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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Repurchase Activity
In March 2022, the Board of Directors authorized a program to repurchase up to $10.0 billion of our common stock, with no fixed expiration. There were no repurchases of our common stock during the three months ended March 31, 2023 or 2024. As of March 31, 2024, we have $6.1 billion remaining under the repurchase program.
Stock Award Plans
Employees vest in restricted stock unit awards over the corresponding service term, generally between two and five years. The majority of restricted stock unit awards are granted at the date of hire or in Q2 as part of the annual compensation review and primarily vest semi-annually in Q2 and Q4 of the relevant compensation year.
Stock Award Activity
Common shares outstanding plus shares underlying outstanding stock awards totaled 10.8 billion as of December 31, 2023 and March 31, 2024. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. Stock-based compensation expense is as follows (in millions):
Three Months Ended
March 31,
20232024
Cost of sales$165 $174 
Fulfillment603 636 
Technology and infrastructure2,574 2,772 
Sales and marketing993 932 
General and administrative413 447 
Total stock-based compensation expense$4,748 $4,961 
The following table summarizes our restricted stock unit activity for the three months ended March 31, 2024 (in millions):
Number of UnitsWeighted-Average
Grant-Date
Fair Value
Outstanding as of December 31, 2023405.8 $125 
Units granted10.7 166 
Units vested(20.0)140 
Units forfeited(11.6)126 
Outstanding as of March 31, 2024384.9 126 
Scheduled vesting for outstanding restricted stock units as of March 31, 2024, is as follows (in millions):
 Nine Months Ended December 31,Year Ended December 31,  
 20242025202620272028ThereafterTotal
Scheduled vesting — restricted stock units195.0 122.0 50.1 14.0 2.1 1.7 384.9 
As of March 31, 2024, there was $14.7 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with more than half of the compensation expected to be expensed in the next twelve months, and has a remaining weighted-average recognition period of 0.9 years. The estimated forfeiture rate as of December 31, 2023 and March 31, 2024 was 26.1%.
Changes in Stockholders’ Equity
The following table shows changes in stockholders’ equity (in millions):
Three Months Ended
March 31,
20232024
Total beginning stockholders’ equity$146,043 $201,875 
Beginning and ending common stock108 109 
Beginning and ending treasury stock(7,837)(7,837)
Beginning additional paid-in capital75,066 99,025 
Stock-based compensation and issuance of employee benefit plan stock4,797 4,913 
Ending additional paid-in capital79,863 103,938 
Beginning accumulated other comprehensive income (loss)(4,487)(3,040)
Other comprehensive income (loss)514 (558)
Ending accumulated other comprehensive income (loss)(3,973)(3,598)
Beginning retained earnings83,193 113,618 
Net income3,172 10,431 
Ending retained earnings86,365 124,049 
Total ending stockholders’ equity$154,526 $216,661