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Share-Based Payments (Tables)
 12 Months Ended
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