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Fair Value Measurements (Tables)

12 Months Ended

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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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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