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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Employee Benefit Plans |
Note 24: | Employee Benefit Plans
We sponsor various retirement and pension plans. Our estimates of liabilities and expense for these plans incorporate a number of assumptions, including expected rates of return on plan assets and interest rates used to discount future benefits. 401(k) Savings Plan We maintain a 401(k) Savings Plan, which is available to substantially all regular employees in the U.S. over the age of 21. Participants may make voluntary contributions. We make matching contributions according to the 401(k) Savings Plan’s matching formula. All matching contributions and participant contributions vest immediately. The 401(k) Savings Plan also holds certain transition contributions on behalf of participants who previously participated in the Biogen, Inc. Retirement Plan. The expense related to our 401(k) Savings Plan primarily consists of our matching contributions. Expense related to our 401(k) Savings Plan totaled approximately $56.0 million, $58.4 million and $44.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Deferred Compensation Plan We maintain a non-qualified deferred compensation plan, known as the Supplemental Savings Plan (SSP), which allows a select group of management employees in the U.S. to defer a portion of their compensation. The SSP also provides certain credits to highly compensated U.S. employees that are paid by the company. These credits are known as the Restoration Match. The deferred compensation amounts are accrued when earned. Such deferred compensation is distributable in cash in accordance with the rules of the SSP. Deferred compensation amounts under such plan as of December 31, 2022 and 2021, totaled approximately $131.9 million and $131.4 million, respectively, and are included in other long-term liabilities in our consolidated balance sheets. The SSP also holds certain transition contributions on behalf of participants who previously participated in the Biogen, Inc. Retirement Plan. The Restoration Match and participant contributions vest immediately. Distributions to participants can be either in one lump sum payment or annual installments as elected by the participants. Pension Plans Our retiree benefit plans include defined benefit plans for employees in our affiliates in Switzerland and Germany as well as other insignificant defined benefit plans in certain other countries where we maintain an operating presence. Our Swiss plan is a government-mandated retirement fund that provides employees with a minimum investment return. The minimum investment return is determined annually by the Swiss government and was 2.00% in 2022 and 1.00% in both 2021 and 2020. Under the Swiss plan, both we and certain of our employees with annual earnings in excess of government determined amounts are required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary and gender. As of December 31, 2022 and 2021, the Swiss plan had an unfunded net pension obligation of $49.9 million and $64.1 million, respectively, and plan assets that totaled $193.7 million and $200.1 million, respectively. In 2022, 2021 and 2020 we recognized net expense totaling $20.0 million, $21.5 million and $15.5 million, respectively, related to our Swiss plan, of which $5.3 million, $3.5 million and $2.6 million, respectively, was included in other (income) expense, net in our consolidated statements of income. The obligations under the German plans are unfunded and totaled $40.9 million and $68.4 million as of December 31, 2022 and 2021, respectively. Net periodic pension cost related to the German plans totaled $5.9 million, $7.6 million and $6.2 million for the years ended December 31, 2022, 2021 and 2020, respectively, of which $1.8 million, $2.1 million and $2.0 million, respectively, was included in other (income) expense, net in our consolidated statements of income.

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