Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Equity

Equity

Total equity as of March 31, 2017 decreased $661.2 million compared to December 31, 2016. This decrease was primarily driven by an adjustment to retained earnings of $852.8 million reflecting the spin-off of our hemophilia business, as described in Note 2, Hemophilia Spin-Off, to these condensed consolidated financial statements and share repurchases of $583.6 million, as described below. These decrease were partially offset by net income attributable to Biogen Inc. of $747.6 million.

Share Repurchases

In July 2016 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (2016 Share Repurchase Program). This authorization does not have an expiration date. All share repurchases under this authorization will be retired. During the three months ended March 31, 2017, we repurchased and retired 0.8 million shares of common stock at a cost of $218.2 million under this program. As of March 31, 2017, we have repurchased 4.1 million shares of common stock at a cost of $1.2 billion under our 2016 Share Repurchase Program.

In February 2011 our Board of Directors authorized a program to repurchase up to 20.0 million shares of common stock (2011 Share Repurchase Program). During the three months ended March 31, 2017, we repurchased 1.3 million shares of common stock at a cost of $365.4 million to complete this program. During the three months ended March 31, 2016, we did not repurchase any shares of common stock under our 2011 Share Repurchase Program.

Noncontrolling Interests

The following table reconciles equity (deficit) attributable to noncontrolling interests (NCI):

	For the Three Months Ended March 31,
(In millions)	2017			2016
NCI, beginning of period	$	(11.5	)	$	2.1
Net income (loss) attributable to NCI, net of tax	(0.1		)	(1.7		)
Fair value of net assets and liabilities acquired and assigned to NCI	—			0.9
NCI, end of period	$	(11.6	)	$	1.3