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General Dynamics Annual Report (Amendment), Year Ended Dec 31, 1994

Filing Date
Filed June 27, 1995
Period End
December 31, 1994
Security
GD
In the record · 2016–202610-K1110-Q338-K98

GD filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’19Mar ’19
  2. FY2020 annual report10-K · Feb ’21Feb ’21
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01—Abstract

Summary

Summary of the 10-K/A filed June 27, 1995. Cited figures are marked; the original filing is the authoritative source.

This filing is a Form 10-K/A (Amendment No. 1) by General Dynamics Corporation, filed June 27, 1995, to amend its 1994 Annual Report.

It does not contain the company's operating results, balance sheet, or business discussion. Its sole purpose is to add the Annual Reports on Form 11-K for two employee benefit plans: the General Dynamics Corporation Savings and Stock Investment Plan (Exhibit 99(d)) and the Hourly Employee Savings and Stock Investment Plan (Exhibit 99(e)). The amendment also restates the exhibit index, which lists previously filed items such as the Restated Certificate of Incorporation, executive employment agreements, and facilities contracts, along with the 1994 Shareholder Report (Exhibit 13), the financial data schedule (Exhibit 27), and consents of auditors.

Those main-report exhibits are referenced but not included in this document. The plan financials show the Savings Plan's net assets available for benefits at year-end 1994 were about $2.07 billiona, down from $2.22 billion in 1993, with roughly $241 million held in General Dynamics company stock (5,544,967 shares at market value). The Hourly Plan's net assets were about $434 million at year-end 1994, down from $474 million.

Both plans show net outflows in 1994, driven mainly by large participant withdrawals and distributions, partly offset by contributions and investment income. The auditor is Arthur Andersen LLP, and both plans' statements carry clean opinions. A note discloses an upcoming accounting change (AICPA SOP 94-4) requiring investment contracts to be reported at fair value, which is not expected to be material to the plans.

For investors, this filing offers little on General Dynamics' core business, earnings, or strategy. Its value is limited to the employee plan disclosures, which show the scale of the company's stock held by employees and the size of its retirement savings programs. Investors seeking the company's financial performance should refer to the original 1994 Form 10-K and its Shareholder Report.

02—Key points

Key Highlights

  1. Filing type: a Form 10-K/A, Amendment No. 1, to the company's 1994 Annual Report, filed June 27, 1995, that adds only employee plan financial statements.
  2. Savings and Stock Investment Plan net assets were about $2.07 billion at year-end 1994, down from $2.22 billion in 1993.
  3. The Savings Plan held about 5.54 million General Dynamics shares (roughly $241 million at market value), with 'participant-directed' and 'non-participant-directed' stock classifications.
  4. Hourly Employee Savings Plan net assets were about $434 million at year-end 1994, down from $474 million in 1993.
  5. Both plans had net outflows in 1994, mainly from participant withdrawals and distributions, which exceeded contributions and investment income.
  6. The filing contains no operating results, balance sheet, or business strategy for General Dynamics; those are in the original 1994 Form 10-K and Shareholder Report.
  7. Auditor Arthur Andersen LLP gave unqualified opinions on both plans, and a pending accounting change (AICPA SOP 94-4) was flagged as not expected to be material.

03—Questions

Frequently Asked Questions

  1. Does this filing report General Dynamics' 1994 revenue, earnings, or financial position?

    No. The filing is an amendment that adds only the Form 11-K annual reports for two employee savings plans. Corporate financial results are in the original 1994 Form 10-K and the Shareholder Report (Exhibit 13), which this document references but does not include.

  2. Why did the savings plans' net assets decline in 1994?

    The declines were mainly due to large distributions to withdrawn participants, which exceeded new contributions and investment income. Unrealized depreciation of the Diversified Portfolio and company stock also reduced value in 1994.

  3. How much of General Dynamics stock do employees hold through these plans?

    The Savings Plan held about 5.54 million company shares, valued at roughly $241 million at year-end 1994. The Hourly Plan held about 829,000 shares, valued at roughly $36 million. Some of these holdings are participant-directed and others are non-participant-directed, which means company matching contributions.

  4. Is there any accounting change investors should watch for in these plans?

    Yes. The AICPA's Statement of Position 94-4 requires investment contracts, such as the large insurance company contracts in the Fixed Income Fund, to be reported at fair value instead of contract value. The plans planned to adopt it effective January 1, 1995, and expected no material impact on results or financial condition.

04—Continue

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