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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | 13. LEASES Leases are classified as operating lease and finance lease in accordance with ASC 842. The Company’s operating leases mainly related to land, offices facilities, IDC facilities and vehicles. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options that are factored into the Company’s determination of lease payments when appropriate. The balance of assets under finance lease s was not significant as of June 30, 2020. As of June 30, 2020, the Company’s weighted average remaining lease term was 6.3 years and weighted average discount rate was 4.52%. Operating lease cost and supplemental cash flow information related to operating leases were as follows:
|  | For the six months ended June 30, 2019 |  |  | For the six months ended June 30, 2020 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  |  |  |  | (unaudited) |
Operating lease cost (i) |  |  | 1,256 |  |  |  | 1,393 |  |  |  | 197 |
Cash payments for operating leases |  |  | 1,040 |  |  |  | 1,411 |  |  |  | 200 |
ROU assets obtained in exchange for operating lease liabilities |  |  | 2,017 |  |  |  | 1,204 |  |  |  | 170 |
(i) | Excluding cost of short-term contracts.
Operating lease cost are recorded as cost of revenue, selling, general and administrative expenses and research and development expenses based on the nature of leased assets. Short-term lease cost for the six-month period s ended June 30, 2019 and 2020 were RMB226 million and RMB225 million (US$32 million), respectively. Variable lease cost was immaterial for the six-month period s ended June 30, 2019 and 2020. Future lease payments under operating leases as of June 30, 2020 were as follows:
|  | Operating leases |
|  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Period ending June 30, |  |  |  |  |  |  |  |
2021 |  |  | 2,447 |  |  |  | 346 |
2022 |  |  | 1,723 |  |  |  | 244 |
2023 |  |  | 1,290 |  |  |  | 183 |
2024 |  |  | 970 |  |  |  | 137 |
2025 |  |  | 452 |  |  |  | 64 |
Thereafter |  |  | 653 |  |  |  | 92 |
Total future lease payments |  |  | 7,535 |  |  |  | 1,066 |
Less: Imputed interest |  |  | 752 |  |  |  | 106 |
Total lease liability balance |  |  | 6,783 |  |  |  | 960 |

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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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