||
| Weighted average fair value per option granted | $ 38.93 | $ 28.87 | $ 24.86 |
| Stock option expense reduced operating earnings | $ 91 | $ 58 | $ 55 |
| Stock option expense earnings per share | $ 0.26 | $ 0.16 | $ 0.15 |
| Total intrinsic value of options exercised | $ 205 | $ 62 | $ 57 |
| Stock Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Awards vesting period | 3 years | ||
| Awards expiration period | 10 years | ||
| Unrecognized compensation cost related to stock options | $ 45 | ||
| Recognition period for unrecognized compensation cost | 1 year 6 months | ||
| Stock Options | Vesting After Two years | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Percentage of stock options vesting in a period of one year | 50.00% | ||
| Stock Options | Vesting In Third Year | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Percentage of stock options vesting in a period of one year | 50.00% | ||
| Restricted Stock and Restricted Stock Units (RSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Awards vesting period | 3 years | ||
| Stock option expense reduced operating earnings | $ 74 | $ 68 | $ 73 |
| Stock option expense earnings per share | $ 0.21 | $ 0.19 | $ 0.20 |
| Unrecognized compensation cost related to stock options | $ 73 | ||
| Recognition period for unrecognized compensation cost | 1 year 9 months 18 days | ||
| Fair value of vesting shares | $ 95 | $ 52 | $ 103 |
Equity Compensation Plans (Schedule Of Equity Based Compensation Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Payment Arrangement [Abstract] | |||
| Stock options | $ 71 | $ 46 | $ 43 |
| Restricted stock/RSUs | 59 | 53 | 58 |
| Total equity-based compensation expense, net of tax | $ 130 | $ 99 | $ 101 |
Equity Compensation Plans (Schedule Of Assumption Of Fair Value Options On The Date Of Grant Using Black-Scholes Option Pricing Model) (Details) - Stock Options |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Expected volatility, minimum | 22.40% | 26.70% | 21.10% |
| Expected volatility, maximum | 23.00% | 27.30% | 26.90% |
| Weighted average expected volatility | 22.50% | 27.30% | 21.20% |
| Expected term (in months) | 60 months | 60 months | 60 months |
| Risk - free interest rate, minimum | 1.70% | 0.60% | 0.40% |
| Risk - free interest rate, maximum | 4.20% | 1.20% | 1.50% |
| Expected dividend yield | 2.30% | 2.90% | 2.40% |
Equity Compensation Plans (Summary Of Stock Option Activity) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
$ / shares
shares
| |
| Shares Under Option | |
| Beginning balance (in shares) | shares | 11,930,414 |
| Granted (in shares) | shares | 1,782,730 |
| Exercised (in shares) | shares | (2,544,434) |
| Forfeited/canceled (in shares) | shares | (391,652) |
| Ending balance (in shares) | shares | 10,777,058 |
| Vested and expected to vest (in shares) | shares | 10,610,512 |
| Exercisable (in shares) | shares | 5,978,398 |
| Weighted Average Exercise Price Per Share | |
| Beginning balance (in dollars per share) | $ / shares | $ 170.83 |
| Granted (in dollars per share) | $ / shares | 232.74 |
| Exercised (in dollars per share) | $ / shares | 155.80 |
| Forfeited/canceled (in dollars per share) | $ / shares | 179.00 |
| Ending balance (in dollars per share) | $ / shares | 184.33 |
| Vested and expected to vest (in dollars per share) | $ / shares | 184.14 |
| Exercisable (in dollars per share) | $ / shares | $ 178.92 |
Equity Compensation Plans (Schedule Of Stock Options' Intrinsic Value And Remaining Contractual Term) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Weighted Average Remaining Contractual Term (in years) | |
| Outstanding | 6 years 6 months |
| Vested and expected to vest | 6 years 6 months |
| Exercisable | 5 years 1 month 6 days |
| Aggregate Intrinsic Value | |
| Outstanding | $ 687 |
| Vested and expected to vest | 679 |
| Exercisable | $ 414 |
Equity Compensation Plans (Summary Of Restricted Stock And Restricted Stock Unit Activity) (Details) - Restricted Stock and Restricted Stock Units (RSUs) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
$ / shares
shares
| |
| Shares/ Share-Equivalent Units | |
| Nonvested, beginning balance (in shares) | shares | 1,320,478 |
| Granted (in shares) | shares | 393,126 |
| Vested (in shares) | shares | (395,165) |
| Forfeited (in shares) | shares | (50,888) |
| Nonvested, ending balance (in shares) | shares | 1,267,551 |
| Weighted Average Grant-Date Fair Value Per Share | |
| Nonvested, beginning balance (in dollars per share) | $ / shares | $ 169.54 |
| Granted (in dollars per share) | $ / shares | 249.11 |
| Vested (in dollars per share) | $ / shares | 176.38 |
| Forfeited (in dollars per share) | $ / shares | 189.42 |
| Nonvested, ending balance (in dollars per share) | $ / shares | $ 194.38 |
Retirement Plans (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 07, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Compensation And Retirement Disclosure Line Items | ||||
| Defined contribution plan, cost recognized | $ 415 | $ 398 | $ 379 | |
| Common stock, shares held in employee trust (shares) | 16 | 17 | ||
| Percentage of defined contribution plans held from outstanding shares | 6.00% | |||
| Required employer contributions to defined benefit retirement plans during fiscal year | $ 50 | |||
| Period in which the difference between the actual and expected return on plan assets for qualified plans are recognized in years | 5 years | |||
| Redemption notice period | 90 days | |||
| Percentage of pension plan assets held in a single trust for primary domestic government and commercial pension plans | 90.00% | |||
| Pension Benefits | ||||
| Compensation And Retirement Disclosure Line Items | ||||
| Required contribution amounts | $ 114 | |||
| Expected contribution to defined benefit contribution plans in next fiscal year | $ 206 | |||
| Benefit obligation weighed average discount rate | 5.08% | 2.84% | 2.54% | |
| Defined benefit plan, accumulated benefit obligation | $ 13,400 | $ 17,500 | ||
| Pension Benefits | Subsequent Event | ||||
| Compensation And Retirement Disclosure Line Items | ||||
| Discretionary contribution amount | $ 92 | |||
| Pension Benefits | U.S. | Maximum | ||||
| Compensation And Retirement Disclosure Line Items | ||||
| Expected decrease in long-term return on assets | 1.21% | |||
| Other Post-retirement Benefits | ||||
| Compensation And Retirement Disclosure Line Items | ||||
| Benefit obligation weighed average discount rate | 5.16% | 2.89% | ||
| Defined benefit plan, accumulated benefit obligation | $ 616 | $ 840 | ||
| Other Post-retirement Benefits | U.S. | Maximum | ||||
| Compensation And Retirement Disclosure Line Items | ||||
| Expected decrease in long-term return on assets | 0.36% | |||
Retirement Plans (Schedule of Benefits to be Paid From Retirement Plans Over the Next 10 Years) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Pension Benefits | |
| Compensation And Retirement Disclosure Line Items | |
| 2023 | $ 895 |
| 2024 | 918 |
| 2025 | 937 |
| 2026 | 957 |
| 2027 | 968 |
| 2028-2032 | 4,877 |
| Other Post-retirement Benefits | |
| Compensation And Retirement Disclosure Line Items | |
| 2023 | 54 |
| 2024 | 52 |
| 2025 | 50 |
| 2026 | 49 |
| 2027 | 47 |
| 2028-2032 | $ 213 |
Retirement Plans (Schedule of Annual Pension and Other Post-Retirement Benefit Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Pension Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | $ 102 | $ 119 | $ 115 |
| Interest cost | 400 | 360 | 491 |
| Expected return on plan assets | (907) | (963) | (926) |
| Net actuarial loss | 171 | 352 | 387 |
| Prior service credit | (20) | (20) | (18) |
| Settlement/curtailment/other | 4 | 70 | 0 |
| Net annual benefit (credit) cost | (250) | (82) | 49 |
| Other Post-retirement Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | 6 | 10 | 10 |
| Interest cost | 19 | 19 | 27 |
| Expected return on plan assets | (31) | (36) | (36) |
| Net actuarial loss | (16) | 0 | (3) |
| Prior service credit | 1 | 0 | (1) |
| Settlement/curtailment/other | (11) | 0 | 0 |
| Net annual benefit (credit) cost | $ (32) | $ (7) | $ (3) |
Retirement Plans (Reconciliation of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Change in Benefit Obligation | |||
| Settlement/curtailment/other | $ 36 | ||
| Change in Plan/Trust Assets | |||
| Settlement/curtailment/other | (37) | ||
| Pension Benefits | |||
| Change in Benefit Obligation | |||
| Benefit obligation at beginning of year | (17,779) | $ (19,692) | |
| Service cost | (102) | (119) | $ (115) |
| Interest cost | (400) | (360) | (491) |
| Amendments | 6 | 3 | |
| Actuarial gain | 3,884 | 955 | |
| Settlement/curtailment/other | 553 | ||
| Benefits paid | 850 | 881 | |
| Benefit obligation at end of year | (13,505) | (17,779) | (19,692) |
| Change in Plan/Trust Assets | |||
| Fair value of assets at beginning of year | 15,167 | 14,751 | |
| Actual return on plan assets | (2,916) | 1,692 | |
| Employer contributions | 50 | 135 | |
| Settlement/curtailment/other | (551) | ||
| Benefits paid | (829) | (860) | |
| Fair value of assets at end of year | 11,435 | 15,167 | 14,751 |
| Funded status at end of year | (2,070) | (2,612) | |
| Other Post-retirement Benefits | |||
| Change in Benefit Obligation | |||
| Benefit obligation at beginning of year | (840) | (1,062) | |
| Service cost | (6) | (10) | (10) |
| Interest cost | (19) | (19) | (27) |
| Amendments | (1) | 4 | |
| Actuarial gain | 185 | 187 | |
| Settlement/curtailment/other | 9 | 0 | |
| Benefits paid | 55 | 60 | |
| Benefit obligation at end of year | (617) | (840) | (1,062) |
| Change in Plan/Trust Assets | |||
| Fair value of assets at beginning of year | 777 | 705 | |
| Actual return on plan assets | (115) | 114 | |
| Employer contributions | 0 | 0 | |
| Settlement/curtailment/other | 0 | 0 | |
| Benefits paid | (36) | (42) | |
| Fair value of assets at end of year | 626 | 777 | $ 705 |
| Funded status at end of year | $ 9 | $ (63) | |
Retirement Plans (Amounts Recognized on The Consolidated Balance Sheet) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Current liabilities | $ (38) | $ (288) |
| Noncurrent liabilities | (2,453) | (2,813) |
| Pension Benefits | ||
| Noncurrent assets | 169 | 134 |
| Current liabilities | (23) | (176) |
| Noncurrent liabilities | (2,216) | (2,570) |
| Net (liability) asset recognized | (2,070) | (2,612) |
| Other Post-retirement Benefits | ||
| Noncurrent assets | 261 | 292 |
| Current liabilities | (15) | (112) |
| Noncurrent liabilities | (237) | (243) |
| Net (liability) asset recognized | $ 9 | $ (63) |
Retirement Plans (Amounts Deferred In AOCL) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Pension Benefits | ||
| Compensation And Retirement Disclosure Line Items | ||
| Net actuarial loss (gain) | $ 3,404 | $ 3,639 |
| Prior service (credit) cost | (61) | (76) |
| Total amount recognized in AOCL, pretax | 3,343 | 3,563 |
| Other Post-retirement Benefits | ||
| Compensation And Retirement Disclosure Line Items | ||
| Net actuarial loss (gain) | (299) | (277) |
| Prior service (credit) cost | 9 | 8 |
| Total amount recognized in AOCL, pretax | $ (290) | $ (269) |
Retirement Plans (Reconciliation of The Change In AOCL For Defined-Benefit Retirement Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Amortization of: | |||
| Change in AOCL, pretax | $ (241) | $ (2,365) | $ 453 |
| Pension Benefits | |||
| Compensation And Retirement Disclosure Line Items | |||
| Net actuarial gain | (61) | (1,684) | |
| Prior service (credit) cost | (5) | (3) | |
| Amortization of: | |||
| Net actuarial (loss) gain from prior years | (171) | (352) | |
| Prior service credit (cost) | 20 | 20 | |
| Settlement/curtailment/other | (3) | (77) | |
| Change in AOCL, pretax | (220) | (2,096) | |
| Other Post-retirement Benefits | |||
| Compensation And Retirement Disclosure Line Items | |||
| Net actuarial gain | (39) | (265) | |
| Prior service (credit) cost | 2 | (4) | |
| Amortization of: | |||
| Net actuarial (loss) gain from prior years | 16 | 0 | |
| Prior service credit (cost) | (1) | 0 | |
| Settlement/curtailment/other | 1 | 0 | |
| Change in AOCL, pretax | $ (21) | $ (269) | |
Retirement Plans Retirement Plans (Schedule of PBO That Exceeded Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Retirement Benefits [Abstract] | ||
| PBO | $ (12,897) | $ (16,958) |
| Fair value of plan assets | $ 10,657 | $ 14,213 |
Retirement Plans (Schedule of ABO That Exceeded Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Pension Benefits | ||
| Compensation And Retirement Disclosure Line Items | ||
| ABO | $ (12,793) | $ (16,775) |
| Fair value of plan assets | 10,657 | 14,213 |
| Other Post-retirement Benefits | ||
| Compensation And Retirement Disclosure Line Items | ||
| ABO | (270) | (384) |
| Fair value of plan assets | $ 20 | $ 36 |
Retirement Plans (Weighted Average Assumptions Used To Determine Benefit Obligations) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Pension Benefits | |||
| Compensation And Retirement Disclosure Line Items | |||
| Benefit obligation discount rate | 5.08% | 2.84% | 2.54% |
| Rate of increase in compensation levels | 2.62% | 2.77% | |
| Other Post-retirement Benefits | |||
| Compensation And Retirement Disclosure Line Items | |||
| Benefit obligation discount rate | 5.16% | 2.89% | |
| Health care cost trend rate: | |||
| Trend rate for next year | 6.50% | 5.50% | |
| Ultimate trend rate | 5.00% | 5.00% | |
| Year rate reaches ultimate trend rate | 2032 | 2024 | |
Retirement Plans Retirement Plans (Weighted Average Assumptions Used to Determine Net Annual Benefit Cost) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Pension Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Benefit obligation | 2.84% | 2.54% | 3.19% |
| Service cost | 2.51% | 2.25% | 2.74% |
| Interest cost | 2.31% | 1.87% | 2.78% |
| Expected long-term rate of return on assets | 6.78% | 7.14% | 7.41% |
| Rate of increase in compensation levels | 2.52% | 2.63% | 2.73% |
| Other Post-retirement Benefits | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Benefit obligation | 2.89% | 2.52% | 3.18% |
| Service cost | 3.32% | 2.97% | 3.35% |
| Interest cost | 2.33% | 1.83% | 2.78% |
| Expected long-term rate of return on assets | 5.12% | 6.33% | 6.86% |
Retirement Plans (Asset Allocation Policy Ranges) (Details) |
Dec. 31, 2022 |
|---|---|
| Equity funds | Minimum | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Asset allocation policy range | 40.00% |
| Equity funds | Maximum | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Asset allocation policy range | 70.00% |
| Fixed Income Investments | Minimum | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Asset allocation policy range | 30.00% |
| Fixed Income Investments | Maximum | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Asset allocation policy range | 60.00% |
Retirement Plans (Fair Value of Plan Assets By Investment Category Within The Fair Value Hierarchy - Pension Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2020 |
|||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Maximum equity holding percentage of total fair value | 1.00% | ||||||||||
| Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | $ 15,167 | $ 11,435 | $ 14,751 | ||||||||
| Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 777 | 626 | 705 | ||||||||
| Fair Value | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 14,237 | 10,523 | |||||||||
| Fair Value | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 767 | 616 | |||||||||
| Fair Value | Cash and equivalents | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 130 | 100 | |||||||||
| Fair Value | Cash and equivalents | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 12 | 16 | |||||||||
| Fair Value | Equity funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 6,592 | 4,429 | |||||||||
| Fair Value | Equity funds | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 354 | 112 | |||||||||
| Fair Value | Fixed-income funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 430 | 5,798 | |||||||||
| Fair Value | Fixed-income funds | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 140 | 75 | |||||||||
| Fair Value | Real estate funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 8 | 12 | |||||||||
| Fair Value | Real estate funds | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 2 | ||||||||||
| Fair Value | U.S. companies | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | [1] | 1,143 | |||||||||
| Fair Value | Non-U.S. companies | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | [1] | 151 | |||||||||
| Fair Value | Corporate bonds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | [2] | 4,090 | |||||||||
| Fair Value | Treasury securities | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 1,495 | ||||||||||
| Fair Value | Insurance deposit contracts | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 163 | 161 | |||||||||
| Fair Value | Retirement annuity contracts | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 35 | 23 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 1,303 | 762 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 107 | 75 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 9 | 19 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and equivalents | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 0 | 0 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 0 | 468 | |||||||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity funds | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Significant Other Observable Inputs (Level 2) | Equity funds | Other Post-retirement Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 354 | 47 | |||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 0 | 0 | |||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 0 | 0 | |||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Significant Unobservable Inputs (Level 3) | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 8 | 12 | 90 | ||||||||
| Significant Unobservable Inputs (Level 3) | Real estate funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
| Total pension plan assets | 8 | 12 | |||||||||
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| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Significant Unobservable Inputs (Level 3) | Insurance deposit contracts | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Significant Unobservable Inputs (Level 3) | Retirement annuity contracts | Pension Benefits | |||||||||||
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| Plan assets measured using NAV as a practical expedient | Equity funds | Pension Benefits | |||||||||||
| Compensation And Retirement Disclosure Line Items | |||||||||||
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| Plan assets measured using NAV as a practical expedient | Real estate funds | Pension Benefits | |||||||||||
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| Plan assets measured using NAV as a practical expedient | Hedge funds | Other Post-retirement Benefits | |||||||||||
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Retirement Plans (Fair Value of Plan Assets By Investment Category Within The Fair Value Hierarchy - Other Post-retirement Benefits) (Details) - Other Post-retirement Benefits - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|---|
| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | $ 626 | $ 777 | $ 705 | ||
| Fair Value | |||||
| Compensation And Retirement Disclosure Line Items | |||||
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| Fair Value | Cash and equivalents | |||||
| Compensation And Retirement Disclosure Line Items | |||||
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| Fair Value | Equity funds | |||||
| Compensation And Retirement Disclosure Line Items | |||||
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| Compensation And Retirement Disclosure Line Items | |||||
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| Fair Value | Equity securities | |||||
| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 105 | ||||
| Fair Value | Fixed-income securities | |||||
| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 413 | 154 | |||
| Fair Value | Real estate funds | |||||
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| Total pension plan assets | 2 | ||||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 541 | 660 | |||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 16 | 12 | |||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 47 | 354 | |||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 65 | 140 | |||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 0 | ||||
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| Compensation And Retirement Disclosure Line Items | |||||
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| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | 0 | ||||
| Plan assets measured using NAV as a practical expedient | Real estate funds | |||||
| Compensation And Retirement Disclosure Line Items | |||||
| Total pension plan assets | [1] | 8 | 7 | ||
| Plan assets measured using NAV as a practical expedient | Hedge funds | |||||
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Retirement Plans (Changes in Level 3 Retirement Plan Assets) (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
| Fair value of assets at beginning of year | $ 206 | $ 318 |
| Transfers out of Level 3 | 115 | |
| Unrealized gains (losses), net | (22) | 6 |
| Realized losses, net | (1) | |
| Purchases, sales and settlements, net | 13 | (3) |
| Fair value of assets at end of year | 196 | 206 |
| Insurance Deposits Contracts | ||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
| Fair value of assets at beginning of year | 163 | 157 |
| Transfers out of Level 3 | 0 | |
| Unrealized gains (losses), net | (10) | 9 |
| Realized losses, net | 0 | |
| Purchases, sales and settlements, net | 8 | (3) |
| Fair value of assets at end of year | 161 | 163 |
| Retirement annuity contracts | ||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
| Fair value of assets at beginning of year | 35 | 38 |
| Transfers out of Level 3 | 0 | |
| Unrealized gains (losses), net | (12) | (3) |
| Realized losses, net | 0 | |
| Purchases, sales and settlements, net | 0 | 0 |
| Fair value of assets at end of year | 23 | 35 |
| Private equity investments | ||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
| Fair value of assets at beginning of year | 0 | 33 |
| Transfers out of Level 3 | 33 | |
| Unrealized gains (losses), net | 0 | 0 |
| Realized losses, net | 0 | |
| Purchases, sales and settlements, net | 0 | 0 |
| Fair value of assets at end of year | 0 | 0 |
| Real Estate Funds | ||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
| Fair value of assets at beginning of year | 8 | 90 |
| Transfers out of Level 3 | 82 | |
| Unrealized gains (losses), net | 0 | 0 |
| Realized losses, net | (1) | |
| Purchases, sales and settlements, net | 5 | 0 |
| Fair value of assets at end of year | $ 12 | $ 8 |
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