General Dynamics 2014 Annual Report Download - page 39

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CONSOLIDATED BALANCE SHEETS
December 31
(Dollars in millions) 2014 2013
ASSETS
Current assets:
Cash and equivalents $ 4,388 $ 5,301
Accounts receivable 4,050 4,370
Contracts in process 4,591 4,780
Inventories 3,221 2,890
Other current assets 1,157 821
Total current assets 17,407 18,162
Noncurrent assets:
Property, plant and equipment, net 3,329 3,359
Intangible assets, net 912 1,044
Goodwill 11,731 11,932
Other assets 1,976 997
Total noncurrent assets 17,948 17,332
Total assets $ 35,355 $ 35,494
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ 501 $ 1
Accounts payable 2,057 2,216
Customer advances and deposits 7,335 6,584
Other current liabilities 3,858 3,458
Total current liabilities 13,751 12,259
Noncurrent liabilities:
Long-term debt 3,410 3,908
Other liabilities 6,365 4,826
Commitments and contingencies (see Note N)
Total noncurrent liabilities 9,775 8,734
Shareholders’ equity:
Common stock 482 482
Surplus 2,548 2,226
Retained earnings 21,127 19,428
Treasury stock (9,396) (6,450)
Accumulated other comprehensive loss (2,932) (1,185)
Total shareholders’ equity 11,829 14,501
Total liabilities and shareholders’ equity $ 35,355 $ 35,494
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
General Dynamics Annual Report 2014 37