Share-based Payments

3 Months Ended

Mar. 31, 2021

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)	2021		2020
Research and development	$	33.6	$	33.3
Selling, general and administrative	44.9		43.1
Subtotal	78.5		76.4
Capitalized share-based compensation costs	(2.6)		(1.5)
Share-based compensation expense included in total cost and expense	75.9		74.9
Income tax effect	(14.0)		(13.3)
Share-based compensation expense included in net income attributable to Biogen Inc.	$	61.9	$	61.6

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)	2021		2020
Market stock units	$	16.5	$	19.1
Time-vested restricted stock units	42.8		37.5
Cash settled performance units	—		(1.6)
Performance units	—		(0.1)
Performance stock units settled in stock	6.3		10.3
Performance stock units settled in cash	6.0		8.9
Employee stock purchase plan	6.9		2.3
Subtotal	78.5		76.4
Capitalized share-based compensation costs	(2.6)		(1.5)
Share-based compensation expense included in total cost and expense	$	75.9	$	74.9

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.