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Share-based Payments | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Payments | Share-based Compensation Expense The following table summarizes share-based compensation expense included in our condensed consolidated statements of income:
|  | For the Three Months Ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Research and development |  | $ | 31.3 |  |  | $ | 25.7 |  |  |  |  |
Selling, general and administrative |  | 50.1 |  |  | 46.1 |  |  |  |  |
Subtotal |  | 81.4 |  |  | 71.8 |  |  |  |  |
Capitalized share-based compensation costs |  | (3.3) |  |  | (2.8) |  |  |  |  |
Share-based compensation expense included in total cost and expense |  | 78.1 |  |  | 69.0 |  |  |  |  |
Income tax effect |  | (14.7) |  |  | (12.8) |  |  |  |  |
Share-based compensation expense included in net income attributable to Biogen Inc. |  | $ | 63.4 |  |  | $ | 56.2 |  |  |  |  |
The following table summarizes share-based compensation expense associated with each of our share-based compensation programs:
|  | For the Three Months Ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Market stock units |  | $ | 2.2 |  |  | $ | 5.9 |  |  |  |  |
Time-vested restricted stock units |  | 61.7 |  |  | 51.3 |  |  |  |  |
Performance stock units settled in stock |  | 9.5 |  |  | 8.3 |  |  |  |  |
Performance stock units settled in cash |  | 2.5 |  |  | 1.4 |  |  |  |  |
Employee stock purchase plan |  | 4.7 |  |  | 4.9 |  |  |  |  |
Stock options(1) |  | 0.8 |  |  | — |  |  |  |  |
Subtotal |  | 81.4 |  |  | 71.8 |  |  |  |  |
Capitalized share-based compensation costs |  | (3.3) |  |  | (2.8) |  |  |  |  |
Share-based compensation expense included in total cost and expense |  | $ | 78.1 |  |  | $ | 69.0 |  |  |  |  |
(1) During the fourth quarter of 2022 we granted stock options. For additional information, please read Note 16, Share-Based Payments, to our consolidated financial statements included in our 2022 Form 10-K. We estimate the fair value of our obligations associated with our performance stock units settled in cash at the end of each reporting period through expected settlement. Cumulative adjustments to these obligations are recognized each quarter to reflect changes in the stock price and estimated outcome of the performance-related conditions.

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