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Financial Instruments

12 Months Ended

Dec. 31, 2020

Financial Instruments

Financial Instruments

27. Financial Instruments

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2019 (in thousands):

​

​	​	​	​	​	​	​
​	​	Fair Value Measurements
​		​		(RMB)		​
​	​	​	​	Quoted Prices in	​	​
​	​	​	​	Active Market	​	Significant Other
​	​	​	​	for Identical	​	Observable
​	​	​	​	Assets	​	Inputs
​		Total		(Level 1)		(Level 2)
Time deposits-short term		53,487,075		53,487,075		—
Time deposits-long term		2,360,000		2,360,000		—
Equity investments with readily determinable fair values	​	3,551,545	​	3,551,545	​	—
Short-term investments		15,312,595		—		15,312,595
Total		74,711,215		59,398,620		15,312,595

​

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2020 (in thousands):

​

​	​	​	​	​	​	​
​	​	Fair Value Measurements
​		​		(RMB)		​
​	​	​	​	Quoted Prices in	​	​
​	​	​	​	Active Market	​	Significant Other
​	​	​	​	for Identical	​	Observable
​	​	​	​	Assets	​	Inputs
​		Total		(Level 1)		(Level 2)
Time deposits-short term		71,079,327		71,079,327		—
Time deposits-long term		6,630,000		6,630,000		—
Equity investments with readily determinable fair values	​	3,743,590	​	3,743,590	​	—
Short-term investments		13,273,026		—		13,273,026
Total		94,725,943		81,452,917		13,273,026

​

The rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements of short-term bank loans. For other financial assets and liabilities with carrying values that approximate fair value, if measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. As of December 31, 2019 and 2020, certain equity investments without determinable fair value (Note 10) were measured using significant unobservable inputs (Level 3) and written down from their respective carrying value to fair value, with impairment charges of RMB168.4 million and RMB55.6 million incurred and recorded in earnings for the years then ended.

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The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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