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Leases

6 Months Ended

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 leases 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 periods 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 periods 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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- References

No definition available.

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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

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