v3.22.1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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

Fair Value Disclosure and Measurement on Recurring Basis

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

						Fair value measurement or disclosure at December 31, 2020 using
		Total fair value at December 31, 2020				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			16,133								16,133
Money market funds			198				198
Short-term investments:
Held-to-maturity debt investments			124,132								124,132
Convertible senior notes, current portion			4,967								4,967
Long-term investments:
Held-to-maturity debt investment			9,754								9,754
Long-term notes payable			52,575								52,575
Convertible senior notes, non-current portion			12,078								12,078
Fair value measurements on a recurring basis
Short-term investments:
Available-for-sale debt investments			2,865								2,865
Long-term investments:
Equity investments at fair value with readily determinable fair value			12,978				12,978
Investments accounted for at fair value			2,238												2,238
Available-for-sale debt investments			2,607												2,607
Total assets measured at fair value			20,688				12,978				2,865				4,845
Accounts payable and accrued liabilities:
Derivative instruments			40								40
Amounts due to related parties, current:
Financial liability			327								327
Total liabilities measured at fair value			367				—				367

										Fair value measurement or disclosure at December 31, 2021 using
		Total fair value at December 31, 2021								Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
		RMB				US$				RMB				RMB				RMB
		(In millions)
Fair value disclosure
Cash equivalents:
Time deposits			16,262				2,552								16,262
Money market funds			3				—				3
Short-term investments:
Held-to-maturity debt investments			141,584				22,218								141,584
Long-term investments:
Held-to-maturity debt investment			8,014				1,258								8,014
Notes payable, current portion			10,659				1,673								10,659
Notes payable, non-current portion			45,073				7,073								45,073
Convertible senior notes, non-current portion			9,547				1,498								9,547
Fair value measurements on a recurring basis
Short-term investments:
Available-for-sale debt investments			2,557				401								2,557
Long-term investments:
Equity investments at fair value with readily determinable fair value			16,375				2,570				16,375
Equity investments without readily determinable fair value using NAV practical expedient(i)			957				150
Investments accounted for at fair value			4,228				663				457								3,771
Available-for-sale debt investments			2,262				355												2,262
Other non-current assets
Derivative instruments			149				23								149
Total assets measured at fair value			26,528				4,162				16,832				2,706				6,033
Amounts due to related parties, current:
Financial liability			288				45								288
Total liabilities measured at fair value			288				45								288

(i) Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

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

Investments accounted for at fair value:

		Amounts
		RMB
		(In millions)
Balance at December 31, 2019			1,819
Additions			371
Disposals			(63	)
Net unrealized fair value increase recognized in earnings			151
Foreign currency translation adjustments			(40	)
Balance at December 31, 2020			2,238
Additions			475
Disposals			(59	)
Net unrealized fair value increase recognized in earnings			1,187
Foreign currency translation adjustments			(20	)
Transition to assets categorized within level 1(i)			(50	)
Balance at December 31, 2021			3,771
Balance at December 31, 2021, in US$			592

(i) The fair value hierarchy of certain equity investments were transferred from level 3 to level 1 due to the public listing of the investees during the year ended December 31, 2021

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)
Balance at December 31, 2019			3,970
Additions			5
Disposals			(500	)
Reclassification			412
Conversion to equity investment			(1,355	)
Share of losses in excess of equity method investment in ordinary shares			(82	)
Net unrealized fair value increase recognized in other comprehensive income			153
Accrued interest			68
Foreign currency translation adjustments			(64	)
Balance at December 31, 2020			2,607
Additions			67
Conversion to equity investment			(18	)
Share of losses in excess of equity method investment in ordinary shares			(207	)
Net unrealized fair value change recognized in other comprehensive income			(243	)
Accrued interest			75
Foreign currency translation adjustments			(19	)
Balance at December 31, 2021			2,262
Balance at December 31, 2021, in US$			355

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

The following table summarizes the Company’s financial assets held as of December 31, 2020 and 2021 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2020 and 2021:

		Total Balance								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
As of December 31, 2020
Long-term investments(i)			14,205								367								13,838				3,725								(1,862	)
Intangible assets(i)			62								—				—				62												(350	)
Mainland China film group—Licensed copyrights as of March 31, 2020 (ii)			7,186								—				—				7,186												(390	)
Mainland China film group—Produced contents as of March 31, 2020(ii)			4,124								—				—				4,124												(210	)
Produced content monetized on its own(iii)			40								—				—				40												(205	)
As of December 31, 2021
Long-term investments(i)			9,653				1,515				—				145				9,508				896				141				(4,316	)			(677	)
Produced content monetized on its own(iii)			30				5				—				—				30												(161	)			(25	)

(i) Due to factors such as the outbreak of coronavirus (COVID-19) resulting in declined financial performances and changes in business circumstances of certain investees, the Company recognized impairment charges of long-term investments in the consolidated statement of comprehensive (loss) income during the years ended December 31, 2020 and 2021. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The Company recognized impairment loss on intangible assets as of March 31, 2020. The impairment loss on intangible assets in 2021 was immaterial.

(ii) The outbreak of COVID-19 during the first quarter of 2020 also has resulted in a downward adjustment to forecasted advertising revenues for the Mainland China film group. As a result, the Company performed an assessment to determine whether the fair value of the Mainland China film group was less than its unamortized film costs as of March 31, 2020 with the assistance of a third-party valuation firm. The Company uses a discounted cash flow approach to estimate the fair value. The Company estimated the most likely future cash flows based on historical results, economic useful lives or license periods and perception of future performance. The Company has incorporated those cash outflows necessary to generate the cash

inflows, including future production, operation, exploitation and administrative costs, which were estimated at 32%-37% of revenue in aggregate. The discount rate was determined to be the weighted average cost of capital of the Mainland China film group at 15%. As of March 31, 2020, the fair value of the Mainland China film group was less than its corresponding carrying value and resulted in the Company recognizing an impairment charge of RMB390 million related to licensed copyrights and RMB210 million related to produced content, respectively. The impairment charge was recognized as cost of revenues in the consolidated statement of comprehensive income for the year ended December 31, 2020.

(iii) In addition, due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, an impairment charge of RMB205 million and RMB161 million (US$25 million) was recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statement of comprehensive income for the years ended December 31, 2020 and 2021, respectively. The fair value information presented is not as of the period’s end, and is sensitive to changes in the unobservable inputs used to determine fair value and such changes could result in the fair value at the reporting date to be different from the fair value presented.

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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