XML 69 R28.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Fair Value Measurement | 12 Months Ended
--- | ---
Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 21. FAIR VALUE MEASUREMENT ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 – Include other inputs that are directly or indirectly observable in the marketplace Level 3 – Unobservable inputs which are supported by little or no market activity ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and Liabilities Measured or Disclosed at Fair Value In accordance with ASC 820, the Company measures available-for-sale investments at fair value on a recurring basis. The fair values of the Company’s held-to-maturity investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates. The fair value of the Company’s long-term available-for-sale debt investment is measured using the market approach. The fair values of the Company’s available-for-sale equity investments in the equity securities of publicly listed companies are measured using quoted market prices. The Company measures certain financial assets, including equity method investments and cost method investments, at fair value on a nonrecurring basis only if an impairment charge were to be recognized. The Company’s non-financial assets, such as intangible assets, goodwill and fixed assets, would be measured at fair value only if they were determined to be impaired on an other-than-temporary basis. The fair value of the long-term notes payable is disclosed using quoted market price. Assets and liabilities measured or disclosed at fair value are summarized below:
|  | Total fair value at December 31, 2013 |  |  | Fair value measurement or disclosure at December 31, 2013 using |  |  |  |
|  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total losses |
| RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
| (In thousands) |
Fair value disclosure (Notes 2 and 4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 2,955,924 |  |  |  |  |  |  |  | 2,955,924 |  |  |  |  |  |  |  |  |
Money market fund |  |  | 689,254 |  |  |  | 689,254 |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments Held-to-maturity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate investments |  |  | 19,370,067 |  |  |  |  |  |  |  | 19,370,067 |  |  |  |  |  |  |  |  |
Long-term notes payable |  |  | 14,797,937 |  |  |  | 14,797,937 |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value measurement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate debt investments |  |  | 7,627,958 |  |  |  |  |  |  |  | 7,627,958 |  |  |  |  |  |  |  |  |
Adjustable-rate debt investments |  |  | 514,433 |  |  |  |  |  |  |  | 514,433 |  |  |  |  |  |  |  |  |
Equity investment |  |  | 1,253,120 |  |  |  | 1,253,120 |  |  |  |  |  |  |  |  |  |  |  |  |
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (17,521 | )
Fixed assets |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (2,057 | )
Intangible assets |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (4,619 | )
Total assets measured at fair value |  |  | 9,395,511 |  |  |  | 1,253,120 |  |  |  | 8,142,391 |  |  |  | — |  |  |  | (24,197 | )
The Company has no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2013. As of December 31, 2013, certain fixed assets (Note 7), intangible assets (Note 8), cost method investments (Note 4) and equity method investments (Note 4) were measured using significant unobservable inputs (Level 3) and written down from their respective carrying value to fair value of nil, with impairment charges incurred and recorded in earnings for the year then ended.
|  | Total fair value at December 31, 2014 |  |  | Fair value measurement or disclosure at December 31, 2014 using |  |  |  |  |  |  |
|  |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total losses |
| RMB |  |  | US$ |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
| (In thousands) |
Fair value disclosure (Notes 2 and 4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 1,746,888 |  |  |  | 281,547 |  |  |  |  |  |  |  | 1,746,888 |  |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  |  | 755,095 |  |  |  | 121,699 |  |  |  | 755,095 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments Held-to-maturity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate investments |  |  | 38,248,723 |  |  |  | 6,164,575 |  |  |  |  |  |  |  | 38,248,723 |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustable-rate investments |  |  | 59,519 |  |  |  | 9,593 |  |  |  |  |  |  |  | 59,519 |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments Held-to-maturity investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate investments |  |  | 531,318 |  |  |  | 85,633 |  |  |  |  |  |  |  | 531,318 |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term notes payable |  |  | 21,811,666 |  |  |  | 3,515,403 |  |  |  | 21,811,666 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value measurement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate debt investments |  |  | 2,865,096 |  |  |  | 461,770 |  |  |  |  |  |  |  | 2,865,096 |  |  |  |  |  |  |  |  |  |  |  |  |
Adjustable-rate debt investments |  |  | 1,568,543 |  |  |  | 252,803 |  |  |  |  |  |  |  | 1,568,543 |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments |  |  | 1,164,714 |  |  |  | 187,718 |  |  |  | 1,164,714 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt investment |  |  | 272,680 |  |  |  | 43,948 |  |  |  |  |  |  |  |  |  |  |  | 272,680 |  |  |  |  |  |  |  |  |
Equity investment |  |  | 115,921 |  |  |  | 18,683 |  |  |  | 115,921 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-recurring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (93,424 | ) |  |  | (15,057 | )
Intangible assets |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (1,625 | ) |  |  | (262 | )
Total assets measured at fair value |  |  | 5,986,954 |  |  |  | 964,922 |  |  |  | 1,280,635 |  |  |  | 4,433,639 |  |  |  | 272,680 |  |  |  | (95,049 | ) |  |  | (15,319 | )
As of December 31, 2014, long-term available-for-sale debt investment was measured at fair value on a recurring basis using significant unobservable inputs (Level 3). As of December 31, 2014, certain intangible assets (Note 8) and equity method investments (Note 4) were measured using significant unobservable inputs (Level 3) and written down from their respective carrying value to fair value of nil, with impairment charges incurred and recorded in earnings for the year then ended. The following table presents a reconciliation of long-term available-for-sale debt investment at fair value on a recurring basis using significant unobservable inputs (Level 3).
|  | Long-term available-for- sale debt investment |
|  | RMB |  |  | US$ |
|  | (In thousands) |
Balance as of January 1, 2014 |  |  | — |  |  |  | — |
Recognized during the period |  |  | 272,680 |  |  |  | 43,948 |
Realized or unrealized gain (loss) |  |  | — |  |  |  | — |
Settlement |  |  | — |  |  |  | — |
Balance as of December 31, 2014 |  |  | 272,680 |  |  |  | 43,948 |

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration