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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [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)
2017
 
2016
 
2015
Research and development
$
74.0

 
$
84.5

 
$
88.6

Selling, general and administrative
95.7

 
121.7

 
127.3

Restructuring charges
—

 
(1.8
)
 
(8.6
)
Subtotal
169.7

 
204.4

 
207.3

Capitalized share-based compensation costs
(9.6
)
 
(14.6
)
 
(11.0
)
Share-based compensation expense included in total cost and expenses
160.1

 
189.8

 
196.3

Income tax effect
(42.8
)
 
(54.0
)
 
(55.8
)
Share-based compensation expense included in net income attributable to Biogen Inc.
$
117.3

 
$
135.8

 
$
140.5
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)
2017
 
2016
 
2015
Market stock units
$
22.4

 
$
38.4

 
$
38.1

Time-vested restricted stock units
107.3

 
120.0

 
119.0

Cash settled performance units
18.4

 
16.3

 
22.4

Performance units
12.3

 
18.6

 
13.9

Employee stock purchase plan
9.3

 
11.1

 
13.9

Subtotal
169.7

 
204.4

 
207.3

Capitalized share-based compensation costs
(9.6
)
 
(14.6
)
 
(11.0
)
Share-based compensation expense included in total cost and expenses
$
160.1

 
$
189.8

 
$
196.3
Stock option activity
The following table summarizes our stock option activity:
 
Shares
 
Weighted
Average
Exercise
Price
Outstanding at December 31, 2016
66,000

 
$
54.06

Hemophilia spin-off adjustment
—

 
$
—

Granted
—

 
$
—

Exercised
(14,000
)
 
$
50.89

Cancelled
(10,000
)
 
$
55.11

Outstanding at December 31, 2017
42,000

 
$
53.83
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)
2017
 
2016
 
2015
Tax benefit realized for stock options
$
3.4

 
$
4.0

 
$
11.9

Cash received from the exercise of stock options
$
0.7

 
$
2.2

 
$
6.3
Market stock units activity
The following table summarizes our MSU activity:
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested at December 31, 2016
230,000

 
$
355.60

Hemophilia spin-off adjustment
4,000

 
$
—

Granted (a)
94,000

 
$
382.59

Vested
(112,000
)
 
$
311.17

Forfeited
(45,000
)
 
$
372.35

Unvested at December 31, 2017
171,000

 
$
370.83
Assumptions used in valuation of market based stock units
The assumptions used in our valuation are summarized as follows:
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
Expected dividend yield
—%
 
—%
 
—%
Range of expected stock price volatility
33.0% - 35.6%
 
38.2% - 40.7%
 
31.0% - 33.2%
Range of risk-free interest rates
0.9% - 1.6%
 
0.6% - 0.9%
 
0.2% - 1.0%
30 calendar day average stock price on grant date
$263.18 - $267.88
 
$260.67 - $304.86
 
$277.35 - $426.27
Weighted-average per share grant date fair value
$382.59
 
$328.03
 
$493.43
Cash settled performance shares activity
The following table summarizes our CSPU activity:
 
Shares
Unvested at December 31, 2016
122,000

Hemophilia spin-off adjustment
3,000

Granted (a)
83,000

Vested
(69,000
)
Forfeited
(34,000
)
Unvested at December 31, 2017
105,000
Performance units activity
The following table summarizes our PU activity:
 
Shares
Unvested at December 31, 2016
110,000

Hemophilia spin-off adjustment
3,000

Granted (a)
40,000

Vested
(43,000
)
Forfeited
(19,000
)
Unvested at December 31, 2017
91,000
Time-vested restricted stock units activity
The following table summarizes our RSU activity:
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested at December 31, 2016
888,000

 
$
303.49

Hemophilia spin-off adjustment
12,000

 
$
—

Granted (a)
464,000

 
$
293.41

Vested
(350,000
)
 
$
308.04

Forfeited
(182,000
)
 
$
292.57

Unvested at December 31, 2017
832,000

 
$
291.85
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)
2017
 
2016
 
2015
Shares issued under the 2015 ESPP
167,000

 
190,000

 
78,000

Shares issued under the 1995 ESPP
—

 
—

 
98,000

Cash received under the 2015 ESPP
$
39.8

 
$
41.5

 
$
19.3

Cash received under the 1995 ESPP
$
—

 
$
—

 
$
30.0