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Share-Based Payments (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Share-based compensation expense included in consolidated statements of income | The following table summarizes share-based compensation expense included in our consolidated statements of income:
| For the Years Ended December 31,
(In millions) | 2019 |  | 2018 |  | 2017
Research and development | $ | 77.1 |  |  | $ | 75.8 |  |  | $ | 74.0 |
Selling, general and administrative | 148.3 |  |  | 105.8 |  |  | 95.7 |
Subtotal | 225.4 |  |  | 181.6 |  |  | 169.7 |
Capitalized share-based compensation costs | (8.9 | ) |  | (11.5 | ) |  | (9.6 | )
Share-based compensation expense included in total cost and expenses | 216.5 |  |  | 170.1 |  |  | 160.1 |
Income tax effect | (35.7 | ) |  | (27.5 | ) |  | (42.8 | )
Share-based compensation expense included in net income attributable to Biogen Inc. | $ | 180.8 |  |  | $ | 142.6 |  |  | $ | 117.3 |
Summary of share-based compensation expense associated with each of our share-based compensating programs | The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:
| For the Years Ended December 31,
(In millions) | 2019 |  | 2018 |  | 2017
Market stock units | $ | 30.4 |  |  | $ | 27.2 |  |  | $ | 22.4 |
Time-vested restricted stock units | 134.0 |  |  | 126.6 |  |  | 107.3 |
Cash settled performance units | 0.7 |  |  | 7.8 |  |  | 18.4 |
Performance units | 1.6 |  |  | 3.1 |  |  | 12.3 |
Performance stock units settled in stock | 15.5 |  |  | 4.7 |  |  | — |
Performance stock units settled in cash | 5.5 |  |  | 1.7 |  |  | — |
Employee stock purchase plan | 11.5 |  |  | 10.5 |  |  | 9.3 |
NST stock options | 26.2 |  |  | — |  |  | — |
Subtotal | 225.4 |  |  | 181.6 |  |  | 169.7 |
Capitalized share-based compensation costs | (8.9 | ) |  | (11.5 | ) |  | (9.6 | )
Share-based compensation expense included in total cost and expenses | $ | 216.5 |  |  | $ | 170.1 |  |  | $ | 160.1 |
Stock option activity | The following table summarizes our stock option activity:
| Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2018 | 27,000 |  |  | $ | 53.82 |
Granted | — |  |  | $ | — |
Exercised | (15,000 | ) |  | $ | 50.03 |
Cancelled | — |  |  | $ | — |
Outstanding at December 31, 2019 | 12,000 |  |  | $ | 58.46 |
Tax benefit and cash received from stock option exercises | The following table summarizes the amount of tax benefit realized for stock options and cash received from the exercise of stock options:
| For the Years Ended December 31,
(In millions) | 2019 |  | 2018 |  | 2017
Tax benefit realized for stock options | $ | 2.5 |  |  | $ | 2.2 |  |  | $ | 3.4 |
Cash received from the exercise of stock options | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.7 |
Market stock units activity | The following table summarizes our MSU activity:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2018 | 180,000 |  |  | $ | 371.32 |
Granted (a) | 147,000 |  |  | $ | 378.08 |
Vested | (101,000 | ) |  | $ | 356.71 |
Forfeited | (43,000 | ) |  | $ | 388.68 |
Unvested at December 31, 2019 | 183,000 |  |  | $ | 378.09 |
Assumptions used in valuation of market based stock units | he assumptions used in our valuation are summarized as follows:
| For the Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Expected dividend yield | —% |  | —% |  | —%
Range of expected stock price volatility | 31.2% - 33.6% |  | 27.5% - 32.4% |  | 33.0% - 35.6%
Range of risk-free interest rates | 2.46% - 2.53% |  | 1.9% - 2.3% |  | 0.9% - 1.6%
30 calendar day average stock price on grant date | $228.59 - $331.18 |  | $279.47 - $346.76 |  | $263.18 - $267.88
Weighted-average per share grant date fair value | $378.08 |  | $378.85 |  | $382.59
Cash settled performance shares activity | The following table summarizes our CSPU activity:
| Shares
Unvested at December 31, 2018 | 50,000 |
Granted | — |
Vested | (33,000 | )
Forfeited | (4,000 | )
Unvested at December 31, 2019 | 13,000 |
Performance units activity | The following table summarizes our PU activity:
| Shares
Unvested at December 31, 2018 | 48,000 |
Granted | — |
Vested | (33,000 | )
Forfeited | (4,000 | )
Unvested at December 31, 2019 | 11,000 |
Performance stock units settled in stock activity | The following table summarizes our PSUs that settle in stock activity:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2018 | 60,000 |  |  | $ | 317.26 |
Granted (a) | 77,000 |  |  | $ | 316.28 |
Vested | — |  |  | $ | — |
Forfeited | (26,000 | ) |  | $ | 318.11 |
Unvested at December 31, 2019 | 111,000 |  |  | $ | 316.39 |
Performance stock units settled in cash activity | The following table summarizes our PSUs that settle in cash activity:
| Shares
Unvested at December 31, 2018 | 40,000 |
Granted (a) | 63,000 |
Vested | (1,000 | )
Forfeited | (20,000 | )
Unvested at December 31, 2019 | 82,000 |
Time-vested restricted stock units activity | The following table summarizes our RSU activity:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2018 | 903,000 |  |  | $ | 303.18 |
Granted (a) | 602,000 |  |  | $ | 304.44 |
Vested | (416,000 | ) |  | $ | 294.71 |
Forfeited | (151,000 | ) |  | $ | 311.07 |
Unvested at December 31, 2019 | 938,000 |  |  | $ | 306.55 |
Shares issued under employee stock purchase plan | The following table summarizes our ESPP activity:
| For the Years Ended December 31,
(In millions, except share amounts) | 2019 |  | 2018 |  | 2017
Shares issued under the 2015 ESPP | 204,000 |  |  | 170,000 |  |  | 167,000 |
Cash received under the 2015 ESPP | $ | 40.4 |  |  | $ | 40.5 |  |  | $ | 39.8 |

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