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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2021
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)202120202019
Research and development$89.3 $80.0 $77.1 
Selling, general and administrative169.5 131.3 148.3 
Subtotal258.8 211.3 225.4 
Capitalized share-based compensation costs(8.0)(6.2)(8.9)
Share-based compensation expense included in total cost and expense250.8 205.1 216.5 
Income tax effect(46.7)(33.5)(35.7)
Share-based compensation expense included in net income attributable to Biogen Inc.$204.1 $171.6 $180.8 
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)202120202019
Market stock units$45.6 $40.5 $30.4 
Time-vested restricted stock units159.8 142.6 134.0 
Cash settled performance units— (1.7)0.7 
Performance units— (0.1)1.6 
Performance stock units settled in stock23.9 7.9 15.5 
Performance stock units settled in cash12.2 8.6 5.5 
Employee stock purchase plan17.3 13.5 11.5 
NST stock options— — 26.2 
Subtotal258.8 211.3 225.4 
Capitalized share-based compensation costs(8.0)(6.2)(8.9)
Share-based compensation expense included in total cost and expense$250.8 $205.1 $216.5 
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)20202019
Tax benefit realized for stock options$2.9 $2.5 
Cash received from the exercise of stock options0.7 0.4 
Market stock units activity
The following table summarizes our MSU activity:
December 31, 2021
SharesWeighted Average
Grant Date Fair Value
Unvested at December 31, 2020201,000 $388.98 
Granted (1)
151,000 358.77 
Vested(80,000)382.95 
Forfeited(15,000)383.72 
Unvested at December 31, 2021257,000 $372.08 
(1) MSUs granted during 2021 include awards granted in conjunction with our annual awards made in February 2021 and MSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant. MSUs granted in 2021 also reflect an adjustment based upon the final performance multiplier in relation to shares granted in 2020, 2019 and 2018.
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,
 202120202019
Expected dividend yield—%—%—%
Range of expected stock price volatility
54.8% - 61.6%
37.8% - 44.1%
31.2% - 33.6%
Range of risk-free interest rates
0.06% - 0.21%
1.41% - 1.48%
2.46% - 2.53%
30 calendar day average stock price on grant date
$262.23 - $360.31
$257.83 - $325.40
$228.59 - $331.18
Weighted-average per share grant date fair value$358.77$398.61$378.08
Performance stock units settled in stock activity
The following table summarizes our PSUs that settle in stock activity:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2020155,000 $304.19 
Granted (1)
110,000 276.61 
Vested(56,000)316.66 
Forfeited(13,000)287.55 
Unvested at December 31, 2021196,000 $289.94 
(1) PSUs settled in stock granted in 2021 include awards granted in conjunction with our annual awards made in February 2021 and PSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant.
Performance stock units settled in cash activity
The following table summarizes our PSUs that settle in cash activity:
Shares
Unvested at December 31, 2020120,000 
Granted (1)
60,000 
Vested(37,000)
Forfeited(9,000)
Unvested at December 31, 2021134,000 
(1) PSUs settled in cash granted in 2021 include awards granted in conjunction with our annual awards made in February 2021 and PSUs granted in conjunction with the hiring of employees. These grants reflect the target number of shares eligible to be earned at the time of grant.
Time-vested restricted stock units activity
The following table summarizes our RSU activity:
SharesWeighted Average
Grant Date
Fair Value
Unvested at December 31, 20201,018,000 $314.46 
Granted (1)
826,000 276.90 
Vested(466,000)313.99 
Forfeited(176,000)294.34 
Unvested at December 31, 20211,202,000 $291.54 
(1) RSUs granted in 2021 primarily represent RSUs granted in conjunction with our annual awards made in February 2021 and awards made in conjunction with the hiring of new employees. RSUs granted in 2021 also include approximately 10,000 RSUs granted to our Board of Directors.
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)202120202019
Shares issued under the 2015 ESPP248,000 212,000 204,000 
Cash received under the 2015 ESPP$54.4 $48.6 $40.4