General Dynamics (GD) 10-K risk factor changes: FY2022 vs FY2021

The market risks faced by an investor in our [removed: stock] [added: securities] are similar to the uncertainties faced by investors in a broad range of industries.

The U.S. government provides a significant portion of our revenue. In [removed: 2021,] [added: 2022,] 70% of our consolidated revenue was from the U.S. government.

[removed: Our government] [added: Government] contracts are subject to termination rights by the customer. U.S. government contracts generally permit the government to terminate a contract, in whole or in part, for convenience.

If a contract is terminated for convenience, a contractor usually is entitled to receive payments for its [added: allowable costs incurred and the proportionate share of fees or earnings for the work performed.]

Moreover, new laws, regulations or standards, or changes to existing ones, can increase our performance and compliance costs and reduce our [removed: profitability.][added: revenue and earnings.]

The Aerospace segment’s results also depend on other factors, including general economic conditions, the availability [removed: of credit, pricing pressures and trends in capital goods markets.]

The accounting for our contracts [removed: and programs] requires assumptions and estimates about these conditions and events.

These projections and estimates [removed: assess:][added: assess, among other things:]

[removed: Earnings] [added: Revenue, earnings] and margin depend in part on [removed: subcontractor and] supplier performance. We rely on other companies [added: and our government customers] to provide materials, components and subsystems for our products.

[removed: Subcontractors also] [added: Suppliers, including subcontractors, sometimes] perform some of the services that we provide to our customers.

We depend on these [removed: subcontractors and] suppliers [added: and government entities] to meet our contractual obligations in full compliance with customer requirements and applicable law.

Misconduct by [removed: subcontractors,] [added: suppliers,] such as a failure to comply with procurement regulations or engaging in unauthorized activities, may harm our future [removed: revenue] [added: revenue, earnings] and [removed: earnings.][added: margin.]

We sometimes rely on only one or two sources of [added: supply, and any disruption in our] supply [removed: that, if disrupted,] [added: chain] could have an adverse effect on our ability to meet our customer commitments.

Our ability to perform our obligations [added: to our customers, and our future revenue, earnings and margin,] may be materially adversely affected if [added: (1) any] one or more of [removed: these] [added: our] suppliers is unable to provide the agreed-upon materials, [added: or] perform the agreed-upon services in a timely and cost-effective manner, or engages in misconduct or other improper [removed: activities.][added: activities or (2) we are unable to otherwise obtain necessary materials, components, subsystems or services in a timely and cost-effective manner.]

Our [removed: future] success depends in part on our ability to develop new products and technologies and maintain a qualified workforce to meet the needs of our customers. Many of the products and services we provide involve sophisticated technologies and engineering, with related complex manufacturing and system-integration processes.

Accordingly, our [removed: future] performance depends in part on our ability to continue to develop, manufacture and provide innovative products and services and bring those offerings to market quickly at cost-effective prices.

[removed: Some new products, particularly in] [added: Many of] our [removed: Aerospace segment,] [added: new products] must meet extensive and time-consuming regulatory requirements that are often outside our control and may result in unanticipated delays.

Additionally, due to the highly specialized nature of our business, we must hire and retain the skilled and qualified personnel necessary to perform the services required by our [removed: customers.][added: customers and to develop and manufacture our products.]

[removed: If we were unable] to develop new products that meet customers’ changing needs and satisfy regulatory requirements in a timely manner or successfully attract and retain qualified personnel, our future revenue and earnings may be materially adversely affected.

[removed: Sales and operations] [added: Operations] outside the United States are subject to [removed: different] [added: various] risks that may be associated with doing business in foreign countries. In some countries there is increased chance for economic, legal or political [removed: changes,] [added: instability,] and procurement procedures may be less robust or mature, which may complicate the contracting process.

Our non-U.S. operations may be sensitive to and impacted by [added: (1)] changes in a foreign government’s national policies and priorities, political leadership and budgets, which may be influenced by changes in threat environments, geopolitical uncertainties, volatility in economic conditions and other economic and political [removed: factors.][added: factors including inflationary pressures; (2) changes in U.S., foreign, and international laws, regulations, and policies; (3) energy, natural resource and other commodity shortages; and (4) global trade disputes and supply chain disruptions.]

Non-U.S. transactions can involve increased [removed: financial and legal] risks arising from foreign exchange rate [removed: variability] [added: variability, which could, among other things, negatively impact sales] and [added: the translation of our international revenue from local currencies into U.S. dollars, and] differing legal systems.

An unfavorable event or trend in any one or more of these factors or a failure to comply with U.S. or foreign laws could result in administrative, civil or criminal liabilities, including suspension or debarment from government contracts or suspension of our export privileges, and could materially adversely affect revenue and [removed: earnings associated with our non-U.S. operations.][added: earnings.]

We may also be required to agree to specific in-country purchases, manufacturing agreements or financial support arrangements, known as offsets, that require us to satisfy investment or other [removed: requirements] [added: commitments] or face penalties.

Offset requirements may extend over several years and could require us to team with local companies to fulfill these [removed: requirements.][added: commitments.]

Whether we realize the anticipated benefits from these transactions depends on multiple factors, including our integration of the businesses involved; the performance of the underlying products, capabilities, or technologies; market conditions following the acquisition; and acquired [removed: liabilities, including some that may not have been identified prior to the acquisition.]

We face some uncertainty in our business environment due to a variety of challenges, including [removed: changes] [added: the risk factors discussed] in [removed: government spending.][added: this section.]

We may experience unforeseen circumstances that adversely affect the value of our goodwill or intangible [removed: assets and trigger an evaluation of the amount of the recorded goodwill and intangible] assets.

We also design and manage IT systems and products [removed: that contain IT systems] for various customers.

We generally face the same security threats for these systems [added: and products] as for our own internal systems.

In addition, we face cyber threats from entities [added: and persons] that may seek to target us through our customers, [removed: suppliers, subcontractors] [added: suppliers] and other third parties with whom we do business.

[removed: Accordingly, we maintain information security staff, policies and procedures for managing risk to our information systems; we] [added: We] conduct employee training on cybersecurity to mitigate persistent and continuously evolving cybersecurity [removed: threats;] [added: threats,] and we report cybersecurity events or losses of customer data to affected customers and applicable regulatory authorities.

However, there can be no assurance that any such actions, [added: including the timeliness of our efforts to review, update] or [added: implement policies, procedures and practices in light of evolving threats, or] the safeguards put in place by our customers, [removed: suppliers, subcontractors] [added: suppliers] and other parties on which we rely, will be sufficient to detect, prevent and mitigate cybersecurity breaches or disruptions, or the unauthorized release of sensitive information or corruption of data.

However, future threats [removed: could,] [added: could have a materially adverse impact on our company by,] among other things, [removed: cause] [added: causing] harm to our [removed: business and our] [added: business, results of operations or] reputation; [removed: disrupt] [added: disrupting] our operations; [removed: expose] [added: exposing] us to potential liability, regulatory actions and loss of business; [removed: challenge] [added: and challenging] our eligibility for future work on sensitive or classified systems for government [removed: customers; and impact our results of operations materially.][added: customers.]

Due to the evolving nature of these security [added: threats, the potential impact of any future incident cannot be predicted.]

Our business may continue to be negatively impacted by the coronavirus (COVID-19) pandemic [removed: or] [added: and could be negatively impacted by] other [removed: similar] [added: pandemics and] outbreaks. The COVID-19 pandemic has had, and could continue to have, a negative effect on our business, results of operations [removed: and financial condition.]

[removed: Effects include] [added: This includes] disruptions or restrictions on our employees’ ability to work effectively, temporary closures of our facilities [removed: or] [added: and] the facilities of our customers, and supply-chain [removed: disruptions, which could affect our ability to perform on our contracts.][added: disruptions.]

In addition, the U.S. government’s federal contractor vaccine [removed: mandate] [added: mandate, if enforced,] could adversely affect our ability, and our subcontractors’ ability, to hire and retain highly skilled employees to work on U.S. government programs.

Any cost increases that result from these effects may not be fully recoverable on our contracts or adequately covered by [removed: insurance, which could impact our profitability.][added: insurance.]

The imposition of quarantine and travel restrictions has negatively affected and, if reimposed, may continue to negatively affect portions of our [removed: business, particularly our Aerospace and Technologies segments.][added: business.]

Levels of U.S. defense spending may be impacted by numerous factors, such as the domestic political environment, changes in national and international priorities, and threats to national security.

and cost of credit, pricing pressures and trends in capital goods markets.

For example, some of our operating segments rely on the supply of semiconductors for the manufacture of our products, and any inability of or delay by our suppliers to meet our order demands (including due to the suppliers’ competing commercial priorities, any military conflict resulting in a disruption of manufacturing or trade relations, or any other business disruption) could delay or disrupt our ability to procure semiconductors.

If we were unable

For example, the ongoing conflict between Russia and Ukraine has resulted in the imposition of numerous economic and trade sanctions, export controls, and other restrictions targeting Russia and Belarus, and the Russian government has implemented counter-sanctions and export controls targeting the U.S. and various foreign countries in which we operate.

These actions have caused some economic disruptions around the world and have exacerbated global supply chain challenges.

liabilities, including some that may not have been identified prior to the acquisition.

Many of these cybersecurity threats are increasingly sophisticated and constantly evolving.

Accordingly, we maintain information security staff, policies and procedures for managing risk to our information systems, and we review and update our policies, procedures and practices in light of evolving threats.

and financial condition.

Any such effects could materially adversely affect our ability to perform on our contracts.

Further, while we continuously evaluate the evolving landscape of environmental-related legislation and seek opportunities for continuous improvement of our existing climate-related measures, as well as new ways to minimize our impact on the planet, there can be no assurance that changes in customer demand patterns and competition driven by climate change, as well as potential climate-related reputational risks will not adversely affect our business, results of operations and financial condition.

Reform Act of 1995, as amended.

These factors may be revised or supplemented in future filings with the SEC.

Levels of U.S. defense spending are driven by threats to national security.

allowable costs incurred and the proportionate share of fees or earnings for the work performed.

We manage our

supplier base carefully to avoid or minimize customer issues.

threats, the potential impact of any future incident cannot be predicted.

Therefore, actual future results and trends

These factors may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.

The following discussion of our financial condition and results of operations for [removed: 2021] [added: 2022] compared with [removed: 2020] [added: 2021] should be read in conjunction with our Consolidated Financial Statements included in Item 8, while a discussion of [removed: 2020] [added: 2021] compared with [removed: 2019] [added: 2020] can be found in Item 7 of our [removed: Annual Report] [added: annual report] on Form 10-K for the year ended December 31, [removed: 2020.][added: 2021.]

Any [removed: long-term] [added: longer-term] impact [added: of these global events] to our business is currently unknown due to the uncertainty around [removed: the pandemic’s] duration and [removed: its] [added: their] broader impact.

The Review of Operating Segments includes [removed: additional] information on [removed: the impacts of the pandemic] [added: these global events] for the affected segments.

Similarly, we believe the aircraft services business will be a source of steady revenue growth as the global business jet fleet continues to [removed: grow and the impact of the pandemic subsides.][added: grow.]

In the Aerospace segment, we record revenue on contracts for new aircraft when the customer obtains control of the asset, which is generally upon delivery and acceptance by the customer of the fully [added: outfitted aircraft.]

Revenue associated with the segment’s [removed: custom completions of narrow-body and wide-body aircraft and the segment’s] services businesses is recognized as work progresses or upon delivery of services.

Fluctuations in revenue from period to period result from the number and mix of new aircraft deliveries, [removed: progress on aircraft completions,] and the level and type of aircraft services performed during the period.

Operating costs in the Aerospace segment’s [removed: completions and] services businesses are recognized generally as incurred.

Additional factors affecting the segment’s earnings and margin include the volume, mix and profitability of [removed: completions and] services work performed, the market for pre-owned aircraft, and the level of general and administrative (G&A) and net research and development (R&D) costs incurred by the segment.

Typically, revenue is recognized over time using costs incurred to date relative to total estimated costs at [removed: completion to measure progress toward satisfying our performance obligations.]

Incurred [removed: cost represents] [added: costs represent] work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer.

Because costs are used as a measure of progress, year-over-year variances in [removed: cost] [added: costs] result in corresponding variances in revenue, which we generally refer to as volume.

◦Operating earnings of $4.2 billion with sequential growth throughout the [removed: year.][added: year]

[removed: ◦Diluted] [added: ◦Record-high diluted] earnings per share of [removed: $11.55,] [added: $12.19,] up [removed: 5%] [added: 5.5%] from [removed: 2020.][added: 2021]

[removed: ◦Cash] [added: | Net cash] provided by operating activities [removed: of $4.3 billion, or 131% percent of net earnings.][added: | | | $ | 4,579 | | | | | $ | 4,271 | |]

| Year Ended December 31 | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | Variance | | | | | | | | |

| Operating costs and expenses | | | [removed: (34,306)] [added: (35,196)] | | | | | | [removed: (33,792)] [added: (34,306)] | | | | | | [removed: (514)] [added: (890)] | | | | | | [removed: 1.5] [added: 2.6] | | % |

| Operating earnings | | | [removed: 4,163] [added: 4,211] | | | | | | [removed: 4,133] [added: 4,163] | | | | | | [removed: 30] [added: 48] | | | | | | [removed: 0.7] [added: 1.2] | | % |

| Operating margin | | | [removed: 10.8] [added: 10.7] | | % | | | | [removed: 10.9] [added: 10.8] | | % | | | | | | | | | | | | |

Our consolidated revenue increased in [removed: 2021 driven by] [added: 2022 from] growth in U.S. Navy ship construction in our Marine Systems [added: segment and aircraft services activity in our Aerospace] segment.

| Operating earnings | | | [removed: 1,031] [added: 1,130] | | | | | | [removed: 1,083] [added: 1,031] | | | | | | [removed: (52)] [added: 99] | | | | | | [removed: (4.8)] [added: 9.6] | | % |

| Operating margin | | | [removed: 12.7] [added: 13.2] | | % | | | | [removed: 13.4] [added: 12.7] | | % | | | | | | | | | | | | |

| Gulfstream aircraft deliveries (in units) | | | [removed: 119] [added: 120] | | | | | | [removed: 127] [added: 119] | | | | | | [removed: (8)] [added: 1] | | | | | | [removed: (6.3)] [added: 0.8] | | % |

The increase in the Aerospace segment’s revenue in [removed: 2021] [added: 2022] consisted of the following:

| Aircraft services | | | [removed: $] [added: 89] | [removed: 311] | |

| Aircraft manufacturing | | | [removed: (251)] [added: 12] | | |

| Total increase | | | $ | [removed: 60] [added: 99] | |

[removed: Aircraft services revenue] [added: Revenue] was [removed: higher] [added: up] in [removed: 2021 due to increased air travel driving additional] [added: our Aerospace segment driven by an increase in] demand for [added: aircraft services, particularly] maintenance [removed: work] [added: work,] and [added: increased] activity at our fixed-base operator (FBO) [removed: facilities.][added: facilities due to growing global air travel.]

The [removed: change] [added: increase] in the segment’s operating earnings in [removed: 2021] [added: 2022] consisted of the following:

| Aircraft manufacturing | | | $ | [removed: (160)] [added: 123] | |

| Aircraft services | | | [removed: 122] [added: $] | [added: 420] | |

| G&A/other expenses | | | [removed: (73)] [added: (113)] | | |

| Total decrease | | | $ | [removed: (52)] [added: (43)] | |

[removed: These decreases were offset partially by increased aircraft services] [added: In 2022,] operating earnings [added: from aircraft services were up] due to higher volume and [removed: a] favorable [removed: mix of aircraft services.][added: cost performance.]

In total, the Aerospace segment’s operating margin [removed: decreased 70] [added: increased 50] basis points in [removed: 2021] [added: 2022] to [removed: 12.7%.][added: 13.2%.]

We expect the Aerospace segment’s [removed: 2022] [added: 2023] revenue to increase to approximately [removed: $8.4] [added: $10.4] billion due to [removed: increased] [added: an increase in] new aircraft deliveries [removed: with operating margin of approximately 12.8%.][added: to 145.]

| Operating earnings | | | [removed: 874] [added: 897] | | | | | | [removed: 854] [added: 874] | | | | | | [removed: 20] [added: 23] | | | | | | [removed: 2.3] [added: 2.6] | | % |

| Operating margin | | | [removed: 8.3] [added: 8.1] | | % | | | | [removed: 8.6] [added: 8.3] | | % | | | | | | | | | | | | |

The increase in the Marine Systems segment’s revenue in [removed: 2021] [added: 2022] consisted of the following:

| U.S. Navy ship construction | | | $ | [removed: 716] [added: 577] | |

GLOBAL EVENTS

In February 2022, Russian forces invaded Ukraine.

In response, the United States and several other countries imposed economic and trade sanctions, export controls and other restrictions (collectively, global sanctions) targeting Russia and Belarus.

The conflict and these sanctions have caused some disruptions to global economies and some global businesses, including heightened cybersecurity risks, increased energy costs and foreign currency exchange rate fluctuations, as well as exacerbated existing supply chain challenges and inflationary pressures.

In our Aerospace segment, we continue to see strong order activity as we emerge from the impacts of the COVID-19 pandemic.

However, this segment is the most impacted relatively by the global sanctions, particularly our aircraft services business in Europe, which we have offset to date through additional services revenue in other regions.

Across the aerospace industry, the global sanctions impact sales to certain individuals and entities and exports of associated aircraft parts and related services.

Within our defense segments, the COVID-19 pandemic created some staffing and supply chain challenges, particularly in our Marine Systems (especially in the submarine supply chain) and Technologies segments.

The Russia-Ukraine conflict could continue to impact future U.S. government defense spending due to the heightened national security threat and the need to replenish stockpiles that have been reduced in support of Ukraine.

Internationally, many countries in the region have expressed a renewed commitment to defense-related spending.

As a result, we have seen signals of additional demand for our products and services.

On December 29, 2022, the fiscal

year (FY) 2023 defense appropriations bill was signed into law.

It totaled approximately $798 billion, representing an increase of approximately 10% over the enacted FY 2022 spending level.

completion to measure progress toward satisfying our performance obligations.

2022 IN REVIEW

◦Record-high revenue of $39.4 billion, an increase of 2.4% from 2021

◦Record-high cash provided by operating activities of $4.6 billion, or 135% of net earnings

- Record-high backlog of $91.1 billion increased $3.5 billion, or 4%, from 2021, driven by significant order activity during the year supporting our long-term growth expectations:

◦Outstanding Gulfstream aircraft order activity, including orders across all aircraft models

◦Several significant contract awards received in our defense segments, including $5.4 billion of combined awards from the U.S. Navy for advance procurement and other work for the Columbia-class submarine program

| Revenue | | | $ | 39,407 | | | | | $ | 38,469 | | | | | $ | 938 | | | | | 2.4 | | % |

Operating earnings increased

in 2022 due primarily to strong operating performance in our Aerospace segment, while we managed through the impacts of supply chain challenges and inflationary pressure across the business.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 8,567 | | | | | $ | 8,135 | | | | | $ | 432 | | | | | 5.3 | | % |

Aircraft manufacturing operating earnings were up in 2022 due to a favorable mix of aircraft deliveries and ongoing improvements in manufacturing efficiency.

Earnings in 2022 were somewhat impacted by customer accommodations associated with a G500/G600 airworthiness directive while 2021 earnings included mark-to-market adjustments related to aircraft that were in the G500 test program.

These increases were offset partially by higher G&A/other expenses due primarily to increased R&D expenses associated with ongoing product development efforts.

2023 Outlook

We expect the segment’s operating margin to be approximately 14.6%.

This outlook assumes the certification and entry into service of the new G700 aircraft.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 11,040 | | | | | $ | 10,526 | | | | | $ | 514 | | | | | 4.9 | | % |

These increases were offset partially by lower submarine engineering volume.

Overall, the Marine Systems segment’s operating margin decreased 20 basis points in 2022 due to program mix and supply chain impacts to the Virginia-class submarine schedule, offset partially by improved performance at NASSCO.

2023 Outlook

Operating margin is expected to be approximately 8.1% driven by program mix across our shipyards and ongoing supply chain challenges.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 7,308 | | | | | $ | 7,351 | | | | | $ | (43) | | | | | (0.6) | | % |

GLOBAL PANDEMIC UPDATE

Consistent with our prioritization of the health and safety of our employees, we continue to encourage and promote vaccination across the company.

The United States and other governments have taken several steps to respond to the pandemic.

On September 9, 2021, the president signed Executive Order 14042, initiating a process whereby covered federal contractors and subcontractors must implement federally required vaccine mandates.

A clause implementing the federal contractor vaccine mandate has been incorporated into a number of our federal contracts.

In light of certain court orders, however, the Office of Management and Budget has stated that the U.S. government will not take action to enforce this clause until further notice.

If ultimately upheld, this federal contract requirement may affect various business units differently.

We are working closely with our customer to ensure that we minimize disruptions and potential employee attrition in the event that applicable contract modifications are enforceable and as additional modifications are received that could trigger implementation.

To the extent that we or our subcontractors experience employee attrition and/or work stoppages, our costs could increase, schedules could slip on affected programs and our ability to perform under some contracts could be negatively affected, particularly in those instances where we cannot receive cost reimbursement.

Our Aerospace segment’s operating results have experienced the most significant impact from the pandemic.

New aircraft deliveries in 2021 reflected our decision in 2020 to reduce production rates to accommodate supply chain challenges and reduced demand due to the pandemic.

However, aircraft demand has been strong in 2021, with orders reaching their highest level in over a decade.

Similarly, demand for aircraft services has improved as air travel has increased, but remains below pre-pandemic levels in some regions of the world.

Our U.S. government business continues to experience some disruption from the COVID-19 pandemic, particularly in our Technologies segment.

The Congress has not yet passed a defense appropriations bill for the government’s fiscal year (FY) 2022 despite the fact that the new year began on October 1, 2021.

However, on December 3, 2021, a continuing resolution (CR) was signed into law, providing funding for federal agencies through February 18, 2022.

When the government operates under a CR, all programs of record are funded at the prior year’s appropriated levels, and the Department of Defense (DoD) is prohibited from starting new programs.

While this could result in delayed revenue growth as programs that were expected to have increased funding levels continue to operate at the prior-year levels until the current-year appropriations bill is passed, we do not anticipate that the current CR, or any subsequent extensions, will have a material impact on our results of operations, financial condition or cash flows.

OTHER LEGISLATIVE ACTIVITY

In November 2021, the U.S. House of Representatives passed the Build Back Better Act (BBBA), which provides for changes to U.S. corporate income taxation.

BBBA would delay until 2026 the requirement to capitalize and amortize over five years certain research and experimental expenditures beginning in 2022 that were previously deductible immediately.

We cannot determine whether some or all of the proposals that were included in BBBA will be enacted into law or what, if any, change may be made to such proposals prior to enactment.

If the requirement to capitalize and amortize research and experimental expenditures were delayed via passage of BBBA or other legislation, it would delay the temporary increase in our tax payments otherwise beginning in 2022 that would be caused by the capitalization requirement.

outfitted aircraft.

2021 IN REVIEW

◦Revenue of $38.5 billion, an increase of 1.4% from 2020.

- Backlog of $87.6 billion, supporting our long-term growth expectations:

◦Significant Gulfstream aircraft order activity, including orders for the recently announced G400 and G800 aircraft.

| Revenue | | | $ | 38,469 | | | | | $ | 37,925 | | | | | $ | 544 | | | | | 1.4 | | % |

Higher aircraft services activity was offset by a planned reduction in aircraft deliveries in our Aerospace segment.

Lower C5ISR solutions revenue was offset partially by increased IT services activity in our Technologies segment and international vehicle revenue in our Combat Systems segment.

Operating margin remained steady in 2021.

| Revenue | | | $ | 8,135 | | | | | $ | 8,075 | | | | | $ | 60 | | | | | 0.7 | | % |

Aircraft manufacturing revenue decreased in 2021 due to fewer aircraft deliveries, reflecting the full impact of our decision in 2020 to reduce aircraft production rates in response to the COVID-19 pandemic.

| Impact of 2020 restructuring charge | | | 59 | | |

Aircraft manufacturing operating earnings were down in 2021 due to the planned reduced aircraft production and delivery rates and mark-to-market adjustments related to G500 test aircraft.

In 2021, aircraft manufacturing operating earnings were also impacted negatively by the settlement of claims with a supplier related to the assignment of warranties following the end of G550 production.

The operating earnings variance also reflects restructuring actions taken in 2020 to adjust the workforce size to the revised production levels.

Operating earnings in 2021 reflected higher G&A/other expenses due primarily to increased R&D expenses associated with ongoing product development efforts, including flight test activities for the G700, which is scheduled to enter service in the fourth quarter of 2022.

2022 Outlook

[added: Commodity Price and Investment Risk.] See Note Q to the Consolidated Financial Statements in Item 8 for a discussion of commodity price [added: and investment] risk.

[removed: On December 31, 2021, we] [added: We] had notional forward exchange contracts outstanding of [added: $6.9 billion and] $6.8 [removed: billion.][added: billion on December 31, 2022 and 2021, respectively.]

A 10% unfavorable rate movement in our portfolio of forward exchange [removed: and interest rate swap] contracts would have resulted in the following hypothetical, incremental pretax [removed: (losses) gains:][added: losses:]

| (Dollars in millions) | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Recognized | | | $ | [removed: (1)] [added: (133)] | | | | | $ | [removed: 44] [added: (1)] | |

| Unrecognized | | | [removed: (196)] [added: (90)] | | | | | | [removed: (344)] [added: (196)] | | |

These losses [removed: and gains] would be offset by corresponding gains [removed: and losses] in the remeasurement of the underlying transactions being hedged.

Interest Rate Risk. On December 31, [removed: 2021,] [added: 2022,] we had [removed: $11.5] [added: $10.5] billion principal amount of fixed-rate debt.

The following quantifies the market risk exposure arising from hypothetical changes in foreign currency exchange rates and interest rates.

On December 31, 2020, we had notional forward exchange and interest rate swap contracts outstanding of $9.4 billion.

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, 2021 and 2020, we held $1.6 billion and $2.8 billion in cash and equivalents, respectively, but held no marketable securities other than those held in trust to meet some of our obligations under workers’ compensation and non-qualified pension plans.

On December 31, 2021 and 2020, we held marketable securities in trust of $191 and $211, respectively.

These marketable securities are reflected at fair value on the Consolidated Balance Sheet in other current and noncurrent assets.

To optimize [removed: its] market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results.

Our business units seek to deliver superior operating results by [removed: endeavoring to build] [added: building] industry-leading franchises.

Over the past [removed: nine] [added: 10] years, we have invested [removed: approximately $22 billion] [added: in our business] to create, renew or expand our portfolio of products and services across our [removed: businesses to drive long-term growth and shareholder value creation.][added: businesses.]

Our Aerospace segment is recognized as a leading producer of business jets and the standard bearer in [added: new technology aircraft,] aircraft repair, support and completion services.

As a result, since we acquired Gulfstream [removed: over] [added: more than] 20 years ago, we have made significant investments in research and development (R&D), state-of-the-art manufacturing facilities, and maintenance and support through a combination of product development efforts, capital expansion and the acquisition of Jet Aviation’s global support network.

[removed: ][added: ]

The most recent additions to the in-service Gulfstream fleet are two [removed: new] large-cabin aircraft, the G500 and G600, which entered service in 2018 and 2019, respectively.

These clean-sheet (i.e., all-new) aircraft replace the G450 and G550 models, whose combined family has an installed base of more than [removed: 1,650 aircraft around the world.]

[added: Our investment included development of a] new [added: wing, new avionics, new] fuselage and new ergonomically designed larger interiors, as well as systems and technologies to improve the manufacturing process and quality of the platform.

As a result, the G500 and G600 are faster, more fuel [removed: efficient] [added: efficient,] and have greater cabin volume, [added: reduced emissions,] more range and improved flight controls compared with the aircraft they are replacing.

Gulfstream is in the process of flight testing and [added: seeking U.S. Federal Aviation Administration (FAA)] certification of the G700, which currently has [removed: over 2,200] [added: logged more than 3,200] test hours.

We expect the G700 to enter service [removed: in the fourth quarter of 2022 pending] [added: following] certification from the [removed: U.S. Federal Aviation Administration (FAA).][added: FAA in the summer of 2023.]

In [removed: October] 2021, we introduced two new aircraft, the ultra-long-range, ultra-large-cabin G800 and large-cabin G400, completing a nearly two-decade effort to develop an all-new family of Gulfstream aircraft.

The G800 is Gulfstream’s longest-range aircraft, with an 8,000 nautical mile range at Mach 0.85, and it is expected to enter service [removed: in 2023] [added: approximately six months after the G700,] pending FAA certification.

Expected to enter service in [removed: 2025] [added: 2025,] pending FAA certification, the G400 will join a market segment in which Gulfstream has not participated for several decades.

The ultra-long-range, ultra-large-cabin G650 and G650ER continue to generate significant customer interest, with more than [removed: 470] [added: 500] aircraft of this family currently operating in [added: more than] 50 countries.

Gulfstream’s current product line holds more than [removed: 270] [added: 325] city-pair speed records, more than any other business jet manufacturer, led by the G650ER, which holds the National Aeronautic Association’s polar and westbound around-the-world speed records.

At our Savannah campus, we added new purpose-built manufacturing facilities, increased aircraft service capacity, [removed: and] opened a customer-support distribution center and [removed: a dedicated] [added: expanded our] R&D [removed: campus.][added: capabilities.]

We offer comprehensive support for the more than 3,000 Gulfstream aircraft in service around the world and operate [removed: the largest] [added: an extensive network of] factory-owned service [removed: network in the industry.][added: centers.]

[removed: We also operate a 24/7 year-round customer support center and offer on-call Gulfstream aircraft technicians] ready to deploy around the world for customer service requirements under our Field and Airborne Support Team (FAST) rapid-response unit.

Jet Aviation manages [removed: nearly] [added: approximately] 300 business aircraft globally on behalf of individuals and corporate owners.

We operate a leading global FBO network and support all aircraft types with [removed: the] [added: a] full range of maintenance services, including 24/7 global aircraft-on-ground support.

We continue to grow our global footprint through acquisitions, expansions and significant renovations in [removed: key] [added: strategic] business aviation [removed: markets.][added: markets most frequented by our customers.]

[removed: ][added: ]

Revenue for the Aerospace segment was [removed: 21%] [added: 22%] of our consolidated revenue in [removed: 2021 and 2020] [added: 2022] and [removed: 25%] [added: 21%] in [removed: 2019.][added: 2021 and 2020.]

| Year Ended December 31 | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Aircraft manufacturing | | | $ | [removed: 5,864] [added: 5,876] | | | | | $ | [removed: 6,115] [added: 5,864] | | | | | $ | [removed: 7,541] [added: 6,115] | |

| Aircraft services | | | [removed: 2,271] [added: 2,691] | | | | | | [removed: 1,960] [added: 2,271] | | | | | | [removed: 2,260] [added: 1,960] | | |

| Total Aerospace | | | $ | [removed: 8,135] [added: 8,567] | | | | | $ | [removed: 8,075] [added: 8,135] | | | | | $ | [removed: 9,801] [added: 8,075] | |

The resulting increase in capacity and capabilities will support the unprecedented growth expected in our shipbuilding business, particularly submarines, [removed: for] [added: over] the next two decades.

The business is responsible for all aspects of design and engineering and leads the construction of both [removed: the] Virginia-class attack [removed: submarine] [added: submarines] and [removed: the] Columbia-class ballistic-missile [removed: submarine.][added: submarines.]

The Navy procures Virginia-class submarines in multi-boat [removed: blocks, currently] [added: blocks] at a two-per-year rate.

[removed: We] [added: Along with an industry partner, we] are currently working on Blocks IV and V in the program, with [removed: 19] [added: 17] Virginia-class submarines in our backlog scheduled for delivery through [removed: 2031.][added: 2032.]

Nine of the boats in Block V include the Virginia Payload [removed: Module (VPM),] [added: Module,] an 84-foot Electric Boat-designed-and-built hull section that adds four additional payload tubes, more than tripling the strike capacity of these submarines and providing unique capabilities to support special missions.

Accordingly, the program has received the highest possible rating from the government’s Defense Priorities and Allocations [removed: System (DPAS).][added: System.]

We are investing $1.8 billion of capital in expanded and modernized facilities at Electric Boat to support the growth in submarine construction and expect the [removed: projects] [added: investments] to be substantially complete by the end of 2023.

[removed: Equal to] [added: While] the [removed: commitment] [added: steepest portion] of [removed: capital is] our [removed: commitment to our] [added: personnel ramp is behind us, we still expect the] Electric Boat [removed: workforce, which is on track] [added: workforce] to grow [removed: approximately] [added: another] 25% [removed: in] [added: by] the [removed: current] [added: end of the] decade, particularly in support of Columbia-class production.

Along with strong contributions from the states of Connecticut and Rhode Island, we continue to invest in the training and tools necessary for our employees to [removed: be prepared to] deliver these next-generation submarines to the Navy on time and on budget.

We have a total of 10 ships in backlog scheduled for delivery through [removed: 2027.][added: 2029.]

Work on the [removed: two] [added: three] ESBs in backlog will continue into [removed: 2024,] [added: 2026,] while the [removed: initial] [added: seven T-AO-205] ships [added: currently] in [removed: the T-AO-205 program] [added: backlog] have deliveries planned into [removed: 2025.][added: 2027.]

As we emerge from this period of significant investment, we expect to realize an attractive return from these investments in each of our segments and continue to evaluate our capital deployment opportunities to deliver long-term growth and enduring value to our shareholders.

We are also the industry leader in the use of sustainable aviation fuel (SAF) and energy efficient engines.

1,650 aircraft around the world.

These aircraft hold more than 90 city-pair speed records, and at year-end 2022, cumulative deliveries for the aircraft totaled over 200.

We also operate a 24/7 year-round customer support center and offer on-call Gulfstream aircraft technicians

The Aerospace segment places a priority on sustainability throughout its manufacturing and service operations, producing aircraft that maximize fuel efficiency while offering customers options to reduce or eliminate their carbon footprints.

Gulfstream and Jet Aviation have been at the forefront of the industry by adopting and expanding the availability of SAF, which achieves as much as an 80% reduction in carbon dioxide emissions per gallon over its lifecycle compared to petroleum-based jet fuel.

Gulfstream’s service and test aircraft have flown more than 2 million nautical miles on SAF since 2016, and in 2019 Gulfstream became the first business jet manufacturer to make SAF available to customers.

Gulfstream also offers operators the ability to achieve carbon-neutral travel by facilitating the purchase of carbon-offset credits.

In addition to actively expanding the availability of SAF at its FBO locations,

Jet Aviation allows customers to purchase SAF at locations where it is not available through a book-and-claim system.

Since 2019, Jet Aviation has uploaded more than 10 million gallons of blended SAF to its customers.

Equal to the commitment of capital is our commitment to developing our Electric Boat workforce.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

In 2022, we introduced new capabilities within each of these two foundational product lines in support of the Army’s climate and electrification strategies, including incorporating next-generation electronic architecture technology, hybrid electric engines, integrated active protection systems, and the ability to employ air and ground robotic teaming.

AbramsX is a next-generation main battle tank technology demonstrator that features significantly reduced weight for improved mobility and transportation and delivers the same tactical range as the M1A2 Abrams with 50% less fuel consumption.

Like AbramsX, StrykerX offers next-generation capabilities such as silent movement, silent watch, exportable electric power and reduced fuel consumption via a hybrid diesel-electric power

pack.

Our focus on innovation and technological investments in these platforms positions us to continue to meet our customers’ evolving requirements.

In addition, during 2022 we were awarded a low-rate initial production (LRIP) contract for the Army’s Mobile Protected Firepower (MPF) vehicle — the first ground combat vehicle to transition from prototype to production in 40 years.

The MPF vehicle will enhance the relevance of Infantry Brigade Combat Teams in large-scale combat operations against near-peer threats.

The highly lethal, survivable and mobile direct-fire combat vehicle melds recently developed and battle-tested designs to dominate ground threats on the multi-domain battlefield.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

In addition, with the convergence of digital technologies, the two businesses benefit from significant complementary offerings and solution sets.

The segment makes strategic investments in new and emerging technologies and combines an in-depth understanding of the evolving technology landscape with an intimate knowledge of our customers’ mission needs.

This includes operating a network of technology labs to prototype solutions and accelerate the development of advanced capabilities for customers’ environments.

As technology continues to advance, we are at the forefront of new technological trends, including cloud computing, cybersecurity, zero trust, fifth generation (5G) technology, artificial intelligence and machine learning (AI/ML), data analytics, and high-performance computing.

Operating thousands of complex digital modernization

For the National Geospatial-Intelligence Agency (NGA), GDIT is providing hybrid cloud services, including commercial clouds and data centers, and innovative IT design, engineering, implementation and operations support services to the NGA and its mission partners.

In the federal civilian sector, GDIT’s high-performance supercomputers, ranked 49th and 50th fastest in the world by TOP500, run the National Oceanic and Atmospheric Administration (NOAA) operational models used to forecast the weather and model climate data.

This work includes supporting the U.S. Army National Guard’s Department of Defense Information Network’s IT infrastructure, cybersecurity, application hosting and associated services.

This enterprise network, one of the largest in the DoD, provides soldiers with access to the internet; allows them to connect securely with other databases and networks; and provides leaders with tools for training, mission planning and execution.

Mission Systems develops and manufactures high-assurance encryption products that are widely deployed to protect national security systems, data and networks against persistent threats.

These Type 1 National Security Agency (NSA)-certified products and capabilities provide needed protection for classified voice, video and data in-transit or at-rest in all domains.

Capabilities range from enterprise systems to embedded applications required for terrestrial, airborne or space environments.

lack of ground connectivity.

Mission Systems continues to help advance our nation’s dominance in the space domain.

We designed and manufactured mission-critical communications and optical technologies for the National Aeronautics and Space Administration’s (NASA) Artemis I and James Webb Space Telescope missions.

Additionally, the U.S. Space Development Agency (SDA) selected Mission Systems to establish the ground operations and integration segment for Tranche 1 of the National Defense Space Architecture by building ground entry points and operations centers, as well as providing network operations and systems integration services for the SDA’s next tranche of proliferated low-earth orbit satellites.

| Year Ended December 31 | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

Our investment included development of a new wing, new avionics,

At year-end 2021, cumulative deliveries for these aircraft totaled almost 150.

The Aerospace segment is committed to sustainability and the reduction of aviation’s carbon footprint.

In support of this strategy, Gulfstream and Jet Aviation offer sustainable aviation fuel through our combined services network and lead the industry in total gallons supplied to the business jet market.

Furthermore, we offer carbon offset credits and book and claim options to our customers, enabling them to operate aircraft on a carbon-neutral basis.

This market has experienced a series of structural shifts in recent years, and our response to those trends has further solidified our position as a market leader.

Cloud computing capabilities, cyber security threats, and advancements in artificial intelligence have transformed technology resources from short-cycle back-office support functions to a strategic priority for this customer community.

These market shifts have resulted in significant consolidation in the industry in recognition of the scale and breadth of capabilities required to meet this growing demand.

In response to these market dynamics, in 2015 we combined our C5 and ISR operations into a single Mission Systems business unit, and in 2018 we acquired CSRA, Inc. (CSRA), which doubled the size of our IT services business, brought critical capabilities and repositioned the segment as a leader in this market.

During the four years following the acquisition of CSRA, GDIT and Mission Systems carried out considerable portfolio shaping and realignment.

In addition, with the convergence of digital technologies, the two businesses have considerable commonality and benefit from significant complementary pull-through in their core offerings and solution sets, particularly in the areas of cloud computing; artificial intelligence and machine learning (AI/ML); big data analytics; development, security and operations (DevSecOps); software-defined networks; and everything as-a-service (XaaS).

For the DoD, GDIT is delivering, integrating and supporting Microsoft’s cloud-based productivity suite, Microsoft Office 365, under the Defense Enterprise Office Systems (DEOS) contract, which secures and streamlines email and collaborative tools across the DoD enterprise.

In the federal civilian sector, GDIT supports some of the fastest supercomputers in the world, responsible for biomedical research, weather forecasting and climate modeling.

This work includes modernizing the IT infrastructure for the U.S. Southern Command’s (USSOUTHCOM) secured networks with a full range of capabilities, including cyber security, cloud computing and software development.

Mission Systems develops and manufactures combat-proven global positioning systems (GPS) for the U.S. Army.

This includes capabilities to ensure reliable satellite connectivity in any location and a suite of Assured Position, Navigation and Timing capabilities, which provide military forces the ability to synchronize communications utilizing trusted data, even when GPS signals are degraded or denied.

cost, quality, schedule and performance.

submarine program, and to which it subcontracts on the Columbia-class submarine program.

Our commitment to ethical business practices is outlined in our Standards of Business Ethics and Conduct, commonly known as our Blue Book.

qualified workforce.

Safety in our workplaces is paramount.

We attempt to

We have not experienced, and do not foresee, significant difficulties in obtaining the materials, components or supplies necessary for our business operations.

We are directly or indirectly

[removed: ][added: ]

For the fiscal year ended December 31, [removed: 2021][added: 2022]

The aggregate market value of the voting common equity held by non-affiliates of the registrant was [removed: $46,753,289,081] [added: $54,293,907,678] as of July [removed: 4, 2021] [added: 3, 2022] (based on the closing price of the shares on the New York Stock Exchange).

[removed: 277,697,967] [added: 274,430,054] shares of the registrant’s common stock, $1 par value per share, were outstanding on January [removed: 30, 2022.][added: 29, 2023.]

Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the [removed: 2022] [added: 2023] annual meeting of shareholders to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year.

| Item 1. | | | [removed: [Business](#i48cbc1376575462093e055d0b25dc4b2_13)] [added: [Business](#i9f15c86462b947e1b8ad012760822415_13)] | | | [removed: [3](#i48cbc1376575462093e055d0b25dc4b2_13)] [added: [3](#i9f15c86462b947e1b8ad012760822415_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i48cbc1376575462093e055d0b25dc4b2_16)] [added: Factors](#i9f15c86462b947e1b8ad012760822415_16)] | | | [removed: [20](#i48cbc1376575462093e055d0b25dc4b2_16)] [added: [21](#i9f15c86462b947e1b8ad012760822415_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i48cbc1376575462093e055d0b25dc4b2_22)] [added: Comments](#i9f15c86462b947e1b8ad012760822415_22)] | | | [removed: [25](#i48cbc1376575462093e055d0b25dc4b2_22)] [added: [27](#i9f15c86462b947e1b8ad012760822415_22)] | | |

| Item 2. | | | [removed: [Properties](#i48cbc1376575462093e055d0b25dc4b2_25)] [added: [Properties](#i9f15c86462b947e1b8ad012760822415_25)] | | | [removed: [25](#i48cbc1376575462093e055d0b25dc4b2_25)] [added: [27](#i9f15c86462b947e1b8ad012760822415_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i48cbc1376575462093e055d0b25dc4b2_28)] [added: Proceedings](#i9f15c86462b947e1b8ad012760822415_28)] | | | [removed: [26](#i48cbc1376575462093e055d0b25dc4b2_28)] [added: [28](#i9f15c86462b947e1b8ad012760822415_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i48cbc1376575462093e055d0b25dc4b2_31)] [added: Disclosures](#i9f15c86462b947e1b8ad012760822415_31)] | | | [removed: [26](#i48cbc1376575462093e055d0b25dc4b2_31)] [added: [28](#i9f15c86462b947e1b8ad012760822415_31)] | | |

| | | | [removed: [Information](#i48cbc1376575462093e055d0b25dc4b2_34) [A](#i48cbc1376575462093e055d0b25dc4b2_34)[bout] [added: [Information About] our Executive [removed: Officers](#i48cbc1376575462093e055d0b25dc4b2_34)] [added: Officers](#i9f15c86462b947e1b8ad012760822415_34)] | | | [removed: [26](#i48cbc1376575462093e055d0b25dc4b2_34)] [added: [28](#i9f15c86462b947e1b8ad012760822415_34)] | | |

| Item 5. | | | [Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i48cbc1376575462093e055d0b25dc4b2_40)] [added: Securities](#i9f15c86462b947e1b8ad012760822415_40)] | | | [removed: [27](#i48cbc1376575462093e055d0b25dc4b2_40)] [added: [29](#i9f15c86462b947e1b8ad012760822415_40)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i48cbc1376575462093e055d0b25dc4b2_43)] [added: [\[Reserved\]](#i9f15c86462b947e1b8ad012760822415_43)] | | | [removed: [30](#i48cbc1376575462093e055d0b25dc4b2_43)] [added: [31](#i9f15c86462b947e1b8ad012760822415_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i48cbc1376575462093e055d0b25dc4b2_46)] [added: Operations](#i9f15c86462b947e1b8ad012760822415_46)] | | | [removed: [30](#i48cbc1376575462093e055d0b25dc4b2_46)] [added: [32](#i9f15c86462b947e1b8ad012760822415_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative [removed: Disclosures](#i48cbc1376575462093e055d0b25dc4b2_79) [A](#i48cbc1376575462093e055d0b25dc4b2_79)[bout] [added: Disclosures](#i9f15c86462b947e1b8ad012760822415_70) [A](#i9f15c86462b947e1b8ad012760822415_70)[bout] Market [removed: Risk](#i48cbc1376575462093e055d0b25dc4b2_79)] [added: Risk](#i9f15c86462b947e1b8ad012760822415_70)] | | | [removed: [51](#i48cbc1376575462093e055d0b25dc4b2_79)] [added: [53](#i9f15c86462b947e1b8ad012760822415_70)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i48cbc1376575462093e055d0b25dc4b2_82)] [added: Data](#i9f15c86462b947e1b8ad012760822415_73)] | | | [removed: [52](#i48cbc1376575462093e055d0b25dc4b2_82)] [added: [54](#i9f15c86462b947e1b8ad012760822415_73)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i48cbc1376575462093e055d0b25dc4b2_184)] [added: Disclosure](#i9f15c86462b947e1b8ad012760822415_166)] | | | [removed: [97](#i48cbc1376575462093e055d0b25dc4b2_184)] [added: [99](#i9f15c86462b947e1b8ad012760822415_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i48cbc1376575462093e055d0b25dc4b2_187)] [added: Procedures](#i9f15c86462b947e1b8ad012760822415_169)] | | | [removed: [97](#i48cbc1376575462093e055d0b25dc4b2_187)] [added: [99](#i9f15c86462b947e1b8ad012760822415_169)] | | |

| Item 9B. | | | [Other [removed: Information](#i48cbc1376575462093e055d0b25dc4b2_199)] [added: Information](#i9f15c86462b947e1b8ad012760822415_181)] | | | [removed: [100](#i48cbc1376575462093e055d0b25dc4b2_199)] [added: [101](#i9f15c86462b947e1b8ad012760822415_181)] | | |

| Item 9C. | | | [removed: [Disclosure](#i48cbc1376575462093e055d0b25dc4b2_1869) [](#i48cbc1376575462093e055d0b25dc4b2_1869)[Regarding] [added: [Disclosure Regarding] Foreign [removed: Jurisdictions](#i48cbc1376575462093e055d0b25dc4b2_1869) [T](#i48cbc1376575462093e055d0b25dc4b2_1869)[hat] [added: Jurisdictions That] Prevent [removed: Inspections](#i48cbc1376575462093e055d0b25dc4b2_1869)] [added: Inspections](#i9f15c86462b947e1b8ad012760822415_184)] | | | [removed: [100](#i48cbc1376575462093e055d0b25dc4b2_1869)] [added: [101](#i9f15c86462b947e1b8ad012760822415_184)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i48cbc1376575462093e055d0b25dc4b2_205)] [added: Governance](#i9f15c86462b947e1b8ad012760822415_190)] | | | [removed: [100](#i48cbc1376575462093e055d0b25dc4b2_205)] [added: [101](#i9f15c86462b947e1b8ad012760822415_190)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i48cbc1376575462093e055d0b25dc4b2_208)] [added: Compensation](#i9f15c86462b947e1b8ad012760822415_193)] | | | [removed: [100](#i48cbc1376575462093e055d0b25dc4b2_208)] [added: [101](#i9f15c86462b947e1b8ad012760822415_193)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i48cbc1376575462093e055d0b25dc4b2_211)] [added: Matters](#i9f15c86462b947e1b8ad012760822415_196)] | | | [removed: [101](#i48cbc1376575462093e055d0b25dc4b2_211)] [added: [102](#i9f15c86462b947e1b8ad012760822415_196)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i48cbc1376575462093e055d0b25dc4b2_214)] [added: Independence](#i9f15c86462b947e1b8ad012760822415_199)] | | | [removed: [101](#i48cbc1376575462093e055d0b25dc4b2_214)] [added: [102](#i9f15c86462b947e1b8ad012760822415_199)] | | |

| Item 14. | | | [Principal Accountant Fees [removed: a](#i48cbc1376575462093e055d0b25dc4b2_217)nd] [added: a](#i9f15c86462b947e1b8ad012760822415_202)nd] Services | | | [removed: [101](#i48cbc1376575462093e055d0b25dc4b2_217)] [added: [102](#i9f15c86462b947e1b8ad012760822415_202)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i48cbc1376575462093e055d0b25dc4b2_223)] [added: Schedules](#i9f15c86462b947e1b8ad012760822415_208)] | | | [removed: [101](#i48cbc1376575462093e055d0b25dc4b2_223)] [added: [102](#i9f15c86462b947e1b8ad012760822415_208)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i48cbc1376575462093e055d0b25dc4b2_226)] [added: Summary](#i9f15c86462b947e1b8ad012760822415_211)] | | | [removed: [106](#i48cbc1376575462093e055d0b25dc4b2_226)] [added: [106](#i9f15c86462b947e1b8ad012760822415_211)] | | |

| | | | [Signatures](#i9f15c86462b947e1b8ad012760822415_214) | | | [108](#i9f15c86462b947e1b8ad012760822415_214) | | |

| | | | [Signatures](#i48cbc1376575462093e055d0b25dc4b2_229) | | | [107](#i48cbc1376575462093e055d0b25dc4b2_229) | | |

On December 31, [removed: 2021,] [added: 2022,] our segments had material operations at the following locations:

- Aerospace – [added: Mesa, Arizona;] Van Nuys, California; West Palm Beach, Florida; Brunswick and Savannah, Georgia; Cahokia, Illinois; Westfield, Massachusetts; Teterboro, New Jersey; New York, New York; Tulsa, Oklahoma; [removed: Dallas,] [added: Dallas and Fort Worth,] Texas; Dulles, Virginia; Appleton, Wisconsin; Sydney, Australia; Beijing, China; Mexicali, Mexico; Singapore; Basel, Switzerland; Farnborough, United Kingdom.

- Combat Systems – Anniston, Alabama; East Camden, Arkansas; Healdsburg, California; Crawfordsville, St. Petersburg and Tallahassee, Florida; Marion, Illinois; Saco, Maine; Sterling Heights, Michigan; Lima, Ohio; [removed: Eynon] [added: Eynon, Scranton] and [removed: Scranton,] [added: Wilkes-Barre,] Pennsylvania; Garland, Texas; Joint Base Lewis-McChord, Washington; Vienna, Austria; [removed: La] [added: Le] Gardeur, London and Valleyfield, Canada; Kaiserslautern, Germany; Madrid, Sevilla and Trubia, Spain; Kreuzlingen and Tägerwilen, Switzerland; Merthyr Tydfil, United Kingdom.

A summary of floor space by segment on December 31, [removed: 2021,] [added: 2022,] follows:

| Aerospace | | | [removed: 6.0] [added: 5.9] | | | | | | [removed: 9.3] [added: 9.4] | | | | | | 0.5 | | | | | | 15.8 | | |

| Marine Systems | | | [removed: 8.4] [added: 8.7] | | | | | | 4.5 | | | | | | — | | | | | | [removed: 12.9] [added: 13.2] | | |

| Technologies | | | 3.1 | | | | | | [removed: 7.4] [added: 7.9] | | | | | | 0.9 | | | | | | [removed: 11.4] [added: 11.9] | | |

| Combat Systems | | | 6.5 | | | | | | 4.7 | | | | | | 4.9 | | | | | | 16.1 | | |

| Total square feet | | | 24.2 | | | | | | 26.5 | | | | | | 6.3 | | | | | | 57.0 | | |

| Combat Systems | | | 5.8 | | | | | | 4.0 | | | | | | 5.0 | | | | | | 14.8 | | |

| Total square feet | | | 23.3 | | | | | | 25.2 | | | | | | 6.4 | | | | | | 54.9 | | |

| Jason W. Aiken [removed: - Senior] [added: – Executive] Vice [removed: President] [added: President, Technologies] and Chief Financial Officer since January [removed: 2014;] [added: 2023; Senior] Vice President [added: 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 | | | [removed: 49] [added: 50] | | |

| Christopher J. Brady [removed: -] [added: –] 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 | | | [removed: 59] [added: 60] | | |

| Mark L. Burns [removed: -] [added: –] 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 | | | [removed: 62] [added: 63] | | |

| Danny Deep [removed: -] [added: –] 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 | | | [removed: 52] [added: 53] | | |

| Gregory S. Gallopoulos [removed: -] [added: –] 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 | | | [removed: 62] [added: 63] | | |

| M. Amy Gilliland [removed: -] [added: –] 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 | | | [removed: 47] [added: 48] | | |

| Kevin M. Graney [removed: -] [added: –] 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 | | | [removed: 57] [added: 59] | | |

| Kimberly A. Kuryea [removed: -] [added: –] 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 | | | [removed: 54] [added: 55] | | |

| William A. Moss [removed: -] [added: –] Vice President and Controller since April 2017; Staff Vice President, Internal Audit, May 2015 - March 2017; Staff Vice President, Accounting, August 2010 - May 2015 | | | [removed: 58] [added: 59] | | |

| Phebe N. Novakovic [removed: -] [added: –] 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 | | | [removed: 64] [added: 65] | | |

| Mark C. Roualet [removed: -] [added: –] 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 | | | [removed: 63] [added: 64] | | |

| Robert E. Smith [removed: -] [added: –] 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 | | | [removed: 54] [added: 55] | | |

Set forth below is information regarding our executive officers as of February 7, 2023 (references are to positions with General Dynamics Corporation, unless otherwise noted):

The name, age, offices and positions of our executives held for at least the past five years as of February 9, 2022, were as follows (references are to positions with General Dynamics Corporation, unless otherwise noted):

| Christopher Marzilli - Executive Vice President, Technologies since December 2020; Executive Vice President, Information Technology and Mission Systems, January 2019 - December 2020; Vice President of the company and President of General Dynamics Mission Systems, January 2015 - December 2018; Vice President of the company and President of General Dynamics C4 Systems, January 2006 - December 2014; Senior Vice President and Deputy General Manager of General Dynamics C4 Systems, November 2003 - January 2006 | | | 62 | | |

On January [removed: 30, 2022,] [added: 29, 2023,] there were approximately [removed: 10,000] [added: 9,000] holders of record of our common stock.

We did not make any unregistered sales of equity securities in [removed: 2021.][added: 2022.]

On December 31, [removed: 2021, 12.1] [added: 2022, 6.7] million shares remained authorized by our board of directors for repurchase.

Based on Investments of $100 Beginning December 31, [removed: 2016][added: 2017]

[removed: ][added: ]

| 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 | | |

| 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 | | | | | | | | | | | | | |

(in per-share amounts)

| 10/4/21-10/31/21 | | | | | | 24,637 | | | | | | $ | 202.94 | | | | | 24,637 | | | | | | 13,809,785 | | |

| 11/1/21-11/28/21 | | | | | | 449,553 | | | | | | 200.19 | | | | | | 449,553 | | | | | | 13,360,232 | | |

| 11/29/21-12/31/21 | | | | | | 1,305,295 | | | | | | 201.90 | | | | | | 1,305,295 | | | | | | 12,054,937 | | |

| 10/4/21-10/31/21 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 11/1/21-11/28/21 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 11/29/21-12/31/21 | | | | | | 378 | | | | | | 196.31 | | | | | | | | | | | | | | |

| | | | | | | 1,779,863 | | | | | | $ | 201.48 | | | | | | | | | | | | | |

On June 2, 2021, the board of directors authorized management to repurchase up to 10 million additional shares of the company’s outstanding common stock on the open market.

We repurchased 1.8 million shares in the fourth quarter of 2021.

| (Dollars in millions, except per-share amounts) | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Products | | | $ | [removed: 22,428] [added: 23,022] | | | | | $ | [removed: 22,188] [added: 22,428] | | | | | $ | [removed: 23,130] [added: 22,188] | |

| Services | | | [removed: 16,041] [added: 16,385] | | | | | | [removed: 15,737] [added: 16,041] | | | | | | [removed: 16,220] [added: 15,737] | | |

| | | | [removed: 38,469] [added: 39,407] | | | | | | [removed: 37,925] [added: 38,469] | | | | | | [removed: 39,350] [added: 37,925] | | |

| Products | | | [removed: (18,524)] [added: (18,981)] | | | | | | [removed: (18,192)] [added: (18,524)] | | | | | | [removed: (18,611)] [added: (18,192)] | | |

| Services | | | [removed: (13,537)] [added: (13,804)] | | | | | | [removed: (13,408)] [added: (13,537)] | | | | | | [removed: (13,752)] [added: (13,408)] | | |

| General and administrative (G&A) | | | [removed: (2,245)] [added: (2,411)] | | | | | | [removed: (2,192)] [added: (2,245)] | | | | | | [removed: (2,417)] [added: (2,192)] | | |

| | | | [removed: (34,306)] [added: (35,196)] | | | | | | [removed: (33,792)] [added: (34,306)] | | | | | | [removed: (34,780)] [added: (33,792)] | | |

| Operating earnings | | | [removed: 4,163] [added: 4,211] | | | | | | [removed: 4,133] [added: 4,163] | | | | | | [removed: 4,570] [added: 4,133] | | |

| Other, net | | | [removed: 134] [added: 189] | | | | | | [removed: 82] [added: 134] | | | | | | [removed: 92] [added: 82] | | |

| Interest, net | | | [removed: (424)] [added: (364)] | | | | | | [removed: (477)] [added: (424)] | | | | | | [removed: (460)] [added: (477)] | | |

| Earnings before income tax | | | [removed: 3,873] [added: 4,036] | | | | | | [removed: 3,738] [added: 3,873] | | | | | | [removed: 4,202] [added: 3,738] | | |

| Provision for income tax, net | | | [removed: (616)] [added: (646)] | | | | | | [removed: (571)] [added: (616)] | | | | | | [removed: (718)] [added: (571)] | | |

| Net earnings | | | $ | [removed: 3,257] [added: 3,390] | | | | | $ | [removed: 3,167] [added: 3,257] | | | | | $ | [removed: 3,484] [added: 3,167] | |

| Basic | | | $ | [removed: 11.61] [added: 12.31] | | | | | $ | [removed: 11.04] [added: 11.61] | | | | | $ | [removed: 12.09] [added: 11.04] | |

| Diluted | | | $ | [removed: 11.55] [added: 12.19] | | | | | $ | [removed: 11.00] [added: 11.55] | | | | | $ | [removed: 11.98] [added: 11.00] | |

| (Dollars in millions) | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Net earnings | | | | | | $ | [removed: 3,257] [added: 3,390] | | | | | $ | [removed: 3,167] [added: 3,257] | | | | | $ | [removed: 3,484] [added: 3,167] | |

| [removed: (Losses) gains on] [added: Changes in unrealized] cash flow hedges | | | | | | [removed: (174)] [added: (190)] | | | | | | [removed: 366] [added: (174)] | | | | | | [removed: 97] [added: 366] | | |

| Foreign currency translation adjustments | | | | | | [removed: (103)] [added: (278)] | | | | | | [removed: 353] [added: (103)] | | | | | | [removed: 186] [added: 353] | | |

| [removed: Change] [added: Changes] in retirement plans’ funded status | | | | | | [removed: 2,365] [added: 241] | | | | | | [removed: (453)] [added: 2,365] | | | | | | [removed: (857)] [added: (453)] | | |

| Other comprehensive [removed: income (loss),] [added: (loss) income,] pretax | | | | | | [removed: 2,088] [added: (227)] | | | | | | [removed: 266] [added: 2,088] | | | | | | [removed: (574)] [added: 266] | | |

| (Provision) benefit for income tax, net | | | | | | [removed: (458)] [added: (5)] | | | | | | [removed: 2] [added: (458)] | | | | | | [removed: 156] [added: 2] | | |

| Other comprehensive [removed: income (loss),] [added: (loss) income,] net of tax | | | | | | [removed: 1,630] [added: (232)] | | | | | | [removed: 268] [added: 1,630] | | | | | | [removed: (418)] [added: 268] | | |

| Comprehensive income | | | | | | $ | [removed: 4,887] [added: 3,158] | | | | | $ | [removed: 3,435] [added: 4,887] | | | | | $ | [removed: 3,066] [added: 3,435] | |

| (Dollars in millions) | | | [removed: 2021] [added: 2022] | | | | | | [added: 2021 | | | | | |] 2020 | | |

| Cash and equivalents | | | $ | [removed: 1,603] [added: 1,242] | | | | | $ | [removed: 2,824] [added: 1,603] | |

| Accounts receivable | | | [removed: 3,041] [added: 3,008] | | | | | | [removed: 3,161] [added: 3,041] | | |

| Unbilled receivables | | | [removed: 8,498] [added: 8,795] | | | | | | [removed: 8,024] [added: 8,498] | | |

| Inventories | | | [removed: 5,340] [added: 6,322] | | | | | | [removed: 5,745] [added: 5,340] | | |

| Other current assets | | | [removed: 1,505] [added: 1,696] | | | | | | [removed: 1,789] [added: 1,505] | | |

| Total current assets | | | [removed: 19,987] [added: 21,063] | | | | | | [removed: 21,543] [added: 19,987] | | |

| Property, plant and equipment, net | | | [removed: 5,417] [added: 5,900] | | | | | | [removed: 5,100] [added: 5,417] | | |

| Intangible assets, net | | | [removed: 1,978] [added: 1,824] | | | | | | [removed: 2,117] [added: 1,978] | | |

| Goodwill | | | [removed: 20,098] [added: 20,334] | | | | | | [removed: 20,053] [added: 20,098] | | |

| Other assets | | | [removed: 2,593] [added: 2,464] | | | | | | [removed: 2,495] [added: 2,593] | | |

| Total noncurrent assets | | | [removed: 30,086] [added: 30,522] | | | | | | [removed: 29,765] [added: 30,086] | | |

| Total assets | | | $ | [removed: 50,073] [added: 51,585] | | | | | $ | [removed: 51,308] [added: 50,073] | |

| Short-term debt and current portion of long-term debt | | | $ | [removed: 1,005] [added: 1,253] | | | | | $ | [removed: 3,003] [added: 1,005] | |

| Accounts payable | | | [removed: 3,167] [added: 3,398] | | | | | | [removed: 2,952] [added: 3,167] | | |

| Income taxes payable | | | (436) | | | | | | (45) | | | | | | (39) | | |

| Other | | | — | | | | | | — | | | | | | (16) | | | | | | — | | | | | | — | | | | | | (16) | | |

| December 31, 2022 | | | $ | 482 | | | | | $ | 3,556 | | | | | $ | 37,403 | | | | | $ | (20,721) | | | | | $ | (2,152) | | | | | $ | 18,568 | |

R&D expenses have trended upward driven by activities primarily associated with ongoing new aircraft development efforts.

significantly exceeded the respective carrying values based on our most recent quantitative assessments, which were performed in the fourth quarter of 2018.

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.

Revenue on these contracts is

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.

| Fixed-price | | | $ | 7,626 | | | | | $ | 6,509 | | | | | $ | 6,434 | | | | | $ | 5,402 | | | | | $ | 25,971 | |

| Cost-reimbursement | | | — | | | | | | 4,529 | | | | | | 813 | | | | | | 5,190 | | | | | | 10,532 | | |

| Time-and-materials | | | 941 | | | | | | 2 | | | | | | 61 | | | | | | 1,900 | | | | | | 2,904 | | |

| Total revenue | | | $ | 8,567 | | | | | $ | 11,040 | | | | | $ | 7,308 | | | | | $ | 12,492 | | | | | $ | 39,407 | |

Under cost-reimbursement contracts,

| Year Ended December 31, 2022 | | | Aerospace | | | | | | Marine Systems | | | | | | Combat Systems | | | | | | Technologies | | | | | | Total Revenue | | |

| Department of Defense (DoD) | | | $ | 313 | | | | | $ | 10,874 | | | | | $ | 4,082 | | | | | $ | 6,981 | | | | | $ | 22,250 | |

| Non-DoD | | | — | | | | | | 2 | | | | | | 9 | | | | | | 4,797 | | | | | | 4,808 | | |

| Foreign military sales (FMS) | | | 120 | | | | | | 158 | | | | | | 325 | | | | | | 30 | | | | | | 633 | | |

| Total U.S. government | | | 433 | | | | | | 11,034 | | | | | | 4,416 | | | | | | 11,808 | | | | | | 27,691 | | |

| U.S. commercial | | | 5,236 | | | | | | 3 | | | | | | 237 | | | | | | 233 | | | | | | 5,709 | | |

| Non-U.S. government | | | 587 | | | | | | 3 | | | | | | 2,563 | | | | | | 404 | | | | | | 3,557 | | |

| Non-U.S. commercial | | | 2,311 | | | | | | — | | | | | | 92 | | | | | | 47 | | | | | | 2,450 | | |

| Total revenue | | | $ | 8,567 | | | | | $ | 11,040 | | | | | $ | 7,308 | | | | | $ | 12,492 | | | | | $ | 39,407 | |

| Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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.

| Tax impact of restructuring | | | (1.9) | | | | | | — | | | | | | — | | |

| December 31 | | | 2022 | | | | | | 2021 | | |

| Net deferred tax liability | | | $ | (646) | | | | | $ | (827) | |

| December 31 | | | 2022 | | | | | | 2021 | | |

| December 31 | | | 2022 | | | | | | 2021 | | |

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.

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.

| December 31 | | | 2022 | | | | | | 2021 | | |

The increase in total inventories during 2022 was due primarily to the ramp-up in production of new Gulfstream aircraft models announced in the last three years, as well as increased production of in-service aircraft reflecting strong customer demand.

Customer deposits associated with firm orders for these aircraft, which are reflected in customer advances and deposits and other noncurrent liabilities on the Consolidated Balance Sheet, have correspondingly increased.

| Other (c) | | | (59) | | | | | | — | | | | | | (13) | | | | | | 30 | | | | | | (42) | | |

| Other (c) | | | (20) | | | | | | — | | | | | | (61) | | | | | | (19) | | | | | | (100) | | |

| December 31, 2022 (a) | | | $ | 3,019 | | | | | $ | 297 | | | | | $ | 2,766 | | | | | $ | 14,252 | | | | | $ | 20,334 | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Repayment of commercial paper, net | | | — | | | | | | — | | | | | | (850) | | |

| December 31, 2018 | | | $ | 482 | | | | | $ | 2,946 | | | | | $ | 29,326 | | | | | $ | (17,244) | | | | | $ | (3,400) | | | | | $ | 12,110 | |

| Cumulative-effect adjustment* | | | — | | | | | | — | | | | | | (37) | | | | | | — | | | | | | — | | | | | | (37) | | |

*Reflects the cumulative effect of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which we adopted on January 1, 2020.

R&D expenses trended downward in 2019 and 2020 with the completion of the G500 and G600 aircraft test programs, and increased in 2021 driven by activities primarily associated with the G700 aircraft test program.

These costs include workers’ compensation, pension and other post-retirement benefits, and environmental obligations.

We defer these costs in other current assets on the Consolidated Balance Sheet until they can be allocated to contracts, which is generally after they are paid.

We expect to recover these costs through ongoing business, including existing backlog and probable follow-on contracts.

We regularly assess the probability of recovery of these costs.

If the backlog in the future does not support the continued deferral of these costs, the profitability of our remaining contracts could be adversely affected.

Other contract costs on December 31, 2021 and 2020, were $305 and $499, respectively.

In 2020, we completed the sale of a business in our Aerospace segment and two businesses in our Technologies segment, one of which was classified as held for sale on the Consolidated Balance Sheet on December 31, 2019.

In 2019, we completed the sale of a business in our Technologies segment that was classified as held for sale on the Consolidated Balance Sheet on December 31, 2018.

No adjustment on any one contract was material to the Consolidated Financial Statements in 2021, 2020 or 2019.

| Fixed-price | | | $ | 8,949 | | | | | $ | 6,331 | | | | | $ | 6,049 | | | | | $ | 6,344 | | | | | $ | 27,673 | |

| Cost-reimbursement | | | — | | | | | | 2,839 | | | | | | 894 | | | | | | 5,263 | | | | | | 8,996 | | |

| Time-and-materials | | | 852 | | | | | | 13 | | | | | | 64 | | | | | | 1,752 | | | | | | 2,681 | | |

| Total revenue | | | $ | 9,801 | | | | | $ | 9,183 | | | | | $ | 7,007 | | | | | $ | 13,359 | | | | | $ | 39,350 | |

| DoD | | | $ | 305 | | | | | $ | 8,837 | | | | | $ | 3,695 | | | | | $ | 7,027 | | | | | $ | 19,864 | |

| Non-DoD | | | 88 | | | | | | 2 | | | | | | 13 | | | | | | 5,151 | | | | | | 5,254 | | |

| FMS | | | 105 | | | | | | 188 | | | | | | 340 | | | | | | 56 | | | | | | 689 | | |

| Total U.S. government | | | 498 | | | | | | 9,027 | | | | | | 4,048 | | | | | | 12,234 | | | | | | 25,807 | | |

| U.S. commercial | | | 5,270 | | | | | | 142 | | | | | | 229 | | | | | | 327 | | | | | | 5,968 | | |

| Non-U.S. government | | | 399 | | | | | | 9 | | | | | | 2,663 | | | | | | 673 | | | | | | 3,744 | | |

| Non-U.S. commercial | | | 3,634 | | | | | | 5 | | | | | | 67 | | | | | | 125 | | | | | | 3,831 | | |

Changes in the contract asset and

programs in advance of costs incurred by the company.

We had experienced payment delays in 2018 and 2019 on a wheeled vehicle contract that was negotiated in 2012 before finalizing a contract amendment in 2020 with the customer that included a revised payment schedule.

A separate tracked vehicle contract that was signed in 2010 has experienced an unbilled receivable build-up over the past year while we work to resolve concerns that were raised by the customer on certain aspects of the program.

As a result, the balance on this program has grown to $1.3 billion.

The amount not expected to be billed in 2022 results primarily from the agreed-upon contractual billing terms.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 31, 2019 (a) | | | $ | 2,831 | | | | | $ | 297 | | | | | $ | 2,681 | | | | | $ | 9,700 | | | | | $ | 4,168 | | | | | $ | — | | | | | $ | 19,677 | |

| Other (c) | | | 162 | | | | | | — | | | | | | 40 | | | | | | 46 | | | | | | (9) | | | | | | — | | | | | | 239 | | |

| Change in reporting unit composition (d) | | | — | | | | | | — | | | | | | — | | | | | | (9,746) | | | | | | (4,159) | | | | | | 13,905 | | | | | | — | | |

(a)Goodwill in the Information Technology and Mission Systems reporting units was net of $536 and $1.3 billion of accumulated impairment losses, respectively.

Activity for the year ended December 31, 2020, also included an allocation of goodwill to operations classified as held for sale.

Our management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of December 31, [removed: 2021.][added: 2022.]

Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, on December 31, [removed: 2021,] [added: 2022,] our disclosure controls and procedures were effective.

Our management evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Based on our evaluation we believe that, as of December 31, [removed: 2021,] [added: 2022,] our internal control over financial reporting is effective based on those criteria.

| /s/ Phebe N. Novakovic | | | | | | | | | [removed: | | |] /s/ Jason W. Aiken | | |

| Phebe N. Novakovic | | | | | | | | | [removed: | | |] Jason W. Aiken | | |

| Chairman and Chief Executive Officer | | | | | | | | | [removed: | | | Senior] [added: Executive] Vice [removed: President and Chief Financial Officer] [added: President, Technologies] | | |

To the Board of Directors and Shareholders [removed: of General Dynamics Corporation:]

We have audited General Dynamics Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Balance Sheet of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related Consolidated Statements of Earnings, Comprehensive Income, Cash Flows, and Shareholders’ Equity for each of the years in the three-year period ended December 31, [removed: 2021,] [added: 2022,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 9, 2022] [added: 7, 2023] expressed an unqualified opinion on those consolidated financial statements.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only [removed: in accordance with authorizations of management and directors of the company; and (3) provide]

[added: in accordance with authorizations of management and directors of the company; and (3) provide] reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2021,] [added: 2022,] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | and Chief Financial Officer | | |

General Dynamics Corporation:

| February 7, 2023 | | | | | | | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| February 9, 2022 | | | | | | | | |

The information required to be set forth herein, except for the information included under Information About Our Executive Officers in Part I, is included in the sections [removed: entitled] [added: titled] “Election of the Board of Directors of the Company,” “Governance of the Company – [added: Our] Ethos,” “Audit Committee Report” and, if included, “Other Information – Delinquent Section 16(a) Reports” in our definitive proxy statement for our [removed: 2022] [added: 2023] annual shareholders meeting (the Proxy Statement), which sections are incorporated herein by reference.

The information required to be set forth herein is included in the sections [removed: entitled] [added: titled] “Governance of the Company – Director Compensation,” “Compensation Discussion and Analysis,” “Executive Compensation” and “Compensation Committee Report” in our Proxy Statement, which sections are incorporated herein by reference.

The information required to be set forth herein is included in the sections [removed: entitled] [added: titled] “Security Ownership of Management” and “Security Ownership of Certain Beneficial Owners” in our Proxy Statement, which sections are incorporated herein by reference.

The information required to be set forth herein with respect to securities authorized for issuance under our equity compensation plans is included in the section [removed: entitled] [added: titled] “Equity Compensation Plan Information” in our Proxy Statement, which section is incorporated herein by reference.

The information required to be set forth herein is included in the sections [removed: entitled] [added: titled] “Governance of the Company – Related Person Transactions Policy” and “Election of the Board of Directors of the Company – Director Independence” in our Proxy Statement, which sections are incorporated herein by reference.

Index to Exhibits [removed: -] [added: –] General Dynamics Corporation

| 3.1 | | | [Restated Certificate of Incorporation of the company (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm) [October] [added: the SEC on October] 7, 2004)](http://www.sec.gov/Archives/edgar/data/40533/000095013304003717/w03419exv3w1.htm) | | |

| 3.2 | | | [Amended and Restated Bylaws of General Dynamics [removed: Corporation](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [(as](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [amended effective June 2, 2021](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [(incorporated] [added: Corporation (as amended effective](https://www.sec.gov/Archives/edgar/data/40533/000004053322000056/exhibit32.htm) [December 7, 2022](https://www.sec.gov/Archives/edgar/data/40533/000004053322000056/exhibit32.htm)[) (incorporated] herein by reference from the company’s current report on Form 8-K, filed with [removed: the](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [SE](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm)[C](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm)[June 4, 2021)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000024/gd-20210604.htm)] [added: the SEC on](https://www.sec.gov/Archives/edgar/data/40533/000004053322000056/exhibit32.htm) [December 9, 2022](https://www.sec.gov/Archives/edgar/data/40533/000004053322000056/exhibit32.htm)[)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000056/exhibit32.htm)] | | |

| 4.1 | | | [Indenture dated as of August 27, 2001, among the company, the Guarantors (as defined therein) and The Bank of New York, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)] [added: Truste](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[e (incorporated herein by reference from the](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm) [company](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[’](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[s](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm) [annual report on Form 10-K for the year ended December 31, 2017, filed wi](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[th the SEC on February 12, 2018)](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)] | | |

| 4.2 | | | [removed: [Sixth] [added: [Seventh] Supplemental Indenture dated as of [removed: July 12, 2011,] [added: November 6, 2012,] among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312511186825/dex42.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312511186825/dex42.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312511186825/dex42.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312511186825/dex42.htm) [July 12, 2011)](http://www.sec.gov/Archives/edgar/data/40533/000119312511186825/dex42.htm)] [added: the SEC on November 6, 2012)](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm)] | | |

| [removed: 4.3] [added: 4.4] | | | [removed: [Seventh] [added: [First] Supplemental Indenture dated as of [removed: November 6, 2012,] [added: August 12, 2016,] among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm) [November 6, 2012)](http://www.sec.gov/Archives/edgar/data/40533/000119312512454826/d433571dex42.htm)] [added: the SEC on August 12, 2016)](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)] | | |

| [removed: 4.4] [added: 4.3] | | | [Indenture dated as of March 24, 2015, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s registration statement on Form S-3, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm) [March] [added: the SEC on March] 24, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000119312515103441/d871428dex41.htm) | | |

| 4.5 | | | [removed: [First] [added: [Second] Supplemental Indenture dated as of [removed: August 12, 2016,] [added: September 14, 2017,] among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm) [](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)[on](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm) [August 12, 2016)](http://www.sec.gov/Archives/edgar/data/40533/000119312516680735/d242257dex42.htm)] [added: the SEC on September 14, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm)] | | |

| [removed: 4.6] [added: 4.7] | | | [removed: [Second] [added: [First] Supplemental Indenture dated as of [removed: September 14, 2017,] [added: May 11, 2018,] among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm)[C on](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm) [September 14, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000119312517285163/d456501dex41.htm)] [added: the SEC on May 11, 2018)](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm)] | | |

| [removed: 4.7] [added: 4.6] | | | [Indenture dated as of March 22, 2018, among the company, the Guarantors (as defined therein) and The Bank of New York Mellon, as Trustee (incorporated herein by reference from the company’s registration statement on Form S-3, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm) [March] [added: the SEC on March] 22, 2018)](http://www.sec.gov/Archives/edgar/data/40533/000119312518092163/d554807dex41.htm) | | |

| [removed: 4.8] [added: 4.9] | | | [removed: [First] [added: [Third] Supplemental [removed: Indenture] [added: Indenture,] dated as of May [removed: 11, 2018,] [added: 10, 2021,] among [removed: the company,] [added: General Dynamics Corporation,] the Guarantors [removed: (as defined therein)] [added: named therein] and The Bank of New York Mellon, as Trustee [added: (includes forms of 1.150% Notes due 2026, 2.250% Notes due 2031 and 2.850% Notes due 2041)] (incorporated herein by reference from the company’s current report on Form 8-K, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm) [May 11, 2018)](http://www.sec.gov/Archives/edgar/data/40533/000119312518160829/d584769dex41.htm)] [added: the SEC on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000119312521156243/d391636dex41.htm)] | | |

| [removed: 4.9] [added: 4.8] | | | [Second Supplemental Indenture, dated as of March 25, 2020, among General Dynamics Corporation, the Guarantors named therein and The Bank of New York Mellon, as Trustee (includes forms of 3.250% Notes due 2025, 3.500% Notes due 2027, 3.625% Notes due 2030, 4.250% Notes due 2040 and 4.250% Notes due 2050) (incorporated herein by reference from the company’s current report on Form 8-K, filed with the [removed: S](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000119312520085435/d905126d8k.htm)[EC](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000119312520085435/d905126d8k.htm) [on] [added: SEC on] March 25, [removed: 2020)](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000119312520085435/d905126d8k.htm)] [added: 2020)](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm)] | | |

| [removed: 4.11] [added: 4.10] | | | [Description of General Dynamics Corporation’s Securities Registered Pursuant to Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex411-20211231.htm)] [added: Act](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)] | | |

| 10.1* | | | [General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (incorporated herein by reference from the company’s registration statement on Form S-8 (No. 333-217656) filed with [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) [SE](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm)[C](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) [on](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) [May] [added: the SEC on May] 4, 2017)](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) | | |

| 10.2* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 30, 2014, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm) [](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm)[on] [added: the SEC on] April 23, 2014)](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm) | | |

| 10.3* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for grants made March 4, 2015, through March 1, 2016, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 5, 2015, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm) [April] [added: the SEC on April] 29, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm) | | |

| 10.4* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for grants beginning March 2, 2016, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 3, 2016, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm) [April] [added: the SEC on April] 27, 2016)](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm) | | |

| 10.5* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants beginning May 3, 2017, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended July 2, 2017, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm) [July] [added: the SEC on July] 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex102-20170702.htm) | | |

| 10.6* | | | [Form of Restricted Stock Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants beginning May 3, 2017, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended July 2, 2017, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm) [July] [added: the SEC on July] 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm) | | |

| 10.7* | | | [Form of Restricted Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants beginning May 3, 2017) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended July 2, 2017, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm) [July] [added: the SEC on July] 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm) | | |

| 10.8* | | | [Form of Performance Restricted Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants beginning May 3, 2017, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended July 2, 2017, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm) [July] [added: the SEC on July] 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm) | | |

| 10.9* | | | [Form of Performance Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to named executive officers beginning March 6, 2019) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 31, 2019, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm) [April] [added: the SEC on April] 24, 2019)](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm) | | |

| 10.10* | | | [Form of Non-Statutory Stock Option Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to named executive officers beginning March 4, 2020, and including, as indicated therein, provisions for certain named executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 29, 2020, filed with [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm) [SE](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm)[C](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm) [on](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm) [April] [added: the SEC on April] 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm) | | |

| 10.11* | | | [Form of Restricted Stock Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to named executive officers beginning March 4, 2020, and including, as indicated therein, provisions for certain named executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 29, 2020, filed with [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm) [SE](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm)[C](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm) [on](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm) [April] [added: the SEC on April] 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm) | | |

| 10.12* | | | [Form of Performance Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to named executive officers beginning March 4, 2020, and including, as indicated therein, provisions for certain named executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended March 29, 2020, filed with [removed: the](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm) [SE](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm)[C](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm) [on](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm) [April] [added: the SEC on April] 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm) | | |

| [removed: 10.13*] [added: 10.16*] | | | [Successor Retirement Plan for Directors (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2001, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm) [March] [added: the SEC on March] 29, 2002)](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm) | | |

| [removed: 10.14*] [added: 10.17*] | | | [General Dynamics Corporation Supplemental Savings Plan, amended and restated [removed: effective](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [October] [added: effective October] 1, 2021 (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the quarter ended October 3, 2021, filed with [removed: the](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [SE](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[C](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [on](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [October] [added: the SEC on October] 27, [removed: 2021)](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)] [added: 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm)] | | |

| [removed: 10.15*] [added: 10.18*] | | | [Form of Severance Protection Agreement for executive officers (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2016, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm) [February] [added: the SEC on February] 6, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm) | | |

| [removed: 10.16*] [added: 10.19*] | | | [General Dynamics Corporation Supplemental Retirement Plan, restated effective January 1, 2010 (incorporating amendments through March 31, 2011) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the quarterly period ended April 3, 2011, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) [May] [added: the SEC on May] 3, 2011)](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) | | |

| [removed: 10.17*] [added: 10.20*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective January 5, 2015 (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2014, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm) [February] [added: the SEC on February] 9, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm) | | |

| [removed: 10.18*] [added: 10.21*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective January 1, 2016 (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2016, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm) [February] [added: the SEC on February] 6, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm) | | |

| [removed: 10.19*] [added: 10.22*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective January 1, 2019 (incorporated herein by reference from the company’s annual report on Form 10-K for the year ended December 31, 2018, filed with [removed: the](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm) [SE](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm)[C](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm) [on](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm) [February] [added: the SEC on February] 13, 2019)](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm) | | |

| [removed: 10.20*] [added: 10.23*] | | | [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective December 20, [removed: 2019](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[(incorporated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [herein] [added: 2019 (incorporated herein] by reference from the [removed: c](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[ompany](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[’](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[s] [added: company’s] annual report [removed: on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [Form] [added: on Form] 10-K for the year ended December 31, [removed: 20](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[20](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[,] [added: 2020,] filed with [removed: the](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [SE](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[C](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [on](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [February](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm) [9](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[1](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000004053321000010/gd-20201231.htm)] [added: the SEC on February 9, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] | | |

| 21 | | | [removed: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex21-20211231.htm)] [added: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex21-20221231.htm)] | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex23-20211231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex23-20221231.htm)] | | |

| 24 | | | [Power of [removed: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex24-20211231.htm)] [added: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex24-20221231.htm)] | | |

| 31.1 | | | [Certification by CEO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex311-20211231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex311-20221231.htm)] | | |

| 31.2 | | | [Certification by CFO pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex312-20211231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex312-20221231.htm)] | | |

| 32.1 | | | [Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex321-20211231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex321-20221231.htm)] | | |

| 32.2 | | | [Certification by CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053322000007/ex322-20211231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex322-20221231.htm)] | | |

| 10.13* | | | [Form of Non-Statutory Stock Option Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 2, 2022, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 3, 2022, filed with the SEC on April 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex101-20220403.htm) | | |

| 10.14* | | | [Form of Restricted Stock Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 2, 2022, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 3, 2022, filed with the SEC on April 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex102-20220403.htm) | | |

| 10.15* | | | [Form of Performance Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 2, 2022, and including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy) (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the period ended April 3, 2022, filed with the SEC on April 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex103-20220403.htm) | | |

| 22 | | | [Subsidiary Guarantors](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex22-20221231.htm) | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | |

| | | | | | |

| | | | | | |

| 4.10 | | | [Third Supplemental Indenture, dated as of May 10, 2021, among General Dynamics Corporation, the Guarantors name](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000119312521156243/d391636d8k.htm)[d](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000119312521156243/d391636d8k.htm) [therein and The Bank of New York Mellon, as Trustee (includes forms of 1.150% Notes due 2026, 2.250% Notes due 2031 and 2.850% Notes due 2041) (incorporated herein by reference from the company’s current report on Form 8-K, filed with the S](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000119312521156243/d391636d8k.htm)[EC](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000119312521156243/d391636d8k.htm) [on May 10, 2021)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000040533/000119312521156243/d391636d8k.htm) | | |

| 22 | | | [Subsidiary Guarantors (incorporated herein by reference from the company’s quarterly report on Form 10-Q for the quarter ended](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [October](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[3](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[1](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[, filed with the](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [SE](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[C](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [o](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[n](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [October](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) [2](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[7](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[1](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/40533/000004053321000050/gd-20211003.htm) | | |

| Dated: February [removed: 9, 2022] [added: 7, 2023] | | | | | | | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February [removed: 9, 2022,] [added: 7, 2023,] by the following persons on behalf of the [removed: Registrant] [added: registrant] and in the capacities indicated.

| /s/ Jason W. Aiken | | | [removed: Senior] [added: Executive] Vice [removed: President] [added: President, Technologies] and Chief Financial Officer | | |

Gallopoulos pursuant to a Power of Attorney executed by the directors listed above, which [removed: Power of Attorney] has been filed as an exhibit hereto and incorporated herein by reference thereto.

| Richard D. Clarke | | | Director | | |

| | | | | | |

| * | | | | | |