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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2022 using |
|  | Total fair value at December 31, 2022 |  |  | 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 (i) |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 12,968 |  |  |  |  |  |  |  | 12,968 |  |  |  |  |
Money market funds |  |  | 3 |  |  |  | 3 |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity debt investments |  |  | 120,464 |  |  |  |  |  |  |  | 120,464 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term time deposits and held-to-maturity investments |  |  | 23,688 |  |  |  |  |  |  |  | 23,688 |  |  |  |  |
Notes payable, current portion |  |  | 6,812 |  |  |  |  |  |  |  | 6,812 |  |  |  |  |
Convertible senior notes, current portion |  |  | 6,756 |  |  |  |  |  |  |  | 6,756 |  |  |  |  |
Notes payable, non-current portion |  |  | 36,268 |  |  |  |  |  |  |  | 36,268 |  |  |  |  |
Convertible senior notes, non-current portion |  |  | 7,253 |  |  |  |  |  |  |  | 7,253 |  |  |  |  |
Fair value measurements on a recurring basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt investments |  |  | 855 |  |  |  |  |  |  |  | 855 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value with readily determinable fair value |  |  | 12,100 |  |  |  | 12,100 |  |  |  |  |  |  |  |  |
Equity investments without readily determinable fair value using NAV practical expedient (ii) |  |  | 945 |  |  |  |  |  |  |  |  |  |  |  |  |
Investments accounted for at fair value |  |  | 4,616 |  |  |  | 97 |  |  |  |  |  |  |  | 4,519 |
Available-for-sale debt investments |  |  | 2,447 |  |  |  |  |  |  |  |  |  |  |  | 2,447 |
Other non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | 1,416 |  |  |  |  |  |  |  | 1,416 |  |  |  |  |
Total assets measured at fair value |  |  | 22,379 |  |  |  | 12,197 |  |  |  | 2,271 |  |  |  | 6,966 |
Amounts due to related parties, current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liability |  |  | 328 |  |  |  |  |  |  |  | 328 |  |  |  |  |
Total liabilities measured at fair value |  |  | 328 |  |  |  |  |  |  |  | 328 |  |  |  |  |
|  |  |  |  |  |  |  | Fair value measurement or disclosure at December 31, 2023 using |
|  | Total fair value at December 31, 2023 |  |  | 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 (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 6,266 |  |  |  | 883 |  |  |  |  |  |  |  | 6,266 |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity debt investments |  |  | 167,740 |  |  |  | 23,626 |  |  |  |  |  |  |  | 167,740 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term time deposits and held-to-maturity investments |  |  | 24,872 |  |  |  | 3,503 |  |  |  |  |  |  |  | 24,872 |  |  |  |  |
Notes payable, current portion |  |  | 5,999 |  |  |  | 845 |  |  |  |  |  |  |  | 5,999 |  |  |  |  |
Convertible senior notes, current portion |  |  | 2,727 |  |  |  | 384 |  |  |  |  |  |  |  | 2,727 |  |  |  |  |
Notes payable, non-current portion |  |  | 32,742 |  |  |  | 4,612 |  |  |  |  |  |  |  | 32,742 |  |  |  |  |
Convertible senior notes, non-current portion |  |  | 8,881 |  |  |  | 1,251 |  |  |  |  |  |  |  | 3,757 |  |  |  | 5,124 |
Fair value measurements on a recurring basis |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt investments |  |  | 1,671 |  |  |  | 235 |  |  |  |  |  |  |  | 1,671 |  |  |  |  |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investments at fair value with readily determinable fair value |  |  | 9,610 |  |  |  | 1,354 |  |  |  | 9,610 |  |  |  |  |  |  |  |  |
Equity investments without readily determinable fair value using NAV practical expedient (ii) |  |  | 942 |  |  |  | 133 |  |  |  |  |  |  |  |  |  |  |  |  |
Investments accounted for at fair value |  |  | 4,841 |  |  |  | 682 |  |  |  | 66 |  |  |  |  |  |  |  | 4,775 |
Available-for-sale debt investments |  |  | 3,682 |  |  |  | 519 |  |  |  |  |  |  |  | 423 |  |  |  | 3,259 |
Other non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | 994 |  |  |  | 140 |  |  |  |  |  |  |  | 994 |  |  |  |  |
Total assets measured at fair value |  |  | 21,740 |  |  |  | 3,063 |  |  |  | 9,676 |  |  |  | 3,088 |  |  |  | 8,034 |
Amounts due to related parties, current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liability |  |  | 321 |  |  |  | 45 |  |  |  |  |  |  |  | 321 |  |  |  |  |
Total liabilities measured at fair value |  |  | 321 |  |  |  | 45 |  |  |  |  |  |  |  | 321 |  |  |  |  |
(i) | Fair value disclosure shows financial instruments which are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes.
(ii) | 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, 2021 |  |  | 3,771 |
Additions |  |  | 343 |
Disposals |  |  | (212 | )
Net unrealized fair value increase recognized in earnings |  |  | 502 |
Foreign currency translation adjustments |  |  | 115 |
Balance at December 31, 2022 |  |  | 4,519 |
Additions |  |  | 250 |
Disposals |  |  | (90 | )
Net unrealized fair value increase recognized in earnings |  |  | 55 |
Foreign currency translation adjustments |  |  | 41 |
Balance at December 31, 2023 |  |  | 4,775 |
Balance at December 31, 2023, in US$ |  |  | 673 |
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, 2021 |  |  | 2,262 |
Additions |  |  | 10 |
Conversion from equity investment |  |  | 657 |
Share of losses in excess of equity method investment in ordinary shares |  |  | (161 | )
Net unrealized fair value change recognized in other comprehensive (loss) income |  |  | (432 | )
Accrued interest |  |  | 78 |
Foreign currency translation adjustments |  |  | 33 |
Balance at December 31, 2022 |  |  | 2,447 |
Additions |  |  | 313 |
Disposals |  |  | (332 | )
Conversion |  |  | 838 |
Share of losses in excess of equity method investment in ordinary shares |  |  | (7 | )
Net unrealized fair value change recognized in other comprehensive (loss) income |  |  | (71 | )
Accrued interest |  |  | 76 |
Foreign currency translation adjustments |  |  | (5 | )
Balance at December 31, 2023 |  |  | 3,259 |
Balance at December 31, 2023, in US$ |  |  | 459 |
Summary of Assets Measured at Fair Value on a Non-Recurring Basis | The following table summarizes the Group’s financial assets held as of December 31, 2022 and 2023 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2022 and 2023:
|  | 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments (i) |  |  | 3,466 |  |  |  |  |  |  |  | 99 |  |  |  | 29 |  |  |  | 3,338 |  |  |  | 256 |  |  |  |  |  |  |  | (3,025 | ) |  |  |  |
Produced content monetized on its own (ii) |  |  | 85 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85 |  |  |  |  |  |  |  |  |  |  |  | (68 | ) |  |  |  |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term investments (i) |  |  | 5,383 |  |  |  | 758 |  |  |  | 43 |  |  |  | — |  |  |  | 5,340 |  |  |  | 580 |  |  |  | 82 |  |  |  | (815 | ) |  |  | (115 | )
Produced content monetized on its own (ii) |  |  | 25 |  |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  |  |  |  |  | (253 | ) |  |  | (36 | )
(i) | Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2022 and 2023. 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.
(ii) | Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured to the fair value as of each quarter end. Impairment charges of RMB161 million, RMB68 million and RMB253 million (US$36 million) were
| recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, respectively.

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