GENERAL DYNAMICS CORP Fair Value Disclosure
| 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, 2025 | ||||||||||||||||||||||||||||
| Measured at fair value: | |||||||||||||||||||||||||||||
| Marketable securities held in trust: | |||||||||||||||||||||||||||||
| Cash and equivalents | $ | 19 | $ | 19 | $ | 17 | $ | 2 | $ | — | |||||||||||||||||||
| Available-for-sale debt securities | 140 | 140 | — | 140 | — | ||||||||||||||||||||||||
| Commingled equity funds | 51 | 51 | 51 | — | — | ||||||||||||||||||||||||
| Commingled fixed-income funds | 6 | 6 | 6 | — | — | ||||||||||||||||||||||||
| Other investments | 53 | 53 | 32 | — | 21 | ||||||||||||||||||||||||
| Cash flow hedge assets | 75 | 75 | — | 75 | — | ||||||||||||||||||||||||
| Cash flow hedge liabilities | (49) | (49) | — | (49) | — | ||||||||||||||||||||||||
Measured at amortized cost: | |||||||||||||||||||||||||||||
| Short- and long-term debt principal | (8,074) | (7,610) | — | (7,610) | — | ||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| Measured at fair value: | |||||||||||||||||||||||||||||
| Marketable securities held in trust: | |||||||||||||||||||||||||||||
| Cash and equivalents | $ | 36 | $ | 36 | $ | 27 | $ | 9 | $ | — | |||||||||||||||||||
| Available-for-sale debt securities | 128 | 128 | — | 128 | — | ||||||||||||||||||||||||
| Commingled equity funds | 48 | 48 | 48 | — | — | ||||||||||||||||||||||||
| Commingled fixed-income funds | 6 | 6 | 6 | — | — | ||||||||||||||||||||||||
| Other investments | 40 | 40 | 28 | — | 12 | ||||||||||||||||||||||||
| Cash flow hedge assets | 52 | 52 | — | 52 | — | ||||||||||||||||||||||||
| Cash flow hedge liabilities | (140) | (140) | — | (140) | — | ||||||||||||||||||||||||
Measured at amortized cost: | |||||||||||||||||||||||||||||
| Short- and long-term debt principal | (8,826) | (8,103) | — | (8,103) | — | ||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 30, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 9, 2021 | |
| 2019 | Feb 10, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 12, 2018 | |
| 2016 | Feb 6, 2017 | |
| 2015 | Feb 8, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.