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Fair value measurement | 6 Months Ended
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Sep. 30, 2020
Fair value measurement |
Fair value measurement | 11. Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1 | — | Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets.
Level 2 | — | Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 | — | Valuations based on unobservable inputs reflecting assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
​ Fair value of short-term investments and listed equity securities are based on quoted prices in active markets for identical assets or liabilities. Certain other financial instruments, such as interest rate swap contracts and certain option agreements, are valued based on inputs derived from or corroborated by observable market data. Valuations of convertible and exchangeable bonds that do not have a quoted price are performed using valuation models such as the binomial model with unobservable inputs including risk-free interest rate and expected volatility. The valuation of contingent consideration is performed using an expected cash flow method with unobservable inputs including the probability to achieve the contingencies, which is assessed by the Company, in connection with the contingent consideration arrangements. Investments in privately held companies for which the Company elected to record using the measurement alternative are re-measured on a non-recurring basis, and are categorized within Level 3 under the fair value hierarchy. The values are estimated based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs including volatility, as well as rights and obligations of the securities. ​ 11. Fair value measurement (Continued) The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2020
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in millions of RMB)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments | ​ | 64 | ​ | 28,414 | ​ | — | ​ | 28,478
Restricted cash and escrow receivables |  | 15,479 |  | — |  | — |  | 15,479
Listed equity securities (i) | ​ | 66,303 | ​ | — | ​ | — | ​ | 66,303
Convertible and exchangeable bonds (i) |  | — |  | 709 |  | 3,995 |  | 4,704
Option agreements (ii) | ​ | — | ​ | 1,521 | ​ | 145 | ​ | 1,666
Others | ​ | 144 | ​ | 5,114 | ​ | 2,852 | ​ | 8,110
​ |  | 81,990 |  | 35,758 |  | 6,992 |  | 124,740
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration in relation to investments and acquisitions (iii) | ​ | — | ​ | — | ​ | 4,400 | ​ | 4,400
Interest rate swap contracts and others (iii) | ​ | — | ​ | 156 | ​ | 338 | ​ | 494
​ | ​ | — | ​ | 156 | ​ | 4,738 | ​ | 4,894
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30, 2020
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (in millions of RMB)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments |  | 4 |  | 104,399 |  | — |  | 104,403
Restricted cash and escrow receivables |  | 13,380 |  | — |  | — |  | 13,380
Listed equity securities (i) | ​ | 95,575 | ​ | — | ​ | — | ​ | 95,575
Convertible and exchangeable bonds (i) |  | — |  | 487 |  | 5,449 |  | 5,936
Option agreements (ii) | ​ | — | ​ | 2,100 | ​ | 115 | ​ | 2,215
Others | ​ | 492 | ​ | 3,752 | ​ | 2,815 | ​ | 7,059
​ | ​ | 109,451 |  | 110,738 |  | 8,379 |  | 228,568
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration in relation to investments and acquisitions (iii) | ​ | — | ​ | — | ​ | 2,482 | ​ | 2,482
Interest rate swap contracts and others (iii) |  | — |  | 207 |  | 220 |  | 427
​ | ​ | — | ​ | 207 | ​ | 2,702 | ​ | 2,909
​
| (i) | Included in equity securities and other investments on the condensed consolidated balance sheets.
| (ii) | Included in prepayments, receivables and other assets on the condensed consolidated balance sheets.
| (iii) | Included in accrued expenses, accounts payable and other liabilities on the condensed consolidated balance sheets.
11. Fair value measurement (Continued) Convertible and exchangeable bonds categorized within Level 3 under the fair value hierarchy: ​
​ | ​ | ​
​ | ​ | Amounts
​ |  | (in millions of RMB)
Balance as of April 1, 2020 |  | 3,995
Additions |  | 1,591
Net decrease in fair value | ​ | (73)
Foreign currency translation adjustments | ​ | (64)
Balance as of September 30, 2020 |  | 5,449
​ Contingent consideration in relation to investments and acquisitions categorized within Level 3 under the fair value hierarchy: ​
​ | ​ | ​
​ |  | Amounts
​ |  | (in millions of RMB)
Balance as of April 1, 2020 |  | 4,400
Net increase in fair value |  | 10
Payment | ​ | (1,852)
Foreign currency translation adjustments | ​ | (76)
Balance as of September 30, 2020 |  | 2,482
​

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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