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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value Disclosure and Measurement on Recurring Basis

						Fair value measurement or disclosure at December 31, 2019 using
		Total fair value at December 31, 2019				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
		RMB				RMB				RMB				RMB
						(In millions)
Fair value disclosure
Cash equivalents
Time deposits			10,848								10,848
Money market fund			1,719				1,719
Short-term investments
Held-to-maturity debt investments			107,654								107,654
Long-term investments:
Held-to-maturity debt investment			491								491
Long-term notes payable			45,282								45,282
Convertible senior notes			14,142								14,142
Fair value measurements on a recurring basis
Short-term investments
Available-for-sale debt investments			5,637								5,637
Long-term investments
Equity investments at fair value with readily determinable fair value			11,334				11,334
Investments accounted for at fair value			1,819												1,819
Available-for-sale debt investments			3,970												3,970
Other non-current assets
Derivative instruments			24								24
Total assets measured at fair value			22,784				11,334				5,661				5,789
Accounts payable and accrued liabilities
Derivative instruments			125												125
Amounts due to related parties, current
Financial liability			401								401
Total liabilities measured at fair value			526				—				401				125

Assets and liabilities measured at fair value on a recurring basis or disclosed at fair value are summarized below:

										Fair value measurement or disclosure at June 30, 2020 using
		Total fair value at June 30, 2020								Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
		RMB				USD				RMB				RMB				RMB
		(In millions)
		(unaudited)
Fair value disclosure
Cash equivalents
Time deposits			5,465				774								5,465
Money market funds			1,062				150				1,062
Short-term investments
Held-to-maturity debt investments			126,071				17,844								126,071
Long-term investments
Held-to-maturity debt investments			513				73								513
Long-term notes payable			49,241				6,970								49,241
Convertible senior notes			14,243				2,016								14,243
Fair value measurement on a recurring basis
Short-term investments
Available-for-sale debt investments			7,152				1,012								7,152
Long-term investments:
Equity investments at fair value with readily determinable fair value			12,469				1,765				12,469
Investment accounted for at fair value			1,831				259												1,831
Available-for-sale debt investments			3,601				510												3,601
Total assets measured at fair value			25,053				3,546				12,469				7,152				5,432
Amounts due to related parties, current
Financial liability			344				49								344
Other non-current liabilities
Derivative instruments			85				12								85
Total liabilities measured at fair value			429				61								429

Schedule of rolling forward of Investments accounted for at fair value categorized within Level 3 under the fair value hierarchy

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:

Investment accounted for at fair value:

		Amounts
		RMB
		(In millions)
		(unaudited)
Balance at December 31, 2019			1,819
Additions			129
Disposals			(14	)
Net unrealized fair value decrease recognized in earning			(110	)
Foreign currency translation adjustments			7
Balance at June 30, 2020			1,831
Balance at June 30, 2020, in US$			259

Schedule of rolling forward of available-for-sale debt investments categorized within Level 3 under the fair value hierarchy

Available-for-sale debt investments:

		Amounts
		RMB
		(In millions)
		(unaudited)
Balance at December 31, 2019			3,970
Additions			5
Disposal			(500	)
Reclassification			67
Net unrealized fair value increase recognized in other comprehensive income			18
Accrued interest			32
Foreign currency translation adjustments			9
Balance at June 30, 2020			3,601
Balance at June 30, 2020, in US$			510

Summary of Assets Measured at Fair Value on a Non-Recurring Basis

The following table summarizes our assets held as of December 31, 2019 and June 30, 2020 for which a non-recurring fair value measurement was recorded during the year ended December 31, 2019 and period ended June 30, 2020:

		Total fair value								Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Fair value adjustment								Impairment
		RMB				US$				RMB				RMB				RMB				RMB				US$				RMB				US$
		(In millions)
Fair value measurements on a non-recurring basis
For the year ended December 31, 2019
Long-term investments			22,778				—				14,105				358				8,315				(230	)			—				(9,989	)			—
Intangible assets			76				—				—				—				76				—				—				(406	)			—
For the six months ended June 30, 2020 (unaudited)
Long-term investments(i)			10,120				1,432				—				—				10,120				1,302				184				(2,460	)			(348	)
Intangible assets			62				9				—				—				62				—				—				(335	)			(47	)

(i) The Company recognized impairment charges of long-term investments during the three months ended March 31, 2020 and June 30, 2020, due to the outbreak of COVID-19 resulting declined financial performances and changes in business circumstances of theses investees.

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