General Dynamics (GD) 10-K risk factor changes: FY2023 vs FY2022

The U.S. government provides a significant portion of our revenue. In [removed: 2022,] [added: 2023, approximately] 70% of our consolidated revenue was from the U.S. government.

[removed: Decreases in U.S. government defense and other spending or] changes in spending allocation or priorities could result in one or more of our programs being reduced, delayed or terminated, which could impact our financial performance.

For additional information relating to U.S. [added: government] budget [added: and funding] matters, see the Business Environment section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7.

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

[added: Customer demand can be affected by a number of factors, including changes in general economic conditions, the availability] and cost of credit, pricing pressures and trends in capital goods markets.

Our customers’ requirements change and evolve [removed: regularly.]

[added: 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.

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 [added: liabilities, including some that may not have been identified prior to the acquisition.]

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

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

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

This includes disruptions or restrictions on our employees’ ability to work effectively, temporary closures of our facilities and the facilities of our customers, and [added: the imposition of quarantine and travel restrictions that have and may in the future negatively affect demand for our products and services and result in] supply-chain disruptions.

Other outbreaks of contagious diseases, [added: including new variants of COVID-19,] or other adverse public health developments in countries where we operate or our customers are located, could similarly adversely affect our business, results of operations and financial condition in the future.

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

Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation [added: Reform Act of 1995, as amended.]

[removed: Therefore, actual future results and trends] may differ materially from what is forecast in forward-looking statements due to a variety of factors, including the risk factors discussed in this Form 10-K.

Decreases in U.S. government defense and other spending or

Moreover, new laws, regulations or standards, or

An adverse change in customer demand for our business-aviation products and services could materially affect our future revenue and earnings.

regularly.

However, future threats could have a materially adverse impact on our company by, among other things, causing harm to our business, financial condition, results of operations or

Therefore, actual future results and trends

The Aerospace segment’s results also depend on other factors, including general economic conditions, the availability

If we were unable

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

and financial condition.

In addition, the U.S. government’s federal contractor vaccine 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.

In addition, the COVID-19 pandemic has resulted in a widespread health crisis that is adversely affecting the economies and financial markets of many countries, which could result in a prolonged economic downturn that may negatively affect demand for our products and services.

The imposition of quarantine and travel restrictions has negatively affected and, if reimposed, may continue to negatively affect portions of our business.

The extent to which COVID-19 continues to impact our business, results of operations and financial condition is highly uncertain and will depend on future developments.

Such developments may include the geographic spread and duration of the virus, including the emergence of new variants, the severity of the disease, vaccination rates and the actions that may be taken by various governmental authorities and other third parties in response to the pandemic.

Reform Act of 1995, as amended.

The following discussion of our financial condition and results of operations for [removed: 2022] [added: 2023] compared with [removed: 2021] [added: 2022] should be read in conjunction with our Consolidated Financial Statements included in Item 8, while a discussion of [removed: 2021] [added: 2022] compared with [removed: 2020] [added: 2021] can be found in Item 7 of our annual report on Form 10-K for the year ended December 31, [removed: 2021.][added: 2022.]

The coronavirus (COVID-19) pandemic [removed: has] caused significant disruptions to national and global economies and government [removed: activities since March 2020.][added: activities, including supply chain and staffing challenges.]

[removed: In response,] [added: Additionally, in response to] the [added: Russian invasion of Ukraine, the] United States and several other countries imposed economic and trade sanctions, export controls and other restrictions (collectively, global sanctions) targeting Russia and Belarus.

Within our defense segments, the COVID-19 pandemic [removed: created some staffing and] [added: resulted in] supply chain [removed: challenges,] [added: challenges and impacted the regional availability of skilled labor, which we continue to experience,] particularly in our Marine Systems [removed: (especially in the submarine supply chain) and Technologies segments.][added: segment.]

[removed: On] [added: | | | |] December [removed: 29, 2022, the fiscal][added: 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |]

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

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

◦Record-high revenue of [removed: $39.4] [added: $42.3] billion, an increase of [removed: 2.4%] [added: 7.3%] from [removed: 2021][added: 2022]

◦Record-high cash provided by operating activities of [removed: $4.6] [added: $4.7] billion, or [removed: 135%] [added: 142%] of net earnings

- Record-high [added: year-end] backlog of [removed: $91.1] [added: $93.6] billion increased [removed: $3.5] [added: $2.5] billion, or [removed: 4%,] [added: 2.7%,] from [removed: 2021,] [added: 2022,] driven by significant order activity during the year supporting our long-term growth expectations:

[removed: ◦Outstanding] [added: ◦Strong] Gulfstream aircraft order activity, including orders across all aircraft models

◦Several significant contract awards received in our defense segments, including [removed: $5.4] [added: $3] billion of combined awards from the U.S. Navy for advance procurement and other work for the [removed: Columbia-class] [added: Virginia-class] submarine program

| Year Ended December 31 | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | Variance | | | | | | | | |

| Operating costs and expenses | | | [removed: (35,196)] [added: (38,027)] | | | | | | [removed: (34,306)] [added: (35,196)] | | | | | | [removed: (890)] [added: (2,831)] | | | | | | [removed: 2.6] [added: 8.0] | | % |

| Operating earnings | | | [removed: 4,211] [added: 4,245] | | | | | | [removed: 4,163] [added: 4,211] | | | | | | [removed: 48] [added: 34] | | | | | | [removed: 1.2] [added: 0.8] | | % |

| Operating margin | | | [removed: 10.7] [added: 10.0] | | % | | | | [removed: 10.8] [added: 10.7] | | % | | | | | | | | | | | | |

| Operating earnings | | | [removed: 1,130] [added: 1,182] | | | | | | [removed: 1,031] [added: 1,130] | | | | | | [removed: 99] [added: 52] | | | | | | [removed: 9.6] [added: 4.6] | | % |

| Operating margin | | | [removed: 13.2] [added: 13.7] | | % | | | | [removed: 12.7] [added: 13.2] | | % | | | | | | | | | | | | |

| Gulfstream aircraft deliveries (in units) | | | [removed: 120] [added: 111] | | | | | | [removed: 119] [added: 120] | | | | | | [removed: 1] [added: (9)] | | | | | | [removed: 0.8] [added: (7.5)] | | % |

The increase in the Aerospace segment’s revenue in [removed: 2022] [added: 2023] consisted of the following:

| Aircraft services | | | $ | [removed: 420] [added: 36] | |

| Aircraft manufacturing | | | [removed: 12] [added: 7] | | |

| Total increase | | | $ | [removed: 432] [added: 54] | |

The increase in the segment’s operating earnings in [removed: 2022] [added: 2023] consisted of the following:

| Aircraft manufacturing | | | [removed: $] [added: (166)] | [removed: 123] | |

| Aircraft services | | | [removed: 89] [added: $] | [added: 220] | |

| G&A/other expenses | | | [removed: (113)] [added: 9] | | |

| Total increase | | | $ | [removed: 99] [added: 52] | |

Aircraft [removed: manufacturing] [added: services] operating earnings were up in [removed: 2022] [added: 2023] due to [added: higher volume and] a favorable mix of [removed: aircraft deliveries and ongoing improvements in manufacturing efficiency.][added: services.]

In total, the Aerospace segment’s operating margin increased 50 basis points in [removed: 2022] [added: 2023] to [removed: 13.2%.][added: 13.7%.]

We expect the Aerospace segment’s [removed: 2023] [added: 2024] revenue to increase to approximately [removed: $10.4] [added: $12] billion due to an increase in new aircraft deliveries to [removed: 145.][added: approximately 160, including the entry into service of the new G700 aircraft.]

We expect the segment’s operating margin to be approximately [removed: 14.6%.][added: 15%.]

| Operating earnings | | | [removed: 897] [added: 874] | | | | | | [removed: 874] [added: 897] | | | | | | [removed: 23] [added: (23)] | | | | | | [removed: 2.6] [added: (2.6)] | | % |

| Operating margin | | | [removed: 8.1] [added: 7.0] | | % | | | | [removed: 8.3] [added: 8.1] | | % | | | | | | | | | | | | |

The increase in the Marine Systems segment’s revenue in [removed: 2022] [added: 2023] consisted of the following:

| U.S. Navy ship construction | | | [removed: $] [added: 637] | [removed: 577] | |

| U.S. Navy ship engineering, repair and other services | | | [removed: (63)] [added: $] | [added: 784] | |

| Total increase | | | $ | [removed: 514] [added: 1,421] | |

Revenue from U.S. Navy ship construction [added: and engineering] was up [removed: across our shipyards] in [removed: 2022] [added: 2023] due [added: primarily] to increased volume on the Columbia-class submarine [removed: program, the John Lewis-class (T-AO-205) fleet replenishment oiler program and the Arleigh Burke-class (DDG-51) destroyer] program.

[removed: Overall, the] [added: The] Marine Systems segment’s operating margin decreased [removed: 20] [added: 110] basis points in [removed: 2022] [added: 2023] due to [removed: program mix and] supply chain impacts to the Virginia-class submarine [removed: schedule, offset partially by improved performance at NASSCO.][added: schedule and cost growth on the Arleigh Burke-class (DDG-51) guided-missile destroyer program.]

Lastly, the impact of the war between Israel and Hamas continues to evolve.

The disruptions caused by these events continue to impact global economies and businesses.

The primary impact to our business is supply chain challenges, including inflationary pressures.

In our Aerospace segment, supply chain challenges have paced our ability to ramp up production in response to strong customer demand for our aircraft and have caused out-of-sequence manufacturing, which increases costs and decreases operational efficiency.

This includes the Israel-Hamas war’s impact on our Israel-based supplier of mid-cabin aircraft.

The Russia-Ukraine conflict and increased threat environment has created additional demand for our products and services, particularly in our Combat Systems segment.

The Congress has not yet passed a defense appropriations bill for the government’s current fiscal year.

However, the government has been operating under a continuing resolution (CR) that provides funding for some federal agencies through March 1, 2024, and other federal agencies through March 8, 2024.

When the government operates under a CR, all programs of record are funded at the prior year’s appropriated levels until the current year appropriations bill is signed into law.

Therefore, the U.S. Department of Defense (DoD) is prohibited

from starting new programs or increasing funding on existing programs unless there is an exception for the program included in the CR.

The current CR included an exception allowing the DoD to obligate funds for the construction of the second submarine under the existing Columbia-class submarine program.

We do not anticipate the current CR having a material impact on our results of operations, financial condition or cash flows.

However, the impact to our business from an extended CR or government shutdown that may result from any continuing delay by Congress to pass a new defense appropriations bill would depend on the duration and government implementation of the CR or shutdown.

2023 IN REVIEW

| Revenue | | | $ | 42,272 | | | | | $ | 39,407 | | | | | $ | 2,865 | | | | | 7.3 | | % |

Our consolidated revenue increased in 2023 driven by growth in each of our defense segments, particularly submarine construction and engineering in our Marine Systems segment.

Operating margin decreased in 2023 due primarily to supply-chain cost pressure in our Marine Systems segment and lower-margin artillery facilities expansion work in our Combat Systems segment.

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 8,621 | | | | | $ | 8,567 | | | | | $ | 54 | | | | | 0.6 | | % |

Aircraft services revenue was higher in 2023 due to an increase in demand for maintenance work based on established maintenance cycles, a larger installed base of aircraft, and strong customer flight activity.

Aircraft manufacturing revenue decreased in 2023 due primarily to fewer deliveries of our large-cabin aircraft resulting from supply chain constraints.

While aircraft manufacturing operating earnings in 2023 reflected the impact of higher production costs resulting from supply chain challenges, 2022 earnings were impacted to a greater extent by customer accommodation costs associated with a G500/G600 airworthiness directive.

G&A expenses decreased in 2023, offset partially by increased R&D expenses associated with ongoing product development efforts, particularly those related to the G700 certification.

2024 Outlook

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 12,461 | | | | | $ | 11,040 | | | | | $ | 1,421 | | | | | 12.9 | | % |

2024 Outlook

We expect the Marine Systems segment’s 2024 revenue to increase to approximately $12.8-12.9 billion with operating margin of approximately 7.6%.

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 8,268 | | | | | $ | 7,308 | | | | | $ | 960 | | | | | 13.1 | | % |

Revenue from international military vehicles increased in 2023 due to higher volume on several wheeled and tracked vehicle contracts, including the sale of the Abrams main battle tank to U.S. allies and partners.

Weapons systems and munitions revenue was up due to increased demand and facility expansion efforts associated with increased artillery production.

Revenue from U.S. military vehicles increased due primarily to higher volume on the U.S. Army’s M10 Booker combat vehicle program (formerly known as Mobile Protected Firepower).

2024 Outlook

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | Variance | | | | | | | | |

| Revenue | | | $ | 12,922 | | | | | $ | 12,492 | | | | | $ | 430 | | | | | 3.4 | | % |

| Information technology (IT) services | | | $ | 264 | |

The Technologies segment’s revenue was up due primarily to strong demand for IT services and the acquisition of a C5ISR solutions business in 2022.

Overall, the segment’s margin decreased 50 basis points compared with 2022 due to program mix.

During this time, we have continued to conduct our operations while responding to the pandemic with actions to mitigate adverse consequences to our employees, business, supply chain and customers.

In February 2022, Russian forces invaded Ukraine.

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.

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.

The Review of Operating Segments includes information on these global events for the affected segments.

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.

Contract costs include labor, material, overhead and, when appropriate, G&A expenses.

2022 IN REVIEW

◦Record-high diluted earnings per share of $12.19, up 5.5% from 2021

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

Our consolidated revenue increased in 2022 from growth in U.S. Navy ship construction in our Marine Systems segment and aircraft services activity in our Aerospace segment.

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.

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

| | | | | | |

Revenue was up in our Aerospace segment driven by an increase in demand for aircraft services, particularly maintenance work, and increased activity at our fixed-base operator (FBO) facilities due to growing global air travel.

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.

In 2022, operating earnings from aircraft services were up due to higher volume and favorable cost performance.

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

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

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

These increases were offset partially by lower submarine engineering volume.

We expect the Marine Systems segment’s 2023 revenue to remain steady at approximately $10.9 billion.

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

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

| Total decrease | | | $ | (43) | |

Revenue from international military vehicles was down in 2022, but this decrease was offset largely by increased revenue from U.S. Stryker wheeled combat vehicles, particularly the maneuver short-range air defense (M-SHORAD) variant.

The strengthening of the U.S. dollar against the euro and British pound has negatively impacted the Combat Systems segment’s results in 2022, specifically the translation of our international revenue from local currencies into U.S. dollars.

Had foreign exchange rates in 2022 held constant from 2021, the Combat Systems segment’s revenue would have increased 2.1% in 2022 compared to 2021.

| Revenue | | | $ | 12,492 | | | | | $ | 12,457 | | | | | $ | 35 | | | | | 0.3 | | % |

| IT services | | | $ | 126 | |

The group’s revenue was up despite continued delays in customer order activity as revenue from IT services increased on several programs, particularly with the group’s federal civilian customers.

This increase was offset partially by decreased revenue from C5ISR solutions due to supply chain disruptions.

We had notional forward exchange contracts outstanding of [removed: $6.9] [added: $5.7] billion and [removed: $6.8] [added: $6.9] billion on December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

| (Dollars in millions) | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Recognized | | | $ | [removed: (133)] [added: (107)] | | | | | $ | [removed: (1)] [added: (133)] | |

| Unrecognized | | | [removed: (90)] [added: (74)] | | | | | | [removed: (196)] [added: (90)] | | |

Interest Rate Risk. On December 31, [removed: 2022,] [added: 2023,] we had [removed: $10.5] [added: $9.3] billion principal amount of fixed-rate debt.

(Dollars in millions, [removed: except per-share amounts or] unless otherwise noted)

Over the past [removed: 10 years,] [added: decade,] we have invested in our business to create, renew or expand our portfolio of products and services across our businesses.

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

[removed: As a result, since we acquired] [added: Since acquiring] Gulfstream 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 [removed: the acquisition of] Jet Aviation’s global support network.

[removed: ][added: ]

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

[removed: Our investment included development of a] new [removed: 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.

These aircraft hold more than 90 city-pair speed records, and at year-end [removed: 2022,] [added: 2023,] cumulative deliveries for the aircraft totaled over [removed: 200.][added: 250.]

We expect the G700 to enter service following certification from the [removed: FAA] [added: U.S. Federal Aviation Administration (FAA)] in [removed: the summer of 2023.][added: early 2024.]

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

[removed: Expected to enter service in 2025, pending FAA certification, the] [added: 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 [removed: more than 500] [added: approximately 550] aircraft of this family currently operating in [removed: more than 50] [added: 55] countries.

Since the first G650 entered service in [removed: December] 2012, its capabilities and reliability have led to significant sales and expansion of our installed base around the globe.

Gulfstream’s current product line holds more than [removed: 325] [added: 355] 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, opened a customer-support distribution [removed: center] [added: center,] and expanded our R&D capabilities.

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

With approximately 50 locations throughout North America, Europe, the Middle East and the Asia-Pacific region, our offerings include maintenance, [added: completion,] aircraft management, charter, staffing and fixed-base operator (FBO) services.

We operate a leading global FBO network [added: of approximately 30 facilities on four continents] and support all aircraft types with 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 strategic business aviation markets most frequented by [removed: our] [added: these] customers.

[removed: ][added: ]

Gulfstream’s service and test aircraft have flown more than [removed: 2] [added: two] 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 [removed: purchase of carbon-offset credits.]

In addition to actively expanding the availability of SAF at its FBO locations, [added: Jet Aviation allows customers to purchase SAF at locations where it is not available through a book-and-claim system.]

Revenue for the Aerospace segment was [removed: 22%] [added: 20%] of our consolidated revenue in [added: 2023, 22% in] 2022 and 21% in [removed: 2021 and 2020.][added: 2021.]

| Year Ended December 31 | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Aircraft manufacturing | | | $ | [removed: 5,876] [added: 5,710] | | | | | $ | [removed: 5,864] [added: 5,876] | | | | | $ | [removed: 6,115] [added: 5,864] | |

| Aircraft services | | | [removed: 2,691] [added: 2,911] | | | | | | [removed: 2,271] [added: 2,691] | | | | | | [removed: 1,960] [added: 2,271] | | |

| Total Aerospace | | | $ | [removed: 8,567] [added: 8,621] | | | | | $ | [removed: 8,135] [added: 8,567] | | | | | $ | [removed: 8,075] [added: 8,135] | |

In addition to Navy ships, we [removed: design] [added: have designed] and [removed: build] [added: built] ocean-going Jones Act ships for commercial customers.

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

Along with an industry partner, we are currently working on Blocks IV and V in the program, with [removed: 17] [added: 16] Virginia-class submarines in our backlog scheduled for delivery through 2032.

[removed: Nine] [added: Ten] of the boats in Block V [added: will] include the Virginia Payload 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.

These submarines will provide strategic deterrent capabilities for decades, with the first boat [removed: delivering] [added: scheduled for delivery] in 2027 to begin replacement of the current Ohio-class ballistic-missile submarine fleet as it reaches the end of its service life.

Construction is scheduled to continue for two decades, and the value of the Navy’s program of record is in excess of [removed: $110] [added: $115] billion.

While the steepest portion of our personnel ramp is behind us, we still expect the Electric Boat workforce to [added: continue to] grow [removed: another 25% by the end] [added: to enable sustained production] of [added: one Columbia-class submarine plus two Virginia-class submarines per year and have] the [removed: decade, particularly in] [added: capacity to] support [removed: of Columbia-class production.][added: additional AUKUS-related demand.]

We are also working with our [added: growing] network of approximately 3,000 suppliers — mostly small businesses — to support concurrent production of the two submarine programs.

Bath Iron Works builds the Arleigh Burke-class (DDG-51) guided-missile [removed: destroyers] [added: destroyer] and manages modernization and lifecycle support for [removed: the class.][added: all Navy destroyers.]

We have a total of [removed: 10] [added: 12] ships in backlog scheduled for delivery through [removed: 2029.][added: 2032.]

Work on the [removed: three] [added: two] ESBs in backlog will continue into 2026, while the seven T-AO-205 ships currently in backlog have deliveries planned into [removed: 2027.][added: 2028.]

On December 31, [removed: 2022,] [added: 2023,] backlog for our major ship construction programs and the scheduled final delivery date of ships currently in backlog were as follows:

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

Both aircraft will enter service following FAA certification.

In 2023, we expanded hangar capacity in Scottsdale, Arizona, and in Bozeman, Montana, bringing total U.S. hangar capacity to approximately one million square feet and providing additional capacity for large-cabin aircraft.

In November 2023, Gulfstream conducted the world’s first transatlantic flight using 100% SAF.

purchase of carbon-offset credits.

We have invested significant capital over the past several years in expanded and modernized facilities at Electric Boat to support the growth in submarine construction, and will work with our Navy

customer on any additional construction needs that could develop in light of increased submarine demand.

In 2023, we were awarded a contract from the Navy for construction of three Flight III DDG-51 destroyers.

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

This package provides technological advancements in communications, power generation, fuel efficiency, optics and armor.

In 2023, the Army announced that it will develop the new M1E3 Abrams main battle tank, which will make capability improvements needed to fight and win against future threats.

The “E” identifier reflects that the program is an engineering change that is more significant than a minor modification.

The development of the M1E3 Abrams will include the latest systems architecture standards, allowing for quicker technology upgrades and requiring fewer resources, and will enhance efficacy through reduced sustainment footprint and increased tactical mobility.

The

In 2023, OTS received awards to expand its existing metal parts production capacity from 18,000 to 86,000 rounds per month by 2025 and expand existing propellant capacity from 4 million to 16 million pounds per year by 2028 while establishing capacity for 155mm load, assemble, and pack (LAP) to 50,000 rounds per month by 2025.

The OTS facilities and production expansion supports the U.S. Army’s effort to accelerate artillery production.

Additionally, OTS maintains a leading position providing

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

GDIT develops tailorable digital solutions and services developed specifically to meet mission needs in our customers’ operating environments.

These solutions, known as our Digital Accelerators, are at the forefront of technological trends, and include zero trust, artificial intelligence (AI) for mission applications, AI for IT operations, hybrid multi-cloud, software factory, 5G, defensive cyber, and post-quantum cryptography.

Mission Systems is a defense electronics manufacturer and integrator for C5ISR applications in all domains.

The business’ portfolio includes both prime contract programs with government customers as well as subcontract positions with large platform providers to develop and integrate technologies to make their systems smarter and more secure.

In the federal civilian market, GDIT is modernizing the electronic health record system of the Indian Health Service, an agency within the Department of Health and Human Services that provides federal health services to 2.6 million American Indians and Alaska Natives across the country.

We recently expanded the computing capacity of these supercomputers by 20%, allowing NOAA to provide more complex, detailed forecasting models.

GDIT is also a market leader in the deployment of zero trust, a government mandate and cybersecurity strategy to ensure perpetual security of networks, applications and data.

We are also implementing comprehensive security services for the U.S. Air Force including information, personnel and communications security, counterintelligence analysis and cybersecurity assessments.

For the Canadian army we were recently selected to provide the Land Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) system.

In addition, we provide critical subsystems for data processing and security of space assets across multiple space vehicle platforms.

These include advanced fire-control and weapon launch systems, tactical control systems, specialized hardware and software solutions for acoustics, cybersecurity, torpedo guidance and other core capabilities that are essential for submarine modernization with U.S. and allied forces.

Mission Systems also continues to invest in autonomous capabilities both undersea and in the air.

In addition, we support a variety of manned and unmanned aerial vehicle (UAV) platforms with mission-critical processing and security subsystems on both modern combat and ISR aircraft as well as emerging capabilities like the Collaborative Combat Aircraft.

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

| Year Ended December 31 | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

While the installed base of aircraft is concentrated in North America, orders from

For commercial and repair work, the Marine Systems segment competes with several additional U.S. shipyards.

This includes upskilling employees to advance within the workplace.

bench strength to provide for future key positions and leadership transitions.

Approximately 22% of our workforce is represented by collective bargaining agreements.

In 2023, we renewed the collective bargaining agreements for the majority of our represented employees.

results of operations, financial condition or cash flows.

1,650 aircraft around the world.

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

ready to deploy around the world for customer service requirements under our Field and Airborne Support Team (FAST) rapid-response unit.

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

The submarine’s design was more than 80% complete at the time we began construction of the first boat in 2020, nearly twice as mature as any of the Navy’s previous submarine programs at the start of construction.

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 investments to be substantially complete by the end of 2023.

Even as we are delivering this modernized platform in the System Enhanced Package Version 3 (SEPv3) configuration, we are developing an Abrams SEPv4 configuration with third-generation forward-looking infrared sights (3GEN FLIR) and additional advanced capabilities that will allow this platform to adapt and incorporate transformative capabilities into the future.

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.

With a broad network of global partners, the segment develops solutions that keep its customers at the leading edge of technology in support of their missions.

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

Mission Systems offers solutions across all domains and produces a unique combination of products and capabilities that are purpose-built for essential C5ISR applications.

The business’ portfolio includes prime contract programs to provide innovative defense-electronics solutions as well as subcontract efforts that enhance the capabilities of large-scale land, air, sea and space platforms.

In the federal civilian market, GDIT is delivering a scalable, hybrid multi-cloud platform to modernize the United States Patent and Trademark Office’s IT infrastructure and services.

lack of ground connectivity.

We also provide similar capabilities to non-U.S. customers, including Canada and the United Kingdom.

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.

We are developing and integrating commercial off-the-shelf software and hardware upgrades to improve the tactical control capabilities for several submarine classes, including the Columbia and U.K. Dreadnought ballistic-missile submarines.

Mission Systems also continues to invest in autonomous capabilities, including through its Unmanned Undersea Vehicle (UUV) Manufacturing and Assembly Center of Excellence in Taunton, Massachusetts.

performance of U.S. government contracts, and it may use or authorize others to use the inventions covered by these patents.

These efforts continue to be of the utmost importance as we address ongoing challenges, including those presented by the COVID-19 pandemic.

Free copies of these items are made available on our website (www.gd.com) as soon as practicable.

[removed: ][added: ]

For the fiscal year ended December 31, [removed: 2022][added: 2023]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the [removed: Exchange] Act).

The aggregate market value of the voting common equity held by non-affiliates of the registrant was [removed: $54,293,907,678] [added: $55,582,452,531] as of July [removed: 3, 2022] [added: 2, 2023] (based on the closing price of the shares on the New York Stock Exchange).

[removed: 274,430,054] [added: 273,980,202] shares of the registrant’s common stock, $1 par value per share, were outstanding on January [removed: 29, 2023.][added: 28, 2024.]

Part III incorporates by reference information from certain portions of the registrant’s definitive proxy statement for the [removed: 2023] [added: 2024] 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](#i9f15c86462b947e1b8ad012760822415_13)] [added: [Business](#ief6f7d1f5a9344f5b00c85d482a58cc1_13)] | | | [removed: [3](#i9f15c86462b947e1b8ad012760822415_13)] [added: [3](#ief6f7d1f5a9344f5b00c85d482a58cc1_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i9f15c86462b947e1b8ad012760822415_16)] [added: Factors](#ief6f7d1f5a9344f5b00c85d482a58cc1_16)] | | | [removed: [21](#i9f15c86462b947e1b8ad012760822415_16)] [added: [21](#ief6f7d1f5a9344f5b00c85d482a58cc1_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i9f15c86462b947e1b8ad012760822415_22)] [added: Comments](#ief6f7d1f5a9344f5b00c85d482a58cc1_22)] | | | [removed: [27](#i9f15c86462b947e1b8ad012760822415_22)] [added: [27](#ief6f7d1f5a9344f5b00c85d482a58cc1_22)] | | |

| Item 2. | | | [removed: [Properties](#i9f15c86462b947e1b8ad012760822415_25)] [added: [Properties](#ief6f7d1f5a9344f5b00c85d482a58cc1_25)] | | | [removed: [27](#i9f15c86462b947e1b8ad012760822415_25)] [added: [28](#ief6f7d1f5a9344f5b00c85d482a58cc1_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i9f15c86462b947e1b8ad012760822415_28)] [added: Proceedings](#ief6f7d1f5a9344f5b00c85d482a58cc1_28)] | | | [removed: [28](#i9f15c86462b947e1b8ad012760822415_28)] [added: [28](#ief6f7d1f5a9344f5b00c85d482a58cc1_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i9f15c86462b947e1b8ad012760822415_31)] [added: Disclosures](#ief6f7d1f5a9344f5b00c85d482a58cc1_31)] | | | [removed: [28](#i9f15c86462b947e1b8ad012760822415_31)] [added: [29](#ief6f7d1f5a9344f5b00c85d482a58cc1_31)] | | |

| | | | [Information About our Executive [removed: Officers](#i9f15c86462b947e1b8ad012760822415_34)] [added: Officers](#ief6f7d1f5a9344f5b00c85d482a58cc1_34)] | | | [removed: [28](#i9f15c86462b947e1b8ad012760822415_34)] [added: [29](#ief6f7d1f5a9344f5b00c85d482a58cc1_34)] | | |

| Item 5. | | | [Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9f15c86462b947e1b8ad012760822415_40)] [added: Securities](#ief6f7d1f5a9344f5b00c85d482a58cc1_40)] | | | [removed: [29](#i9f15c86462b947e1b8ad012760822415_40)] [added: [30](#ief6f7d1f5a9344f5b00c85d482a58cc1_40)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i9f15c86462b947e1b8ad012760822415_43)] [added: [\[Reserved\]](#ief6f7d1f5a9344f5b00c85d482a58cc1_43)] | | | [removed: [31](#i9f15c86462b947e1b8ad012760822415_43)] [added: [32](#ief6f7d1f5a9344f5b00c85d482a58cc1_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9f15c86462b947e1b8ad012760822415_46)] [added: Operations](#ief6f7d1f5a9344f5b00c85d482a58cc1_46)] | | | [removed: [32](#i9f15c86462b947e1b8ad012760822415_46)] [added: [33](#ief6f7d1f5a9344f5b00c85d482a58cc1_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative [removed: Disclosures](#i9f15c86462b947e1b8ad012760822415_70) [A](#i9f15c86462b947e1b8ad012760822415_70)[bout] [added: Disclosures](#ief6f7d1f5a9344f5b00c85d482a58cc1_70) [A](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)[bout] Market [removed: Risk](#i9f15c86462b947e1b8ad012760822415_70)] [added: Risk](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)] | | | [removed: [53](#i9f15c86462b947e1b8ad012760822415_70)] [added: [54](#ief6f7d1f5a9344f5b00c85d482a58cc1_70)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i9f15c86462b947e1b8ad012760822415_73)] [added: Data](#ief6f7d1f5a9344f5b00c85d482a58cc1_73)] | | | [removed: [54](#i9f15c86462b947e1b8ad012760822415_73)] [added: [55](#ief6f7d1f5a9344f5b00c85d482a58cc1_73)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i9f15c86462b947e1b8ad012760822415_166)] [added: Disclosure](#ief6f7d1f5a9344f5b00c85d482a58cc1_166)] | | | [removed: [99](#i9f15c86462b947e1b8ad012760822415_166)] [added: [102](#ief6f7d1f5a9344f5b00c85d482a58cc1_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i9f15c86462b947e1b8ad012760822415_169)] [added: Procedures](#ief6f7d1f5a9344f5b00c85d482a58cc1_169)] | | | [removed: [99](#i9f15c86462b947e1b8ad012760822415_169)] [added: [102](#ief6f7d1f5a9344f5b00c85d482a58cc1_169)] | | |

| Item 9B. | | | [Other [removed: Information](#i9f15c86462b947e1b8ad012760822415_181)] [added: Information](#ief6f7d1f5a9344f5b00c85d482a58cc1_181)] | | | [removed: [101](#i9f15c86462b947e1b8ad012760822415_181)] [added: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_181)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#i9f15c86462b947e1b8ad012760822415_184)] [added: Inspections](#ief6f7d1f5a9344f5b00c85d482a58cc1_184)] | | | [removed: [101](#i9f15c86462b947e1b8ad012760822415_184)] [added: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_184)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i9f15c86462b947e1b8ad012760822415_190)] [added: Governance](#ief6f7d1f5a9344f5b00c85d482a58cc1_190)] | | | [removed: [101](#i9f15c86462b947e1b8ad012760822415_190)] [added: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_190)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i9f15c86462b947e1b8ad012760822415_193)] [added: Compensation](#ief6f7d1f5a9344f5b00c85d482a58cc1_193)] | | | [removed: [101](#i9f15c86462b947e1b8ad012760822415_193)] [added: [104](#ief6f7d1f5a9344f5b00c85d482a58cc1_193)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9f15c86462b947e1b8ad012760822415_196)] [added: Matters](#ief6f7d1f5a9344f5b00c85d482a58cc1_196)] | | | [removed: [102](#i9f15c86462b947e1b8ad012760822415_196)] [added: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_196)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9f15c86462b947e1b8ad012760822415_199)] [added: Independence](#ief6f7d1f5a9344f5b00c85d482a58cc1_199)] | | | [removed: [102](#i9f15c86462b947e1b8ad012760822415_199)] [added: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_199)] | | |

| Item 14. | | | [Principal Accountant Fees [removed: a](#i9f15c86462b947e1b8ad012760822415_202)nd] [added: a](#ief6f7d1f5a9344f5b00c85d482a58cc1_202)nd] Services | | | [removed: [102](#i9f15c86462b947e1b8ad012760822415_202)] [added: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_202)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i9f15c86462b947e1b8ad012760822415_208)] [added: Schedules](#ief6f7d1f5a9344f5b00c85d482a58cc1_208)] | | | [removed: [102](#i9f15c86462b947e1b8ad012760822415_208)] [added: [105](#ief6f7d1f5a9344f5b00c85d482a58cc1_208)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i9f15c86462b947e1b8ad012760822415_211)] [added: Summary](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)] | | | [removed: [106](#i9f15c86462b947e1b8ad012760822415_211)] [added: [1](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)[10](#ief6f7d1f5a9344f5b00c85d482a58cc1_211)] | | |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

___

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

___

| Item 1C. | | | [Cybersecurity](#ief6f7d1f5a9344f5b00c85d482a58cc1_1762) | | | [27](#ief6f7d1f5a9344f5b00c85d482a58cc1_1762) | | |

| | | | [Signatures](#ief6f7d1f5a9344f5b00c85d482a58cc1_214) | | | [111](#ief6f7d1f5a9344f5b00c85d482a58cc1_214) | | |

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

We face various cybersecurity threats.

The purpose of our cybersecurity program is to assess, identify, manage and mitigate cybersecurity risk while supporting the achievement of our business objectives.

Under our comprehensive risk management program, the board of directors (Board) of the company maintains oversight of the most significant risks facing the company, including cybersecurity risks, while senior management is responsible for the identification and prioritization of risks that are material to our business, corresponding risk-mitigation efforts and day-to-day management of our risk management program.

The full Board retains oversight over management’s cybersecurity efforts.

At least annually, and often more frequently, the Board receives cybersecurity briefings from senior executives, including, when appropriate, executives focused on cybersecurity matters.

Our companywide cybersecurity policy sets the framework for our approach to cybersecurity.

Each business unit and our corporate headquarters designates individuals with appropriate qualifications and experience to be responsible for addressing cybersecurity matters, including assessing, identifying and managing risks from cybersecurity threats, with a direct reporting line to senior management.

Under our approach to cybersecurity, each business unit designs and operates its own information and cybersecurity program tailored to its market, customer requirements, regulatory requirements and threats.

Our cybersecurity policy and procedures are designed to ensure senior management receives timely and adequate information regarding cybersecurity matters, including threats and incident response, as appropriate to the matter.

Our policies and procedures are also designed to oversee and identify material cybersecurity risks related to third-party vendors and service providers.

Our companywide Cyber Council, comprised of information technology and cybersecurity executives from our business units, shares information and cybersecurity practices throughout the company, recommends policy and procedure updates and tracks emerging trends.

The chair of the Cyber Council reports directly to the company’s chief executive officer.

As part of our approach to cyber risk management, we regularly perform internal audits of internal processes and controls relating to cybersecurity.

From time to time, as appropriate under our overall cybersecurity program, we engage third-party experts to support the assessment of cyber related risks, including to conduct cyber penetration testing.

See Item 1A—Risk Factors above for additional discussion of various risks related to cybersecurity that are reasonably likely to have a material impact on our company, including our business strategy, results of operations or financial condition.

On December 31, [removed: 2022,] [added: 2023,] our segments had material operations at the following locations:

- Aerospace – [removed: Mesa,] [added: Mesa and Scottsdale,] 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; Dallas and Fort Worth, Texas; [removed: 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; Eynon, Scranton and Wilkes-Barre, Pennsylvania; [removed: Garland,] [added: Garland and Mesquite,] Texas; Joint Base Lewis-McChord, Washington; Vienna, Austria; Le Gardeur, London and Valleyfield, Canada; Kaiserslautern, Germany; Madrid, Sevilla and Trubia, Spain; [removed: Kreuzlingen] [added: Bürglen, Kreuzlingen,] and Tägerwilen, Switzerland; Merthyr Tydfil, United Kingdom.

A summary of floor space by segment on December 31, [removed: 2022,] [added: 2023,] follows:

| Technologies | | | 3.1 | | | | | | [removed: 7.9] [added: 7.3] | | | | | | 0.9 | | | | | | [removed: 11.9] [added: 11.3] | | |

| Total square feet | | | [removed: 24.2] [added: 24.3] | | | | | | [removed: 26.5] [added: 27.8] | | | | | | 6.3 | | | | | | [removed: 57.0] [added: 58.4] | | |

| Aerospace | | | 5.7 | | | | | | 10.1 | | | | | | 0.5 | | | | | | 16.3 | | |

| Marine Systems | | | 8.8 | | | | | | 4.8 | | | | | | — | | | | | | 13.6 | | |

| Combat Systems | | | 6.7 | | | | | | 5.6 | | | | | | 4.9 | | | | | | 17.2 | | |

| Aerospace | | | 5.9 | | | | | | 9.4 | | | | | | 0.5 | | | | | | 15.8 | | |

| Marine Systems | | | 8.7 | | | | | | 4.5 | | | | | | — | | | | | | 13.2 | | |

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

Set forth below is information regarding our executive officers as of February [removed: 7, 2023] [added: 8, 2024] (references are to positions with General Dynamics Corporation, unless otherwise noted):

| Jason W. Aiken – Executive Vice President, Technologies and Chief Financial Officer since January 2023; Senior Vice President and Chief Financial Officer, January 2014 - December 2022; Vice President of the company and Chief Financial Officer of Gulfstream Aerospace Corporation, September 2011 - December 2013; Vice President and Controller, April 2010 - August 2011; Staff Vice President, Accounting, July 2006 - March 2010 | | | [removed: 50] [added: 51] | | |

| Christopher J. Brady – Vice President of the company and President of General Dynamics Mission Systems since January 2019; Vice President, Engineering of General Dynamics Mission Systems, January 2015 - December 2018; Vice President, Engineering of General Dynamics C4 Systems, May 2013 - December 2014; Vice President, Assured Communications Systems of General Dynamics C4 Systems, August 2004 - May 2013 | | | [removed: 60] [added: 61] | | |

| Mark L. Burns – Vice President of the company and President of Gulfstream Aerospace Corporation since July 2015; Vice President of the company since February 2014; President, Product Support of Gulfstream Aerospace Corporation, June 2008 - June 2015 | | | [removed: 63] [added: 64] | | |

| Danny Deep – Vice President of the company and President of General Dynamics Land Systems since April 2020; Chief Operating Officer of General Dynamics Land Systems, September 2018 - April 2020; Vice President of General Dynamics Land Systems – Canada, January 2011 - September 2018 | | | [removed: 53] [added: 54] | | |

| Gregory S. Gallopoulos – Senior Vice President, General Counsel and Secretary since January 2010; Vice President and Deputy General Counsel, July 2008 - January 2010; Managing Partner of Jenner & Block LLP, January 2005 - June 2008 | | | [removed: 63] [added: 64] | | |

| M. Amy Gilliland – Senior Vice President of the company since April 2015; President of General Dynamics Information Technology since September 2017; Deputy for Operations of General Dynamics Information Technology, April 2017 - September 2017; Senior Vice President, Human Resources and Administration, April 2015 - March 2017; Vice President, Human Resources, February 2014 - March 2015; Staff Vice President, Strategic Planning, January 2013 - February 2014; Staff Vice President, Investor Relations, June 2008 - January 2013 | | | [removed: 48] [added: 49] | | |

| Kevin M. Graney – Vice President of the company and President of Electric Boat Corporation since October 2019; Vice President of the company and President of NASSCO, January 2017 - October 2019; Vice President and General Manager of NASSCO, November 2013 - January 2017 | | | [removed: 59] [added: 60] | | |

| Kimberly A. Kuryea – Senior Vice President, Human Resources and Administration since April 2017; Vice President and Controller, September 2011 - March 2017; Chief Financial Officer of General Dynamics Advanced Information Systems, November 2007 - August 2011; Staff Vice President, Internal Audit, March 2004 - October 2007 | | | [removed: 55] [added: 56] | | |

| William A. Moss – Vice President and Controller since April 2017; Staff Vice President, Internal Audit, May 2015 - March 2017; Staff Vice President, Accounting, August 2010 - May 2015 | | | [removed: 59] [added: 60] | | |

| Phebe N. Novakovic – Chairman and Chief Executive Officer since January 2013; President and Chief Operating Officer, May 2012 - December 2012; Executive Vice President, Marine Systems, May 2010 - May 2012; Senior Vice President, Planning and Development, July 2005 - May 2010; Vice President, Strategic Planning, October 2002 - July 2005 | | | [removed: 65] [added: 66] | | |

| Mark C. Roualet – Executive Vice President, Combat Systems, since March 2013; Vice President of the company and President of General Dynamics Land Systems, October 2008 - March 2013; Senior Vice President and Chief Operating Officer of General Dynamics Land Systems, July 2007 - October 2008 | | | [removed: 64] [added: 65] | | |

| Robert E. Smith – Executive Vice President, Marine Systems, since July 2019; Vice President of the company and President of Jet Aviation, January 2014 - July 2019; Vice President and Chief Financial Officer of Jet Aviation, July 2012 - January 2014 | | | [removed: 55] [added: 56] | | |

On January [removed: 29, 2023,] [added: 28, 2024,] there were approximately 9,000 holders of record of our common stock.

We did not make any unregistered sales of equity securities in [removed: 2022.][added: 2023.]

On December 31, [removed: 2022, 6.7] [added: 2023, 4.7] million shares remained authorized by our board of directors for repurchase.

Based on Investments of $100 Beginning December 31, [removed: 2017][added: 2018]

[removed: ][added: ]

| 10/2/23-10/29/23 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| 10/30/23-11/26/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 11/27/23-12/31/23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| 10/2/23-10/29/23 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| 10/30/23-11/26/23 | | | | | | 480 | | | | | | 239.65 | | | | | | | | | | | | | | |

| 11/27/23-12/31/23 | | | | | | 139 | | | | | | 248.25 | | | | | | | | | | | | | | |

| | | | | | | 619 | | | | | | 241.58 | | | | | | | | | | | | | | |

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

| (Dollars in millions, except per-share amounts) | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Products | | | $ | [removed: 23,022] [added: 24,595] | | | | | $ | [removed: 22,428] [added: 23,022] | | | | | $ | [removed: 22,188] [added: 22,428] | |

| Services | | | [removed: 16,385] [added: 17,677] | | | | | | [removed: 16,041] [added: 16,385] | | | | | | [removed: 15,737] [added: 16,041] | | |

| | | | [removed: 39,407] [added: 42,272] | | | | | | [removed: 38,469] [added: 39,407] | | | | | | [removed: 37,925] [added: 38,469] | | |

| Products | | | [removed: (18,981)] [added: (20,591)] | | | | | | [removed: (18,524)] [added: (18,981)] | | | | | | [removed: (18,192)] [added: (18,524)] | | |

| Services | | | [removed: (13,804)] [added: (15,009)] | | | | | | [removed: (13,537)] [added: (13,804)] | | | | | | [removed: (13,408)] [added: (13,537)] | | |

| General and administrative (G&A) | | | [removed: (2,411)] [added: (2,427)] | | | | | | [removed: (2,245)] [added: (2,411)] | | | | | | [removed: (2,192)] [added: (2,245)] | | |

| | | | [removed: (35,196)] [added: (38,027)] | | | | | | [removed: (34,306)] [added: (35,196)] | | | | | | [removed: (33,792)] [added: (34,306)] | | |

| Operating earnings | | | [removed: 4,211] [added: 4,245] | | | | | | [removed: 4,163] [added: 4,211] | | | | | | [removed: 4,133] [added: 4,163] | | |

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

| Interest, net | | | [removed: (364)] [added: (343)] | | | | | | [removed: (424)] [added: (364)] | | | | | | [removed: (477)] [added: (424)] | | |

| Earnings before income tax | | | [removed: 4,036] [added: 3,984] | | | | | | [removed: 3,873] [added: 4,036] | | | | | | [removed: 3,738] [added: 3,873] | | |

| Provision for income tax, net | | | [removed: (646)] [added: (669)] | | | | | | [removed: (616)] [added: (646)] | | | | | | [removed: (571)] [added: (616)] | | |

| Net earnings | | | $ | [removed: 3,390] [added: 3,315] | | | | | $ | [removed: 3,257] [added: 3,390] | | | | | $ | [removed: 3,167] [added: 3,257] | |

| Basic | | | $ | [removed: 12.31] [added: 12.14] | | | | | $ | [removed: 11.61] [added: 12.31] | | | | | $ | [removed: 11.04] [added: 11.61] | |

| Diluted | | | $ | [removed: 12.19] [added: 12.02] | | | | | $ | [removed: 11.55] [added: 12.19] | | | | | $ | [removed: 11.00] [added: 11.55] | |

| (Dollars in millions) | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Net earnings | | | | | | $ | [removed: 3,390] [added: 3,315] | | | | | $ | [removed: 3,257] [added: 3,390] | | | | | $ | [removed: 3,167] [added: 3,257] | |

| Changes in unrealized cash flow hedges | | | | | | [removed: (190)] [added: 10] | | | | | | [removed: (174)] [added: (190)] | | | | | | [removed: 366] [added: (174)] | | |

| Foreign currency translation adjustments | | | | | | [removed: (278)] [added: 413] | | | | | | [removed: (103)] [added: (278)] | | | | | | [removed: 353] [added: (103)] | | |

| Changes in retirement plans’ funded status | | | | | | [removed: 241] [added: 722] | | | | | | [removed: 2,365] [added: 241] | | | | | | [removed: (453)] [added: 2,365] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] pretax | | | | | | [removed: (227)] [added: 1,145] | | | | | | [removed: 2,088] [added: (227)] | | | | | | [removed: 266] [added: 2,088] | | |

| [removed: (Provision) benefit] [added: Provision] for income tax, net | | | | | | [removed: (5)] [added: (152)] | | | | | | [removed: (458)] [added: (5)] | | | | | | [removed: 2] [added: (458)] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax | | | | | | [removed: (232)] [added: 993] | | | | | | [removed: 1,630] [added: (232)] | | | | | | [removed: 268] [added: 1,630] | | |

| Comprehensive income | | | | | | $ | [removed: 3,158] [added: 4,308] | | | | | $ | [removed: 4,887] [added: 3,158] | | | | | $ | [removed: 3,435] [added: 4,887] | |

| (Dollars in millions) | | | [removed: 2022] [added: 2023] | | | | | | [added: 2022 | | | | | |] 2021 | | |

| Cash and equivalents | | | $ | [removed: 1,242] [added: 1,913] | | | | | $ | [removed: 1,603] [added: 1,242] | |

| Accounts receivable | | | [removed: 3,008] [added: 3,004] | | | | | | [removed: 3,041] [added: 3,008] | | |

| Unbilled receivables | | | [removed: 8,795] [added: 7,997] | | | | | | [removed: 8,498] [added: 8,795] | | |

| Inventories | | | [removed: 6,322] [added: 8,578] | | | | | | [removed: 5,340] [added: 6,322] | | |

| Other current assets | | | [removed: 1,696] [added: 2,123] | | | | | | [removed: 1,505] [added: 1,696] | | |

| Total current assets | | | [removed: 21,063] [added: 23,615] | | | | | | [removed: 19,987] [added: 21,063] | | |

| Property, plant and equipment, net | | | [removed: 5,900] [added: 6,198] | | | | | | [removed: 5,417] [added: 5,900] | | |

| Intangible assets, net | | | [removed: 1,824] [added: 1,656] | | | | | | [removed: 1,978] [added: 1,824] | | |

| Goodwill | | | [removed: 20,334] [added: 20,586] | | | | | | [removed: 20,098] [added: 20,334] | | |

| Other assets | | | [removed: 2,464] [added: 2,755] | | | | | | [removed: 2,593] [added: 2,464] | | |

| Total noncurrent assets | | | [removed: 30,522] [added: 31,195] | | | | | | [removed: 30,086] [added: 30,522] | | |

| Total assets | | | $ | [removed: 51,585] [added: 54,810] | | | | | $ | [removed: 50,073] [added: 51,585] | |

| Short-term debt and current portion of long-term debt | | | $ | [removed: 1,253] [added: 507] | | | | | $ | [removed: 1,005] [added: 1,253] | |

| Accounts payable | | | [removed: 3,398] [added: 3,095] | | | | | | [removed: 3,167] [added: 3,398] | | |

| December 31, 2023 | | | $ | 482 | | | | | $ | 3,760 | | | | | $ | 39,270 | | | | | $ | (21,054) | | | | | $ | (1,159) | | | | | $ | 21,299 | |

Interest rates rose over the last year, but the increase was within the tolerances established in our previous quantitative analysis.

Our qualitative assessment this year did not present any other indicators of impairment.

Recent Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Improvements to Reportable Segment Disclosures, effective for fiscal years beginning after December 15, 2023.

The ASU adds disclosure requirements for segment expense information.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, effective for annual periods beginning after December 15, 2024.

The ASU requires disclosure of disaggregated income tax information, including the effective tax rate reconciliation and income taxes paid.

Substantially all of our revenue in the defense segments

We have large, long-term contracts with the U.S. Navy for Virginia-class submarines and an international customer for tracked vehicles in which our estimates for contract revenue include variable consideration from anticipated contract modifications.

For both contracts, it is reasonably possible that the actual amount of variable consideration realized could be less than our estimate, which could have a material unfavorable impact on our results of operations.

| Fixed-price | | | $ | 7,645 | | | | | $ | 6,202 | | | | | $ | 7,321 | | | | | $ | 5,646 | | | | | $ | 26,814 | |

| Cost-reimbursement | | | — | | | | | | 6,258 | | | | | | 880 | | | | | | 5,457 | | | | | | 12,595 | | |

| Time-and-materials | | | 976 | | | | | | 1 | | | | | | 67 | | | | | | 1,819 | | | | | | 2,863 | | |

| Total revenue | | | $ | 8,621 | | | | | $ | 12,461 | | | | | $ | 8,268 | | | | | $ | 12,922 | | | | | $ | 42,272 | |

| Year Ended December 31, 2023 | | | Aerospace | | | | | | Marine Systems | | | | | | Combat Systems | | | | | | Technologies | | | | | | Total Revenue | | |

| Department of Defense (DoD) | | | $ | 303 | | | | | $ | 12,325 | | | | | $ | 4,580 | | | | | $ | 7,512 | | | | | $ | 24,720 | |

| Non-DoD | | | — | | | | | | 3 | | | | | | 10 | | | | | | 4,698 | | | | | | 4,711 | | |

| Foreign military sales (FMS) | | | 69 | | | | | | 129 | | | | | | 651 | | | | | | 47 | | | | | | 896 | | |

| Total U.S. government | | | 372 | | | | | | 12,457 | | | | | | 5,241 | | | | | | 12,257 | | | | | | 30,327 | | |

| U.S. commercial | | | 5,398 | | | | | | 2 | | | | | | 233 | | | | | | 200 | | | | | | 5,833 | | |

| Non-U.S. government | | | 493 | | | | | | 2 | | | | | | 2,692 | | | | | | 388 | | | | | | 3,575 | | |

| Non-U.S. commercial | | | 2,358 | | | | | | — | | | | | | 102 | | | | | | 77 | | | | | | 2,537 | | |

| Total revenue | | | $ | 8,621 | | | | | $ | 12,461 | | | | | $ | 8,268 | | | | | $ | 12,922 | | | | | $ | 42,272 | |

| Year Ended December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Changes in the contract asset and

| Research and development expenditures | | | $ | 670 | | | | | $ | 313 | |

| Deferred assets | | | 2,398 | | | | | | 2,099 | | |

| Deferred liabilities | | | $ | (2,784) | | | | | $ | (2,508) | |

| December 31 | | | 2023 | | | | | | 2022 | | |

| Net deferred tax liability | | | $ | (627) | | | | | $ | (646) | |

| December 31 | | | 2023 | | | | | | 2022 | | |

| December 31 | | | 2023 | | | | | | 2022 | | |

The contract, signed in 2010, had been experiencing an unbilled receivables build-up since 2021.

| December 31 | | | 2023 | | | | | | 2022 | | |

| Other (c) | | | 180 | | | | | | — | | | | | | 46 | | | | | | 10 | | | | | | 236 | | |

| December 31, 2023 (a) | | | $ | 3,199 | | | | | $ | 297 | | | | | $ | 2,812 | | | | | $ | 14,278 | | | | | $ | 20,586 | |

| December 31 | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| 2026 | | | 170 | | |

| 2027 | | | 162 | | |

| 2028 | | | 137 | | |

| Proceeds from (repayment of) credit facility, net | | | — | | | | | | 6 | | | | | | (441) | | |

| December 31, 2019 | | | $ | 482 | | | | | $ | 3,039 | | | | | $ | 31,633 | | | | | $ | (17,358) | | | | | $ | (3,818) | | | | | $ | 13,978 | |

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 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

| Fixed-price | | | $ | 7,402 | | | | | $ | 6,924 | | | | | $ | 6,159 | | | | | $ | 5,794 | | | | | $ | 26,279 | |

| Cost-reimbursement | | | — | | | | | | 3,045 | | | | | | 997 | | | | | | 5,300 | | | | | | 9,342 | | |

| Time-and-materials | | | 673 | | | | | | 10 | | | | | | 67 | | | | | | 1,554 | | | | | | 2,304 | | |

| Total revenue | | | $ | 8,075 | | | | | $ | 9,979 | | | | | $ | 7,223 | | | | | $ | 12,648 | | | | | $ | 37,925 | |

Under cost-reimbursement contracts,

| DoD | | | $ | 394 | | | | | $ | 9,656 | | | | | $ | 3,813 | | | | | $ | 6,977 | | | | | $ | 20,840 | |

| Non-DoD | | | — | | | | | | 9 | | | | | | 12 | | | | | | 4,705 | | | | | | 4,726 | | |

| FMS | | | 119 | | | | | | 206 | | | | | | 366 | | | | | | 46 | | | | | | 737 | | |

| Total U.S. government | | | 513 | | | | | | 9,871 | | | | | | 4,191 | | | | | | 11,728 | | | | | | 26,303 | | |

| U.S. commercial | | | 4,268 | | | | | | 97 | | | | | | 254 | | | | | | 272 | | | | | | 4,891 | | |

| Non-U.S. government | | | 221 | | | | | | 9 | | | | | | 2,704 | | | | | | 551 | | | | | | 3,485 | | |

| Non-U.S. commercial | | | 3,073 | | | | | | 2 | | | | | | 74 | | | | | | 97 | | | | | | 3,246 | | |

| Deferred assets | | | 1,786 | | | | | | 1,996 | | |

| Deferred liabilities | | | $ | (2,195) | | | | | $ | (2,565) | |

A wheeled vehicle contract, originally negotiated in 2012, was amended in 2020 to include a revised payment schedule that addressed a build-up in unbilled receivables.

Under the amended contract, we have received progress payments in 2021 and 2022 that have reduced the program’s unbilled balance to $1 billion as of December 31, 2022.

The remaining scheduled progress payments will liquidate the net unbilled receivables balance by the end of 2023.

A separate tracked vehicle contract signed in 2010 has been experiencing an unbilled receivables build-up since 2021 resulting in a $1.7 billion balance as of December 31, 2022.

| December 31, 2020 (a) | | | $ | 3,065 | | | | | $ | 297 | | | | | $ | 2,786 | | | | | $ | 13,905 | | | | | $ | 20,053 | |

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

| 2023 | | | $ | 192 | |

| 2026 | | | 169 | | |

| 2027 | | | 158 | | |

| 2023 | | | $ | 285 | | | | | $ | 46 | |

| 2024 | | | 232 | | | | | | 29 | | |

| 2025 | | | 164 | | | | | | 26 | | |

| 2026 | | | 129 | | | | | | 24 | | |

| 2027 | | | 112 | | | | | | 23 | | |

| Thereafter | | | 768 | | | | | | 178 | | |

| ROU assets | | | 1,257 | | | | | | 319 | | |

| November 2022 | | | 2.250% | | | $ | — | | | | | $ | 1,000 | |

| Other | | | Various | | | 90 | | | | | | 106 | | |

In November 2022, we repaid fixed-rate notes of $1 billion at the scheduled maturity using cash on hand.

| 2023 | | | $ | 1,253 | |

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 [removed: (as] [added: as] defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as [removed: amended)] [added: amended (the Exchange Act)] as of December 31, [removed: 2022.][added: 2023.]

Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, on December 31, [removed: 2022,] [added: 2023,] our disclosure controls and procedures were effective.

Our management evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2022.][added: 2023.]

Based on our evaluation we believe that, as of December 31, [removed: 2022,] [added: 2023,] our internal control over financial reporting is effective based on those criteria.

We have audited General Dynamics Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 7, 2023] [added: 8, 2024] expressed an unqualified opinion on those consolidated financial statements.

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2022,] [added: 2023,] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| February 8, 2024 | | | | | | | | |

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

During the quarter ended December 31, 2023, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined under Item 408 of Regulation S-K).

None.

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 titled “Election of the Board of Directors of the Company,” “Governance of the Company – Our Ethos,” “Audit Committee Report” and, if included, “Other Information – Delinquent Section 16(a) Reports” in our definitive proxy statement for our [removed: 2023] [added: 2024] 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 titled “Governance of the Company – Director Compensation,” “Compensation Discussion and Analysis,” “Executive [removed: Compensation” and “Compensation Committee Report” in our Proxy Statement, which sections are incorporated herein by reference.]

Compensation” and “Compensation Committee Report” in our Proxy Statement, which sections are incorporated herein by reference.

Exhibits listed below, which have been filed with the Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as [added: amended, and which were filed as noted below, are hereby incorporated by reference and made a part of this report with the same effect as if filed herewith.]

| [removed: 3.2] [added: 3.3] | | | [Amended and Restated Bylaws of General Dynamics Corporation (as amended [removed: 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)[)] [added: effective](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm) [October 4, 2023](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[)] (incorporated herein by reference from the company’s current report on Form 8-K, filed with the SEC [removed: 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)] [added: on](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm) [Oc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[tober 5](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[, 202](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[3](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/exhibit32.htm)[)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000063/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: Truste](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[e] [added: Trustee] (incorporated herein by reference from [removed: 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] [added: the company’s annual] report on Form 10-K for the year ended December 31, 2017, filed [removed: wi](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm)[th] [added: with] the SEC on February 12, 2018)](http://www.sec.gov/Archives/edgar/data/40533/000004053318000008/ex41-20171231.htm) | | |

| 4.8 | | | [Second Supplemental [removed: Indenture, dated] [added: Indenture](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm) [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 SEC on March 25, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000119312520085435/d905126dex41.htm) | | |

| 4.9 | | | [Third Supplemental [removed: Indenture, dated] [added: Indenture](https://www.sec.gov/Archives/edgar/data/40533/000119312521156243/d391636dex41.htm) [dated] as of May 10, 2021, among General Dynamics Corporation, the Guarantors named 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 SEC on May 10, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000119312521156243/d391636dex41.htm) | | |

| 4.10 | | | [Description of General Dynamics Corporation’s Securities Registered Pursuant to Section 12 of [added: the](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [Exchange Act](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [(](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[incorporated herein by reference from the](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[s annual report](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm) [on Form 10-K for] the [removed: Exchange Act](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)] [added: year ended December 31, 2022, filed wit](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex410-20221231.htm)[h the SEC on February 7, 2023)](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. [removed: 333-217656) filed] [added: 333-217656)](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/40533/000119312517158159/d373434dex41.htm) [filed] with 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 [added: 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 [removed: March 30, 2014,] [added: April 5, 2015,] filed with the SEC on April [removed: 23, 2014)](http://www.sec.gov/Archives/edgar/data/40533/000004053314000010/ex101-2014330.htm)] [added: 29, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm)] | | |

| 10.3* | | | [Form of Non-Statutory Stock Option Agreement pursuant to the General Dynamics Corporation 2012 Equity Compensation Plan (for grants [removed: made March 4, 2015, through] [added: beginning] March [removed: 1,] [added: 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 [removed: 5, 2015,] [added: 3, 2016,] filed with the SEC on April [removed: 29, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000016/ex101-20150405.htm)] [added: 27, 2016)](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm)] | | |

| [removed: 10.4*] [added: 10.8*] | | | [Form of Non-Statutory Stock Option [added: Award] Agreement pursuant to the General Dynamics Corporation [added: Amended and Restated] 2012 Equity Compensation Plan (for grants [added: to executive officers] beginning March 2, [removed: 2016,] [added: 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, [removed: 2016,] [added: 2022,] filed with the SEC on April 27, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/40533/000004053316000065/ex101-20160403.htm)] [added: 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex101-20220403.htm)] | | |

| [removed: 10.5*] [added: 10.4*] | | | [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 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 [added: to named executive officers] beginning [removed: May 3, 2017,] [added: March 4, 2020,] and including, as indicated therein, provisions for certain [added: 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 [removed: July 2, 2017,] [added: March 29, 2020,] filed with the SEC on [removed: July 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex103-20170702.htm)] [added: April 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm)] | | |

| 10.7* | | | [Form of [removed: Restricted] [added: Performance] Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants [added: to named executive officers] beginning [removed: May 3, 2017)] [added: 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 [removed: July 2, 2017,] [added: March 29, 2020,] filed with the SEC on [removed: July 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex104-20170702.htm)] [added: April 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm)] | | |

| [removed: 10.8*] [added: 10.10*] | | | [Form of Performance [removed: Restricted] Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants [added: to executive officers] beginning [removed: May 3, 2017,] [added: 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 [removed: July 2, 2017,] [added: April 3, 2022,] filed with the SEC on [removed: July 26, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000033/ex105-20170702.htm)] [added: April 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex103-20220403.htm)] | | |

| [removed: 10.9*] [added: 10.13*] | | | [Form of Performance Stock Unit Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to [removed: named] executive officers beginning March [removed: 6, 2019)] [added: 8, 2023, 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 [removed: March 31, 2019,] [added: April 2, 2023,] filed with the SEC on April [removed: 24, 2019)](http://www.sec.gov/Archives/edgar/data/40533/000004053319000021/ex101-20190331.htm)] [added: 26, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000027/ex103-20230402.htm)] | | |

| [removed: 10.10*] [added: 10.5*] | | | [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 the SEC on April 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex101-20200329.htm) | | |

| [removed: 10.11*] [added: 10.9*] | | | [Form of Restricted Stock Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to [removed: named] executive officers beginning March [removed: 4, 2020,] [added: 2, 2022,] and including, as indicated therein, provisions for certain [removed: 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 [removed: March 29, 2020,] [added: April 3, 2022,] filed with the SEC on April [removed: 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex102-20200329.htm)] [added: 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex102-20220403.htm)] | | |

| 10.12* | | | [Form of [removed: Performance] [added: Restricted] Stock [removed: Unit] Award Agreement pursuant to the General Dynamics Corporation Amended and Restated 2012 Equity Compensation Plan (for grants to [removed: named] executive officers beginning March [removed: 4, 2020,] [added: 8, 2023,] and including, as indicated therein, provisions for certain [removed: 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 [removed: March 29, 2020,] [added: April 2, 2023,] filed with the SEC on April [removed: 29, 2020)](https://www.sec.gov/Archives/edgar/data/40533/000004053320000029/ex103-20200329.htm)] [added: 26, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000027/ex102-20230402.htm)] | | |

| [removed: 10.13*] [added: 10.11*] | | | [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 [removed: 2, 2022,] [added: 8, 2023,] 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 [removed: 3, 2022,] [added: 2, 2023,] filed with the SEC on April [removed: 27, 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex101-20220403.htm)] [added: 26, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000027/ex101-20230402.htm)] | | |

| [removed: 10.14*] [added: 10.15*] | | | [removed: [Form of Restricted Stock Award Agreement pursuant to the General] [added: [General] Dynamics Corporation [removed: Amended and Restated 2012 Equity Compensation Plan (for grants to executive officers beginning March 2, 2022,] [added: Supplemental Savings Plan, amended] and [removed: including, as indicated therein, provisions for certain executive officers who are subject to the company’s Compensation Recoupment Policy)] [added: restated effective October 1, 2021] (incorporated herein by reference from the company’s quarterly report on Form 10-Q for [removed: the period ended April] [added: the](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm) [period](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm) [ended October] 3, [removed: 2022,] [added: 2021,] filed with the SEC on [removed: April] [added: October] 27, [removed: 2022)](https://www.sec.gov/Archives/edgar/data/40533/000004053322000013/ex102-20220403.htm)] [added: 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm)] | | |

| [removed: 10.16*] [added: 10.14*] | | | [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 the SEC on March 29, 2002)](http://www.sec.gov/Archives/edgar/data/40533/000095013302001284/w58696ex10-5.htm) | | |

| [removed: 10.17*] [added: 10.21*] | | | [removed: [General] [added: [Amendment to the General] Dynamics Corporation Supplemental [removed: Savings] [added: Retirement] Plan, [removed: amended and restated] effective [removed: October 1, 2021] [added: December 20, 2019] (incorporated herein by reference from the company’s [removed: quarterly] [added: annual] report on Form [removed: 10-Q] [added: 10-K] for the [removed: quarter] [added: year] ended [removed: October 3, 2021,] [added: December 31, 2020,] filed with the SEC on [removed: October 27, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000050/ex10-20211003.htm)] [added: February 9, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] | | |

| [removed: 10.18*] [added: 10.16*] | | | [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 the SEC on February 6, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1020-20161231.htm) | | |

| [removed: 10.19*] [added: 10.17*] | | | [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 [removed: the quarterly period] [added: the](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) [period] ended April 3, 2011, filed with the SEC on May 3, 2011)](http://www.sec.gov/Archives/edgar/data/40533/000119312511124091/dex102.htm) | | |

| [removed: 10.20*] [added: 10.18*] | | | [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 the SEC on February 9, 2015)](http://www.sec.gov/Archives/edgar/data/40533/000004053315000009/ex1020-20141231.htm) | | |

| [removed: 10.21*] [added: 10.19*] | | | [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 the SEC on February 6, 2017)](http://www.sec.gov/Archives/edgar/data/40533/000004053317000006/ex1023-20161231.htm) | | |

| [removed: 10.22*] [added: 10.20*] | | | [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 the SEC on February 13, 2019)](http://www.sec.gov/Archives/edgar/data/40533/000004053319000010/ex1022-20181231.htm) | | |

| [removed: 10.23*] [added: 22] | | | [removed: [Amendment to the General Dynamics Corporation Supplemental Retirement Plan, effective December 20, 2019 (incorporated] [added: [Subsidiary Guarantors](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[(](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[incorporated] herein [removed: by reference] [added: by](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [reference] from the [removed: company’s annual] [added: company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[s quarterly] report on Form [removed: 10-K for] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [for] the [removed: year] [added: period] ended [removed: December 31, 2020, filed] [added: October 1,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [2023,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)[filed] with the SEC on [removed: February 9, 2021)](https://www.sec.gov/Archives/edgar/data/40533/000004053321000010/ex1024-20201231.htm)] [added: October 25, 2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000070/ex22-20231001.htm)] | | |

| 21 | | | [removed: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex21-20221231.htm)] [added: [Subsidiaries](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex21-20231231.htm)] | | |

| 23 | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex23-20221231.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex23-20231231.htm)] | | |

| 24 | | | [Power of [removed: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053323000014/ex24-20221231.htm)] [added: Attorney](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex24-20231231.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/40533/000004053323000014/ex311-20221231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex311-20231231.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/40533/000004053323000014/ex312-20221231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex312-20231231.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/40533/000004053323000014/ex321-20221231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex321-20231231.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/40533/000004053323000014/ex322-20221231.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex322-20231231.htm)] | | |

| 3.2 | | | [Certificate of Amendment of Restated Certificate of Inc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[orporation](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [of the company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [dated as of May 8, 2023 (inc](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[orporated herein by](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [reference from the company](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[’](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[s quarterly report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[for the period ended July 2, 2023,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [file](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[d with the SEC on July 26](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[,](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) [](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm)[2023)](https://www.sec.gov/Archives/edgar/data/40533/000004053323000060/ex32-20230702.htm) | | |

| 97 | | | [General Dynamics Compensation Recoupment Policy, effective December 1, 2023](https://www.sec.gov/Archives/edgar/data/40533/000004053324000007/ex97-20231231.htm) | | |

amended, and which were filed as noted below, are hereby incorporated by reference and made a part of this report with the same effect as if filed herewith.

| 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) | | |

| Dated: February [removed: 7, 2023] [added: 8, 2024] | | | | | | | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February [removed: 7, 2023,] [added: 8, 2024,] by the following persons on behalf of the registrant and in the capacities indicated.

| Charles W. Hooper | | | Director | | |

| James S. Crown | | | Director | | |