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Microsoft Excel LibreOffice Calc

Biogen Inc. (BIIB)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Biogen Inc., balance sheet: debt

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Current portion of notes payable
Notes payable, excluding current portion
Total notes payable and other financing arrangements, including current portion (carrying amount)

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

Debt item Description The company
Total notes payable and other financing arrangements, including current portion (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Biogen Inc.’s total debt decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2019
Selected Financial Data (US$ in thousands)
Debt instruments
Financing arrangement for the purchase of the RTP facility
Total notes payable and other financing arrangements, including current portion (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2020-02-06).

Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt:

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
Total

Based on: 10-K (filing date: 2020-02-06).

1 US$ in thousands

2 Weighted-average interest rate = 100 × ÷ =

Interest Costs Incurred

Biogen Inc., interest costs incurred

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Interest expense
Capitalized interest costs related to construction in progress
Interest costs incurred

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Biogen Inc.’s interest expense decreased from 2017 to 2018 and from 2018 to 2019.
Capitalized interest costs related to construction in progress Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Biogen Inc.’s capitalized interest costs related to construction in progress increased from 2017 to 2018 and from 2018 to 2019.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Biogen Inc.’s interest costs incurred decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc.
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (filing date: 2020-02-06), 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-01), 10-K (filing date: 2017-02-02), 10-K (filing date: 2016-02-03).

2019 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =

Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Biogen Inc.’s adjusted interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.