Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2014

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
	Total fair value at December 31, 2013		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
	Total fair value at December 31, 2014				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	)

Reconciliation of Available-For-Sale Debt Investments at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

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

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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