Long-Term Debt Maturities

Entity Registrant Name GENERAL DYNAMICS CORPORATION
CIK 0000040533
Accession number 0000040533-14-000002
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/40533/000004053314000002/gd-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01
Commentary All disclosures are as expected.
Level 1 (Note level) Text Block concept us-gaap:DebtDisclosureTextBlock
DEBT
Debt consisted of the following:
December 31
 
2012
 
2013
Fixed-rate notes due:
Interest Rate
 
 
 
January 2015
1.375%
$
500

 
$
500

July 2016
2.250%
500

 
500

November 2017
1.000%
895

 
896

July 2021
3.875%
499

 
499

November 2022
2.250%
990

 
991

November 2042
3.600%
498

 
498

Other
Various
27

 
25

Total debt
 
3,909

 
3,909

Less current portion
 
1

 
1

Long-term debt
 
$
3,908

 
$
3,908


Our fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries (see Note R for condensed consolidating financial statements). We have the option to redeem the notes prior to their maturity in whole or part for the principal plus any accrued but unpaid interest and applicable make-whole amounts.

The aggregate amounts of scheduled maturities of our debt for the next five years are as follows:
Year Ended December 31
  
2014
$
1

2015
500

2016
500

2017
897

2018
1

Thereafter
2,010

Total debt
$
3,909


While we had no commercial paper outstanding on December 31, 2013, we issued, and subsequently repaid, $500 of commercial paper in the fourth quarter of 2013. We maintain the ability to access the commercial paper market in the future. We have $2 billion in committed bank credit facilities that provide backup liquidity to our commercial paper program. These credit facilities include a $1 billion multi-year facility expiring in July 2016 and a $1 billion multi-year facility expiring in July 2018. These facilities are required by rating agencies to support our commercial paper issuances. We may renew or replace, in whole or part, these credit facilities at or prior to their expiration dates. Our commercial paper issuances and the bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries. In addition, we have approximately $280 in committed bank credit facilities to provide backup liquidity to our European businesses.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all material covenants on December 31, 2013.
Level 4 (Note level) Text Block concept - Maturities of Long Term Debt us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
The aggregate amounts of scheduled maturities of our debt for the next five years are as follows:
Year Ended December 31
  
2014
$
1

2015
500

2016
500

2017
897

2018
1

Thereafter
2,010

Total debt
$
3,909
Level 4 (Note level) Text Block concept - Debt Instruments us-gaap:ScheduleOfDebtTableTextBlock
Debt consisted of the following:
December 31
 
2012
 
2013
Fixed-rate notes due:
Interest Rate
 
 
 
January 2015
1.375%
$
500

 
$
500

July 2016
2.250%
500

 
500

November 2017
1.000%
895

 
896

July 2021
3.875%
499

 
499

November 2022
2.250%
990

 
991

November 2042
3.600%
498

 
498

Other
Various
27

 
25

Total debt
 
3,909

 
3,909

Less current portion
 
1

 
1

Long-term debt
 
$
3,908

 
$
3,908

Level 4 Details Key Concepts: Long-term Debt Maturities

Description Fact value US GAAP XBRL Concept
Year 1 (Current portion) 1,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
Year 2 500,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
Year 3 500,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
Year 4 897,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
Year 5 1,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
Thereafter 2,010,000,000 us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
Total Long-term Debt 3,909,000,000 us-gaap:LongTermDebt
CHECK 0

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(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Current portion 1,000,000 us-gaap:DebtCurrent
Noncurrent portion 3,908,000,000 us-gaap:LongTermDebtNoncurrent
Total Long-Term Debt 3,909,000,000 us-gaap:LongTermDebt
CHECK 0

*

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