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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases |
13. | LEASES
Leases are classified as operating leases or finance leases in accordance with ASC 842 . The Company’s operating leases mainly related to land, office facilities, IDC facilities and vehicles. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options, which are factored into the Company’s determination of lease payments when appropriate. As of December 31, 2019, finance leases were insignificant. As of December 31, 2019, the weighted average remaining lease term was 6.3 years and weighted average discount rate was 4.45 % for the Group’s operating leases. Operating lease cost for the year ended December 31, 2019 w as RMB 2.7 billion (US$382 million), which excluded cost of short-term contracts. Short-term lease cost for the year ended December 31, 2019 w as RMB434 million (US$62 million). Variable lease cost w as immaterial for the year ended December 31, 2019. For the year ended December 31, 2019, no lease cost for operating or finance leases was capitalized. Supplemental cash flow information related to operating leases w as as follows:
|  | For the year ended December 31, 2019 |
|  | RMB |  |  | US$ |
|  | (In millions) |
Cash payments for operating leases |  |  | 2,631 |  |  |  | 378 |
ROU assets obtained in exchange for operating lease liabilities |  |  | 3,896 |  |  |  | 560 |
Future lease payments under operating leases as of December 31, 2019 were as follows:
|  | Operating leases |
|  | RMB |  |  | US$ |
|  | (In millions) |
Year ending December 31, |  |  |  |  |  |  |  |
2020 |  |  | 2,350 |  |  |  | 337 |
2021 |  |  | 1,705 |  |  |  | 245 |
2022 |  |  | 1,307 |  |  |  | 188 |
2023 |  |  | 1,080 |  |  |  | 155 |
2024 |  |  | 628 |  |  |  | 90 |
Thereafter |  |  | 395 |  |  |  | 57 |
Total future lease payments |  |  | 7,465 |  |  |  | 1,072 |
Less: Imputed interest |  |  | 696 |  |  |  | 100 |
Total lease liability balance |  |  | 6,769 |  |  |  | 972 |
As of December 31, 2019, additional operating leases that have not yet commenced were immaterial.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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