General Motors 2013 Annual Report Download - page 121

Download and view the complete annual report

Please find page 121 of the 2013 General Motors annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The plan was amended in January 2014 to provide cash payment, on a going forward basis, of dividend equivalents upon settlement
to active employees and certain former employees with outstanding awards as of the amendment date.
Salary Stock Plan
In the years ended December 31, 2013, 2012 and 2011 a portion of each participant’s salary was accrued on each salary payment
date and converted to RSUs on a quarterly basis. In March 2012 we amended the plan to provide for cash settlement of awards and
reclassified $97 million from Additional paid-in capital to Accrued liabilities and Other liabilities and deferred income taxes. Prior to
this amendment it was our policy to issue new shares upon settlement of these awards. In June 2013 we amended the plan to provide
for cash or share settlement of awards based on election by the participant. The plan was amended in January 2014 to provide cash
payment, on a going forward basis, of dividend equivalents upon settlement to active employees with outstanding awards as of the
amendment date. The liability for these awards continues to be remeasured to fair value at the end of each reporting period.
RSUs
The following table summarizes information about the RSUs under our stock incentive plans (RSUs in millions):
Shares
Weighted-
Average
Grant
Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term in Years
RSUs outstanding at January 1, 2013 .................................................. 26.9 $ 23.06 0.7
Granted ......................................................................... 8.9 $ 29.05
Settled .......................................................................... (16.0) $ 20.60
Forfeited or expired ............................................................... (1.2) $ 27.20
RSUs outstanding at December 31, 2013 ............................................... 18.6 $ 27.76 1.2
RSUs unvested and expected to vest at December 31, 2013 ................................ 9.2 $ 27.94 1.6
RSUs vested and payable at December 31, 2013 ......................................... 8.8 $ 27.61 —
RSUs granted in the year ended December 31, 2012 ...................................... $ 25.10
RSUs granted in the year ended December 31, 2011 ...................................... $ 31.18
The following table summarizes compensation expense recorded for our stock incentive plans (dollars in millions):
Years Ended December 31,
2013 2012 2011
Compensation expense ................................................................. $ 311 $ 302 $ 233
Income tax benefit .................................................................... $ 100 $ 100 $ —
At December 31, 2013 the total unrecognized compensation expense for nonvested equity awards granted was $149 million. This
expense is expected to be recorded over a weighted-average period of 1.6 years. The total fair value of RSUs vested in the years ended
December 31, 2013, 2012 and 2011 was $342 million, $141 million and $105 million. In the years ended December 31, 2013, 2012
and 2011 total payments for 3.1 million, 1.6 million and 456,000 RSUs settled under stock incentive plans were $94 million, $36
million and $14 million.
119