Fixed assets placed into service

[Table of Contents](#ie9658fba2baf4e3799b1175f69eaed46_7)BIOGEN INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(unaudited, continued)Summary of Derivative InstrumentsWhile certain of our derivative instruments are subject to netting arrangements with our counterparties, we do not offset derivative assets and liabilities in our condensed consolidated balance sheets. The amounts in the table below would not be substantially different if the derivative assets and liabilities were offset.The following table summarizes the fair value and presentation in our condensed consolidated balance sheets of our outstanding derivative instruments, including those designated as hedging instruments:

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| (In millions) |  | Balance Sheet Location |  | As of March 31, 2022 |  | As of December 31, 2021 |
| Cash Flow Hedging Instruments: |  |  |  |  |  |  |
| Asset derivative instruments |  | Other current assets |  | $ | 79.8  |  |  | $ | 66.2  |  |
|  |  | Investments and other assets |  | 1.6  |  |  | 5.5  |  |
| Liability derivative instruments |  | Accrued expense and other |  | 2.4  |  |  | 6.6  |  |
|  |  | Other long-term liabilities |  | 2.2  |  |  | —  |  |
|  |  |  |  |  |  |  |
| Net Investment Hedging Instruments: |  |  |  |  |  |  |
| Asset derivative instruments |  | Other current assets |  | 10.9  |  |  | 4.1  |  |
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| Other Derivative Instruments: |  |  |  |  |  |  |
| Asset derivative instruments |  | Other current assets |  | 4.9  |  |  | 5.1  |  |
| Liability derivative instruments |  | Accrued expense and other |  | 7.9  |  |  | 4.2  |  |

9.    PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Accumulated depreciation on property, plant and equipment was $2,082.0 million and $2,006.6 million as of March 31, 2022 and December 31, 2021, respectively. For the three months ended March 31, 2022, depreciation expense totaled $76.3 million compared to $48.8 million in the prior year comparative period.Solothurn, Switzerland Manufacturing FacilityIn order to support our future growth and drug development pipeline, we are building a large-scale biologics manufacturing facility in Solothurn, Switzerland. Upon completion, this 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 March 31, 2022 and December 31, 2021, we had approximately $682.6 million and $677.0 million, respectively, capitalized as construction in progress related to this facility. In the second quarter of 2021, a portion of the facility received a Good Manufacturing Practice multi-product license from the Swiss Agency for Therapeutic Products, resulting in approximately $1.2 billion of fixed assets being placed in service during the second quarter of 2021. In April 2022 the FDA approved the Prior Approval Supplement for the Solothurn facility for ADUHELM. We estimate the remainder of the facility will be operational during the first half of 2023.10.    INDEBTEDNESS Exchange OfferIn February 2021 we completed our Exchange Offer of our tendered 2045 Senior Notes for our 2051 Senior Notes and cash, and an offer to purchase our tendered 2045 Senior Notes for cash. An aggregate principal amount of approximately $624.6 million of our 2045 Senior Notes was exchanged for an aggregate principal amount of approximately $700.7 million of our 2051 Senior Notes and aggregate cash payments of approximately $151.8 million. Our Exchange Offer has been accounted for as a debt modification; as such, the cash component has been reflected as additional debt discount and is amortized as an adjustment to interest expense over the term of our 2051 Senior Notes.In addition, we redeemed an aggregate principal amount of approximately $8.9 million of our 2045 Senior Notes for aggregate cash payments of approximately $12.1 million, excluding accrued and unpaid interest. The redemption has been accounted for as a debt extinguishment; as such, we recognized a pre-tax charge of 24
