United states securities and exchange commission

Table of Contents
BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F- 37
Interest Rate Swap Contracts
In connection with the issuance of our 2.90% Senior Notes, as described in Note 12, Indebtedness, to these 
consolidated financial statements, we entered into interest rate swaps with an aggregate notional amount of $675.0 
million, which expire on September 15, 2020. The interest rate swap contracts are designated as hedges of the fair 
value changes in the 2.90% Senior Notes attributable to changes in interest rates. Since the specific terms and 
notional amount of the swaps match the debt being hedged, it is assumed to be a highly effective hedge and all 
changes in the fair value of the swaps are recorded as a component of the 2.90% Senior Notes with no net impact 
recorded in income. Any net interest payments made or received on the interest rate swap contracts are recognized 
as a component of interest expense in our consolidated statements of income.
Foreign Currency Forward Contracts - Other Derivatives
We also enter into other foreign currency forward contracts, usually with durations of one month or less, to 
mitigate the foreign currency risk related to certain balance sheet positions. We have not elected hedge accounting 
for these transactions.
The aggregate notional amount of these outstanding foreign currency contracts was $564.9 million and $902.1 
million as of December 31, 2017 and 2016, respectively. Net gains of $4.5 million and net losses of $29.2 million 
and $23.8 million related to these contracts were recognized as a component of other income (expense), net, for the 
years ended December 31, 2017, 2016 and 2015, respectively.
Summary of Derivatives
While certain of our derivatives are subject to netting arrangements with our counterparties, we do not offset 
derivative assets and liabilities in our consolidated balance sheets.
The following table summarizes the fair value and presentation in our consolidated balance sheets of our 
outstanding derivatives including those designated as hedging instruments:
(In millions)
Balance Sheet Location
Fair Value
As of December 31, 2017
Hedging Instruments:
Asset derivatives
Other current assets
$
0.7
Investments and other assets
$
0.2
Liability derivatives
Accrued expenses and other
$
84.7
Other long-term liabilities
23.6
Other Derivatives:
Asset derivatives
Other current assets
$
1.8
Liability derivatives
Accrued expenses and other
$
3.0
(In millions)
Balance Sheet Location
Fair Value
As of December 31, 2016
Hedging Instruments:
Asset derivatives
Other current assets
$
50.4
Investments and other assets
$
6.6
Liability derivatives
Other long-term liabilities
$
4.6
Other Derivatives:
Asset derivatives
Other current assets
$
4.0
Liability derivatives
Accrued expenses and other
$
9.0

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Table of Contents
BIOGEN INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F- 38
11.    Property, Plant and Equipment
Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Components of 
property, plant and equipment, net are summarized as follows:
 
As of December 31,
(In millions)
2017
2016
Land
$
141.2
$
137.8
Buildings
1,213.6
1,107.8
Leasehold improvements
80.6
123.7
Machinery and equipment
1,207.7
1,105.8
Computer software and hardware
767.1
746.8
Furniture and fixtures
55.3
60.6
Construction in progress
1,276.0
658.6
Total cost
4,741.5
3,941.1
Less: accumulated depreciation
(1,559.1)
(1,439.3)
Total property, plant and equipment, net
$
3,182.4
$
2,501.8
Depreciation expense totaled $266.3 million, $309.3 million and $217.9 million for 2017, 2016 and 2015, 
respectively.
For 2017, 2016 and 2015, we capitalized interest costs related to construction in progress totaling 
approximately $30.7 million, $12.9 million and $10.4 million, respectively. The increase in capitalized interest costs 
is primarily due to the construction of our Solothurn, Switzerland facility, as discussed below.
Solothurn, Switzerland Facility
During the first quarter of 2016 we purchased land in Solothurn, Switzerland for 64.4 million Swiss Francs 
(approximately $62.5 million) and are building a large-scale biologics manufacturing facility at this site. We expect 
this facility to be operational by the end of the decade. Upon completion, the facility will include 393,000 square feet 
related to a large-scale biologics manufacturing facility, 290,000 square feet of warehouse, utilities and support 
space and 51,000 square feet of administrative space. As of December 31, 2017 and 2016, we had approximately 
$1.2 billion and $481.5 million, respectively, capitalized as construction in progress related to this facility. 
Research Triangle Park Facility Purchase
In August 2015 we completed the purchase of a drug product manufacturing facility and supporting 
infrastructure in Research Triangle Park (RTP), NC from Eisai Inc. (Eisai). The $104.8 million purchase price was 
comprised of $58.6 million for buildings, $25.9 million for machinery and equipment and $20.3 million for land.
In August 2015 we also amended our existing 10-year lease related to Eisai's oral solid dose products 
manufacturing facility in RTP, NC. The amended lease provided for a three-year term and our agreement to purchase 
the facility upon expiration of the lease term or at Eisai's option, their completion of certain activities at the facility. 
Upon signing, we recognized assets along with a corresponding financing obligation in our consolidated balance 
sheet of $20.3 million, the net present value of the future minimum lease payments. These assets were recorded as 
a component of buildings and machinery and equipment. In December 2017, upon the earlier than expected 
completion of Eisai's activities, we completed our purchase of this facility for $17.2 million.

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