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Notes Payable | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable |
11. | NOTES PAYABLE
Baidu, Inc. The Company issued and publicly sold unsecured senior notes, and the detail of the tranches are shown as flow:
|  | Issue date |  |  | Principal amount (US$ million) |  |  | Mature date |  |  | Effective interest rate |
2017 Notes |  |  | November 28, 2012 |  |  |  | 750 |  |  |  | November 28, 2017 |  |  |  | 2.36 | %*
2022 Ten-year Notes |  |  | November 28, 2012 |  |  |  | 750 |  |  |  | November 28, 2022 |  |  |  | 3.59 | %
2018 Notes |  |  | August 6, 2013 |  |  |  | 1,000 |  |  |  | August 6, 2018 |  |  |  | 3.39 | %*
2019 Notes |  |  | June 9, 2014 |  |  |  | 1,000 |  |  |  | June 9, 2019 |  |  |  | 3.00 | %*
2020 Notes |  |  | June 30, 2015 |  |  |  | 750 |  |  |  | June 30, 2020 |  |  |  | 3.13 | %
2025 Notes |  |  | June 30, 2015 |  |  |  | 500 |  |  |  | June 30, 2025 |  |  |  | 4.22 | %
2022 Five-year Notes |  |  | July 6, 2017 |  |  |  | 900 |  |  |  | July 6, 2022 |  |  |  | 3.08 | %
2027 Notes |  |  | July 6, 2017 |  |  |  | 600 |  |  |  | July 6, 2027 |  |  |  | 3.73 | %
2023 Notes |  |  | March 29, 2018 |  |  |  | 1,000 |  |  |  | September 29, 2023 |  |  |  | 3.99 | %
2028 March Notes |  |  | March 29, 2018 |  |  |  | 500 |  |  |  | March 29, 2028 |  |  |  | 4.50 | %
2024 Notes |  |  | November 14, 2018 |  |  |  | 850 |  |  |  | May 14, 2024 |  |  |  | 4.51%/ 4.54 | %
2028 November Notes |  |  | November 14, 2018 |  |  |  | 400 |  |  |  | November 14, 2028 |  |  |  | 4.99 | %
* | 2017 Notes, 2018 Notes and 2019 Notes were fully repaid when they became due.
The 2017 Notes, 2018 Notes, 2019 Notes, 2020 Notes, 2022 Ten-year Notes, 2025 Notes, 2022 Five-year Notes, 2027 Notes, 2023 Notes, 2028 March Notes, 2024 Notes and 2028 November Notes are collectively referred to as the “Notes ” . The 2017 Notes bear interest at the rate of 2.25% per annum and the 2022 Ten-year Notes bear interest at the rate of 3.50% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on May 28, 2013. The 2018 Notes bear interest at the rate of 3.25% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on February 6, 2014. The 2019 Notes bear interest at the rate of 2.75% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on December 9, 2014. The 2020 Notes bear interest at the rate of 3.00% per annum and the 2025 Notes bear interest at the rate of 4.13% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on December 30, 2015. The 2022 Five-year Notes bear interest at the rate of 2.88% per annum and the 2027 Notes bear interest at the rate of 3.63% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on January 6, 2018. The 2023 Notes bear interest at the rate of 3.88% per annum and the 2028 March Notes bear interest at the rate of 4.38% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on September 29, 2018. The 2024 Notes including US$600 million issued in November and US$250 million in December 2018, respectively, bear interest at the rate of 4.38% per annum and the 2028 November Notes bear interest at the rate of 4.88% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on May 14, 2019. At maturity, the Notes are payable at their principal amount plus accrued and unpaid interest thereon. The Notes do not contain any financial covenants or other significant restrictions. In addition, the Notes are unsecured and rank lower than any secured obligation of the Group and have the same liquidation priority as any other unsecured liabilities of the Group, but senior to those expressly subordinated obligations, if any. The Company may, at its discretion, redeem all or any portion of the Notes at any time, at the greater of the principal amount and the make whole amount plus accrued and unpaid interest. In addition, for the 2023 Notes, 2028 March Notes, 2024 Notes and 2028 November Notes, the Company may at its discretion, redeem all or any portion of the Notes at one or three months before the maturity date of the respective notes, at a price equal to the greater of 100% of the principal amount of such Notes plus accrued and unpaid interest, if any, to (but not including) the redemption date. As of December 31, 2019, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. For certain of the n otes, the Company has the obligation to redeem the n otes if a change in control occurs as defined in the indenture of the Notes. The unpaid Notes were issued at a discount amounting to US$18 million. The total issuance costs of US$30 million were presented as a direct deduction from the principal amount of the Notes on the consolidated balance sheets. Both the discount and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the Notes. The principal amount and unamortized discount and debt issuance costs as of December 31, 2018 and 2019 were as follows:
|  | As of December 31, |
|  | 2018 |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Principal amount |  |  | 49,867 |  |  |  | 43,519 |  |  |  | 6,251 |
Unamortized discount and debt issuance costs |  |  | (261 | ) |  |  | (210 | ) |  |  | (30 | )
|  |  | 49,606 |  |  |  | 43,309 |  |  |  | 6,221 |
The following table summarizes the aggregate required repayments of the principal amounts of the Company’s long-term debts ( including the notes payable and loans payable (Note 10 ) but excluding convertible notes (Note 12 ) ) , in the succeeding five years and thereafter:
|  | RMB |  |  | US$ |
|  | (In millions) |
For the years ending December 31, 2020 |  |  | 5,987 |  |  |  | 860 |
2021 |  |  | 7,902 |  |  |  | 1,135 |
2022 |  |  | 11,487 |  |  |  | 1,650 |
2023 |  |  | 6,962 |  |  |  | 1,000 |
2024 |  |  | 5,918 |  |  |  | 850 |
Thereafter |  |  | 13,924 |  |  |  | 2,000 |

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- Definition The entire disclosure for information about notes payable, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References No definition available. + Details
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