General Dynamics 2015 Annual Report Download - page 42

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CONSOLIDATED BALANCE SHEETS
December 31
(Dollars in millions) 2015 2014
ASSETS
Current assets:
Cash and equivalents $ 2,785 $ 4,388
Accounts receivable 3,446 4,050
Contracts in process 4,357 4,591
Inventories 3,366 3,221
Other current assets 617 1,157
Total current assets 14,571 17,407
Noncurrent assets:
Property, plant and equipment, net 3,466 3,329
Intangible assets, net 763 912
Goodwill 11,443 11,731
Other assets 1,754 1,958
Total noncurrent assets 17,426 17,930
Total assets $ 31,997 $ 35,337
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ 501 $ 501
Accounts payable 1,964 2,057
Customer advances and deposits 5,674 7,335
Other current liabilities 4,306 3,858
Total current liabilities 12,445 13,751
Noncurrent liabilities:
Long-term debt 2,898 3,392
Other liabilities 5,916 6,365
Commitments and contingencies (see Note N)
Total noncurrent liabilities 8,814 9,757
Shareholders’ equity:
Common stock 482 482
Surplus 2,730 2,548
Retained earnings 23,204 21,127
Treasury stock (12,392) (9,396)
Accumulated other comprehensive loss (3,286) (2,932)
Total shareholders’ equity 10,738 11,829
Total liabilities and shareholders’ equity $ 31,997 $ 35,337
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
38 General Dynamics Annual Report 2015