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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Preferred Stock
We have authorized 500 million shares of $0.01 par value preferred stock. No preferred stock was outstanding for any year presented.
Common Stock
Common shares outstanding plus shares underlying outstanding stock awards totaled 504 million, 507 million, and 512 million, as of December 31, 2017, 2018, and 2019. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited.
Stock Repurchase Activity
In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration. There were no repurchases of common stock in 2017, 2018, or 2019.
Stock Award Plans
Employees vest in restricted stock unit awards and stock options over the corresponding service term, generally between two and five years.
Stock Award Activity
Stock-based compensation expense is as follows (in millions):
 
Year Ended December 31,
 
2017
 
2018
 
2019
Cost of sales
$
47

 
$
73

 
$
149

Fulfillment
911

 
1,121

 
1,182

Technology and content
2,305

 
2,888

 
3,725

Marketing
511

 
769

 
1,135

General and administrative
441

 
567

 
673

Total stock-based compensation expense (1)
$
4,215

 
$
5,418

 
$
6,864


___________________
(1)
The related tax benefits were $860 million, $1.1 billion, and $1.4 billion for 2017, 2018, and 2019.
The following table summarizes our restricted stock unit activity (in millions):
 
Number of Units
 
Weighted Average
Grant-Date
Fair Value
Outstanding as of January 1, 2017
19.8

 
$
506

Units granted
8.9

 
946

Units vested
(6.8
)
 
400

Units forfeited
(1.8
)
 
649

Outstanding as of December 31, 2017
20.1

 
725

Units granted
5.0

 
1,522

Units vested
(7.1
)
 
578

Units forfeited
(2.1
)
 
862

Outstanding as of December 31, 2018
15.9

 
1,024

Units granted
6.7

 
1,808

Units vested
(6.6
)
 
827

Units forfeited
(1.7
)
 
1,223

Outstanding as of December 31, 2019
14.3

 
1,458


Scheduled vesting for outstanding restricted stock units as of December 31, 2019, is as follows (in millions):
 
Year Ended  
 
 
 
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
Scheduled vesting — restricted stock units
6.0

 
5.1

 
2.1

 
1.0

 
—

 
0.1

 
14.3


As of December 31, 2019, there was $8.8 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with approximately half of the compensation expected to be expensed in the next twelve months, and has a weighted-average recognition period of 1.1 years. The estimated forfeiture rate as of December 31, 2017, 2018, and 2019 was 28%, 27%, and 27%. Changes in our estimates and assumptions relating to forfeitures may cause us to realize material changes in stock-based compensation expense in the future.
During 2017, 2018, and 2019, the fair value of restricted stock units that vested was $6.8 billion, $11.4 billion, and $11.7 billion.
Common Stock Available for Future Issuance
As of December 31, 2019, common stock available for future issuance to employees is 108 million shares.