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Stock Incentive Plans | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Incentive Plans | Stock Incentive Plans GM Stock Incentive Awards We grant to certain employees RSUs, RSAs, PSUs and stock options (collectively, stock incentive awards). Total compensation expense related to the above awards was $95 million and $82 million in the three months ended September 30, 2022 and 2021 and $267 million and $286 million in the nine months ended September 30, 2022 and 2021. At September 30, 2022, the total unrecognized compensation expense for nonvested equity awards granted was $350 million. This expense is expected to be recorded over a weighted-average period of 1.5 years. Cruise Stock Incentive Awards Cruise granted RSUs and stock options that will settle in common shares of Cruise Holdings in the nine months ended September 30, 2022 and 2021. In March 2022, Cruise modified its RSUs that settle in Cruise Class B Common Shares to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a service condition. The service condition for the majority of these awards is satisfied over four years. Upon modification, 31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate recognition of compensation expense. In addition, at Cruise's election, GM intends to conduct quarterly tender offers whereby holders of Cruise Class B Common Shares issued to settle vested awards can tender their shares generally at the fair value of Cruise’s common stock. The planned tenders result in certain awards to be classified as liabilities and other awards to be presented in temporary equity, which triggers the immediate recognition of incremental compensation expense associated with the stock options. These awards were granted under Cruise's 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018. Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. Stock options vest ratably over four to 10 years, as defined in the terms of each award. Stock options expire 10 years from the grant date.
| Cruise Restricted Stock Units |  | Cruise Stock Options
| Shares (in millions) |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Contractual Term in Years |  | Shares (in millions) |  | Weighted-Average Grant Date Fair Value |  | Weighted-Average Remaining Contractual Term in Years
Units outstanding at January 1, 2022 | 66.2 |  |  | $ | 18.82 |  |  | 8.1 |  | 23.8 |  |  | $ | 7.07 |  |  | 2.0
Granted | 41.7 |  |  | $ | 27.96 |  |  |  |  | 2.9 |  |  | $ | 15.77 |  |  |
Settled or exercised | (40.3) |  |  | $ | 29.00 |  |  |  |  | (2.3) |  |  | $ | 20.89 |  |  |
Forfeited or expired | (5.9) |  |  | $ | 26.40 |  |  |  |  | — |  |  | $ | — |  |  |
Units outstanding at September 30, 2022(a) | 61.7 |  |  | $ | 29.00 |  |  | 1.6 |  | 24.5 |  |  | $ | 8.22 |  |  | 1.8
__________ (a) Weighted average fair values include the impact of the remeasurement triggered by the modification. Post modification, certain awards are liability-awards resulting in ongoing remeasurement based on changes to the awards' fair value. Our weighted-average assumptions used to value Cruise stock options are a dividend yield of 0.00% and 0.00%, expected volatility of 57.26% and 57.03%, a risk-free interest rate of 2.47% and 1.31% and an expected option life of 6.57 and 5.49 years for options issued during the nine months ended September 30, 2022 and 2021. The expected volatility is based on the historical volatility of comparable public company data as Cruise Holdings is not publicly traded and therefore, does not have any trading history of its common stock. Total compensation expense related to Cruise Holdings' share-based awards was $150 million for the three months ended September 30, 2022 and an insignificant amount for the three months ended September 30, 2021. Total compensation expense related to Cruise Holdings' share-based awards was $1.5 billion for the nine months ended September 30, 2022, which, when excluding the compensation expense in the period April 1, 2022 through September 30, 2022, primarily represents the impact of the modification to outstanding awards, and an insignificant amount for the nine months ended September 30, 2021. GM conducted quarterly tender offers and paid an insignificant amount and approximately $0.3 billion in cash to settle tendered Cruise Class B Common Shares during the three and nine months ended September 30, 2022. No cash was paid to settle share-based awards for the three months ended March 31, 2022. Total unrecognized compensation expense for Cruise Holdings’ nonvested equity awards granted was $1.7 billion at September 30, 2022. Total units outstanding were 86 million at September 30, 2022. The expense related to RSUs and stock options is expected to be recorded over a weighted-average period of 1.8 years.

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