Biogen Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current portion of notes payable	999,100)	—)	1,495,800)	—)	3,200)
Notes payable, excluding current portion	6,274,000)	7,426,200)	4,459,000)	5,936,500)	5,935,000)
Total notes payable, including current portion (carrying amount)	7,273,100)	7,426,200)	5,954,800)	5,936,500)	5,938,200)

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Debt item	Description	The company
Total notes payable, 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. total debt increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

	Dec 31, 2021
Selected Financial Data (US$ in thousands)
Total notes payable, including current portion (fair value)	8,004,700)
Financial Ratio
Debt, fair value to carrying amount ratio	1.10

Weighted-average interest rate on notes payable: 3.64%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.63%	1,020,000)	36,975)
4.05%	1,895,200)	76,756)
2.25%	1,475,900)	33,208)
5.20%	1,463,000)	76,076)
3.15%	1,457,700)	45,918)
3.25%	692,900)	22,519)
Total	8,004,700)	291,451)
3.64%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 291,451 ÷ 8,004,700 = 3.64%

Biogen Inc., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Interest expense	253,600)	222,500)	187,400)	200,600)	250,800)
Capitalized interest costs related to construction in progress	36,300)	65,200)	68,800)	54,000)	30,700)
Interest costs incurred	289,900)	287,700)	256,200)	254,600)	281,500)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Biogen Inc. interest expense increased from 2019 to 2020 and from 2020 to 2021.
Capitalized interest costs related to construction in progress	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Biogen Inc. capitalized interest costs related to construction in progress decreased from 2019 to 2020 and from 2020 to 2021.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Biogen Inc. interest costs incurred increased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Net income attributable to Biogen Inc.	1,556,100)	4,000,600)	5,888,500)	4,430,700)	2,539,100)
Add: Net income attributable to noncontrolling interest	171,500)	59,900)	—)	43,300)	131,000)
Add: Income tax expense	52,500)	992,300)	1,158,000)	1,425,600)	2,458,700)
Add: Interest expense	253,600)	222,500)	187,400)	200,600)	250,800)
Earnings before interest and tax (EBIT)	2,033,700)	5,275,300)	7,233,900)	6,100,200)	5,379,600)

Interest costs incurred	289,900)	287,700)	256,200)	254,600)	281,500)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	8.02	23.71	38.60	30.41	21.45
Adjusted interest coverage ratio (with capitalized interest)²	7.02	18.34	28.24	23.96	19.11

2021 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 2,033,700 ÷ 253,600 = 8.02

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 2,033,700 ÷ 289,900 = 7.02

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Biogen Inc. adjusted interest coverage ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Biogen Inc. (NASDAQ:BIIB)

Analysis of Debt