Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Baidu, Inc. |
Entity Central Index Key | 0001329099 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Transition Report | false |
Document Annual Report | true |
Document Shell Company Report | false |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity File Number | 000-51469 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Baidu Campus No. 10 Shangdi 10th Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100085 |
Entity Address, Country | CN |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Baidu Campus No. 10 Shangdi 10th Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100085 |
Entity Address, Country | CN |
Local Phone Number | 5992-8888 |
City Area Code | 86 10 |
Contact Personnel Name | Herman Yu, Chief Financial Officer |
Contact Personnel Fax Number | (86 10) 5992-0000 |
Contact Personnel Email Address | ir@baidu.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Entity Common Stock, Shares Outstanding | 2,107,228,720 |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Class A ordinary shares, par value US$0.000000625 per share |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 571,900,320 |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | BIDU |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American depositary shares |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Current assets: | ||||
Cash and cash equivalents | ¥ 35,782 | $ 5,484 | ¥ 33,443 | |
Restricted cash | 758 | 117 | 996 | |
Short-term investments, net of allowances for credit losses of nil and RMB285 (US$44) for 2019 and 2020, respectively) | 126,402 | 19,372 | 112,924 | |
Accounts receivable, net of allowance of RMB928 and RMB1,320 (US$202) for 2019 and 2020, respectively | 8,668 | 1,328 | 7,416 | |
Amounts due from related parties | 726 | 111 | 1,594 | |
Other current assets, net | 11,006 | 1,687 | 9,189 | |
Total current assets | 183,342 | 28,099 | 165,562 | |
Non-current assets: | ||||
Fixed assets, net | 17,508 | 2,683 | 18,311 | |
Licensed copyrights, net | 6,435 | 986 | 6,287 | |
Produced content, net | 6,556 | 1,005 | 4,355 | |
Intangible assets, net | 2,022 | 310 | 1,600 | |
Goodwill | 22,248 | 3,410 | 18,250 | |
Long-term investments, net | 76,233 | 11,683 | 69,410 | |
Amounts due from related parties | 3,438 | 527 | 3,564 | |
Deferred tax assets, net | 1,674 | 257 | 2,193 | |
Operating lease right-of-use assets | 9,804 | 1,503 | 7,332 | |
Other non-current assets | 3,448 | 527 | 4,452 | |
Total non-current assets | 149,366 | 22,891 | 135,754 | |
Total assets | 332,708 | 50,990 | 301,316 | |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB24,692 and RMB25,051 (US$3,839) as of December 31, 2019 and 2020, respectively): | ||||
Short-term loans | 3,000 | 462 | 2,618 | |
Accounts payable and accrued liabilities | 36,716 | 5,627 | 32,701 | |
Customer deposits and deferred revenue | 12,626 | 1,935 | 11,062 | |
Deferred income | 158 | 24 | 529 | |
Long-term loans, current portion | 7,427 | 1,138 | 737 | |
Convertible senior notes, current portion | 4,752 | 728 | 0 | |
Notes payable, current portion | 0 | 0 | 5,219 | |
Amounts due to related parties | 1,324 | 203 | 2,231 | |
Operating lease liabilities | 2,366 | 364 | 2,283 | |
Total current liabilities | 68,385 | 10,481 | 57,380 | |
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB6,295 and RMB5,519 (US$846) as of December 31, 2019 and 2020, respectively): | ||||
Deferred income | 97 | 15 | 17 | |
Deferred revenue | 686 | 105 | 1,009 | |
Amounts due to related parties | 3,543 | 543 | 3,846 | |
Long-term loans | 0 | 0 | 7,804 | |
Notes payable | 48,408 | 7,419 | 38,090 | |
Convertible senior notes | 11,927 | 1,828 | 12,297 | |
Deferred tax liabilities | 3,067 | 470 | 3,273 | |
Operating lease liabilities | 4,693 | 719 | 4,486 | |
Other non-current liabilities | 59 | 9 | 299 | |
Total non-current liabilities | 72,480 | 11,108 | 71,121 | |
Total liabilities | 140,865 | 21,589 | 128,501 | |
Commitments and contingencies | ||||
Redeemable noncontrolling interests | 3,102 | 475 | 1,109 | |
Equity | ||||
Additional paid-in capital | 47,213 | 7,236 | 38,714 | |
Retained earnings | 135,284 | 20,733 | 126,268 | |
Accumulated other comprehensive (loss) income | 199 | 30 | (1,383) | |
Total Baidu, Inc. shareholders' equity | 182,696 | 27,999 | 163,599 | |
Noncontrolling interests | 6,045 | 927 | 8,107 | |
Total equity | 188,741 | 28,926 | 171,706 | |
Total liabilities, redeemable noncontrolling interests and equity | 332,708 | 50,990 | 301,316 | |
Class A Ordinary Shares | ||||
Equity | ||||
Ordinary shares, value | [1] | 0 | 0 | 0 |
Class B Ordinary Shares | ||||
Equity | ||||
Ordinary shares, value | [1] | ¥ 0 | $ 0 | ¥ 0 |
[1] | Par value per share and the number of shares as of December 31, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that became effective on March 1, 2021 as detailed in Note 1 and Note 21. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)$ / sharesshares |
Allowance for short term investment | ¥ 285 | $ 44 | ¥ 0 | |
Allowance for doubtful accounts receivable | 1,320 | 202 | 928 | $ 142 |
Total current liabilities | 68,385 | 10,481 | 57,380 | |
Total non-current liabilities | ¥ 72,480 | $ 11,108 | 71,121 | |
Common stock, shares authorized | 69,632,000,000 | 69,632,000,000 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Total current liabilities | ¥ 25,051 | $ 3,839 | 24,692 | |
Total non-current liabilities | ¥ 5,519 | $ 846 | ¥ 6,295 | |
Class A Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 |
Common stock, shares issued | 2,107,228,720 | 2,107,228,720 | 2,190,529,680 | 2,190,529,680 |
Common stock, shares outstanding | 2,107,228,720 | 2,107,228,720 | 2,190,529,680 | 2,190,529,680 |
Class B Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 |
Common stock, shares issued | 571,900,320 | 571,900,320 | 576,100,320 | 576,100,320 |
Common stock, shares outstanding | 571,900,320 | 571,900,320 | 576,100,320 | 576,100,320 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) ¥ in Millions, shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | ||
Revenues: | |||||
Total revenues | ¥ 107,074 | $ 16,410 | ¥ 107,413 | ¥ 102,277 | |
Operating costs and expenses: | |||||
Cost of revenues | 55,158 | 8,454 | 62,850 | 51,744 | |
Selling, general and administrative | 18,063 | 2,769 | 19,910 | 19,231 | |
Research and development | 19,513 | 2,989 | 18,346 | 15,772 | |
Total operating costs and expenses | 92,734 | 14,212 | 101,106 | 86,747 | |
Operating profit | 14,340 | 2,198 | 6,307 | 15,530 | |
Other income (loss): | |||||
Interest income | 5,358 | 822 | 6,060 | 4,451 | |
Interest expense | (3,103) | (476) | (2,960) | (1,883) | |
Foreign exchange loss, net | (660) | (101) | (33) | (122) | |
Share of losses from equity method investments | (2,248) | (345) | (1,254) | (79) | |
Others, net | 9,403 | 1,441 | (8,460) | 9,428 | |
Total other income(loss), net | 8,750 | 1,341 | (6,647) | 11,795 | |
Income (loss) before income taxes | 23,090 | 3,539 | (340) | 27,325 | |
Income taxes | 4,064 | 623 | 1,948 | 4,743 | |
Net income (loss) | 19,026 | 2,916 | (2,288) | 22,582 | |
Less: net loss attributable to noncontrolling interests | (3,446) | (528) | (4,345) | (4,991) | |
Net income attributable to Baidu, Inc. | 22,472 | 3,444 | 2,057 | 27,573 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 1,936 | 296 | (782) | 194 | |
Unrealized gains (losses) on available-for-sale investments, net of reclassification | (161) | (25) | (708) | 92 | |
Other comprehensive income (loss), net of tax | 1,775 | 271 | (1,490) | 286 | |
Comprehensive income (loss) | 20,801 | 3,187 | (3,778) | 22,868 | |
Less: comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (3,253) | (499) | (4,242) | (3,985) | |
Comprehensive income attributable to Baidu, Inc. | ¥ 24,054 | $ 3,686 | ¥ 464 | ¥ 26,853 | |
Common Class A and Class B | |||||
Earnings per shares: | |||||
Basic | (per share) | ¥ 8.19 | $ 1.26 | ¥ 0.71 | ¥ 9.83 | |
Diluted | (per share) | [1] | ¥ 8.12 | $ 1.24 | ¥ 0.70 | ¥ 9.75 |
Weighted average number of Class A and Class B ordinary shares outstanding | |||||
Basic | [1] | 2,732 | 2,732 | 2,787 | 2,792 |
Diluted | [1] | 2,756 | 2,756 | 2,791 | 2,814 |
Class A Ordinary Shares | |||||
Earnings per shares: | |||||
Basic | (per share) | [2] | ¥ 8.19 | $ 1.26 | ¥ 0.71 | ¥ 9.83 |
Diluted | (per share) | [2] | ¥ 8.12 | $ 1.24 | ¥ 0.70 | ¥ 9.75 |
Weighted average number of Class A and Class B ordinary shares outstanding | |||||
Basic | [2] | 2,158 | 2,158 | 2,211 | 2,216 |
Diluted | [2] | 2,756 | 2,756 | 2,791 | 2,814 |
Class A Ordinary Shares | American Depositary Shares | |||||
Earnings per shares: | |||||
Basic | (per share) | [1] | ¥ 65.54 | $ 10.04 | ¥ 5.68 | ¥ 78.64 |
Diluted | (per share) | ¥ 64.98 | $ 9.96 | ¥ 5.60 | ¥ 78.03 | |
Online Marketing Services | |||||
Revenues: | |||||
Total revenues | ¥ 72,840 | $ 11,163 | ¥ 78,093 | ¥ 81,912 | |
Others | |||||
Revenues: | |||||
Total revenues | ¥ 34,234 | $ 5,247 | ¥ 29,320 | ¥ 20,365 | |
[1] | Basic and diluted earnings per share and the number of shares for the years ended December 31, 2018, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that were effective on March 1, 2021 as detailed in Note 1 and Note 21. | ||||
[2] | Basic and diluted net income per ordinary share, weighted average number of shares and the adjustments for dilutive restricted share and share options for the years ended December 31, 2018, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that became effective on March 1, 2021, as detailed in Note 1 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class A Ordinary Shares | |||
Number of American depositary shares (ADSs) representing one Class A ordinary share | 8 | 8 | 8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |||
Cash flows from operating activities: | ||||||
Net income (loss) | ¥ 19,026 | $ 2,916 | ¥ (2,288) | ¥ 22,582 | ||
Adjustments to reconcile net income (loss) to net cash generated from operating activities: | ||||||
Depreciation of fixed assets and computer parts | 5,772 | 885 | 5,615 | 3,730 | ||
Amortization of intangible assets | 544 | 83 | 661 | 385 | ||
Deferred income tax, net | 115 | 17 | (696) | (761) | ||
Share-based compensation | 6,728 | 1,031 | 5,626 | 4,676 | ||
Allowance for credit losses | 679 | 104 | 429 | 451 | ||
Investment and interest income | (11,966) | (1,833) | (2,305) | (7,648) | ||
Amortization and impairment of licensed copyrights | 11,864 | 1,818 | 12,885 | 12,253 | ||
Amortization and impairment of produced content | 4,534 | 695 | 2,977 | 2,266 | ||
Impairment of other assets | 2,928 | 449 | 10,714 | 1,208 | ||
Share of losses from equity method investments | 2,248 | 345 | 1,254 | 79 | ||
(Gain)/loss on disposal of subsidiaries | 0 | 0 | 578 | (5,525) | ||
Barter transaction revenue | (1,376) | (211) | (683) | (1,083) | ||
Accretion on convertible senior notes and asset-backed debt securities | 501 | 77 | 380 | 25 | ||
Other non-cash expenses | 739 | 113 | 76 | 99 | ||
Others | 71 | 10 | (78) | (51) | ||
Changes in operating assets and liabilities, net of effects of | ||||||
Accounts receivable | (1,660) | (254) | (1,779) | (1,611) | ||
Amounts due from related parties | 125 | 19 | (135) | 527 | ||
Licensed copyrights | (10,528) | (1,613) | 0 | 0 | ||
Produced content | (6,728) | (1,031) | (3,596) | (4,545) | ||
Other assets | (351) | (54) | (863) | 3,212 | ||
Customer deposits and deferred revenue | 1,177 | 180 | 1,515 | 912 | ||
Accounts payable and accrued liabilities | 208 | 32 | (1,653) | 4,094 | ||
Deferred income | (293) | (45) | (37) | (64) | ||
Amounts due to related parties | (157) | (24) | (139) | 756 | ||
Net cash generated from operating activities | 24,200 | 3,709 | 28,458 | 35,967 | ||
Cash flows from investing activities: | ||||||
Acquisition of fixed assets | (5,084) | (779) | (6,428) | (8,772) | ||
Acquisition of businesses, net of cash acquired | (2,396) | (367) | (969) | (1,978) | ||
Acquisition of licensed copyrights | 0 | 0 | (12,152) | (13,116) | ||
Acquisition of intangible assets | (247) | (38) | (541) | (385) | ||
Purchases of held-to-maturity investments | (159,197) | (24,399) | (120,189) | (27,640) | ||
Maturities of held-to-maturity investments | 134,299 | 20,582 | 46,563 | 49,040 | ||
Purchases of available-for-sale investments | (133,008) | (20,384) | (218,171) | (284,149) | ||
Sales and maturities of available-for-sale investments | 135,606 | 20,783 | 291,163 | 239,861 | ||
Purchases of other long-term investments | (4,467) | (685) | (6,322) | (9,891) | ||
Proceeds from disposal of long-term investments | 6,523 | 1,000 | 7,517 | 2,524 | ||
Disposal of subsidiaries' shares | (486) | (74) | (476) | 5,581 | ||
Loans provided to related parties | 0 | 0 | 0 | (8,632) | ||
Repayment of loans provided to related parties | 917 | 140 | 24 | 12,270 | ||
Micro loan origination and disbursement | [1] | 0 | 0 | 0 | (35,824) | |
Principal payments received on micro loans | [1] | 0 | 0 | 0 | 38,063 | |
Purchases of other invested securities | [1] | 0 | 0 | 0 | (16,362) | |
Sales and maturities of other invested securities | [1] | 0 | 0 | 0 | 24,949 | |
Other investing activities | (12) | (2) | 7 | 1 | ||
Net cash used in investing activities | (27,552) | (4,223) | (19,974) | (34,460) | ||
Cash flows from financing activities: | ||||||
Proceeds from short-term loans | 3,559 | 545 | 2,738 | 3,787 | ||
Repayments of short-term loans | (3,223) | (494) | (3,166) | (1,055) | ||
Proceeds from long-term loans | 0 | 0 | 946 | 1,168 | ||
Repayments of long-term loans | (709) | (109) | (168) | (98) | ||
Loans borrowed from related parties | 0 | 0 | 0 | 3,732 | ||
Repayment of loans borrowed from related parties | (356) | (55) | 0 | 0 | ||
Proceeds from issuance of long-term notes, net of issuance costs | 13,346 | 2,046 | (10) | 18,050 | ||
Repayment of long-term notes | (5,378) | (824) | (6,912) | (6,846) | ||
Proceeds from issuance of convertible notes, net of issuance costs | 5,151 | 789 | 7,910 | 5,035 | ||
Purchase of capped calls | 0 | 0 | (567) | (465) | ||
Proceeds from issuance of subsidiaries' shares | 4,662 | 715 | 401 | 15,689 | ||
Repurchase of ordinary shares | (13,054) | (2,001) | (4,958) | (3,312) | ||
Proceeds from exercise of share options | 228 | 35 | 18 | 676 | ||
Proceeds from issuance of redeemable noncontrolling interests | 1,669 | 257 | 0 | 0 | ||
Proceeds from third-party investors for sale of financial products | 0 | 0 | 0 | 15,143 | [1] | |
Repayment to third-party investors for sale of financial products | 0 | 0 | 0 | (33,376) | [1] | |
Proceeds from secured borrowings from third-party financial institutions | 0 | 0 | 0 | 10,380 | [1] | |
Repayment of secured borrowings from third-party financial institutions | 0 | 0 | 0 | (13,426) | [1] | |
Other financing activities | (230) | (35) | (105) | 0 | ||
Net cash provided by (used in) financing activities | 5,665 | 869 | (3,873) | 15,082 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (212) | (32) | 1 | 1,902 | ||
Net increase in cash, cash equivalents and restricted cash | 2,101 | 323 | 4,612 | 18,491 | ||
Cash, cash equivalents and restricted cash at beginning of the year | 34,439 | 5,278 | 29,827 | 11,336 | ||
Cash, cash equivalents and restricted cash at end of the year | 36,540 | 5,601 | 34,439 | 29,827 | ||
Supplemental disclosures: | ||||||
Interest paid | 2,204 | 338 | 2,448 | 1,579 | ||
Income taxes paid | 3,608 | 553 | 4,100 | 5,509 | ||
Non-cash investing and financing activities: | ||||||
Acquisition of fixed assets included in accounts payable and accrued liabilities | 984 | 151 | 1,020 | 1,516 | ||
Non-cash acquisitions of investments | ¥ 54 | $ 8 | ¥ 28 | ¥ 764 | ||
[1] | The financial services business (“Du Xiaoman”) was disposed in the year of 2018. Please see Note 4 for further information. |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity ¥ in Millions, $ in Millions | CNY (¥) | USD ($) | Cumulative effect of accounting change [Member]CNY (¥) | Ordinary SharesCNY (¥)shares | Ordinary SharesUSD ($)shares | Ordinary SharesCumulative effect of accounting change [Member]CNY (¥) | Additional Paid-in CapitalCNY (¥) | Additional Paid-in CapitalUSD ($) | Additional Paid-in CapitalCumulative effect of accounting change [Member]CNY (¥) | Retained EarningsCNY (¥) | Retained EarningsUSD ($) | Retained EarningsCumulative effect of accounting change [Member]CNY (¥) | Accumulated Other Comprehensive (Loss) IncomeCNY (¥) | Accumulated Other Comprehensive (Loss) IncomeUSD ($) | Accumulated Other Comprehensive (Loss) IncomeCumulative effect of accounting change [Member]CNY (¥) | Noncontrolling interestsCNY (¥) | Noncontrolling interestsUSD ($) | Noncontrolling interestsCumulative effect of accounting change [Member]CNY (¥) | |
Balances (in shares) at Dec. 31, 2017 | shares | [1] | 2,785,298,560 | 2,785,298,560 | ||||||||||||||||
Balances at Dec. 31, 2017 | ¥ 119,350 | ¥ 933 | ¥ 0 | ¥ 12,088 | ¥ 0 | ¥ 102,328 | ¥ 2,787 | ¥ 930 | ¥ (1,854) | ¥ 4,004 | ¥ 0 | ||||||||
Net income | 22,582 | ¥ 0 | 0 | 27,573 | 0 | (4,991) | |||||||||||||
Other comprehensive income | 2,140 | 0 | 0 | 0 | 1,134 | 1,006 | |||||||||||||
Business combinations | 1,387 | 0 | 75 | 0 | 0 | 1,312 | |||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interest | 14,251 | ¥ 0 | 14,984 | 0 | 0 | (733) | |||||||||||||
Exercise of share-based awards (in shares) | shares | [1] | 26,070,320 | 26,070,320 | ||||||||||||||||
Exercise of share-based awards | 689 | ¥ 0 | 689 | 0 | 0 | 0 | |||||||||||||
Share-based compensation | 4,557 | 0 | 4,340 | 0 | 0 | 217 | |||||||||||||
Accretion of redeemable noncontrolling interests | (146) | 0 | 0 | (130) | 0 | (16) | |||||||||||||
Repurchase and retirement of ordinary shares | (3,312) | ¥ 0 | 0 | (3,312) | 0 | 0 | |||||||||||||
Repurchase and retirement of ordinary shares (in shares) | shares | [1] | (16,573,200) | (16,573,200) | ||||||||||||||||
Disposal of subsidiaries' shares | 1,558 | ¥ 0 | 1,323 | 0 | 0 | 235 | |||||||||||||
Conversion of iQIYI preferred shares recognized as redeemable noncontrolling interests to ordinary shares | 11,150 | 0 | 0 | 0 | 0 | 11,150 | |||||||||||||
Equity component of convertible senior notes issued by iQIYI, net of issuance costs | 362 | 0 | 206 | 0 | 0 | 156 | |||||||||||||
Purchase of capped calls | (465) | ¥ 0 | (264) | 0 | 0 | (201) | |||||||||||||
Balances (in shares) at Dec. 31, 2018 | shares | [1] | 2,794,795,680 | 2,794,795,680 | ||||||||||||||||
Balances at Dec. 31, 2018 | 175,036 | ¥ 0 | 33,441 | 129,246 | 210 | 12,139 | |||||||||||||
Net income | (2,288) | 0 | 0 | 2,057 | 0 | (4,345) | |||||||||||||
Other comprehensive income | (1,490) | 0 | 0 | 0 | (1,593) | 103 | |||||||||||||
Business combinations | 266 | 0 | 0 | 0 | 0 | 266 | |||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interest | 306 | 0 | (19) | 0 | 0 | 325 | |||||||||||||
Acquisition of non-controlling interests in a subsidiary | (65) | ¥ 0 | (22) | 0 | 0 | (43) | |||||||||||||
Exercise of share-based awards (in shares) | shares | [1] | 24,997,040 | 24,997,040 | ||||||||||||||||
Exercise of share-based awards | 18 | ¥ 0 | 18 | 0 | 0 | 0 | |||||||||||||
Share-based compensation | 5,549 | 0 | 5,045 | 0 | 0 | 504 | |||||||||||||
Dividends paid and payable by the Company's subsidiaries | (128) | 0 | 0 | 0 | 0 | (128) | |||||||||||||
Accretion of redeemable noncontrolling interests | (111) | 0 | 0 | (77) | 0 | (34) | |||||||||||||
Repurchase and retirement of ordinary shares | (4,958) | ¥ 0 | 0 | (4,958) | 0 | 0 | |||||||||||||
Repurchase and retirement of ordinary shares (in shares) | shares | [1] | (53,162,720) | (53,162,720) | ||||||||||||||||
Disposal of subsidiaries' shares | (850) | ¥ 0 | 13 | 0 | 0 | (863) | |||||||||||||
Equity component of convertible senior notes issued by iQIYI, net of issuance costs | 988 | 0 | 559 | 0 | 0 | 429 | |||||||||||||
Purchase of capped calls | (567) | ¥ 0 | (321) | 0 | 0 | (246) | |||||||||||||
Balances (in shares) at Dec. 31, 2019 | shares | [1] | 2,766,630,000 | 2,766,630,000 | ||||||||||||||||
Balances at Dec. 31, 2019 | 171,706 | ¥ (357) | ¥ 0 | ¥ 0 | 38,714 | ¥ 0 | 126,268 | ¥ (314) | (1,383) | ¥ 0 | 8,107 | ¥ (43) | |||||||
Net income | 19,026 | 0 | 0 | 22,472 | 0 | (3,446) | |||||||||||||
Other comprehensive income | 1,775 | 0 | 0 | 0 | 1,582 | 193 | |||||||||||||
Business combinations | 798 | 0 | 0 | 0 | 0 | 798 | |||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interest | 4,657 | ¥ 0 | 2,260 | 0 | 0 | 2,397 | |||||||||||||
Exercise of share-based awards (in shares) | shares | [1] | 38,595,040 | 38,595,040 | ||||||||||||||||
Exercise of share-based awards | 302 | ¥ 0 | 302 | 0 | 0 | 0 | |||||||||||||
Share-based compensation | 6,394 | 0 | 5,749 | 0 | 0 | 645 | |||||||||||||
Dividends paid and payable by the Company's subsidiaries | (70) | 0 | 0 | 0 | 0 | (70) | |||||||||||||
Return of equity to noncontrolling interest shareholders | (2,704) | 0 | 0 | 0 | 0 | (2,704) | |||||||||||||
Accretion of redeemable noncontrolling interests | (127) | 0 | 0 | (88) | 0 | (39) | |||||||||||||
Repurchase and retirement of ordinary shares | (13,054) | ¥ 0 | 0 | (13,054) | 0 | 0 | |||||||||||||
Repurchase and retirement of ordinary shares (in shares) | shares | [1] | (126,096,000) | (126,096,000) | ||||||||||||||||
Equity component of convertible senior notes issued by iQIYI, net of issuance costs | 395 | ¥ 0 | 208 | 0 | 0 | 187 | |||||||||||||
Others (in shares) | shares | [1] | 0 | 0 | ||||||||||||||||
Others | 0 | ¥ 0 | (20) | 0 | 20 | ||||||||||||||
Balances (in shares) at Dec. 31, 2020 | shares | [1] | 2,679,129,040 | 2,679,129,040 | ||||||||||||||||
Balances at Dec. 31, 2020 | ¥ 188,741 | $ 28,926 | ¥ 0 | $ 0 | ¥ 47,213 | $ 7,236 | ¥ 135,284 | $ 20,733 | ¥ 199 | $ 30 | ¥ 6,045 | $ 927 | |||||||
[1] | The number of shares has been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that became effective on March 1, 2021 as detailed in Note 1 and Note 21. |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Baidu, Inc. (“Baidu” or the “Company”) was incorporated under the laws of the Cayman Islands on January 18, 2000. The Company, its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs are hereinafter collectively referred to as the “Group.” As of December 31, 2020, the Company has subsidiaries incorporated in countries and jurisdictions including the People’s Republic of China (“PRC”), Hong Kong, Japan, Cayman Islands and British Virgin Islands (“BVI”). As of December 31, 2020, the Company also effectively controls a number of VIEs through the Primary Beneficiaries, as defined below. The VIEs include: • Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), controlled by the Company; • Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”), controlled by the Company; • Beijing iQIYI Science & Technology Co., Ltd. (“Beijing iQIYI”), and other VIEs controlled by iQIYI, Inc. (“iQIYI VIEs”); and • Other VIEs controlled by the Company or the Company’s subsidiaries. The Group’s operations are consisting of Baidu Core and iQIYI. Baidu Core offers online marketing service, and other services including c PRC laws and regulations prohibit or restrict foreign ownership of internet content, value-added telecommunication-based online advertising, audio and video services, and mobile application distribution businesses, etc. To comply with these foreign ownership restrictions, the Group operates its websites and primarily provides services subject to such restriction in the PRC through the VIEs, the PRC legal entities that were established or whose equity shares were held by the individuals authorized by the Group. The paid-in the paid-in capital Despite the lack of legal majority ownership, there exists a parent-subsidiary relationship between the Primary Beneficiaries and the VIEs through the aforementioned agreements with the shareholders of the VIEs. The shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interest in the VIEs to the Primary Beneficiaries. In addition, through the other exclusive agreements, which consist of operating agreements, technology consulting and services agreements and license agreements, the Primary Beneficiaries, by themselves or their wholly-owned subsidiaries in the PRC, demonstrate their ability and intention to continue to exercise the ability to absorb losses or receive economic benefits that could potentially be significant to the VIEs. The VIEs are subject to operating risks, which determine the variability of the Company’s interest in those entities. Based on these contractual arrangements, the Company consolidates the VIEs as required by Accounting Standards Codification (“ASC”) Topic 810, Consolidation Unrecognized revenue-producing assets held by the VIEs include certain internet content provisions and other licenses, domain names and trademarks. The internet content provisions and other licenses, which are held by the VIEs that provide the relevant services, are required under relevant PRC laws, rules and regulations for the operation of Internet businesses in the PRC, and therefore are integral to the Company’s operations. The principal terms of the agreements entered into amongst the VIEs, their respective shareholders and the Primary Beneficiaries before the amendments made in March 2018 are further described below. Loan Agreements Pursuant to loan agreements amongst the shareholders of Baidu Netcom and Baidu Online Network Technology (Beijing) Co., Ltd. (“Baidu Online”), one of the Company’s subsidiaries, Baidu Online provided interest-free loans in an aggregate amount of RMB13.4 billion (US$2.1 billion) to the shareholders of Baidu Netcom solely for the latter to fund the capitalization of Baidu Netcom. The loans can be repaid only with the proceeds from the sale of the shareholders’ equity interest in Baidu Netcom to Baidu Online or its designated person. The term of the loan agreements will expire on July 9, 2029 and August 19, 2029, and can be extended with the written consent of both parties before its expiration. Pursuant to loan agreements amongst the shareholders of Baidu Perusal and Baidu Online, the amount of loans extended to the respective shareholders of Beijing Perusal is RMB3.2 billion (US$490 million). The term of the loan agreements will expire on March 30, 2028 and October 29, 2029, and can be extended with the written consent of both parties before its expiration. Each of the loan agreements amongst Baidu Online or other subsidiaries and the respective shareholders of Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms as those described above, except that the amount of the loans and the contract expiration date varies. Beijing QIYI Century Science & Technology Co., Ltd (“Beijing QIYI Century”), a wholly-owned foreign enterprise of iQIYI, has extended the term of the amended and restated loan agreement. Exclusive Equity Purchase and Transfer Option Agreement Pursuant to the exclusive equity purchase and transfer option agreement amongst the shareholders of Baidu Netcom, Baidu Netcom and Baidu Online, the shareholders of Baidu Netcom irrevocably granted Baidu Online or its designated person(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of the equity interests in Baidu Netcom for the cost of the initial contributions to the registered capital or the minimum amount of consideration permitted by applicable PRC law. The shareholders should remit to Baidu Online any amount that is paid by Baidu Online or its designated person(s) in connection with the purchased equity interest. Baidu Online or its designated person(s) have sole discretion to decide when to exercise the option, whether in part or in full. Any and all dividends and other capital distributions made by Baidu Netcom to its shareholders should be repaid to Baidu Online in full amount. Baidu Online would provide unlimited financial support to Baidu Netcom if, in the normal operation of business, Baidu Netcom would become in need of any form of reasonable financial support. If Baidu Netcom were to incur any loss and as a result cannot repay any loans from Baidu Online, Baidu Online should unconditionally forgive any such loans to Baidu Netcom given that Baidu Netcom provides sufficient proof for its loss and incapacity to repay. The agreement will terminate when the shareholders of Baidu Netcom have transferred all their equity interests in Baidu Netcom to Baidu Online or its designated person(s) or upon expiration of the term of business of Baidu Online or Baidu Netcom. Each of the exclusive equity purchase and transfer option agreements amongst the Company, Baidu Online, Beijing Perusal and its shareholders and iQIYI, Beijing QIYI Century, Beijing iQIYI and its shareholders contains substantially the same terms as those described above, except that the initial term of the amended and restated exclusive purchase option agreement amongst iQIYI, Beijing QIYI Century, Beijing iQIYI and its shareholder is ten years, which has been extended, and can be further renewed at iQIYI’s discretion Commitment Letters Pursuant to the commitment letter dated January 30, 2013, under the condition that Beijing iQIYI remains as a consolidated affiliated entity of iQIYI under United States generally accepted accounting principles (“U.S. GAAP”) and the relevant contractual arrangements remain in effect, iQIYI commits to provide unlimited financial support to Beijing iQIYI, if Beijing iQIYI requires any form of reasonable financial support for its normal business operations. If Beijing iQIYI incurs any losses and as a result cannot repay its loans from iQIYI and Beijing QIYI Century, one of iQIYI’s subsidiaries, iQIYI and Beijing QIYI Century would unconditionally forgive their loans to Beijing iQIYI, if Beijing iQIYI provides sufficient proof for its loss and incapacity to repay. The commitment letters executed by other iQIYI VIEs contain terms similar to the terms described above. Proxy Agreement/Power of Attorney Pursuant to the proxy agreement between Baidu Online and the shareholders of Baidu Netcom, the shareholders of Baidu Netcom agreed to entrust all the rights to exercise their voting power and any other rights as shareholders of Baidu Netcom to the person(s) designated by Baidu Online. The shareholders of Baidu Netcom have each executed an irrevocable power of attorney to appoint the person(s) designated by Baidu Online as their attorney-in-fact Each of the proxy agreements or shareholder voting rights trust agreements amongst Baidu Online or other subsidiaries and the shareholders of Beijing Perusal and other VIEs contains substantially the same terms as those described above. Each of the proxy agreements will be in effect for an unlimited term unless terminated in writing by Baidu Online or other subsidiaries. Each of the powers of attorney will be in effect for as long as the shareholder of Beijing Perusal or other VIEs, including iQIYI VIEs, holds any equity interests in Beijing Perusal or other VIEs, including iQIYI VIEs, as the case may be. Operating Agreement Pursuant to the operating agreement amongst Baidu Online, Baidu Netcom and the shareholders of Baidu Netcom, Baidu Online provides guidance and instructions on Baidu Netcom’s daily operations and financial affairs. Baidu Online has the power to appoint senior executives of Baidu Netcom. The shareholders of Baidu Netcom must appoint the candidates recommended by Baidu Online as their representatives on Baidu Netcom’s board of directors. In addition, Baidu Online agrees to guarantee Baidu Netcom’s performance under any agreements or arrangements relating to Baidu Netcom’s business arrangements with any third party. In return, Baidu Netcom agrees that without the prior consent of Baidu Online, Baidu Netcom will not engage in any transactions that could materially affect the assets, liabilities, rights or operations of Baidu Netcom, including, without limitation, incurrence or assumption of any indebtedness, sale or purchase of any assets or rights, incurrence of any encumbrance on any of its assets or intellectual property rights in favor of a third party or transfer of any agreements relating to its business operation to any third party. The agreement will be in effect for an unlimited term, until the term of business of Baidu Online or Baidu Netcom expires and extension is denied by the relevant approval authorities. The operating agreement amongst Baidu Online, Beijing Perusal and its shareholders contains substantially the same terms as those described above. Pursuant to the amended and restated business operation agreement amongst Beijing QIYI Century, Beijing iQIYI and its shareholder, Beijing QIYI Century provides guidance and instructions on Beijing iQIYI’s daily operations and financial affairs. In addition, Beijing QIYI Century agrees to guarantee Beijing iQIYI’s performance under any agreements or arrangements relating to Beijing iQIYI’s business arrangements with any third party. The agreement can only be unilaterally revoked by Beijing QIYI Century. The initial term of the agreement is ten years, which has been extended, and can be further renewed at Beijing QIYI Century’s discretion. Exclusive Technology Consulting and Services Agreement Pursuant to the exclusive technology consulting and services agreement between Baidu Online and Baidu Netcom, Baidu Online has the exclusive right to provide technology consulting and services related to, among other things, the maintenance of servers, software development, design of advertisements, and e-commerce Each of the exclusive technology consulting and services agreements between Baidu Online or other subsidiaries and Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms as those described above, except the basis of determining the service fees may differ and that the initial term of the exclusive technology consulting and services agreement between Beijing QIYI Century and Beijing iQIYI dated November 23, 2011 is ten years, and has been extended. License Agreements Baidu Online and Baidu Netcom entered into a software license agreement and a web layout copyright license agreement (collectively, the “License Agreements”). Pursuant to the License Agreements between Baidu Online and Baidu Netcom, Baidu Online has granted to Baidu Netcom the right to use (including but not limited to) a software license and a web layout copyright license. Baidu Netcom may only use the licenses in its own business operations. Baidu Online has the right to adjust the service fees at its sole discretion. The software license agreement and web layout copyright license agreement were renewed since their original expiration and would be in effect for an unlimited term, until the term of business of one party expires and extension is denied by the relevant approval authorities. Baidu Online entered into web layout copyright license agreements with Beijing Perusal. Each of the license agreements between the Baidu Online and Beijing Perusal or other VIEs contains substantially the same terms as those described above. Each of the web layout copyright license agreements was renewed in 2013 and would be in effect for an unlimited term, until the term of business of one party expires and extension is denied by the relevant approval authorities. Pursuant to the trademark license agreement and the software usage license agreement amongst Beijing QIYI Century and Beijing iQIYI effective November 23, 2011, Beijing QIYI Century granted a non-exclusive non-transferable one-year Business Cooperation Agreement Pursuant to the business cooperation agreement amongst Beijing QIYI Century and Beijing iQIYI effective November 23, 2011, Beijing iQIYI agrees to provide Beijing QIYI Century with services, including internet information services, online advertising and other services reasonably necessary within the scope of Beijing QIYI Century’s business. Beijing iQIYI agrees to use, technology services provided by Beijing QIYI Century on its website, including but not limited to, P2P download and video on-demand Equity Pledge Agreement Pursuant to the equity pledge agreement between Baidu Online and the shareholders of Baidu Netcom, the shareholders of Baidu Netcom pledged all of their equity interests in Baidu Netcom to Baidu Online to guarantee their obligations under the loan agreement and Baidu Netcom’s performance of its obligations under the exclusive technology consulting and services agreement. If Baidu Netcom or its shareholders breach their respective contractual obligations, Baidu Online, as the pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. The shareholders of Baidu Netcom agreed not to dispose of the pledged equity interests or take any actions that would prejudice Baidu Online’s interest. The equity pledge agreement will expire two years after expiration of the term or the fulfillment by Baidu Netcom and its shareholders of their respective obligations under the exclusive technology consulting and services agreement and the loan agreement. Each of the equity pledge agreements amongst Baidu Online or other subsidiaries and the shareholders of Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms, including its term to expiration, as those described above. Through the design of the aforementioned agreements, the shareholders of the VIEs effectively assigned their full voting rights to Baidu Online, which gives Baidu Online the power to direct the activities that most significantly impact the VIEs’ economic performance. Baidu Online obtains the ability to approve decisions made by the VIEs and the ability to acquire the equity interests in the VIEs when permitted by PRC law. Baidu Online is obligated to absorb losses or receive economic benefits of the VIEs that could potentially be significant to the VIEs through providing unlimited financial support to the VIEs or is entitled to receive economic benefits from the VIEs that could potentially be significant to the VIEs through the exclusive technology consulting and service fees. As a result of these contractual agreements, Baidu Online is determined to be the primary beneficiary of the VIEs. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and the VIEs through these contractual agreements, and the Company consolidates the VIEs through Baidu Online. Through the Contractual Arrangements, the shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interest in iQIYI VIEs to iQIYI. In addition, through the other exclusive agreements, which consist of the operation agreements, business cooperating agreement, exclusive technology consulting and services agreements and trademark and software usage license agreements, iQIYI, through its wholly-owned subsidiaries in the PRC, have the right to receive economic benefits from iQIYI VIEs that potentially could be significant to iQIYI VIEs. Lastly, through the commitment letters, iQIYI has the obligation to absorb losses of iQIYI VIEs that could potentially be significant to iQIYI VIEs. Therefore, iQIYI is considered the primary beneficiary of iQIYI VIEs and consolidates iQIYI VIEs and their subsidiaries . In March 2018, the contractual agreements for certain VIEs, including Baidu Netcom and Beijing Perusal, were amended to include the following terms: a. Exclusive equity purchase and transfer option agreement The Company has (i) an exclusive option to purchase, when and to the extent permitted under PRC laws, all or part of the equity interests in the VIE or all or part of the assets held by the VIE, (ii) an exclusive right to cause the nominee shareholders to transfer their equity interest in the VIE to the Company or any designated person and (iii) an obligation to provide unlimited financial support to the VIEs when the VIEs become in need of any form of reasonable financial support in the normal operation of business. If the VIEs were to incur any loss and as a result cannot repay any loans from the Company, the Company will unconditionally forgive any such loans to the VIEs upon provision by the VIEs of sufficient proof for its loss and incapacity to repay. b. Proxy Agreements/Power of Attorney The appointment of any individuals to exercise the powers and rights assigned pursuant to the Proxy Agreement requires the approval of the Company. All the activities in relation to such powers and rights assigned are directed and approved by the Company. The shareholders of the VIEs agreed to entrust all the rights to exercise their voting power and any other rights as shareholders of the VIEs to the person(s) designated by the Company. The shareholders of the VIEs have each executed an irrevocable power of attorney to appoint the person(s) designated by the Company as their attorney-in-fact to As a result, the power and the rights pursuant to the Proxy Agreements have since been effectively reassigned from Baidu Online to the Company which has the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. The Company or its subsidiaries is also obligated to absorb the expected losses or receive economic benefits of the VIE through the agreements mentioned above. Therefore, the Company has replaced Baidu Online as the primary beneficiary of Baidu Netcom and Beijing Perusal since March 2018. As the VIEs were subject to indirect control by the Company through its subsidiaries immediately before and direct control immediately after the contractual agreements were amended, the change of the primary beneficiary of the VIEs was accounted for as a common control transaction based on the carrying amount of the net assets transferred. In the opinion of the Company’s legal counsel, (i) the ownership structure relating to the VIEs of the Company is in compliance with PRC laws and regulations; (ii) the contractual arrangements with the VIEs and their shareholders are legal, valid and binding obligation of such party, and enforceable against such party in accordance with their respective terms; and (iii) the execution, delivery and performance of the VIEs and their shareholders do not result in any violation of the provisions of the articles of association and business licenses of the VIEs, and any violation of any current PRC laws and regulations. The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries were included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Assets Cash and cash equivalents 2,313 2,348 360 Short-term investments, net 1,892 6,930 1,062 Accounts receivable, net 5,023 6,614 1,014 Others 5,750 8,097 1,241 Total current assets 14,978 23,989 3,677 Fixed assets, net 3,839 4,978 763 Intangible assets, net 1,404 1,499 230 Licensed copyrights, net 1,641 993 152 Produced content, net 4,355 6,130 939 Long-term investments, net 21,825 20,707 3,173 Operating lease right-of-use 6,525 6,460 990 Others 7,970 7,717 1,183 Total non-current 47,559 48,484 7,430 Total 62,537 72,473 11,107 Liabilities Accounts payable and accrued liabilities 15,774 15,420 2,363 Customer deposits and deferred revenue 4,841 6,047 927 Operating lease liabilities 2,110 2,068 317 Others 1,967 1,516 232 Total current third-party liabilities 24,692 25,051 3,839 Operating lease liabilities 4,227 4,376 671 Others 2,068 1,143 175 Total non-current 6,295 5,519 846 Amounts due to the Company and its non-VIE 17,121 19,592 3,003 Total 48,108 50,162 7,688 For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 33,992 51,988 52,666 8,071 Net (loss) income (6,834 ) (2,950 ) 2,091 320 Net cash provided by operating activities 2,396 1,649 4,616 707 Net cash used in investing activities (16,674 ) (4,829 ) (8,382 ) (1,285 ) Net cash provided by financing activities 11,916 3,604 3,859 591 As of December 31, 2020 there was no pledge or collateralization of the VIEs’ assets that can only be used to settle obligations of the VIEs, other than aforementioned in the equity pledge agreements and collateralization of a VIE’s office building, Basis of Presentation The consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Beginning on January 1, 2020, the Company reclassified licensed copyrights and produced content to separate line items while they were previously included in “Intangible assets, net” and “Other non-current asset s Effective on March 1, 2021, the Company has changed its authorized share capital by one-to-eighty subdivision of Shares (the “Share Subdivision”). Each share classified as Class A ordinary shares, Class B ordinary shares and preferred shares of a par value of US$0.00005 each in the share capital of the Company (including authorized issued and unissued Class A ordinary shares, Class B ordinary shares and preferred shares) be sub-divided into 80 shares of a par value of US$ 0.000000625 0.000000625 0.000000625 0.00 000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of the VIEs. All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs are eliminated upon consolidation. The Company included the results of operations of acquired businesses from the respective dates of acquisition. Recently adopted accounting pronouncements Adoption of ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) Credit Losses 2016-13 Adoption of ASU 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment Adoption of ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials 2019-02”), • The content distinction for capitalization of production costs of an episodic television series and production costs of films is removed; • Entities are required to test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements; • Entities shall assess estimates of the use of a film in a film group and account for such changes prospectively; • Cash outflows for the costs incurred to obtain rights for both produced and licensed content are required to be reported as operating cash outflows in the statement of cash flows. The Company adopted ASU 2019-02 2019-02. Cash paid for content, which includes both licensed copyrights and produced content, is RMB17.0 billion (US$2.6 billion) for the year ended December 31, 2020. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Management evaluates estimates, including those related to the standalone selling prices of performance obligations and amounts of variable considerations of revenue contracts, the allowances for credit losses of accounts receivable, contract assets and debt securities, fair values of certain debt and equity investments, future viewership consumption patterns and useful lives of licensed copyrights and produced content, future revenues generated by the broadcasting and sublicensing rights of content assets (licensed and produced), fair values of licensed copyrights and produced contents monetized as a film group or individually, fair value of nonmonetary content exchanges, impairment of long-lived assets, long-term investments and goodwill, the purchase price allocation and fair value of pre-existing equity interests, noncontrolling interests and redeemable noncontrolling interests with respect to business combinations, deferred tax valuation allowance, the fair value of share-based awards and estimated forfeitures for share-based awards among others. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. Currency Translation for Financial Statements Presentation Translations of amounts from RMB into US dollar $ (USD) for the convenience of the reader have been calculated at the exchange rate of RMB6.525 per US$1.00 on December 31, 2020, the last business day in fiscal year 2020, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate. Foreign Currency The Company’s functional currency is the US$. The Company’s subsidiaries, VIEs and subsidiaries of the VIEs determine their functional currencies based on the criteria of ASC Topic 830, Foreign Currency Matters Segment Reporting As of December 31, 2019 and 2020, the Company had two The Company’s chief executive officer, who has been identified as the chief operating decision marker (“CODM”), reviews the operating results of Baidu Core and iQIYI, to allocate resources and assess the Company’s performance. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC Topic 280, Segment Reporting. Business Combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations In a business combination achieved in stages, the Company remeasures its previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents Cash and cash equivalents primarily consist of cash, money market funds, investments in interest bearing demand deposit accounts, time deposits and highly liquid investments with original maturities of three months Restricted cash Restricted cash mainly represents escrow amount deposited for a business acquisition and cash pledged for short-term facilities. Accounts Receivable and Contract Assets, net Accounts receivable are recognized and carried at the original invoiced amount less an allowance for credit losses. The Company maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to accounts receivable and contract assets, and the estimated credit losses charged to the allowance is classified as “Selling, general and administrative” in the consolidated statements of comprehensive income (loss).The Company assesses collectability by reviewing accounts receivable and contract assets on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the accounts receivable balances and contract assets balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. Receivables from Online Payment Agencies, net Receivables from online payment agencies are funds due from the third-party online payment service providers for clearing transactions. Funds were paid or deposited by customers or users through these online payment agencies for services provided by the Company. The Company considers and monitors the credit worthiness of the third-party payment service providers and recognizes credit losses based on ongoing credit evaluations. Receivable balances are written off when they are deemed uncollectible. The balances are included in “Other current assets, net” on the consolidated balance sheets. As of December 31, 2019 and 2020, no allowance for credit losses was provided for the receivables from online payment agencies. Investments Short-term All highly liquid investments with original maturities less than twelve months are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securitie . held-to-maturity, available-for-sale, Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities, in accordance with ASC 320. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity available-for-sale The allowance for credit losses of the held-to-maturity debt securities reflects the Company’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Others, net” in the consolidated statements of comprehensive income (loss). Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. As of December 31, 2019 and 2020, the allowance for credit losses provided for the held-to-maturity debt securities held by the Company was insignificant. Long-term investments The Company’s long-term investments consist of equity investments with readily determinable fair value, equity method investments, equity investments without readily determinable fair value, other investments accounted for at fair value, held-to-maturity debt investments and available-for-sale debt investments. The Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities Investments—Equity Securities available-for-sale Fair Value Measurements and Disclosures For equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. For equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment considering impairment indicators to evaluate whether investments are impaired at each reporting date. Impairment indicators considered include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, including factors that raise significant concerns about the investee’s ability to continue as a going concern, a significant adverse change in the regulatory, economic, or technologic environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures consolidated subsidiary. The Company subsequently adjusts the carrying amount of its investment to recognize one-quarter The Company evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial performance and near-term prospect of the investee, and the Company’s intent and ability to retain the investment until the recovery of its cost. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary and is allocated to the individual net assets underlying equity method investments in the following order: 1) reduce any equity method goodwill to zero; 2) reduce the individual basis differences related to the investee’s long-lived assets pro rata based on their amounts relative to the overall basis difference at the impairment date; and 3) reduce the individual basis difference of the investee’s remaining assets in a systematic and rational manner. In accordance with ASC Subtopic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities , re-measured Available-for-sale debt investments are convertible debt instruments issued by private companies and investment in preferred shares that is redeemable at the Company’s option, which are measured at fair value. Interest income is recognized in earnings. All other changes in the carrying amount of these debt investments are recognized in other comprehensive income (loss). Fair Value Measurements of Financial Instruments Financial instruments are in the form of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from and due to related parties, other receivables, long-term investments, short-term loans, accounts payable and accrued liabilities, customer advances and deposits, derivative instruments, notes payable, convertible senior notes and long-term loans. Except for the current portion of long-term loans and notes payables, the carrying values of the aforementioned financial instruments included in current assets and liabilities approximate their respective fair values because of their general short maturities. The carrying amounts of long-term loans approximate fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of long-term investments, notes payable and convertible senior notes that are not reported at fair value are disclosed in Note 25. Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the shorter of the estimated useful lives of the assets or the term of the related lease, as follows: Office building – 43 45 Office building related facility, machinery and equipment – 15 Computer equipment – 3 5 Office equipment – 3 5 Vehicles – 5 Leasehold improvements – over the shorter of lease terms or estimated useful lives of the assets Fixed assets have no estimated residual value except for the office building and its related facility, machinery and equipment, which have an estimated residual value of 4% of the cost. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful life of fixed assets are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in earnings. All direct and indirect costs that are related to the construction of fixed assets and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific fixed assets items and depreciation of these assets commences when they are ready for their intended use. Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for the assets have not been made. Capitalization of interest costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Interest costs are capitalized until the assets are ready for their intended use. Interest costs capitalized for the years ended December 31, 2018, 2019 and 2020 were insignificant. Licensed Copyrights, net Licensed copyrights consist of professionally-produced content such as films, television series, variety shows and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability is recorded when the cost of the content is known, the content is accepted by the Company in accordance with the conditions of the license agreement and the content is available for its first showing on the Company’s websites. Licensed copyrights are presented on the consolidated balance sheets as current and non-current The Company’s licensed copyrights include the right to broadcast and, in some instances, the right to sublicense. The broadcasting right, refers to the right to broadcast the content on its own websites and the sublicensing right, refers to the right to sublicense the underlying content to external parties. When licensed copyrights include both broadcasting and sublicensing rights, the content costs are allocated to these two rights upon initial recognition, based on the relative proportion of the estimated total revenues that will be generated by each right over its estimated useful lives. For the right to broadcast the contents on its own websites that generates online advertising and membership services revenues, based on factors including historical and estimated future viewership patterns, the content costs are amortized using an accelerated method by content categories over the shorter of each content’s contractual period or estimated useful lives within ten years, beginning with the month of first availability. Content categories accounting for most of the Company’s content include newly released drama series, newly released movies, animations, library drama series and library movies. Estimates of future viewership consumption patterns and estimated useful lives are reviewed periodically, at least on an annual basis and revised, if necessary. Revisions to the amortization patterns are accounted for as a change in accounting estimate prospectively in accordance with ASC Topic 250, Accounting Changes and Error Corrections (“ASC 250”). For the right to sublicense the content to external parties that generates direct content distribution revenues, the content costs are amortized based on its estimated usage pattern and recorded as cost of revenues. Produced Content, net The Company produces original content in-house non-current Based on factors including historical and estimated future viewership consumption patterns, the Company amortizes film costs for produced content that is predominantly monetized in a film group. For produced content that is monetized on its own, the Company considers historical and estimated usage patterns to determine the pattern of amortization for film costs. Based on the estimated patterns, the Company amortizes produced content using an accelerated method over its estimated useful lives within ten years, beginning with the month of first availability and such costs are included in “Cost of revenues” in the consolidated statement of comprehensive income (loss). Change in accounting estimates of licensed copyrights and produced content In 2020, the Company revised its estimation of the estimated future viewership consumption patterns and extended the estimated useful lives of its licensed copyrights and produced content to better reflect the usage of these content assets. As a result of these revisions, amortization expense decreased by RMB680 million (US$104 million) and net loss decreased by RMB680 million (US$104 million) for the year ended December 31, 2020, respectively. The impact to basic and diluted EPS for the year ended December 31, 2020 was insignificant . Impairment of licensed copyrights and produced content The Company’s business model is mainly subscription and advertising based, as such the majority of the Company’s content assets (licensed copyrights and produced content) are predominantly monetized with other content assets, whereas a smaller portion of the Company’s content assets are predominantly monetized at a specific title level such as variety shows and investments in a proportionate share of certain rights to films including profit sharing, distribution and/or other rights. Because the identifiable cash flows related to content launched on the Company’s Mainland China platform are largely independent of the cash flows of other content launched on the Company’s overseas platform, the Company has identified two separate film groups. The Company reviews its film groups and individual content for impairment when there are events or changes in circumstances that indicate the fair value of a film group or individual content may be less than its unamortized costs. Examples of such events or changes in circumstances include, a significant adverse change in technological, regulatory, legal, economic, or social factors that could affect the fair value of the film group or the public’s perception of a film or the availability of a film for future showings, a significant decrease in the number of subscribers or forecasted subscribers, or the loss of a major distributor, a change in the predominant monetization strategy of a film that is currently monetized on its own, actual costs substantially in excess of budgeted costs, substantial delays in completion or release schedules, or actual performance subsequent to release failing to meet expectations set before release such as a significant decrease in the amount of ultimate revenue expected to be recognized. When such events or changes in circumstances are identified, the Company assesses whether the fair value of an individual content (or film group) is less than its unamortized film costs, determines the fair value of an individual content (or film group) and recognizes an impairment charge for the amount by which the unamortized capitalized costs exceed the individual content’s (or film group’s) fair value. The Company mainly uses a discounted cash flow approach to determine the fair value of an individual content or film group, for which the most significant inputs include the forecasted future revenues, costs and operating expenses attributable to an individual content or the film group and the discount rate. An impairment loss attributable to a film group is allocated to individual licensed copyrights and produced content within the film group on a pro rata basis using the relative carrying values of those assets as the Company cannot estimate the fair value of individual contents in the film group without undue cost and effort. Impact of COVID-19 During the year ended December 31, 2020, the Company’s operations has been affected by the COVID-19 COVID-19. COVID-19 There are still uncertainties of COVID-19’s COVID-19, Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill 350-20”), 350-20. two The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not The Company performed qualitative assessments for the reporting unit of Baidu Core in 2019 and 2020. Based on the requirements of ASC 350-20, more-likely-than-not The Company elected to choose to bypass the qualitative assessment and proceed directly to perform quantitative test for the reporting unit of iQIYI. Subsequent to iQIYI’s IPO, the Company primarily considered the quoted market price of iQIYI’s share to determine the fair value of the reporting unit. As of December 31, 2019 and 2020, the fair value of iQIYI exceeded its carrying amount, therefore, goodwill related to the iQIYI reporting unit was not impaired and the Company was not required to perform further testing. On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. Intangible assets have weighted average useful lives from the date of purchase as follows: Trademarks – 10 Technology – 7 Intellectual property right – 7 Online literature – 8 Others – 8 Intangible assets with indefinite useful life are not amortized and are tested for impairment annually or more frequently, if events or changes in circumstances indicate that they might be impaired in accordance with ASC Subtopic 350-30, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill 350-30”). Upon the initial application of ASU No. 2016-02, Leases (Topic 842) Leases ( ) right-of-use Impairment of Long-Lived Assets Other Than Goodwill The Company evaluates long-lived assets, such as fixed assets and purchased or internally developed intangible assets with finite lives other than licensed copyrights and produced contents, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment Leases The Company adopted ASC 842 from January 1, 2019 by using the modified retrospective method and did not restate the figures presented for the 2018 comparative year. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company also elected the practical expedient not to separate lease and non-lease The Company determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Company recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. For finance leases, assets are included in “Other non-current assets” on the consolidated balance sheets. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic en v . Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), Revenue from Contracts with Customers Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Revenue is recorded net of valued added taxes (“VAT”). The Company’s revenue recognition policies effective on the adoption date of ASC 606 are as follows: Performance-based online marketing services Cost-per-click The Company’s auction-based P4P platform enables customers to bid for priority placement of paid sponsored links and reach users who search for information related to their products or services. P4P online marketing customers can choose from search-based and feed-based online marketing services, and select criteria for their inventory purchase, such as daily spending limit and user profile targeted, including, but not limited to, users from specific regions in China and users online during specific time period. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when a user clicks on one of the customer-sponsored links or feed-based marketing. Other performance-based online marketing services To the extent the Company provides online marketing services based on performance criteria other than cost-per-click, pre-determined Online display advertising services The Company provides online display advertising services to its customers by integrating text description, image and/or video, and displaying the advertisement in the search result, in Baidu Feed or on other properties. The Company recognizes revenue on a pro-rata For advertisements to be displayed in different spots, placed under different forms and displayed at different times, the Company would evaluate all of the performance obligations in the arrangement to determine whether each performance obligation is distinct. Consideration is allocated to each performance obligation based on its standalone selling price at contract inception. The Company generally determines standalone selling prices based on the prices charged to customers on a standalone basis or estimates it using an expected cost plus margin approach. If a promised good or service does not meet the criteria to be considered distinct, it is combined with other promised goods or services until a distinct bundle of goods or services exists. Baidu Union online marketing services Baidu Union is a program through which the Company expands distribution of its customers’ sponsored links or advertisements by leveraging the traffic of Baidu Union partners’ online properties. The Company acquires traffic from Baidu Union partners and is responsible for service fulfillment, pricing and bearing inventory risks. The services which the Company provided to customers through Baidu Union partners’ online properties include CPC, other performance-based online marketing services and online display advertising services. These services are provided in the same way to our customers as those through Baidu’s own platforms or properties. As principal, the Company recognizes revenue from Baidu Union on a gross basis. Payments made to Baidu Union partners are recorded as traffic acquisition costs, which are included in “Cost of revenues” in the consolidated statements of comprehensive income (loss). Online marketing services customers are required to pay a deposit before using the Company’s services. Once their account balance falls below a designated amount, they will receive an automated notice from the Company to replenish their accounts. Customer deposit is deducted and the revenue is recognized when a user clicks on the customer’s link in the search result, when other performance criteria other than CPC have been satisfied, or when online display advertising services have been provided. The Company offers payment terms to certain customers based on their credit history with the Company and other credit factors. The Company may also offer payment terms to certain agencies, as is common in the industry. Collection Certain customers of online market |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | 3. BUSINESS COMBINATIONS Business combinations in 2018 : During the year ended December 31, 2018, the Company completed several business combinations, to complement its existing businesses and achieve synergies. The acquired entities individually and in aggregate were insignificant. RMB (In millions) Purchase consideration 2,378 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 1,545 Intangible assets, net 1,424 Deferred tax liabilities (292 ) Pre-existing equity interests (1,651 ) Noncontrolling interests (1,312 ) Redeemable non-controlling interests (Note 19) (698 ) Goodwill 3,362 2,378 The aggregate purchase price allocation includes acquisition of certain acquirees, which were equity method investees of the Company prior to the acquisitions. In aggregate, a re-measurement gain relating to the Company’s pre-existing equity interest of RMB630 million was recognized during the year ended December 31, 2018. The Company applied the equity method of accounting by recognizing its share of the profit or loss in these equity method investees up to their respective dates of acquisition. Goodwill, which is non-deductible for tax purposes, is primarily attributable to the synergies expected to be achieved from the acquisitions. Neither the results of operations since the acquisition dates nor the pro forma results of operations of the acquirees were presented because the effects of these business combinations, individually and in the aggregate, were not significant to the Company’s consolidated results of operations. Business combinations in 2019: During the year ended December 31, 2019, the Company completed several business combinations, total purchase consideration in aggregate was RMB1.2 billion, among which RMB978 million was allocated to RMB (In millions) Purchase consideration 1,168 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 229 Intangible assets, net 543 Deferred tax liabilities (134 ) Noncontrolling interests (266 ) Redeemable non-controlling (182 ) Goodwill 978 1,168 Goodwill, which is non-deductible Neither the results of operations since the acquisition dates nor the pro forma results of operations of the acquirees were presented because the effects of these business combinations, individually and in the aggregate, were not significant to the Company’s consolidated results of operations. Business combinations in 2020: During the year ended December 31, 2020, the Company completed several business combinations, total purchase consideration in aggregate was RMB3.5 billion (US$536 million), among which RMB4.0 billion (US$613 million) was allocated to goodwill. The Company expects to achieve significant synergies from such acquisitions which it plans to complement its existing businesses. The acquired entities were considered insignificant, both individually and in aggregate. Results of the acquired entities’ operations have been included in the Company’s consolidated financial statements since the acquisition date. RMB US$ (In millions) Purchase consideration 3,499 536 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 1,515 231 Intangible assets, net 1,116 171 Deferred tax liabilities (229 ) (35 ) Pre-existing (2,103 ) (322 ) Noncontrolling interests (798 ) (122 ) Goodwill 3,998 613 3,499 536 The Company’s pre-existing re-measurement Goodwill, which is non-deductible Neither the results of operations since the acquisition dates nor the pro forma results of opera t The valuations used in the purchase price allocation described above were determined by the Company with the assistance of independent third-party valuation firm. The valuation reports considered generally accepted valuation methodologies such as the income, market and cost approaches. As the acquirees are all private companies, the fair value estimates of pre-existing |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investments | 4. INVESTMENTS Short-term Investments As of December 31 , held-to-maturity available-for-sale held-to-maturity During the years ended December 31, 2018, 2019 and 2020, the Company recorded interest income from its short-term investments of RMB3.9 billion, RMB5.4 billion and RMB4.7 billion (US$728 million) in the consolidated statements of comprehensive income (loss), respectively. Short-term investments classification as of December 31, 2019 and 2020 were shown as below: As of December 31, 2019 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB (In millions) Held-to-maturity 107,287 367 — — — 107,654 Available-for-sale 5,440 — — 197 — 5,637 As of December 31, 2020 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Held-to-maturity 123,537 595 — — — 124,132 19,024 Available-for-sale 2,862 — — 3 — 2,865 439 Long-term Investments The following table sets forth a breakdown of the categories of long-term investments held by the Company as of the dates indicated: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 11,334 12,978 1,989 Available-for-sale debt investment 3,970 2,607 400 Equity investments without readily determinable fair value 24,686 24,603 3,770 Equity method investments 27,105 24,067 3,688 Investments accounted for at fair value 1,819 2,238 343 Long-term held-to-maturity investments 496 9,740 1,493 Total long-term investments 69,410 76,233 11,683 Equity investments at fair value with readily determinable fair value Equity investments at fair value with readily determinable fair value represent investments in the equity securities of publicly listed companies, for which the Company does not have significant influence. In 2017, the Company acquired equity interests in China United Network Communication Limited (“China Unicom”), a listed telecommunications company in China for cash consideration of RMB billion. The China Unicom investment was held by a non-wholly-owned subsidiary of the Company. As the China Unicom investment was subject to a three-year holding requirement, it was accounted for using the measurement alternative in 2018 and as an equity investment with readily determinable fair value in 2019 as the holding restrictions terminate within one year. In 2020, the Company partially disposed its investment in China Unicom for RMB billion, the Equity investments without readily determinable fair value In accordance with ASC 321, the Company elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Impairment charges recognized on equity investments without readily determinable fair value was RMB455 million, RMB778 million and RMB2.3 billion (US$354 million) for the years ended December 31, 2018, 2019 and 2020, respectively. The total carrying value of equity investments without readily determinable fair value held as of December 31, 2019 and 2020 were as follows: As of December 31, As of December 31, As of December 31, RMB RMB US$ (In millions) Initial cost basis 21,211 19,725 3,023 Cumulative unrealized gains 5,636 8,113 1,243 Cumulative unrealized losses (including impairment) (2,161 ) (3,235 ) (496 ) Total carrying value 24,686 24,603 3,770 Total unrealized and realized gains and losses of equity securities without readily determinable fair values in 2018, 2019 and 2020 were as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Gross unrealized gains 7,119 1,447 4,396 674 Gross unrealized losses (including impairment) (i) (2,867 ) (1,641 ) (2,679 ) (411 ) Net unrealized gains (losses) on equity securities held 4,252 (194 ) 1,717 263 Net realized gains on equity securities sold 124 211 266 41 Total net gains recognized 4,376 17 1,983 304 (i) Gross unrealized losses (downward adjustments excluding impairment) were RMB 2.4 863 378 58 Equity method investments The carrying amounts of the Company’s equity method investments were RMB27.1 billion and RMB24.1 billion (US$ 3.7 billion) as of December 31, 2019 and 2020, respectively. For the years ended December 31, 2018, 2019 and 2020, the impairment recognized for equity method investments were RMB167 million, RMB9.2 billion and RMB297 million (US$ 46 million), respectively. As of December 31, 2018, the Company held approximately 19% of Trip’s outstanding shares. The Company was During 2019, the market value of Trip had significantly declined and remained below the carrying value of the investment for a prolonged period of time. Therefore, the Company concluded that the decline in market value of the investment in Trip was other-than-temporary as of September 30, 2019 and an impairment charge of RMB8.9 billion was recorded in the third quarter of 2019. The Company made a corresponding RMB8.9 billion downward adjustment to the equity method goodwill arising from its acquisition of the Trip investment. In October 2019, the Company disposed an aggregate of 36 million American Depositary Shares of Trip for cash consideration of US$988 million and recognized a disposal loss of RMB43 million in the year ended December 31, 2019. After the partial disposal of the investment in Trip the Company held approximately 12% equity interest in Trip, and the Company can actively participate in the operating and financing policies of Trip through its two nine The following tables set forth the summarized financial information of Trip: As of September 30, (i) 2019 (ii) 2020 2020 RMB RMB US$ (In millions) Current assets 75,578 65,782 10,082 Non-current 127,505 132,417 20,294 Current liabilities 74,118 61,360 9,404 Non-current 25,134 36,558 5,603 Noncontrolling interests 2,047 1,566 240 For the twelve months ended September 30, (i) 2018 (ii) 2019 (ii) 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 29,944 34,958 21,704 3,326 Gross profit 24,019 27,627 16,838 2,581 Income (loss) from operations 3,302 4,271 (827 ) (127 ) Net income (loss) 2,807 3,764 (2,236 ) (343 ) Net income (loss) attributable to the investees 2,806 3,813 (2,243 ) (344 ) (i) The Company adopted a one-quarter (ii) Trip adopted ASC 606, on a fully retrospective basis, and ASC 321 (collectively “new standards”) from January 1, 2018. The impact of the new standards on the Company’s financial statements was immaterial, and prior period financial information of Trip was not restated. In April 2018, the Company entered into definitive agreements relating to the disposal of its wholly-owned financial services business, which provided consumer credit, wealth management and other financial services. To facilitate the divesture, the Company conducted a series of legal restructuring and recapitalization of entities conducting the financial services business (“Du Xiaoman”), which were accounted for as transactions under common control. In August 2018, Du Xiaoman issued preferred shares to third-party investors, which resulted in the Company becoming a minority shareholder of Du Xiaoman. Accordingly, Du Xiaoman was deconsolidated from the Group and a disposal gain of RMB 5.5 billion was recognized in “Others, net” including RMB 4.2 billion relates to the re-measurement of the Company’s retained equity interest in Du Xiaoman. The disposal of Du Xiaoman did not meet the definition of a discontinued operation per ASC Subtopic 205-20, Presentation of Financial Statements —Discontinued Operations , as the divesture did not represent a shift in strategy nor had a major impact to the Group’s operation and financial results. The Company retained an equity interest of 41% on a fully diluted basis, and accounted for Du Xiaoman as an equity method investment in accordance with ASC 323, as it retained significant influence over Du Xiaoman. The carrying amount of the Du Xiaoman investment in excess of the Company’s proportionate interest in Du Xiaoman was recognized as equity method goodwill of RMB3.5 billion, intangible assets of RMB851 million and related deferred tax liabilities of RMB213 million. Deconsolidation of one of the Company’s subsidiaries In December 2019, the Company lost control and therefore deconsolidated one of its subsidiaries. A non-cash 801 As of December 31, 2019 and 2020, in addition to the aforementioned equity method investments, the Company held other equity method investments through its subsidiaries or VIEs and over which had significant influence. For the year ended December 31, 2020, equity method investments excluding Trip held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. Financial information for the Company’s equity method investments other than Trip are summarized as a group as follow: As of September 30, 2019 2020 2020 RMB RMB US$ (In millions) Current assets 86,713 96,713 14,822 Non-current 18,980 15,094 2,313 Current liabilities 65,450 73,842 11,317 Non-current 8,677 5,545 850 Noncontrolling interests 1,498 1,577 242 For the twelve (i) 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 4,633 12,598 13,981 2,143 Gross profit 916 6,247 5,083 779 Loss from operations (418 ) (680 ) (1,282 ) (196 ) Net loss (372 ) (638 ) (832 ) (128 ) Net loss attributable to the investees (352 ) (933 ) (891 ) (137 ) As of December 31, 2020 Cost or Gross unrecognized Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 8,419 — — 7,342 (2,783 ) 12,978 1,989 Available-for-sale 2,804 — — 166 (363 ) 2,607 400 Investments accounted for at fair value 1,580 — — 885 (227 ) 2,238 343 The following table summarizes amortized cost of long-term held-to-maturity investments with stated contractual dates, classified by the contractual maturity date of the investments: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Due in 1 year — — — Due in 1 year through 2 years 496 9,690 1,485 Due in 2 years through 3 years — 50 8 Total 496 9,740 1,493 Available-for-sale The following table summarizes the estimated fair value of available-for-sale As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Due in 1 year 505 — — Due in 1 year through 5 years 10 1,587 244 Due in 5 years through 10 years 1,486 — — Not due at a single maturity date 1,969 1,020 156 Total 3,970 2,607 400 |
Licensed Copyrights, Net
Licensed Copyrights, Net | 12 Months Ended |
Dec. 31, 2020 | |
Licensed Copyrights [Abstract] | |
Licensed Copyrights, Net | 5. LICENSED COPYRIGHTS, NET As of December 31, 2019 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB (In millions) Licensed copyrights —Broadcasting rights 32,038 (24,501 ) (25 ) 7,512 —Sublicensing rights 4,633 (4,633 ) — — 36,671 (29,134 ) (25 ) 7,512 Less: current portion: —Broadcasting rights 11,751 (10,501 ) (25 ) 1,225 —Sublicensing rights 4,633 (4,633 ) — — 16,384 (15,134 ) (25 ) 1,225 Licensed copyrights—non-current —Broadcasting rights 20,287 (14,000 ) — 6,287 —Sublicensing rights — — — — 20,287 (14,000 ) — 6,287 As of December 31, 2020 Gross carrying value Accumulated amortization Impairment amount Net carrying value RMB RMB RMB RMB US$ (In millions) Licensed copyrights —Broadcasting rights 37,511 (29,688 ) (353 ) 7,470 1,145 —Sublicensing rights 5,963 (5,963 ) — — — 43,474 (35,651 ) (353 ) 7,470 1,145 Less: current portion: —Broadcasting rights 8,661 (7,592 ) (34 ) 1,035 159 —Sublicensing rights 5,963 (5,963 ) — — — 14,624 (13,555 ) (34 ) 1,035 159 Licensed copyrights—non-current —Broadcasting rights 28,850 (22,096 ) (319 ) 6,435 986 —Sublicensing rights — — — — — 28,850 (22,096 ) (319 ) 6,435 986 Amortization expense of RMB12.1 billi o RMB US$ (In millions) Within 1 year 3,681 564 Between 1 and 2 years 1,351 207 Between 2 and 3 years 804 123 To supplement cash flow disclosure of investing activities in 2018 and 2019, acquisition of licensed copyrights included in current liabilities for the years ended December 31, 2018 and 2019 amounted to RMB6.3 billion and RMB5.5 billion, respectively. Acquisition of licensed copyrights from nonmonetary content exchanges for the years ended December 31, 2018 and 2019 amounted to RMB642 million and RMB968 million, respectively. |
Produced Content, Net
Produced Content, Net | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Produced Content Net [Abstract] | |
Produced Content, Net | 6. PRODUCED CONTENT, NET As of December 31, 2019 RMB (In millions) Released, less amortization 892 In production 3,075 In development 388 4,355 As of December 31, 2020 2020 RMB US$ (In millions) Released, less amortization and impairment —Predominantly monetized with other content assets 1,857 285 —Predominantly monetized on its own 78 12 1,935 297 In production, less impairment —Predominantly monetized with other content assets 3,742 573 — 82 13 3,824 586 In development, less impairment —Predominantly monetized with other content assets 666 102 —Predominantly monetize d 131 20 797 122 Total 6,556 1,005 Amortization expense of RMB3,024 million (US$463 million) and RMB1,095 million (US$168 million) was recognized as cost of revenues in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2020, for produced content predominantly monetized with other content assets and for produced content predominantly monetized on its own, respectively. Amortization expense for produced content was RMB2,266 million RMB 2,977 million for the year ended December 31, 2018 and 2019, respectively. Estimated amortization expense relating to the existing produced content for each of the next three years is as follows: RMB US$ (In millions) Due in 1 year 827 127 Between 1 and 2 years 296 45 Between 2 and 3 years 197 30 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | 7. ACCOUNTS RECEIVABLE As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Accounts receivable 8,344 9,988 1,530 Allowance for credit losses (928 ) (1,320 ) (202 ) 7,416 8,668 1,328 The movements in the allowance for credit losses were as follows: 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Balance as of January 1 316 599 928 142 Adoption of ASU 2016-13 — — 119 18 Amounts charged to expenses 299 331 455 70 Amounts written off (16 ) (2 ) (182 ) (28 ) Balance as of December 31 599 928 1,320 202 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 8. OTHER ASSETS As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Prepaid expenses 955 1,109 170 Advances to suppliers 964 1,053 161 Receivables from online payment agencies 585 440 67 Deposits 787 437 67 Prepaid licensed copyrights 1,225 1,035 159 Contract assets, net (i) 1,876 1,755 269 VAT prepayments 1,605 1,768 271 Income tax prepayments 499 130 20 Others 693 3,279 503 Total other current assets 9,189 11,006 1,687 Long-term prepaid expenses 4,176 3,084 473 Others 276 364 54 Total other non-current 4,452 3,448 527 (i) The allowance for credit losses on contract assets was RMB 7 27 4 9 1 nil 11 2 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 9. FIXED ASSETS As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Computer equipment 29,592 33,150 5,080 Office building 4,628 4,697 720 Office building related facility, machinery and equipment 2,317 2,442 374 Vehicles 203 204 31 Office equipment 944 971 149 Leasehold improvements 391 386 59 Construction in progress 313 454 70 38,388 42,304 6,483 Accumulated depreciation and impairment (20,077 ) (24,796 ) (3,800 ) 18,311 17,508 2,683 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company had two reporting units, Baidu Core and iQIYI, as of December 31, 2019 and 2020. The changes in the carrying amount of goodwill for each reporting unit from 2019 to 2020 was as follows: Baidu Core iQIYI Total RMB RMB RMB (In millions) Balance at December 31, 2018 14,648 3,888 18,536 Goodwill acquired (Note 3) 978 — 978 Goodwill disposed (i) (1,265 ) — (1,265 ) Foreign currency translation and other adjustments 1 — 1 Balance at December 31, 2019 14,362 3,888 18,250 Goodwill acquired (Note 3) 3,998 — 3,998 Balance at December 31, 2020 18,360 3,888 22,248 Balance at December 31, 2020, in US$ 2,814 596 3,410 (i) Disposition during the year ended December 31, 2019 was primarily related to the deconsolidation Intangible Assets As of December 31, 2019 Gross carrying Accumulated Accumulated Net carrying RMB RMB RMB RMB (In millions) Trademarks 658 (2 ) (182 ) 474 Technology 456 (52 ) (188 ) 216 Intellectual property right 1548 (355 ) (594 ) 599 Online literature 163 — (40 ) 123 Others 805 (19 ) (598 ) 188 3,630 (428 ) (1,602 ) 1,600 As of December 31, 2020 Gross carrying Accumulated Accumulated Net carrying Net carrying RMB RMB RMB RMB US$ (In millions) Trademarks 1,054 (238 ) (205 ) 611 94 Technology 1,087 (52 ) (307 ) 728 112 Intellectual property right 1,599 (467 ) (757 ) 375 57 Online literature 151 — (54 ) 97 15 Others 899 (19 ) (669 ) 211 32 4,790 (776 ) (1,992 ) 2,022 310 The carrying amounts of intangible assets with indefinite useful lives were insignif i The Company recognized impairment losses on intangible assets of RMB5 million, RMB406 million and RMB350 million (US$54 million) for the years ended December 31, 2018, 2019 and 2020, respectively. Impairment losses on intangible assets are recorded in cost of revenues. Amortization expense of intangible assets were RMB385 million, RMB661 million and RMB544 million (US$83 million), for the years ended December 31, 2018, 2019 and 2020, respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follow: RMB US$ (In millions) For the years ending December 31, 2021 505 77 2022 448 69 2023 375 57 2024 337 52 2025 235 36 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Accrued other operating expenses 8,925 8,301 1,272 Content acquisition costs 7,267 6,734 1,032 Tax payable 3,115 3,779 579 Accrued payroll and welfare 2,407 3,508 538 Payable to noncontrolling interest shareholders 240 3,466 531 Traffic acquisition costs 2,772 2,467 378 Bandwidth costs 2,492 1,985 304 Accruals for purchases of fixed assets 1,220 1,270 195 Funds collected on behalf of service providers 498 523 80 Interest payable 310 487 75 Payable to merchants 310 307 47 Users’ and third party agents’ deposits 641 268 41 Others 2,504 3,621 555 32,701 36,716 5,627 |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Loans Payable | 12. LOANS PAYABLE Short-term Loans Short-term loans as of December 31, 2019 and 2020 amounted to RMB2.6 billion and RMB3.0 billion (US$462 million), respectively, which consisted of RMB denominated borrowings by the Company’s subsidiaries from financial institutions in the PRC and were repayable within one year. As of December 31, 2019, and 2020, the repayments of primarily all of the short-term loans are guaranteed by subsidiaries of iQIYI and either collateralized by an office building of one of iQIYI’s VIEs with a carrying amount of RMB562 million and RMB548 million (US$84 million) respectively, or restricted cash balances totaling US$139 million and US$4 million (equivalent to RMB23 million), respectively, or other receivables totaling nil and US$5 million (equivalent to RMB35 million), respectively. As of December 31, 2019 and 2020, the weighted average interest rates for the outstanding borrowings were approximately 4.05% and 4.30%, respectively, and the aggregate amounts of unused lines of credit for short-term loans were RMB1.6 billion and RMB840 million (US$129 million), respectively. Structured payable arrangements In 2020, iQIYI entered into structured payable arrangements with banks or other financial institutions (“factoring arrangements”), which extended the original payment terms. Under the factoring arrangements, the suppliers’ receivables collection process was accelerated through selling its receivables from iQIYI to the banks or other financial institutions at a discount. iQIYI was legally obligated to pay the banks or other financial institutions in the amount totaling RMB396 (US$61 million), maturing within one year. As a result of the factoring arrangements, the payment terms of the iQIYI’s original accounts payables were substantially modified and considered extinguished as the nature of the original liability has changed from accounts payables to loan borrowings from banks or other financial institutions. The proceeds from borrowings from banks or other financial institutions is a financing activity and is reported as “Proceeds from short-term loans” on the consolidated statements of cash flows. As of December 31, 2020, the outstanding borrowings from the factoring arrangements were RMB390 million (US$60 million), which is repayable within one year and are included in “Short-term loans” on the consolidated balance sheet. Long-term Loans Baidu In June 2016, the Company entered into a five-year five years five years two 250 The total outstanding borrowings were RMB7.0 billion and RMB6.5 billion (US$ 1.0 billion), which was classified as Long-term loans as of December 31, 2019 and reclassified to Long-term loans, current portion” as of December 31, 2020. The interest rate swap agreements met the definition of a derivative in accordance with ASC Topic 815, Derivatives and Hedging iQIYI In 2017, iQIYI borrowed a secured RMB denominated loan of RMB299 million with an interest rate of 4.47% for a three-year the principal shall be repaid by installments from 2017 to 2020. As of December 31, 2019 and 2020, the repayment of the loan is guaranteed by a subsidiary of iQIYI and collateralized by an office building of one of iQIYI’s VIEs with a carrying amount of RMB562 million and RMB548 million (US$84 million), respectively. Principal repayments were made on the loan when they became due and amounted to RMB10 million and RMB274 million (US$42 million) for the years ended December 31, 2019 and 2020, respectively. The loan was fully repaid as of December 31, 2020. In September 2019, iQIYI entered into a two-year held-to-maturity In December 2018, iQIYI entered into a series of transactions (“reverse factoring arrangement”) in order to re-finance certain payables due to its suppliers. In the reverse factoring arrangement, iQIYI’s suppliers sold certain 2018 receivables due from iQIYI (the “2018 factored receivables”) to the financial institutions at a discount. The 2018 factored receivables were transferred to a securitization vehicle and used to securitize debt securities issued to third-party investors for gross proceeds of RMB446 million. Concurrently, iQIYI also entered into an agreement with the financial institutions to extend the repayment of the underlying payables to mirror the repayment terms for the asset-back debt securities with maturities in December 2019 and December 2020. Under such arrangement, the payable obligation between iQIYI and the suppliers was considered settled and iQIYI was legally obligated to pay the financial institutions thereafter. As the 2018 factored receivables were sold to the financial institutions and used to securitize the debt securities, the factored receivables are viewed as collateral for raising loans through the issuance of 2018 asset-backed debt securities. The borrowings have an effective interest rate of 7.00%. In November 2019, the Company entered into a similar reverse factoring arrangement whereby iQIYI’s suppliers sold certain 2019 receivables due from iQIYI (the “2019 factored receivables”) amounting to RMB587 million to the financial institutions at a discount. The 2019 factored receivables were transferred to a securitization vehicle and used to securitize debt securities issued to third-party investors for gross proceeds of RMB500 million. Concurrently, iQIYI also entered into an agreement with the financial institutions to extend the repayment of the underlying payables to mirror the repayment terms for the 2019 asset-back debt securities which mature in November 2021. The borrowings have an effective interest rate of 5.97%. The securitization vehicle was designed by iQIYI with the sole purpose to acquire receivable balances from iQIYI’s suppliers in order to securitize the senior asset-backed securities with guaranteed returns ranging from 5.0% to 5.5% sold to third-party investors. iQIYI has a variable interest in the securitization vehicle through its interest in the subordinated asset-backed securities issued by the securitization vehicle which bear the residual loss. As a result, iQIYI considers itself the primary beneficiary and consolidates the securitization vehicle given iQIYI has (i) the power to govern the activities that most significantly impact its economic performance, and (ii) is obligated to absorb losses that could potentially be significant to the securitization vehicle. As a result of the series of transactions described above, the payment terms of iQIYI’s original trade payables were substantially modified and considered extinguished as the nature of the original liability has changed from that of a trade payable to loan borrowings from third-party investors As of December 31, 2019 and 2020, the outstanding borrowings as a result of the reverse factoring arrangements were RMB898 million and RMB498 million (US$76 million), respectively. RMB75 million and RMB371 million (US$57 million) of 2018 asset-backed debt securities were repaid when they became due in December 2019 and December 2020, respectively. RMB30 million (US$5 million) of 2019 asset-backed debt securities was repaid when it became due in October 2020. RMB498 million (US$76 million) of asset-backed debt securities is repayable within one year and are included in “Long-term loans, current portion”. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | 13. NOTES PAYABLE Baidu, Inc. The Company issued and publicly sold unsecured senior notes, and the details of the tranches are shown below: Issue date Principal (US$ million) Mature date Effective 2022 Ten-year November 28, 2012 750 November 28, 2022 3.59 % 2019 Notes June 9, 2014 1,000 June 9, 2019 3.00 % * 2020 Notes June 30, 2015 750 June 30, 2020 3.13 % * 2025 Ten-year June 30, 2015 500 June 30, 2025 4.22 % 2022 Five-year Notes July 6, 2017 900 July 6, 2022 3.08 % 2027 Notes July 6, 2017 600 July 6, 2027 3.73 % 2023 Notes March 29, 2018 1,000 September 29, 2023 3.99 % 2028 March Notes March 29, 2018 500 March 29, 2028 4.50 % 2024 Notes November 14, 2018 600 May 14, 2024 4.51 % 2024 Notes December 10, 2018 250 May 14, 2024 4.54 % 2028 November Notes November 14, 2018 400 November 14, 2028 4.99 % 2025 Five-year Notes April 7, 2020 600 April 7, 2025 3.22 % 2030 April Notes April 7, 2020 400 April 7, 2030 3.54 % 2026 Notes October 9, 2020 650 April 9, 2026 1.81 % 2030 October Notes October 9, 2020 300 October 9, 2030 2.43 % * The 2019 Notes and 2020 Notes were fully repaid when they became due The notes listed above are collectively referred to as the “Notes.” The 2022 Ten-year semi-annually The 2019 Notes bear interest at the rate of 2.750% per annum. Interest is payable semi-annually The 2020 Notes bear interest at the rate of 3.000% per annum and the 2025 Ten-year semi-annually The 2022 Five-year Notes bear interest at the rate of 2.875% per annum and the 2027 Notes bear interest at the rate of 3.625% per annum. Interest is payable semi-annually The 2023 Notes bear interest at the rate of 3.875% per annum and the 2028 March Notes bear interest at the rate of 4.375% per annum. Interest is payable semi-annually The 2024 Notes including US$600 million issued in November and US$250 million in December 2018, respectively, bear interest at the rate of 4.375% per annum and the 2028 November Notes bear interest at the rate of 4.875% per annum. Interest is payable semi-annually The 2025 Five-year Notes bear interest at the rate of 3.075% per annum and the 2030 April Notes bear interest at the rate of 3.425% per annum. Interest is payable semi-annually The 2026 Notes bear interest at the rate of 1.720% per annum and the 2030 October Notes bear interest at the rate of 2.375% per annum. Interest is payable semi-annually At maturity, the Notes are payable at their principal amount plus accrued and unpaid interest thereon . The Notes do not contain any financial covenants or other significant restrictions. In addition, the Notes are unsecured and rank lower than any secured obligation of the Group and have the same liquidation priority as any other unsecured liabilities of the Group, but senior to those expressly subordinated obligations, if any. The Company may, at its discretion, redeem all or any portion of the Notes at any time, at the greater of the principal amount and the make whole amount plus accrued and unpaid interest. In addition, for the 2023 Notes, 2028 March Notes, 2024 Notes and 2028 November Notes, 2025 Five-year Notes, 2030 April Notes, 2026 Notes and 2030 October Notes, the Company may at its discretion, redeem all or any portion of the Notes at one or three months before the maturity date of respective notes, at a price equal to the greater of 100% of the principal amount of such Notes plus accrued and unpaid interest, if any, to (but not including) the redemption date. As of December 31, 2020, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. For certain Notes, the Company has the obligation to redeem the Notes if a change in control occurs as defined in the indenture of the Notes. The outstanding Notes were issued at a discount amounting to US$20 million. The total issuance costs of US$36 million were presented as a direct deduction from the principal amount of the outstanding Notes on the consolidated balance sheets. Both the discount and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the Notes. The principal amount and unamortized discount and debt issuance costs as of December 31, 2019 and 2020 were as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Principal amount 43,519 48,638 7,454 Unamortized discount and debt issuance costs (210 ) (230 ) (35 ) 43,309 48,408 7,419 The following table summarizes the aggregate required repayments of the principal amounts of the Company’s long-term debts (including the notes payable and loans payable (Note 12) but excluding convertible notes (Note 14)), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2021 7,465 1,144 2022 10,766 1,650 2023 6,525 1,000 2024 5,546 850 2025 7,178 1,100 Thereafter 18,596 2,850 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Convertible Notes | 14. CONVERTIBLE NOTES iQIYI 2023 Convertible Notes In December 2018, iQIYI issued US$750 million convertible senior notes due 2023 (“iQIYI 2023 Convertible Notes”). The iQIYI 2023 Convertible Notes are senior, unsecured obligations of iQIYI, and interest is payable semi-annually in cash at a rate of 3.75% per annum with a maturity date of December 1, 2023, unless redeemed, repurchased or converted prior to such date. The initial conversion rate of the iQIYI 2023 Convertible Notes is 37.1830 of iQIYI’s ADSs per US$1,000 principal amount of the iQIYI 2023 Convertible Notes. Upon conversion, iQIYI will pay or deliver to such converting holders, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. Concurrently with the issuance of the iQIYI 2023 Convertible Notes, iQIYI purchased capped call options on iQIYI’s ADS with certain counterparties at a price of US$68 million. The capped call exercise price is equal to the initial conversion price of the iQIYI 2023 Convertible Notes and the cap price is US$38.42 per ADS, subject to certain adjustments under the terms of the capped call transaction. The cost of the capped call was recorded as a reduction of the Company’s additional paid-in non-controlling As the conversion option may be settled entirely or partially in cash at iQIYI’s option, the Company separated the iQIYI 2023 Convertible Notes into liability and equity components in accordance with ASC Subtopic 470-20, Debt with Conversion and Other Options paid-in December 1, 2021 iQIYI 2025 Convertible Notes In March 2019, iQIYI issued US$1.2 billion convertible senior notes due 2025 (“iQIYI 2025 Convertible Notes”). The iQIYI 2025 Convertible Notes are senior, unsecured obligations of iQIYI, and interest is payable semi-annually April 1, 2025 Concurrently with the issuance of the iQIYI 2025 Convertible Notes, iQIYI purchased capped call options on iQIYI’s ADS with certain counterparties at a price of US$85 million. The capped call exercise price is equal to the initial conversion price of the iQIYI 2025 Convertible Notes and the cap price is US$40.02 per ADS, subject to certain adjustments under the terms of the capped call transaction. The cost of the capped call was recorded as a reduction of the Company’s additional paid-in non-controlling The accounting of iQIYI 2025 Convertible Notes is similar to that of iQIYI 2023 Convertible Notes. The difference between the principal amount of the iQIYI 2025 Convertible Notes and the liability component was considered debt discount and amortized at an effective interest rate of 6.01% to accrete the discounted carrying value of the iQIYI 2025 Convertible Notes to its face value on April 1, 2023, the put date of the iQIYI 2025 Convertible Notes. The holders may require iQIYI to repurchase all or portion of the iQIYI 2025 Convertible Notes for cash on April 1, 2023, or upon a fundamental change, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest. iQIYI 2026 Convertible Notes In December, 2020, iQIYI issued US$800 million convertible senior notes (“ iQIYI 2026 Convertible Notes”). The iQIYI 2026 Convertible Notes are senior, unsecured obligations of iQIYI, and interest is payable semi-annually December 15, 2026 The accounting of iQIYI 2026 Convertible Notes is similar to that of iQIYI 2023 Convertible Notes. The difference between the principal amount of the iQIYI 2026 Convertible Notes and the liability component was considered debt discount and amortized at an effective interest rate of 6.94% to accrete the discounted carrying value of the iQIYI 2026 Convertible Notes to its face value on August 1, 2024 The iQIYI 2023 Convertible Notes, the iQIYI 2025 Convertible Notes and the iQIYI 2026 Convertible Notes are collectively referred to the Convertible Notes. The carrying amount of the Convertible Notes as of December 31, 2019 and 2020 were as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Liability component: Principal 13,578 17,954 2,751 Less: unamortized debt discount 1,281 1,275 195 Net carrying amount 12,297 16,679 2,556 Equity component: Carrying amount 1,349 1,744 267 For the years ended December 31, 2018, 2019 and 2020, the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the liability component were RMB24 million, RMB670 million and RMB799 million (US$123 million), respectively. As of December 31, 2020, the liability component of the iQIYI 2023 Convertible Notes, the iQIYI 2025 Convertible Notes and the iQIYI 2026 Convertible Notes would be accreted up to the principal amount of US$750 million, US$1.2 billion and US$800 million over a remaining period of 0.92 years 2.25 years and 3.59 years, respectively. The amount repayable within the next twelve months are classified as “Convertible senior notes, current portion” on the consolidated balance sheets. The aggregate scheduled maturities of RMB4.9 billion (US$750 million), RMB7.8 billion (US$1.2 billion) and RMB5.2 billion (US$800 million) of the Convertible Notes will be repaid when they become due in 2023, 2025 and 2026, respectively, assuming there is no conversion of the Convertible Notes, no redemption of the Convertible Notes prior to their maturities and the convertible senior notes bondholders hold the Convertible Notes until their maturities and iQIYI elects to fully settle the Convertible Notes in cash. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 15. LEASES The Company’s operating leases mainly related to land, office facilities, IDC facilities and vehicles. For leases with terms greater than 12 months, the Company records the related asset and lease liability 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. As of December 31, 2020, finance leases were insignificant. As of December 31, 2020, the weighted average remaining lease term was 16.2 years and weighted average discount rate was 4.53% for the Group’s operating leases. Operating lease cost was RMB2.7 billion and RMB3.0 billion (US$456 million) for the years ended December 31, 2019 and 2020, respectively, which excluded cost of short-term contracts. Short-term lease cost was RMB434 million and RMB427 million For the years ended December 31, 2019 2020 RMB RMB US$ (In millions) Cash payments for operating leases 2,631 5,187 795 ROU assets obtained in exchange for operating lease liabilities 3,896 2,841 435 Future lease payments under operating leases as of December 31, 2020 were as follows: Operating leases RMB US$ (In millions) Year ending December 31, 2021 2,430 372 2022 1,856 284 2023 1,433 220 2024 1,032 158 2025 464 71 Thereafter 624 96 Total future lease payments 7,839 1,201 Less: Imputed interest 780 118 Total lease liability balance 7,059 1,083 As of December 31, 2020, additional operating leases that have not yet commenced were immaterial. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. INCOME TAXES Cayman Islands and BVI Under the current laws of the Cayman Islands and BVI, the Company is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Subsidiaries in Hong Kong are subject to Hong Kong Profits Tax rate at 16.5%, and foreign-derived income is exempted from income tax. There are no withholding taxes in Hong Kong on remittance of dividends. Japan As a result of the Japanese tax regulations amendments, the effective income tax rate are approximately 31%, 31% and 31% for the years ended December 31, 2018, 2019 and 2020, respectively. China Under the PRC Enterprise Income Tax (“EIT”) Law, which has been effective since January 1, 2008, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are subject to a unified 25% enterprise income tax rate, except for certain entities that are entitled to preferential tax treatments. Preferential EIT rates at 15% and 10% are available for qualified “High and New Technology Enterprises” (“HNTEs”) and “Key Software Enterprise” (“KSE”), respectively. The HNTE certificate is effective for a period of three years Baidu Online, Baidu China and Baidu International enjoyed a reduced tax rate of 10% as qualified KSEs in 2018 and 2019. Certain other PRC subsidiaries and VIEs, including Baidu Netcom, are qualified HNTEs and enjoy a reduced tax rate of 15% for the years presented, which will expire in 2022 2023 re-apply re-applied A certificate for the current year might be obtained in the following year as a result of the stringent inspection and approval process by the governmental authorities. The Company would record an income tax reversal in the year when the certificate is obtained for the over-paid or over-accrued provisional tax in connection with the grant of a more favorable tax rate for the prior year. Under the current EIT Law, dividends for earnings derived from January 1, 2008 and onwards paid by PRC entities to any of their foreign non-resident Income (loss) before income taxes consists of: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) PRC 23,524 13,076 19,711 3,021 Non-PRC 3,801 (13,416 ) 3,379 518 27,325 (340 ) 23,090 3,539 Except for the investment related gain recognized, the pre-tax non-PRC Income taxes consist of: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Current income tax 6,184 3,564 4,668 716 Income tax refund due to reduced tax rate (680 ) (920 ) (719 ) (110 ) Adjustments of deferred tax assets due to change in tax rates — 9 (5 ) (1 ) Deferred income tax (benefit) expense (761 ) (705 ) 120 18 4,743 1,948 4,064 623 The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory income tax rate to pre-tax For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 6,831 (85 ) 5,773 885 Effect of differing tax rates in different jurisdictions 493 3,299 208 32 Non-taxable (1,555 ) (419 ) (995 ) (152 ) Non-deductible 935 2,124 3,416 523 Research and development super-deduction (1,047 ) (1,245 ) (1,549 ) (237 ) Effect of PRC preferential tax rates and tax holiday (2,250 ) (1,327 ) (2,891 ) (443 ) Effect of tax rate changes on deferred taxes — 9 (5 ) (1 ) Reversal of prior year’s EIT (616 ) (1,134 ) (951 ) (146 ) PRC withholding tax 553 (224 ) 122 19 Addition to valuation allowance 1,399 950 936 143 Taxation for the year 4,743 1,948 4,064 623 Effective tax rate 17% (573% ) 18 % 18 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share ( Note 0.81 0.49 1.06 0.16 Note: The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2019 and 2020 are as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Deferred tax assets: Allowance for credit loss 332 452 69 Accrued expenses, payroll and others 4,820 5,456 836 Fixed assets depreciation 151 106 16 Net operating loss carry-forward 1,733 1,811 278 Less: valuation allowance (4,843 ) (5,895 ) (903 ) Deferred tax assets, net 2,193 1,930 296 As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 275 406 62 Withholding tax on PRC subsidiaries’ undistributed earnings 1,621 1,381 212 Tax on capital gains 1,159 943 145 Others 218 593 90 3,273 3,323 509 The Group offset deferred tax liabilities and assets pertaining to a particular tax-paying component of the Group within a particular jurisdiction. The total income tax expenses were RMB1.9 billion and RMB4.1 billion (US$623 million) for the years ended December 31, 2019 and 2020, respectively. The change in income tax expense is mainly due to changes of overall profits before tax. The effective tax rate for the year ended December 31, 2020 is lower than the PRC statutory EIT rate % mainly due to international income tax rate and preferential income tax rate impact, research and development super-deduction, and change in withhold rate and Key Software Enterprise status obtained. As of December 31, 2020, the Company had tax losses of approximately RMB9.7 billion (US$1.5 billion) deriving from entities in the PRC, Hong Kong and Japan. The tax losses in Japan can be carried forward for nine years to offset future taxable profit. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period was extended to 10 years for entities qualified as HNTE in 2019 and thereafter. The tax losses of entities in the PRC and Japan will expire from 2021 to 20 30 . The Company evaluated its income tax uncertainty under ASC 740. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive income (loss). The Company does not expect the amount of unrecognized tax benefits to increase significantly in the next 12 months. In general, the PRC tax authorities have up to five years to condu ct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2015 - 2020 remain open to examination by the respective tax authorities. The Company may also be subject to the examination of the tax filings in other jurisdictions, which are not material to the consolidated financial statements. As of December 31, 2020, dividend distribution withholding tax for the potential remittance of earnings from the PRC subsidiaries to offshore entities was RMB1.4 billion. The Company believes that the underlying dividends will be distributed in the future for offshore use, such as merger and acquisition activities. The Company did not provide for additional deferred income taxes and foreign withholding taxes on the undistributed earnings of foreign subsidiaries during the years presented on the basis of its intent to permanently reinvest its foreign subsidiaries’ earnings. As of December 31, 2020, the total amount of undistributed earnings from the PRC subsidiaries and the VIEs for which no withholding tax has been accrued was RMB154.1 billion (US$23.6 billion). Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. Under the PRC tax regulations, dividends from PRC companies to their overseas parents in respect of earnings derived from January 1, 2008 onwards are subject to PRC dividend withholding tax at 10%. Such rate could be reduced to 5% should treaty benefits be applicable. |
Employee Defined Contribution P
Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Defined Contribution Plan | 17. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions. Total amounts for such employee benefits, which were expensed as incurred, were RMB2.9 billion, RMB3.2 billion and RMB2.7 billion (US$417 million) for the years ended December 31, 2018, 2019 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES Capital Commitments The Group’s capital commitments primarily relate to commitments in connection with the expansion and improvement of its network infrastructure and its plan to build additional office buildings and cloud computing based data centers. Total capital commitments contracted but not yet reflected in the financial statements amounted to RMB754 million (US$116 million) as of December 31, 2020. Almost all of the commitments relating to the network infrastructure, office building and cloud computing based data centers are to be fulfilled within one year. Commitments for bandwidth and property management fees Future minimum payments under non-cancelable RMB US$ (In millions) 2021 742 114 2022 323 50 2023 135 21 2024 81 12 2025 45 7 Thereafter 47 7 1,373 211 Future minimum lease payments for operating lease commitments as of December 31, 2020 are disclosed in Note 15. Licensed Copyrights and Produced Content Commitments Future minimum payments under non-cancelable RMB US$ (In millions) 2021 10,480 1,606 2022 6,239 956 2023 3,421 524 2024 1,286 197 2025 345 53 Thereafter — — 21,771 3,336 Investment Commitments The Group’s investment commitments primarily relate to capital contribution obligations under certain arrangements which do not have contractual maturity date. The total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB1.5 billion (US$223 million). Guarantees The Group accounts for guarantees in accordance with ASC Topic 460, Guarantees . The corporate by-laws by-laws by-laws Historically, the Company was not required to make payments related to these obligations, and the fair value for these obligations was nil on the consolidated balance sheets as of December 31, 2019 and 2020. Litigation The Group was involved in certain cases pending in various PRC, U.S. and Brazil courts and arbitration as of December 31, 2020. These cases include copyright infringement cases, unfair competition cases, and defamation cases, among others. Adverse results in these lawsuits may include awards of damages and may also result in, or even compel, a change in the Company’s business practices, which could result in a loss of revenue or otherwise harm the business of the Company. Starting in April 2020, the Group and certain of its officers were named as defendants in putative securities class actions filed in federal court. The case was purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of alleged misstatements and omissions in the Group’s public disclosure documents related to Baidu Feed, which they believe did not comply with “PRC laws and regulations in all material respects”. In addition, the Group received a complaint alleging that between April 8, 2016 and August 13, 2020, the Group made material misrepresentations in disclosures filed with the SEC by misrepresenting the financial and business condition of iQIYI and failing to disclose that iQIYI had inadequate controls. Both of those cases remain in preliminary stage, the likelihood of any unfavorable outcome or the amount or range of any potential loss cannot be reasonably estimated at the issuance date of the consolidated financial statements. As a result, as of December 31, 2020, the Group did not record any liabilities for the loss contingencies pertaining to the cases described above. For many proceedings, the Company is currently unable to estimate the reasonably possible loss or a range of reasonably possible losses as the proceedings are in the early stages, and/or there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. As a result, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, which includes eventual loss, fine, penalty or business impact, if any, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made. However, the Company believes that such matters, individually and in the aggregate, when finally resolved, are not reasonably likely to have a material adverse effect on the Company’s consolidated results of operations, financial position and cash flows. With respect to the limited number of proceedings for which the Company was able to estimate the reasonably possible losses or the range of reasonably possible losses, such loss estimates were insignificant. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interests | 19. REDEEMABLE NONCONTROLLING INTERESTS 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Balance as of January 1 11,022 716 1,109 170 Business combinations (Note 3) 698 182 — — Issuance of subsidiary shares — 100 1,866 286 Accretion of redeemable noncontrolling interests 146 111 127 19 Conversion of iQIYI preferred shares recognized as redeemable noncontrolling interests to ordinary shares (11,150 ) — — — Balance as of December 31 716 1,109 3,102 475 In October 2018, the Company acquired additional shares of a former equity method investee, resulting in the investee becoming a subsidiary of the Company. The subsidiary had issued 159,820,917 outstanding preferred shares to certain shareholders, which could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the subsidiary. Therefore, these preferred shares were accounted for as redeemable noncontrolling interests (Note 3). In September 2020, the Company entered into definitive agreements to issue Series A preferred shares of the Group’s smart living business, or Smart Living Group (“SLG”). SLG had issued 61,666,667 outstanding preferred shares to certain shareholders, which could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the subsidiary. Therefore, these preferred shares were accounted for as redeemable noncontrolling interests. The Company accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480, Distinguishing Liabilities from Equity. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity Abstract | |
Shareholders' Equity | 20. SHAREHOLDERS’ EQUITY Ordinary Shares The authorized share capital consisted of 69,632,000,000 ordinary shares (previously 870,400,000 ordinary shares before the Share Subdivision as detailed in Note 1) at a par value of US$ 0.000000625 As of December 31, 2020, there were 2,107,228,720 and 571,900,320 Class A and Class B ordinary shares outstanding (previously 26,340,359 and 7,148,754 Class A and Class B ordinary shares before the Share Subdivision as detailed in Note 1), respectively. As of December 31, 2019 and 2020, there were no preferred shares issued and outstanding. On June 27, 2018, the Company announced a share repurchase program under which the Company proposed to acquire up to an aggregate of US$1.0 billion of its ordinary shares over the next 12 months in the open market or through privately negotiated transactions, depending on market conditions and in accordance with applicable rules and regulations. On May 16, 2019, the Company announced a share repurchase program under which the Company proposed to acquire up to an aggregate of US$1.0 billion of its ordinary shares, effective until July 1, 2020 in the open market or through privately negotiated transactions, depending on market conditions and in accordance with applicable rules and regulations. On May 13, 2020, the Company announced a share repurchase program (“2020 share repurchase program”) under which the Company proposed to acquire up to an aggregate of US$1.0 billion of its ordinary shares, effective until July 1, 2021 in the open market or through privately negotiated transactions, depending on market conditions and in accordance with applicable rules and regulations. In August 2020, the board of directors approved a change to the 2020 share repurchase program, increasing the repurchase authorization from US$1.0 billion to US$3.0 billion, and in December 2020, the repurchase authorization was further increased from US$3.0 billion to US$4.5 billion, which is effective through December 31, 2022. The Company repurchased 16,573,200, 53,162,720 and 126,096,000 Class A ordinary shares (previously 207,165, 664,534 and 1,576,200 Class A ordinary shares before the Share Subdivision as detailed in Note 1) from the open market with an aggregate purchase price of RMB3.3 billion, RMB5.0 billion and RMB13.1 billion (US$2.0 billion) during the years ended December 31, 2018, 2019 and 2020. The repurchased shares were cancelled under Cayman Islands law upon repurchase and the difference between the par value and the repurchase price was debited to retained earnings. Retained Earnings In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s PRC subsidiaries, being foreign invested enterprises established in China, are required to make appropriations to certain statutory reserves, namely a general reserve fund, an enterprise expansion fund, a staff welfare fund and a bonus fund, all of which are appropriated from net profit as reported in their PRC statutory accounts. Each of the Company’s PRC subsidiaries is required to allocate at least 10% of its after-tax In accordance with the China Company Laws, the Company’s VIEs must make appropriations from their after-tax non-distributable after-tax General reserve and statutory surplus funds are restricted to set-off As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) PRC statutory reserve funds 626 806 123 Unreserved retained earnings 125,642 134,478 20,610 Total retained earnings 126,268 135,284 20,733 Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries and VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts of net assets restricted include paid in capital and statutory reserve funds of the Company’s PRC subsidiaries and the net assets of the VIEs in which the Company has no Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Foreign Unrealized available-for-sale Total RMB RMB RMB (In millions) Balance at December 31, 2017 (888 ) 1,818 930 Cumulative effect of accounting change * — (1,854 ) (1,854 ) Other comprehensive income before reclassification 114 4,117 4,231 Amounts reclassified from accumulated other comprehensive income 80 (2,171 ) (2,091 ) Net current-period other comprehensive income 194 92 286 Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (1,006 ) — (1,006 ) Balance at December 31, 2018 (1,700 ) 1,910 210 Other comprehensive income before reclassification 207 1,981 2,188 Amounts reclassified from accumulated other comprehensive income (989 ) (2,689 ) (3,678 ) Net current-period other comprehensive loss (782 ) (708 ) (1,490 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (102 ) (1 ) (103 ) Balance at December 31, 2019 (2,584 ) 1,201 (1,383 ) Other comprehensive income before reclassification 1,936 380 2,316 Amounts reclassified from accumulated other comprehensive income — (541 ) (541 ) Net current-period other comprehensive income (loss) 1,936 (161 ) 1,775 Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (192 ) (1 ) (193 ) Balance at December 31, 2020 (840 ) 1,039 199 Balance at December 31, 2020, in US$ (129 ) 159 30 * Adjustment of net unrealized gains related to available-for-sale The amounts reclassified out of accumulated other comprehensive income represent realized foreign currency translation adjustments, which mainly arise from the disposal of partial interests in Trip and realized gains on the sales of available-for-sale In October 2019, the Company completed a partial disposal of its investment in Trip and the corresponding accumulated other comprehensive income of RMB989 million was reclassified to income and recorded as “Others, net” in the consolidated statement of comprehensive loss for the year ended December 31, 2019. The following table sets forth the tax benefit (expense) allocated to each component of other comprehensive income (loss) for the years ended December 31, 2018, 2019 and 2020: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Unrealized gains on available-for-sale Other comprehensive income before reclassification (409 ) (280 ) (59 ) (9 ) Amounts reclassified from accumulated other comprehensive income 328 402 83 13 Net current-period other comprehensive income (loss) (81 ) 122 24 4 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | 21. EARNINGS PER SHARE (“EPS”) Following the Share Subdivision as detailed in Note 1, each ordinary share was subdivided into eighty ordinary shares and each ADS represents eight Class A ordinary shares. The weighted average number of ordinary shares used for the calculation of basic and diluted earnings per share/ADS for the years ended December 31, 2018 and 2019 have been retrospectively adjusted. A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income (loss) to the numerator for the computation of basic and diluted per share for the years ended December 31, 2018, 2019 and 2020 is as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions, including number of shares Net income attributable to Baidu, Inc. 27,573 2,057 22,472 3,444 Accretion of the redeemable noncontrolling interests (130 ) (77 ) (88 ) (13 ) Numerator for basic EPS computation 27,443 1,980 22,384 3,431 Impact of subsidiaries’ and investees’ diluted earnings per share — (28 ) — — Numerator for diluted EPS computation 27,443 1,952 22,384 3,431 The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS: For the years ended December 31, 2018 2019 2020 2020 Class A Class B Class A Class B Class A Class A Class B Class B RMB RMB RMB RMB RMB US$ RMB US$ (In millions, including number of shares and ADS, except for Earnings per share—basic: Numerator Allocation of net income attributable to Baidu, Inc. 21,780 5,663 1,571 409 17,683 2,710 4,701 721 Denominator Weighted average ordinary shares outstanding (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Denominator used for basic EPS (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Earnings per share—basic (Note) 9.83 9.83 0.71 0.71 8.19 1.26 8.19 1.26 Earnings per share—diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 21,824 5,619 1,549 403 17,723 2,716 4,661 715 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 5,619 — 403 — 4,661 715 — — Numerator for diluted EPS calculation 27,443 5,619 1,952 403 22,384 3,431 4,661 715 Denominator Weighted average ordinary shares outstanding (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Conversion of Class B to Class A ordinary shares (Note) 576 — 576 — 574 574 — — Share-based awards (Note) 22 — 4 — 24 24 — — Denominator used for diluted EPS (Note) 2,814 576 2,791 576 2,756 2,756 574 574 Earnings per share—diluted (Note) 9.75 9.75 0.70 0.70 8.12 1.24 8.12 1.24 Earnings per ADS (1 ADS equals 8 Class A ordinary shares): Denominator used for earnings per ADS—basic (Note) 277 276 270 270 Denominator used for earnings per ADS—diluted (Note) 352 349 344 344 Earnings per ADS—basic (Note) 78.64 5.68 65.54 10.04 Earnings per ADS—diluted (Note) 78.03 5.60 64.98 9.96 Note: The Company did not include certain stock options, restricted shares and the effect of convertible senior notes issued by iQIYI in the computation of diluted earnings per share for the years ended December 31, 2018, 2019 and 2020 because those stock options, restricted shares and convertible senior notes were anti-dilutive for earnings per share for the respective years. |
Share-Based Awards Plan
Share-Based Awards Plan | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Awards Plan | 22. SHARE-BASED AWARDS PLAN Baidu, Inc. 2008 Share Incentive plan In December 2008, the Company adopted a share incentive plan (the “2008 Plan”), which provides for the granting of share incentives, including incentive share options (“ISOs”), restricted shares and any other form of award pursuant to the 2008 Plan, to members of the board, employees, consultants and non-employees Under the 2008 Plan, the exercise price of an option may be amended or adjusted at the discretion of the compensation committee, the determination of which would be final, binding and conclusive. To the extent not prohibited by applicable laws or exchange rules, a downward adjustment of the exercise prices would be effective without the approval of the Company’s shareholders or the approval of the affected grantees. If the Company grants an ISO to an employee who, at the time of that grant, owns shares representing more than 10% of the voting power of all classes of the Company’s share capital, the exercise price cannot be less than 110% of the fair market value of the Company’s ordinary shares on the date of that grant . 2018 Share Incentive Plan In July 2018, the Company adopted a share incentive plan (the “2018 Plan”), which provides for the granting of share incentives, including ISOs, restricted shares and any other form of award pursuant to the 2018 Plan, to members of the board, employees, consultants, and non-employees ten Under the 2018 Plan, the exercise price of an option may be amended or adjusted at the discretion of the compensation committee, the determination of which would be final, binding and conclusive. To the extent not prohibited by applicable laws or exchange rules, a downward adjustment of the exercise prices would be effective without the approval of the Company’s shareholders or the approval of the affected grantees. If the Company grants an ISO to an employee who, at the time of that grant, owns shares representing more than 10% of the voting power of all classes of the Company’s share capital, the exercise price cannot be less than 110% of the fair market value of the Company’s ordinary shares on the date of that grant. Following the Share Subdivision that became effective on March 1, 2021 as detailed in Note 1 and Note 21, each Class A ordinary share was subdivided into eighty Class A ordinary shares and each ADS represents eight Class A ordinary shares. Prior and subsequent to March 1, 2021, one ordinary share was and will be issuable upon the vesting of one outstanding restricted share or the exercise of one outstanding share option, respectively. Therefore, following the Share Subdivision, each share option and restricted share is subdivided into eighty share options and eighty restricted shares, the weighted average grant date fair value per restricted share and the weighted average exercise price per share option is diluted by eighty times. The number of restricted shares and share options, the weighted average grant date fair value per restricted share and the weighted average exercise price per share option has been retrospectively adjusted for the Share Subdivision in the following tables. Incentive share options The following table summarizes the option activity for the years ended December 31, 2020: Number of share options (Note) Weighted average exercise price (Note) Weighted Aggregate millions) Incentive share options Outstanding, December 31, 2019 29,854,480 17 8 72 Granted 1,028,240 11 Exercised (3,516,400 ) 13 Forfeited/Cancelled (3,147,280 ) 17 Outstanding, December 31, 2020 24,219,040 17 7 245 Vested and expected to vest at December 31, 2020 19,756,080 18 7 186 Exercisable at December 31, 2020 12,098,400 21 5 78 Note: The aggregate intrinsic value in the table above represents the difference between the Company’s closing stock price on the last trading day in 2020 and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2018, 2019 and 2020 was RMB474 million, RMB77 million and RMB157 million (US$24 million), respectively. The total fair value of options vested during the years ended December 31, 2018, 2019 and 2020 was RMB956 million, RMB216 million and RMB261 million (US$40 million), respectively. Share options are usually subject to vesting schedules ranging from two The fair value of each option award was estimated on the date of grant using the Black-Scholes-Merton valuation model. The volatility assumption was estimated based on historical volatility of the Company’s share price applying the guidance provided by ASC 718. Assumptions of the expected term were based on the vesting and contractual terms and employee demographics. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented: For the years ended December 31 2018 2019 2020 Risk-free interest rate 2.57 % 1.58%~2.49 % 1.51~1.52 % Dividend yield — — — Expected volatility range 34.47%~35.36 % 34.62%~35.14 % 34.83%~34.92 % Expected life (in years) 4.89~6.25 5.83~6.03 5.90~6.01 In addition, the Company recognizes share-based compensation expense net of estimated forfeiture rates, to recognize compensation cost for shares expected to vest over the service period of the award. Estimated forfeiture rates are primarily based on historical experience of employee turnover. To the extent the Company revises this estimate in the future, share-based compensation expense could be materially impacted in the year of revision, as well as in the following years . The exercise price of options granted during the years ended December 31, 2018, 2019 and 2020 equaled the market price of the ordinary shares on the grant date. The weighted-average grant-date fair value of options granted during the years ended December 31, 2018, 2019, and 2020 was US$13, US$5, and US$9, respectively. Restricted Shares Restricted Shares activity for the year ended December 31, 2020 was as follow: Number of shares (Note) Weighted average grant date (Note) Restricted Shares Unvested, December 31, 2019 113,604,320 19 Granted 73,900,080 14 Vested (35,078,640 ) 20 Forfeited/Cancelled (21,924,240 ) 17 Unvested, December 31, 2020 130,501,520 16 Note: The total fair value of the Restricted Shares vested during the years ended December 31, 2018, 2019 and 2020 was RMB3.4 billion, RMB4.1 billion, RMB4.6 billion (US$700 million), respectively. The weighted-average grant-date fair value of the Restricted Shares granted during the years ended December 31, 2018, 2019, and 2020 was US$28, US$16, and US$14, respectively. As of December 31, 2020, there was RMB6.4 billion (US$1.0 billion) of unrecognized share-based compensation cost related to Restricted Shares, which is expected to be recognized over a weighted-average vesting period of Subsidiaries-iQIYI 2010 Equity Incentive Plan In October 2010, iQIYI adopted its 2010 Equity Incentive Plan (the “iQIYI 2010 Plan”), which permits the grant of restricted shares, options and share appreciation rights to the employees, directors, officers and consultants to purchase iQIYI’s ordinary shares. The 2010 Plan is valid and effective for an original term of ten years, and further extended to twenty years on September 15, 2020 commencing from its adoption. Except for service conditions, there were no other vesting conditions for all the awards under the 2010 Plan. As of December 31, 2 iQIYI’s ordinary shares. All options granted vest over a four -year period, with % of the awards vesting on the first anniversary, and the remaining % of the awards vesting on a quarterly basis thereafter. The following table sets forth the summary of employee option activity under the iQIYI’s 2010 Plan: Number of share Weighted exercise price ( ) Weighted Aggregate Outstanding, December 31, 2019 406,912,618 0.48 7 1,031 Granted 88,611,584 0.51 Forfeited (12,111,374 ) 0.51 Exercised (62,714,554 ) 0.44 Outstanding, December 31, 2020 420,698,274 0.49 7 846 Vested and expected to vest at December 31, 2020 401,055,919 0.48 7 807 Exercisable at December 31, 2020 245,054,484 0.47 7 498 As of December 31, 2020, there was RMB2.2 billion (US$338 million) of unrecognized share-based compensation cost related to share options granted by iQIYI. That deferred cost is expected to be recognized over a weighted-average vesting period of 2.7 years. 2017 Share Incentive Plan In November 2017, iQIYI adopted its 2017 Share Incentive Plan (the “iQIYI 2017 Plan”). Under the iQIYI 2017 Plan, iQIYI is authorized to grant options, restricted shares and restricted share units to members of the board, employees, consultants and other individuals for which the maximum aggregate number of ordinary shares which may be issued pursuant to all awards is 720,000 iQIYI’s ordinary shares. The iQIYI 2017 Plan is valid and effective for a term of ten years commencing from its adoption. Except for service conditions, there are no other vesting conditions for all the awards issued under the 2017 Plan. As of December 31, 2020, the unrecognized share-based compensation cost related to its Restricted Shares is insignificant. The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 83 171 202 31 Expensed as selling, general and administrative 369 676 851 130 Expensed as research and development 104 238 317 49 556 1,085 1,370 210 The following table summarizes the total share-based compensation cost recognized by the Group: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 224 327 360 55 Expensed as selling, general and administrative 1,725 1,768 1,897 290 Expensed as research and development 2,727 3,531 4,471 686 4,676 5,626 6,728 1,031 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS Related party transactions primarily related to online marketing services, cloud services and other services provided by the Company to certain investees. The following table summarizes the revenue received from major related parties in fiscal year 2018, 2019 and 2020. For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues: Trip 774 627 204 31 Du Xiaoman 256 731 678 104 Investee C (i) 143 280 949 145 Others 421 1,394 1,015 156 Total 1,594 3,032 2,846 436 (i) Investee C is one of the Company’ investees, over which the Company has significant influence. The Group purchased produced content and licensed copyrights, traffic acquisition and other services from equity investees in an of million, RMB billion and RMB billion (US$ million) for the years ended December 31, 2018, 2019 and 2020, respectively. Other related party transactions were insignificant for each of the years presented, which included reimbursements to Robin Li’s use of an aircraft beneficially owned by his family member used for the Company’s business purposes . As of December 31, 2019 and 2020, amounts due from/due to related parties were as follows: Expect for the non-trade balances as of December 31, 2019 and 2020 relate to transactions disclosed below, amounts due from/due to related parties arising from the ordinary and usual course of business of the Group and were trade in nature. As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Amounts due from related parties, current: Trip (i) 96 22 3 Du Xiaoman (ii) 737 306 47 Investee A (iii) 345 — — Investee C (iv) 115 212 32 Other related parties (v) 301 186 29 Total 1,594 726 111 Amounts due from related parties, non-current: Du Xiaoman (ii) 3,391 3,398 521 Other related parties (vi) 173 40 6 Total 3,564 3,438 527 Amounts due to related parties, current: Trip (vii) 49 50 8 Du Xiaoman (viii) 973 489 75 Investee A (ix) 476 — — Investee B (x) 249 175 27 Other related parties (xi) 484 610 93 Total 2,231 1,324 203 Amounts due to related parties, non-current: Du Xiaoman (xii) 3,430 3,216 493 Investee B (x) 410 325 50 Other related parties (xiii) 6 2 — Total 3,846 3,543 543 (i) The balances mainly represent amounts arising from services the Company provided to Trip. (ii) The balances represent non-trade long-term loans due from Du Xiaoman with interest rates ranging from 0.00% to 0.50% in 2020, and amounts arising from services the Company provided to Du Xiaoman. (iii) The balance mainly represents a non-trade interest-bearing loan provided to Investee A, which was an equity investee as of December 31, 2019. The Company acquired Investee A on July 16, 2020, and accordingly, all corresponding outstanding balance has been eliminated in the consolidated balance sheet. (iv) The balances mainly represent amounts arising from services including online marketing services and cloud services the Company provided to Investee C. (v) The balances mainly represent amounts arising from services the Company provided to its investees in ordinary course of business. (vi) The balance consists of amount due from the Company’s investees in the ordinary course of business. (vii) The balances mainly represent amounts arising from services provided by Trip. (viii) The balance represents amount due to Du Xiaoman arising from services provided by Du Xiaoman to the Company in the ordinary course of business and non-trade loans provided by Du Xiaoman with interest rates of nil in 2020. (ix) The balances mainly represent amounts arising from hardware products purchased from Investee A, and a non-trade (x) The balances mainly represent deferred revenue relating to the future services to be provided by the Company to Investee B which is an equity method investee. (xi) The balances mainly represent amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade amounts payable for acquiring the equity interest of the Company’s investees. (xii) The balances mainly represent non-trade interest-free long-term loans provided by Du Xiaoman. (xiii) The balance represents mainly deferred revenue relating to the future services to be provided by the Company to investees. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 24. SEGMENT REPORTING The Company’s operations are organized into two segments, consisting of Baidu Core and iQIYI. Within Baidu Core, the Company’s product and services offerings are categorized as follows—Mobile Ecosystem, Baidu Cloud and Apollo Intelligent Driving & Other Growth Initiatives. iQIYI is an innovative market-leading online entertainment service. iQIYI’s platform features iQIYI original content, as well as a comprehensive library of other professionally produced content (PPC), professional user generated content (PUGC) and user-generated content. The Company derives the results of the segments directly from its internal management reporting system. The CODM reviews the performance of each segment based on its operating results and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. Because substantially all of the Group’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2018. For the year ended December 31, 2018 Baidu Core iQIYI Intersegment eliminations & Consolidated RMB RMB RMB RMB (In millions) Total revenues 78,271 24,989 (983 ) 102,277 Operating costs and expenses: Cost of revenues 25,370 27,133 (759 ) 51,744 Selling, general and administrative 15,310 4,168 (247 ) 19,231 Research and development 13,783 1,994 (5 ) 15,772 Total operating costs and expenses 54,463 33,295 (1,011 ) 86,747 Operating profit (loss) 23,808 (8,306 ) 28 15,530 Total other income (loss), net 13,169 (676 ) (698 ) 11,795 Income (loss) before income taxes 36,977 (8,982 ) (670 ) 27,325 Income taxes 4,664 79 — 4,743 Net income (loss) 32,313 (9,061 ) (670 ) 22,582 Less: net income (loss) attributable to noncontrolling interests (1,292 ) 49 (3,748 ) (4,991 ) Net income (loss) attributable to Baidu, Inc. 33,605 (9,110 ) 3,078 27,573 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2019. For the year ended December 31, 2019 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 79,711 28,994 (1,292 ) 107,413 Operating costs and expenses: Cost of revenues 34,019 30,348 (1,517 ) 62,850 Selling, general and administrative 14,733 5,237 (60 ) 19,910 Research and development 15,698 2,667 (19 ) 18,346 Total operating costs and expenses 64,450 38,252 (1,596 ) 101,106 Operating profit (loss) 15,261 (9,258 ) 304 6,307 Total other income (loss), net (5,680 ) (967 ) — (6,647 ) Income (loss) before income taxes 9,581 (10,225 ) 304 (340 ) Income taxes 1,896 52 — 1,948 Net income (loss) 7,685 (10,277 ) 304 (2,288 ) Less: net income (loss) attributable to noncontrolling interests 105 46 (4,496 ) (4,345 ) Net income (loss) attributable to Baidu, Inc. 7,580 (10,323 ) 4,800 2,057 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2020. For the year ended December 31, 2020 Baidu Core iQIYI Intersegment eliminations Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Total revenues 78,684 12,059 29,707 4,553 (1,317 ) (202 ) 107,074 16,410 Operating costs and expenses: Cost of revenues 28,368 4,348 27,884 4,273 (1,094 ) (167 ) 55,158 8,454 Selling, general and administrative 12,931 1,982 5,188 795 (56 ) (8 ) 18,063 2,769 Research and development 16,847 2,581 2,676 410 (10 ) (2 ) 19,513 2,989 Total operating costs and expenses 58,146 8,911 35,748 5,478 (1,160 ) (177 ) 92,734 14,212 Operating profit (loss) 20,538 3,148 (6,041 ) (925 ) (157 ) (25 ) 14,340 2,198 Total other income (loss), net 9,693 1,486 (943 ) (145 ) — — 8,750 1,341 Income (loss) before income taxes 30,231 4,634 (6,984 ) (1,070 ) (157 ) (25 ) 23,090 3,539 Income taxes 4,041 619 23 4 — — 4,064 623 Net income (loss) 26,190 4,015 (7,007 ) (1,074 ) (157 ) (25 ) 19,026 2,916 Less: net income (loss) attributable to noncontrolling interests (334 ) (50 ) 31 5 (3,143 ) (483 ) (3,446 ) (528 ) Net income (loss) attributable to Baidu, Inc. 26,524 4,065 (7,038 ) (1,079 ) 2,986 458 22,472 3,444 The following table presents the Company’s revenues disaggregated by segment and by types of products or services: For the years ended December 31, December 31, December 31, December 31, RMB RMB RMB US$ (In millions) Online marketing services 72,645 70,038 66,283 10,158 Cloud services ( N ote 1) 3,005 6,370 9,173 1,406 Interest income earned from provision of financial services 1,724 — — — Others N ote 1) 897 3,303 3,228 495 Baidu Core Subtotal 78,271 79,711 78,684 12,059 Membership services N ote 1) 10,623 14,436 16,491 2,527 Online advertising services ( Note 2 ) 9,329 8,271 6,822 1,046 Content distribution N ote 1) 2,163 2,544 2,660 408 Others N ote 1) 2,874 3,743 3,734 572 iQIYI Subtotal 24,989 28,994 29,707 4,553 Intersegment eliminations (983 ) (1,292 ) (1,317 ) (202 ) Total revenue 102,277 107,413 107,074 16,410 Note 1: The revenues were presented as “Others” in the consolidated statements of comprehensive income (loss) Note 2: The revenues were presented as “Online marketing revenue” in the consolidated statements of comprehensive income (loss) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 25. FAIR VALUE MEASUREMENTS ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follow s Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Include observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis In accordance with ASC 820, the Company measures equity investments with readily determinable fair value, investments accounted for at fair value, available-for-sale held-to-maturity available-for-sale available-for-sale The fair value of the Company’s notes payable are extracted directly from their quoted market prices. The fair value of the convertible senior notes are based on broker quotes. The Company carries the convertible senior notes at face value less unamortized debt discount and issuance costs on its consolidated balance sheets and presents the fair value for disclosure purposes only. Fair value measurement or disclosure at December 31, 2019 using Total fair Quoted prices Significant other inputs (Level 2) Significant unobservable RMB RMB RMB RMB (In millions) Fair value disclosure Cash equivalents: Time deposits 10,848 10,848 Money market funds 1,719 1,719 Short-term investments: Held-to-maturity 107,654 107,654 Long-term investments: Held-to-maturity 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 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 3,970 3,970 Other non-current 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, non-current: Financial liability 401 401 Total liabilities measured at fair value 526 401 125 Fair value measurement or disclosure at December 31, 2020 using Total fair value at December 31, 2020 Quoted prices in Significant other inputs (Level 2) Significant RMB US$ RMB RMB RMB (In millions) Fair value disclosure Cash equivalents: Time deposits 16,133 2,472 16,133 Money market funds 198 30 198 Short-term investments: Held-to-maturity 124,132 19,024 124,132 Convertible senior notes, current portion 4,967 761 4,967 Long-term investments: Held-to-maturity 9,754 1,495 9,754 Long-term notes payable 52,575 8,057 52,575 Convertible senior notes, non-current portion 12,078 1,851 12,078 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 2,865 439 2,865 Long-term investments: Equity investments at fair value with readily determinable fair value 12,978 1,989 12,978 Investments accounted for at fair value 2,238 343 2,238 Available-for-sale 2,607 400 2,607 Total assets measured at fair value 20,688 3,171 12,978 2,865 4,845 Accounts payable and accrued liabilities: Derivative instruments 40 6 40 Amounts due to related parties, current: Financial liability 327 50 327 Total liabilities measured at fair value 367 56 — 367 Reconciliations of assets categorized within Level 3 under the fair value hier a Investments accounted for at fair value: Amounts RMB (In millions) Balance at December 31, 2018 1,457 Additions 282 Disposals (128 ) Net unrealized fair value increase recognized in earnings 197 Foreign currency translation adjustments 11 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 Balance at December 31, 2020, in US$ 343 Available-for-sale Amounts RMB (In millions) Balance at December 31, 2018 1,167 Additions 2,785 Disposals (20 ) Net unrealized fair value increase recognized in other comprehensive income 91 Accrued interest 48 Impairment (81 ) Foreign currency translation adjustments (20 ) 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 Balance at December 31, 2020, in US$ 400 Assets measured at fair value on a non-recurring The Company measures certain non-financial 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 non-recurring non-recurring non-recurring COVID-19 Other non-financial non-financial The following table summarizes the Company’s financial assets held as of December 31, 2019 and 2020 for which a non-recurring Total Balance Quoted Prices (Level 1) Significant Significant Fair value adjustment Impairment RMB US$ RMB RMB RMB RMB US$ RMB US$ (In millions) Fair value measurements on a non-recurring As of December 31, 2019 Long-term investments 22,778 14,105 358 8,315 (230 ) (9,989 ) Intangible assets 76 — — 76 (406 ) As of December 31, 2020 Long-term investments (i) 14,205 2,177 367 — 13,838 3,725 571 (1,862 ) (285 ) Intangible assets (i) 62 10 — — 62 (350 ) (54 ) Mainland China film group—Licensed copyrights as of March 31, 2020 (ii) 7,186 1,101 — — 7,186 (390 ) (60 ) Mainland China film group—Produced contents as of March 31, 2020 (ii) 4,124 632 — — 4,124 (210 ) (32 ) Produced content monetized on its own (iii) 40 6 — — 40 (205 ) (31 ) (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 as of March 31, 2020 June 30, 2020 and December 31, 2020. 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 also recognized impairment loss on intangible assets as of March 31, 2020. (ii) The outbreak of COVID-19 (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 (US$31 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 year ended December 31, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. SUBSEQUENT EVENTS Acquisition of YY Live In November 2020, the Company entered into definitive agreements with JOYY Inc. (“JOYY”), subsequently amended in February 2021, to acquire JOYY’s domestic video-based entertainment live streaming business in China (“YY Live”) for total cash consideration of US$3.3 billion (equivalent to approximately RMB21,532 million), subject to certain adjustments, as well as contingent cash consideration of up to US$300 m The transaction will be accounted for as a business combination. The initial accounting for the business combination is incomplete as the Company is still in the process of measuring the fair value of the consideration transferred, identifiable intangible assets and other assets and liabilities to be recognized upon acquisition, including deferred tax liabilities. Based on information available at this time, the Company determined a preliminary purchase price allocation based on the following provisional amounts: total consideration transferred of RMB22.1 billion which is mainly allocated to intangible assets of RMB6.8 billion, deferred tax liabilities of RMB1.0 billion, and resulting provisional goodwill of RMB16.2 billion, respectively. iQIYI 2026 Notes and follow-on public offering of ADSs of iQIYI In connection with the issuance of the iQIYI 2026 Convertible Notes on December 21, 2020, an additional US$100 million of principal amount was issued on January 8, 2021 pursuant to the underwriters’ exercise of their option to purchase additional notes. The net proceeds received by iQIYI for this additional issuance was US$98 million (equivalent to RMB641 million). In connection with iQIYI’s follow-on offering on December 21, 2020, the underwriters had partially exercised their option to purchase additional ADSs of iQIYI. The net proceeds received by iQIYI for this issuance of additional Class A ordinary shares was US$78 million (equivalent to RMB510 million). Unsecured US$ floating rate term loan and revolving loan of the Company In February 2021, the Company entered into a non-binding term sheet for a term and revolving facility with a group of five mandated lead arrangers, bookrunners and underwriters, pursuant to which we plan to borrow an unsecured US$ denominated floating rate term loan of US$1.5 billion with a term of 5 years and to borrow an unsecured US$ denominated revolving loan of US$1.5 billion for 5 years. The facility is intended for our general working capital use. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements Adoption of ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) Credit Losses 2016-13 Adoption of ASU 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment Adoption of ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials 2019-02”), • The content distinction for capitalization of production costs of an episodic television series and production costs of films is removed; • Entities are required to test films and license agreements for program material for impairment at a film group level when the film or license agreements are predominantly monetized with other films and license agreements; • Entities shall assess estimates of the use of a film in a film group and account for such changes prospectively; • Cash outflows for the costs incurred to obtain rights for both produced and licensed content are required to be reported as operating cash outflows in the statement of cash flows. The Company adopted ASU 2019-02 2019-02. Cash paid for content, which includes both licensed copyrights and produced content, is RMB17.0 billion (US$2.6 billion) for the year ended December 31, 2020. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of the VIEs. All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs are eliminated upon consolidation. The Company included the results of operations of acquired businesses from the respective dates of acquisition. |
Foreign Currency | Foreign Currency The Company’s functional currency is the US$. The Company’s subsidiaries, VIEs and subsidiaries of the VIEs determine their functional currencies based on the criteria of ASC Topic 830, Foreign Currency Matters |
Segment Reporting | Segment Reporting As of December 31, 2019 and 2020, the Company had two The Company’s chief executive officer, who has been identified as the chief operating decision marker (“CODM”), reviews the operating results of Baidu Core and iQIYI, to allocate resources and assess the Segment Reporting. |
Business Combinations | Business Combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations In a business combination achieved in stages, the Company remeasures its previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. |
Cash and Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents Cash and cash equivalents primarily consist of cash, money market funds, investments in interest bearing demand deposit accounts, time deposits and highly liquid investments with original maturities of three months Restricted cash Restricted cash mainly represents escrow amount deposited for a business acquisition and cash pledged for short-term facilities. |
Accounts Receivable and contract asset, net of allowance | Accounts Receivable and Contract Assets, net Accounts receivable are recognized and carried at the original invoiced amount less an allowance for credit losses. The Company maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to accounts receivable and contract assets, and the estimated credit losses charged to the allowance is classified as “Selling, general and administrative” in the consolidated statements of comprehensive income (loss).The Company assesses collectability by reviewing accounts receivable and contract assets on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the accounts receivable balances and contract assets balances, credit quality of the Company’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company’s ability to collect from customers. |
Receivables from Online Payment Agencies, net of allowance | Receivables from Online Payment Agencies, net Receivables from online payment agencies are funds due from the third-party online payment service providers for clearing transactions. Funds were paid or deposited by customers or users through these online payment agencies for services provided by the Company. The Company considers and monitors the credit worthiness of the third-party payment service providers and recognizes credit losses based on ongoing credit evaluations. Receivable balances are written off when they are deemed uncollectible. The balances are included in “Other current assets, net” on the consolidated balance sheets. As of December 31, 2019 and 2020, no allowance for credit losses was provided for the receivables from online payment agencies. |
Investments | Investments Short-term All highly liquid investments with original maturities less than twelve months are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months The Company accounts for short-term debt investments in accordance with ASC Topic 320, Investments—Debt Securitie . held-to-maturity, available-for-sale, Securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities, in accordance with ASC 320. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity available-for-sale The allowance for credit losses of the held-to-maturity debt securities reflects the Company’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Others, net” in the consolidated statements of comprehensive income (loss). Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. As of December 31, 2019 and 2020, the allowance for credit losses provided for the held-to-maturity debt securities held by the Company was insignificant. Long-term investments The Company’s long-term investments consist of equity investments with readily determinable fair value, equity method investments, equity investments without readily determinable fair value, other investments accounted for at fair value, held-to-maturity debt investments and available-for-sale debt investments. The Company adopted ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities Investments—Equity Securities available-for-sale Fair Value Measurements and Disclosures For equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. For equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment considering impairment indicators to evaluate whether investments are impaired at each reporting date. Impairment indicators considered include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, including factors that raise significant concerns about the investee’s ability to continue as a going concern, a significant adverse change in the regulatory, economic, or technologic environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures consolidated subsidiary. The Company subsequently adjusts the carrying amount of its investment to recognize one-quarter The Company evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial performance and near-term prospect of the investee, and the Company’s intent and ability to retain the investment until the recovery of its cost. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary and is allocated to the individual net assets underlying equity method investments in the following order: 1) reduce any equity method goodwill to zero; 2) reduce the individual basis differences related to the investee’s long-lived assets pro rata based on their amounts relative to the overall basis difference at the impairment date; and 3) reduce the individual basis difference of the investee’s remaining assets in a systematic and rational manner. In accordance with ASC Subtopic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities , re-measured Available-for-sale debt investments are convertible debt instruments issued by private companies and investment in preferred shares that is redeemable at the Company’s option, which are measured at fair value. Interest income is recognized in earnings. All other changes in the carrying amount of these debt investments are recognized in other comprehensive income (loss). |
Fair Value Measurements of Financial Instruments | Fair Value Measurements of Financial Instruments Financial instruments are in the form of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from and due to related parties, other receivables, long-term investments, short-term loans, accounts payable and accrued liabilities, customer advances and deposits, derivative instruments, notes payable, convertible senior notes and long-term loans. Except for the current portion of long-term loans and notes payables, the carrying values of the aforementioned financial instruments included in current assets and liabilities approximate their respective fair values because of their general short maturities. The carrying amounts of long-term loans approximate fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of long-term investments, notes payable and convertible senior notes that are not reported at fair value are disclosed in Note 25. |
Fixed Assets | Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the shorter of the estimated useful lives of the assets or the term of the related lease, as follows: Office building – 43 45 Office building related facility, machinery and equipment – 15 Computer equipment – 3 5 Office equipment – 3 5 Vehicles – 5 Leasehold improvements – over the shorter of lease terms or estimated useful lives of the assets Fixed assets have no estimated residual value except for the office building and its related facility, machinery and equipment, which have an estimated residual value of 4% of the cost. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful life of fixed assets are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in earnings. All direct and indirect costs that are related to the construction of fixed assets and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific fixed assets items and depreciation of these assets commences when they are ready for their intended use. Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for the assets have not been made. Capitalization of interest costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are being incurred. Interest costs are capitalized until the assets are ready for their intended use. Interest costs capitalized for the years ended December 31, 2018, 2019 and 2020 were insignificant. |
Licensed Copyrights, net | Licensed Copyrights, net Licensed copyrights consist of professionally-produced content such as films, television series, variety shows and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability is recorded when the cost of the content is known, the content is accepted by the Company in accordance with the conditions of the license agreement and the content is available for its first showing on the Company’s websites. Licensed copyrights are presented on the consolidated balance sheets as current and non-current The Company’s licensed copyrights include the right to broadcast and, in some instances, the right to sublicense. The broadcasting right, refers to the right to broadcast the content on its own websites and the sublicensing right, refers to the right to sublicense the underlying content to external parties. When licensed copyrights include both broadcasting and sublicensing rights, the content costs are allocated to these two rights upon initial recognition, based on the relative proportion of the estimated total revenues that will be generated by each right over its estimated useful lives. For the right to broadcast the contents on its own websites that generates online advertising and membership services revenues, based on factors including historical and estimated future viewership patterns, the content |
Produced Content, net | Produced Content, net The Company produces original content in-house non-current Based on factors including historical and estimated future viewership consumption patterns, the Company amortizes film costs for produced content that is predominantly monetized in a film group. For produced content that is monetized on its own, the Company considers historical and estimated usage patterns to determine the pattern of amortization for film costs. Based on the estimated patterns, the Company amortizes produced content using an accelerated method over its estimated useful lives within ten years, beginning with the month of first availability and such costs are included in “Cost of revenues” in the consolidated statement of comprehensive income (loss). |
Change in accounting estimates of licensed copyrights and produced content | Change in accounting estimates of licensed copyrights and produced content In 2020, the Company revised its estimation of the estimated future viewership consumption patterns and extended the estimated useful lives of its licensed copyrights and produced content to better reflect the usage of these content assets. As a result of these revisions, amortization expense decreased by RMB680 million (US$104 million) and net loss decreased by RMB680 million (US$104 million) for the year ended December 31, 2020, respectively. The impact to basic and diluted EPS for the year ended December 31, 2020 was insignificant . |
Impairment of licensed copyrights and produced contents | Impairment of licensed copyrights and produced content The Company’s business model is mainly subscription and advertising based, as such the majority of the Company’s content assets (licensed copyrights and produced content) are predominantly monetized with other content assets, whereas a smaller portion of the Company’s content assets are predominantly monetized at a specific title level such as variety shows and investments in a proportionate share of certain rights to films including profit sharing, distribution and/or other rights. Because the identifiable cash flows related to content launched on the Company’s Mainland China platform are largely independent of the cash flows of other content launched on the Company’s overseas platform, the Company has identified two separate film groups. The Company reviews its film groups and individual content for impairment when there are events or changes in circumstances that indicate the fair value of a film group or individual content may be less than its unamortized costs. Examples of such events or changes in circumstances include, a significant adverse change in technological, regulatory, legal, economic, or social factors that could affect the fair value of the film group or the public’s perception of a film or the availability of a film for future showings, a significant decrease in the number of subscribers or forecasted subscribers, or the loss of a major distributor, a change in the predominant monetization strategy of a film that is currently monetized on its own, actual costs substantially in excess of budgeted costs, substantial delays in completion or release schedules, or actual performance subsequent to release failing to meet expectations set before release such as a significant decrease in the amount of ultimate revenue expected to be recognized. When such events or changes in circumstances are identified, the Company assesses whether the fair value of an individual content (or film group) is less than its unamortized film costs, determines the fair value of an individual content (or film group) and recognizes an impairment charge for the amount by which the unamortized capitalized costs exceed the individual content’s (or film group’s) fair value. The Company mainly uses a discounted cash flow approach to determine the fair value of an individual content or film group, for which the most significant inputs include the forecasted future revenues, costs and operating expenses attributable to an individual content or the film group and the discount rate. An impairment loss attributable to a film group is allocated to individual licensed copyrights and produced content within the film group on a pro rata basis using the relative carrying values of those assets as the Company cannot estimate the fair value of individual contents in the film group without undue cost and effort. |
Impact of COVID-19 | Impact of COVID-19 During the year ended December 31, 2020, the Company’s operations has been affected by the COVID-19 COVID-19. COVID-19 There are still uncertainties of COVID-19’s COVID-19, |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Company assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill 350-20”), 350-20. two The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not The Company performed qualitative assessments for the reporting unit of Baidu Core in 2019 and 2020. Based on the requirements of ASC 350-20, more-likely-than-not The Company elected to choose to bypass the qualitative assessment and proceed directly to perform quantitative test for the reporting unit of iQIYI. Subsequent to iQIYI’s IPO, the Company primarily considered the quoted market price of iQIYI’s share to determine the fair value of the reporting unit. As of December 31, 2019 and 2020, the fair value of iQIYI exceeded its carrying amount, therefore, goodwill related to the iQIYI reporting unit was not impaired and the Company was not required to perform further testing. On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. Intangible assets have weighted average useful lives from the date of purchase as follows: Trademarks – 10 Technology – 7 Intellectual property right – 7 Online literature – 8 Others – 8 Intangible assets with indefinite useful life are not amortized and are tested for impairment annually or more frequently, if events or changes in circumstances indicate that they might be impaired in accordance with ASC Subtopic 350-30, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill 350-30”). Upon the initial application of ASU No. 2016-02, Leases (Topic 842) Leases ( ) right-of-use |
Impairment of Long-Lived Assets Other Than Goodwill | Impairment of Long-Lived Assets Other Than Goodwill The Company evaluates long-lived assets, such as fixed assets and purchased or internally developed intangible assets with finite lives other than licensed copyrights and produced contents, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment |
Leases | Leases The Company adopted ASC 842 from January 1, 2019 by using the modified retrospective method and did not restate the figures presented for the 2018 comparative year. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company also elected the practical expedient not to separate lease and non-lease The Company determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Company recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. For finance leases, assets are included in “Other non-current assets” on the consolidated balance sheets. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic en v . |
Revenue Recognition | Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), Revenue from Contracts with Customers Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Revenue is recorded net of valued added taxes (“VAT”). The Company’s revenue recognition policies effective on the adoption date of ASC 606 are as follows: Performance-based online marketing services Cost-per-click The Company’s auction-based P4P platform enables customers to bid for priority placement of paid sponsored links and reach users who search for information related to their products or services. P4P online marketing customers can choose from search-based and feed-based online marketing services, and select criteria for their inventory purchase, such as daily spending limit and user profile targeted, including, but not limited to, users from specific regions in China and users online during specific time period. Revenue is recognized when all of the revenue recognition criteria are met, which is generally when a user clicks on one of the customer-sponsored links or feed-based marketing. Other performance-based online marketing services To the extent the Company provides online marketing services based on performance criteria other than cost-per-click, pre-determined Online display advertising services The Company provides online display advertising services to its customers by integrating text description, image and/or video, and displaying the advertisement in the search result, in Baidu Feed or on other properties. The Company recognizes revenue on a pro-rata For advertisements to be displayed in different spots, placed under different forms and displayed at different times, the Company would evaluate all of the performance obligations in the arrangement to determine whether each performance obligation is distinct. Consideration is allocated to each performance obligation based on its standalone selling price at contract inception. The Company generally determines standalone selling prices based on the prices charged to customers on a standalone basis or estimates it using an expected cost plus margin approach. If a promised good or service does not meet the criteria to be considered distinct, it is combined with other promised goods or services until a distinct bundle of goods or services exists. Baidu Union online marketing services Baidu Union is a program through which the Company expands distribution of its customers’ sponsored links or advertisements by leveraging the traffic of Baidu Union partners’ online properties. The Company acquires traffic from Baidu Union partners and is responsible for service fulfillment, pricing and bearing inventory risks. The services which the Company provided to customers through Baidu Union partners’ online properties include CPC, other performance-based online marketing services and online display advertising services. These services are provided in the same way to our customers as those through Baidu’s own platforms or properties. As principal, the Company recognizes revenue from Baidu Union on a gross basis. Payments made to Baidu Union partners are recorded as traffic acquisition costs, which are included in “Cost of revenues” in the consolidated statements of comprehensive income (loss). Online marketing services customers are required to pay a deposit before using the Company’s services. Once their account balance falls below a designated amount, they will receive an automated notice from the Company to replenish their accounts. Customer deposit is deducted and the revenue is recognized when a user clicks on the customer’s link in the search result, when other performance criteria other than CPC have been satisfied, or when online display advertising services have been provided. The Company offers payment terms to certain customers based on their credit history with the Company and other credit factors. The Company may also offer payment terms to certain agencies, as is common in the industry. Collection Certain customers of online marketing services are required to pay a deposit before using the Company’s services and are sent automated reminders to replenish their accounts when the balance falls below a designated amount. The deposits received are recorded as “Customer deposits and deferred revenue” on the consolidated balance sheets. The amounts due to the Company are deducted from the deposited amounts when users click on the paid sponsored links in the search results or other performance criteria have been satisfied. In addition, the Company offers payment terms to some customers based on their historical marketing placements and credibility. The Company also offers longer payment terms to certain online payment agencies, consistent with industry practice. Payment terms and conditions vary by customer and are based on the billing schedule established in the Company’s contracts or purchase orders with customers, but the Company generally provides credit terms to customers within one year; therefore, the Company has determined that its contracts do not include a significant financing component. Sales incentives The Company provides sales incentives to third-party agents that entitle them to receive price reductions on the online marketing services by meeting certain cumulative consumption requirements. The Company accounts for these incentives granted to customers as variable consideration and net them against revenue. The amount of variable consideration is measured based on the most likely amount of incentives to be provided to customers. Membership services The Company offers membership services to subscribing members with various privileges, which primarily include access to exclusive and ad-free streaming of premium content 1080P/4K high-definition video, Dolby Audio, and accelerated downloads and others, or personal cloud services, in exchange for non-refundable Content distribution The Company generates revenues from sub-licensing sub-license non-exclusive sub-license sub-licensee sub-licensing sub-license sub-licensing sub-licensee sub-license sub-licensing The Company also enters into nonmonetary transactions to exchange online broadcasting rights of licensed copyrights with other online video broadcasting companies from time to time. The exchanged licensed copyrights provide rights for each party to broadcast the licensed copyrights received on its own website only. Each transferring party retains the right to continue broadcasting the exclusive content on its own website and/or sublicense the rights to the content it surrendered in the exchange. The Company accounts for these nonmonetary exchanges based on the fair value of the asset received. Barter sublicensing revenues are recognized in accordance with the same revenue recognition criteria above. The Company estimates the fair value of the licensed copyrights received using a market approach based on various factors, including the purchase price of similar non-exclusive and/or exclusive contents, broadcasting schedule, cast and crew, theme, popularity, and box office. The transaction price of nonmonetary exchange is calculated on the individual content asset basis. For a significant nonmonetary exchange, the Company further reviews the fair value by analyzing against the cost of the licensed copyrights bartered out and/or engages a third-party valuation firm to assess the reasonableness of its fair value. The attributable cost of sublicensing transactions, whether for cash or through nonmonetary exchanges, is recognized as cost of revenues through the amortization of the sublicensing right component of the exclusive licensed copyright. The Company recognized barter sublicensing revenues of RMB1.1 billion, RMB683 million and RMB1.4 billion (US$211 million) and related costs of RMB1.0 billion, RMB570 million and RMB1.1 billion (US$161 million) for the years ended December 31, 2018, 2019 and 2020, respectively. Cloud services The Company provides public cloud services, which include computing database, storage and other services to enterprise and personal customers and allow customers to use hosted software over the contract period without taking possession of the software, generally on either a subscription or consumption basis. The Company also provides proprietary cloud services and solutions, which mainly include hardware, software licensing and software installation service. Revenue related to cloud services provided on a subscription basis is recognized ratably over the contract period. Revenue related to cloud services provided on a consumption basis, such as the amount of storage used in a period, is recognized based on the customer utilization of such resources. Cloud service revenue is recognized over time if one of the following three criteria is met: (i) the customer simultaneously receives and consumes the benefits as the Company performs; (ii) the Company’s performance creates or enhances an asset that the customer controls as the asset is created: (iii) the asset delivered has no alternative use and the Company has an enforceable right to payment for performance completed to date. Otherwise, revenue is recognized at a point in time upon customer acceptance of the cloud services. Sales of hardware The Company sells hardware products via third party agents or directly to end customers. Revenue from the sales of hardware is recognized when control of the goods is transferred to customers, which generally occurs when the products are delivered and accepted by the customers. Revenue is recorded net of sales incentives and return allowance. |
Cost of Revenues | Cost of Revenues Cost of revenues consists primarily of traffic acquisition costs, bandwidth costs, depreciation, content costs, payroll, cost of hardware sold and related costs of operations. Traffic acquisition costs represent the amounts paid or payable to Baidu Union partners who direct search queries to the Company’s websites or distribute the Company’s customers’ paid links through their properties. These payments are primarily based on revenue sharing arrangements under which the Company pays its Baidu Union partners and other business partners a percentage of the fees it earns from its online marketing customers. |
Advertising and Promotional Expenses | Advertising and Promotional Expenses Advertising and promotional expenses, including advertisements through various forms of media and kinds of marketing and promotional activities, are included in “Selling, general and administrative expense” in the consolidated statements of comprehensive income (loss) and are expensed when incurred. Advertising and promotional expenses for the years ended December 31, 2018, 2019 and 2020 were RMB billion, RMB billion and RMB billion (US$ billion), respectively. |
Research and development expenses | Research and development expenses Research and development expenses consist primarily of personnel-related costs. The Company expenses research and development costs as they are incurred, except for (i) costs to develop internal-use software or add significant upgrades and enhancements resulting in additional functionality to internal-use software that meet the capitalization criteria in accordance with ASC Subtopic 350-40, Intangibles-Goodwill and Other, Internal-Use Software customers, which are capitalized once technology feasibility is established, which Costs of Software to be Sold, Leased or Marketed |
Government Subsidies | Government Subsidies Government subsidies primarily consist of financial subsidies received from provincial non-operating non-operating s |
Income Taxes | Income Taxes The Company recognizes income taxes under the liability method. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted tax rates in effect for the years in which the differences are expected to reverse. The Company records a valuation allowance against the amount of deferred tax assets that it determines is not more-likely-than-not Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The Company applies the provisions of ASC Topic 740, Income Taxes |
Share-based Compensation | Share-based Compensation The Company accounts for share-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation . Forfeitures are estimated based on historical experience and are periodically reviewed. Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modified awards”). The compensation costs associated with the modified awards are recognized if either the original vesting condition or the new vesting condition is achieved. Total recognized c The Company adopted ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting to simplify the accounting for share-based payments to nonemployees |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC Topic 260, Earnings Per Share Diluted earnings per share is computed using the weighted average number of ordinary shares and, if dilutive, potential ordinary shares outstanding during the period. Potentially dilutive securities such as stock options, restricted shares and convertible senior notes have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of stock options, restricted shares subject to forfeiture, and contracts that may be settled in the Company’s stock or cash. The dilutive effect of outstanding stock options and restricted shares is reflected in diluted earnings per share by application of the treasury stock method. The computation of the diluted earnings per Class A ordinary share assumes the conversion of Class B ordinary shares to Class A ordinary shares, while diluted earnings per Class B ordinary share does not assume the conversion of such shares. The Company adjusts for the securities issued by subsidiaries and equity method investees in the calculation of income available to ordinary shareholders of the Company used in the diluted earnings per share calculation. The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights. As a result, and in accordance with ASC 260, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted earnings per Class A ordinary share, the undistributed earnings are equal to net income for that computation. For the purposes of calculating the Company’s basic and diluted earnings per Class A and Class B ordinary shares, the ordinary shares relating to the options that were exercised are assumed to have been outstanding from the date of exercise of such options. |
Contingencies | Contingencies The Company records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Company discloses the amount of the accrual if it is material. When a loss contingency is not both probable and estimable, the Company does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Company discloses an estimate of the loss or range of loss, unless it is immaterial or an estimate cannot be made. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. |
Concentration of Risks | Concentration of Risks Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, debt investments, accounts receivable, contract assets, receivables from online payment agencies and amounts due from related parties. As of December 31, 2020, the Company has RMB172.7 billion (US$26.5 billion) in cash and cash equivalents, restricted cash, and debt investments, 90% and 10% of which are held by financial institutions in the PRC and international financial institutions outside of the PRC, respectively. The Company’s total cash and cash equivalents, restricted cash, and debt investments held at four financial institutions in the PRC exceeded 10%, representing 30%, 21%, 16% and 11% of the Company’s total cash and cash equivalents, restricted cash, and debt investments as of December 31, 2020, respectively. and these losses have generally been within its expectations. As of December 31, 2019 and 2020, the Company had no No Amounts due from related parties are typically unsecured. In evaluating the collectability of the amounts due from related parties, the Company considers many factors, including the related parties’ repayment history and their credit-worthiness. The Company maintains reserves for estimated credit losses and these losses have generally been within its expectations Business and economic risks The Company participates in the dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations and cash flows: changes in the overall demand for services and products; changes in business offerings; competitive pressures due to existing and new entrants; advances and new trends in new technologies and industry standards; changes in bandwidth suppliers; changes in certain strategic relationships or customer relationships; regulatory considerations; copyright regulations; brand maintenance and enhancement; risks associated with the Company’s ability to attract and retain employees necessary to support its growth and risks related to outbreaks of epidemics, such as COVID-19. The Company’s operations could be adversely affected by significant political, economic and social uncertainties, epidemic and trade war disruptions in the PRC. Currency convertibility risk Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Foreign exchange transactions, including foreign currency payments, require the approval of the People’s Bank of China and/or regulatory institutions. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the USD and the RMB, respectively. The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, restricted cash, short-term investments, long-term investments, accounts and notes payable and convertible senior notes denominated in the USD. On June 19, 2010, the People’s Bank of China announced the end of the RMB’s de facto peg to the USD, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB’s exchange rate flexibility. On March 15, 2014, the People’s Bank of China announced the widening of the daily trading band for RMB against USD. The depreciation of the USD against the RMB was approximately 6.27% in 2020. Most of the revenues and costs of the Company are denominated in RMB, while a portion of cash and cash equivalents, restricted cash, short-term investments, long-term investments, notes payable and convertible senior notes are denominated in the USD. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future. Any significant fluctuation of the valuation of RMB may materially affect the Company’s cash flows, revenues, earnings and financial position, and the value of, and any dividends payable on, the ADS in USD. |
Derivative Instruments | D e ASC Topic 815, Derivatives and Hedging |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force) I n No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which focuses on amending the legacy guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments by reducing the number of accounting models that require separate accounting for embedded conversion features. ASU 2020-06 also simplifies the settlement assessment that entities are required to perform to determine whether a contract qualifies for equity classification. Further, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance, i.e., aligning the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares, adding information about events or conditions that occur during the reporting period that cause conversion contingencies to be met or conversion terms to be significantly changed. This update will be effective for the Company’s fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Entities can elect to adopt the new guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently in the process of evaluating the impact of adopting ASU 2020-06 on its consolidated financial statements and related disclosure. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Balances and Amounts of VIEs and Subsidiaries Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Subsidiaries within Group | The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries were included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Assets Cash and cash equivalents 2,313 2,348 360 Short-term investments, net 1,892 6,930 1,062 Accounts receivable, net 5,023 6,614 1,014 Others 5,750 8,097 1,241 Total current assets 14,978 23,989 3,677 Fixed assets, net 3,839 4,978 763 Intangible assets, net 1,404 1,499 230 Licensed copyrights, net 1,641 993 152 Produced content, net 4,355 6,130 939 Long-term investments, net 21,825 20,707 3,173 Operating lease right-of-use 6,525 6,460 990 Others 7,970 7,717 1,183 Total non-current 47,559 48,484 7,430 Total 62,537 72,473 11,107 Liabilities Accounts payable and accrued liabilities 15,774 15,420 2,363 Customer deposits and deferred revenue 4,841 6,047 927 Operating lease liabilities 2,110 2,068 317 Others 1,967 1,516 232 Total current third-party liabilities 24,692 25,051 3,839 Operating lease liabilities 4,227 4,376 671 Others 2,068 1,143 175 Total non-current 6,295 5,519 846 Amounts due to the Company and its non-VIE 17,121 19,592 3,003 Total 48,108 50,162 7,688 For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 33,992 51,988 52,666 8,071 Net (loss) income (6,834 ) (2,950 ) 2,091 320 Net cash provided by operating activities 2,396 1,649 4,616 707 Net cash used in investing activities (16,674 ) (4,829 ) (8,382 ) (1,285 ) Net cash provided by financing activities 11,916 3,604 3,859 591 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Estimated Useful lives of Fixed Assets | Fixed assets are stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the shorter of the estimated useful lives of the assets or the term of the related lease, as follows: Office building – 43 45 Office building related facility, machinery and equipment – 15 Computer equipment – 3 5 Office equipment – 3 5 Vehicles – 5 Leasehold improvements – over the shorter of lease terms or estimated useful lives of the assets |
Intangible Assets, Weighted Average Economic Lives from Date of Purchase | Intangible assets have weighted average useful lives from the date of purchase as follows: Trademarks – 10 Technology – 7 Intellectual property right – 7 Online literature – 8 Others – 8 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Summary of Estimated Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interest | Results of the acquired entities’ operations have been included in the Company’s consolidated financial statements since the acquisition dates. RMB (In millions) Purchase consideration 2,378 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 1,545 Intangible assets, net 1,424 Deferred tax liabilities (292 ) Pre-existing equity interests (1,651 ) Noncontrolling interests (1,312 ) Redeemable non-controlling interests (Note 19) (698 ) Goodwill 3,362 2,378 |
Schedule of Business Acquisitions, by Acquisition | RMB (In millions) Purchase consideration 1,168 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 229 Intangible assets, net 543 Deferred tax liabilities (134 ) Noncontrolling interests (266 ) Redeemable non-controlling (182 ) Goodwill 978 1,168 |
Business combinations in 2020 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | Results of the acquired entities’ operations have been included in the Company’s consolidated financial statements since the acquisition date. RMB US$ (In millions) Purchase consideration 3,499 536 Net assets acquired, excluding intangible assets and the related deferred tax liabilities 1,515 231 Intangible assets, net 1,116 171 Deferred tax liabilities (229 ) (35 ) Pre-existing (2,103 ) (322 ) Noncontrolling interests (798 ) (122 ) Goodwill 3,998 613 3,499 536 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments at Amortized Cost and Fair Value | Short-term investments classification as of December 31, 2019 and 2020 were shown as below: As of December 31, 2019 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB (In millions) Held-to-maturity 107,287 367 — — — 107,654 Available-for-sale 5,440 — — 197 — 5,637 As of December 31, 2020 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Held-to-maturity 123,537 595 — — — 124,132 19,024 Available-for-sale 2,862 — — 3 — 2,865 439 |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | Total unrealized and realized gains and losses of equity securities without readily determinable fair values in 2018, 2019 and 2020 were as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Gross unrealized gains 7,119 1,447 4,396 674 Gross unrealized losses (including impairment) (i) (2,867 ) (1,641 ) (2,679 ) (411 ) Net unrealized gains (losses) on equity securities held 4,252 (194 ) 1,717 263 Net realized gains on equity securities sold 124 211 266 41 Total net gains recognized 4,376 17 1,983 304 (i) Gross unrealized losses (downward adjustments excluding impairment) were RMB 2.4 863 378 58 |
Equity Method Investments | The following tables set forth the summarized financial information of Trip: As of September 30, (i) 2019 (ii) 2020 2020 RMB RMB US$ (In millions) Current assets 75,578 65,782 10,082 Non-current 127,505 132,417 20,294 Current liabilities 74,118 61,360 9,404 Non-current 25,134 36,558 5,603 Noncontrolling interests 2,047 1,566 240 For the twelve months ended September 30, (i) 2018 (ii) 2019 (ii) 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 29,944 34,958 21,704 3,326 Gross profit 24,019 27,627 16,838 2,581 Income (loss) from operations 3,302 4,271 (827 ) (127 ) Net income (loss) 2,807 3,764 (2,236 ) (343 ) Net income (loss) attributable to the investees 2,806 3,813 (2,243 ) (344 ) (i) The Company adopted a one-quarter (ii) Trip adopted ASC 606, on a fully retrospective basis, and ASC 321 (collectively “new standards”) from January 1, 2018. The impact of the new standards on the Company’s financial statements was immaterial, and prior period financial information of Trip was not restated. |
Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments | The following table summarizes the estimated fair value of available-for-sale As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Due in 1 year 505 — — Due in 1 year through 5 years 10 1,587 244 Due in 5 years through 10 years 1,486 — — Not due at a single maturity date 1,969 1,020 156 Total 3,970 2,607 400 |
Summary Of Estimated Fair Value of Long-Term Held-To-Maturity Investments | The following table summarizes amortized cost of long-term held-to-maturity investments with stated contractual dates, classified by the contractual maturity date of the investments: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Due in 1 year — — — Due in 1 year through 2 years 496 9,690 1,485 Due in 2 years through 3 years — 50 8 Total 496 9,740 1,493 |
Long Term Investments | |
Schedule of Investments at Amortized Cost and Fair Value | Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2019 and 2020 are shown as below: As of December 31, 2019 Cost or Gross unrecognized Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB (In millions) Equity investments at fair value with readily determinable fair value 11,769 — — 2,195 (2,630 ) 11,334 Available-for-sale 3,913 — — 138 (81 ) 3,970 Investments accounted for at fair value 1,309 — — 597 (87 ) 1,819 As of December 31, 2020 Cost or Gross unrecognized Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 8,419 — — 7,342 (2,783 ) 12,978 1,989 Available-for-sale 2,804 — — 166 (363 ) 2,607 400 Investments accounted for at fair value 1,580 — — 885 (227 ) 2,238 343 |
Summary Of Estimated Fair Value of Long-Term Held-To-Maturity Investments | Long-term held-to-maturity investments classification as of December 31, 2019 and 2020 were shown as below: As of December 31, 2019 Cost or Gross unrecognized Gross Gross Gross Fair RMB RMB RMB RMB RMB RMB (In millions) Long-term held-to-maturity investments 496 — (5 ) — — 491 As of December 31, 2020 Cost or Gross unrecognized Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Long-term held-to-maturity investments 9,740 14 — — — 9,754 1,495 |
Summary of Break Down of Long Term Investments | The following table sets forth a breakdown of the categories of long-term investments held by the Company as of the dates indicated: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 11,334 12,978 1,989 Available-for-sale debt investment 3,970 2,607 400 Equity investments without readily determinable fair value 24,686 24,603 3,770 Equity method investments 27,105 24,067 3,688 Investments accounted for at fair value 1,819 2,238 343 Long-term held-to-maturity investments 496 9,740 1,493 Total long-term investments 69,410 76,233 11,683 |
Other Equity Method Investees Excluding Ctrip Com Member [Member] | |
Equity Method Investments | Financial information for the Company’s equity method investments other than Trip are summarized as a group as follow: As of September 30, 2019 2020 2020 RMB RMB US$ (In millions) Current assets 86,713 96,713 14,822 Non-current 18,980 15,094 2,313 Current liabilities 65,450 73,842 11,317 Non-current 8,677 5,545 850 Noncontrolling interests 1,498 1,577 242 For the twelve (i) 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Total revenues 4,633 12,598 13,981 2,143 Gross profit 916 6,247 5,083 779 Loss from operations (418 ) (680 ) (1,282 ) (196 ) Net loss (372 ) (638 ) (832 ) (128 ) Net loss attributable to the investees (352 ) (933 ) (891 ) (137 ) (i) The Company adopted a one-quarter |
Equity Method Investments | |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | The total carrying value of equity investments without readily determinable fair value held as of December 31, 2019 and 2020 were as follows: As of December 31, As of December 31, As of December 31, RMB RMB US$ (In millions) Initial cost basis 21,211 19,725 3,023 Cumulative unrealized gains 5,636 8,113 1,243 Cumulative unrealized losses (including impairment) (2,161 ) (3,235 ) (496 ) Total carrying value 24,686 24,603 3,770 |
Licensed Copyrights, Net (Table
Licensed Copyrights, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Licensed Copyrights [Abstract] | |
Summary of Licensed Copyrights | As of December 31, 2019 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB (In millions) Licensed copyrights —Broadcasting rights 32,038 (24,501 ) (25 ) 7,512 —Sublicensing rights 4,633 (4,633 ) — — 36,671 (29,134 ) (25 ) 7,512 Less: current portion: —Broadcasting rights 11,751 (10,501 ) (25 ) 1,225 —Sublicensing rights 4,633 (4,633 ) — — 16,384 (15,134 ) (25 ) 1,225 Licensed copyrights—non-current —Broadcasting rights 20,287 (14,000 ) — 6,287 —Sublicensing rights — — — — 20,287 (14,000 ) — 6,287 As of December 31, 2020 Gross carrying value Accumulated amortization Impairment amount Net carrying value RMB RMB RMB RMB US$ (In millions) Licensed copyrights —Broadcasting rights 37,511 (29,688 ) (353 ) 7,470 1,145 —Sublicensing rights 5,963 (5,963 ) — — — 43,474 (35,651 ) (353 ) 7,470 1,145 Less: current portion: —Broadcasting rights 8,661 (7,592 ) (34 ) 1,035 159 —Sublicensing rights 5,963 (5,963 ) — — — 14,624 (13,555 ) (34 ) 1,035 159 Licensed copyrights—non-current —Broadcasting rights 28,850 (22,096 ) (319 ) 6,435 986 —Sublicensing rights — — — — — 28,850 (22,096 ) (319 ) 6,435 986 |
Summary of Estimated Future Amortisation Expenses For Licensed Copyrights | Estimated amortization expense relating to the existing licensed copyrights for each of the next three years is as follow: RMB US$ (In millions) Within 1 year 3,681 564 Between 1 and 2 years 1,351 207 Between 2 and 3 years 804 123 |
Produced Content, Net (Tables)
Produced Content, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Produced Content Net [Abstract] | |
Components of Produced Content, Net | As of December 31, 2019 RMB (In millions) Released, less amortization 892 In production 3,075 In development 388 4,355 As of December 31, 2020 2020 RMB US$ (In millions) Released, less amortization and impairment —Predominantly monetized with other content assets 1,857 285 —Predominantly monetized on its own 78 12 1,935 297 In production, less impairment —Predominantly monetized with other content assets 3,742 573 — 82 13 3,824 586 In development, less impairment —Predominantly monetized with other content assets 666 102 —Predominantly monetize d 131 20 797 122 Total 6,556 1,005 |
Summary of estimated amortization expense relating to the existing produced content | Estimated amortization expense relating to the existing produced content for each of the next three years is as follows: RMB US$ (In millions) Due in 1 year 827 127 Between 1 and 2 years 296 45 Between 2 and 3 years 197 30 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Accounts receivable 8,344 9,988 1,530 Allowance for credit losses (928 ) (1,320 ) (202 ) 7,416 8,668 1,328 |
Movements in Allowance for Credit Losses | The movements in the allowance for credit losses were as follows: 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Balance as of January 1 316 599 928 142 Adoption of ASU 2016-13 — — 119 18 Amounts charged to expenses 299 331 455 70 Amounts written off (16 ) (2 ) (182 ) (28 ) Balance as of December 31 599 928 1,320 202 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Prepaid expenses 955 1,109 170 Advances to suppliers 964 1,053 161 Receivables from online payment agencies 585 440 67 Deposits 787 437 67 Prepaid licensed copyrights 1,225 1,035 159 Contract assets, net (i) 1,876 1,755 269 VAT prepayments 1,605 1,768 271 Income tax prepayments 499 130 20 Others 693 3,279 503 Total other current assets 9,189 11,006 1,687 Long-term prepaid expenses 4,176 3,084 473 Others 276 364 54 Total other non-current 4,452 3,448 527 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Computer equipment 29,592 33,150 5,080 Office building 4,628 4,697 720 Office building related facility, machinery and equipment 2,317 2,442 374 Vehicles 203 204 31 Office equipment 944 971 149 Leasehold improvements 391 386 59 Construction in progress 313 454 70 38,388 42,304 6,483 Accumulated depreciation and impairment (20,077 ) (24,796 ) (3,800 ) 18,311 17,508 2,683 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for each reporting unit from 2019 to 2020 was as follows: Baidu Core iQIYI Total RMB RMB RMB (In millions) Balance at December 31, 2018 14,648 3,888 18,536 Goodwill acquired (Note 3) 978 — 978 Goodwill disposed (i) (1,265 ) — (1,265 ) Foreign currency translation and other adjustments 1 — 1 Balance at December 31, 2019 14,362 3,888 18,250 Goodwill acquired (Note 3) 3,998 — 3,998 Balance at December 31, 2020 18,360 3,888 22,248 Balance at December 31, 2020, in US$ 2,814 596 3,410 (i) Disposition during the year ended December 31, 2019 was primarily related to the deconsolidation |
Intangible Assets | Intangible Assets As of December 31, 2019 Gross carrying Accumulated Accumulated Net carrying RMB RMB RMB RMB (In millions) Trademarks 658 (2 ) (182 ) 474 Technology 456 (52 ) (188 ) 216 Intellectual property right 1548 (355 ) (594 ) 599 Online literature 163 — (40 ) 123 Others 805 (19 ) (598 ) 188 3,630 (428 ) (1,602 ) 1,600 As of December 31, 2020 Gross carrying Accumulated Accumulated Net carrying Net carrying RMB RMB RMB RMB US$ (In millions) Trademarks 1,054 (238 ) (205 ) 611 94 Technology 1,087 (52 ) (307 ) 728 112 Intellectual property right 1,599 (467 ) (757 ) 375 57 Online literature 151 — (54 ) 97 15 Others 899 (19 ) (669 ) 211 32 4,790 (776 ) (1,992 ) 2,022 310 |
Estimated Amortization Expense Relating to Existing Intangible Assets with Finite Lives | Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follow: RMB US$ (In millions) For the years ending December 31, 2021 505 77 2022 448 69 2023 375 57 2024 337 52 2025 235 36 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Accrued other operating expenses 8,925 8,301 1,272 Content acquisition costs 7,267 6,734 1,032 Tax payable 3,115 3,779 579 Accrued payroll and welfare 2,407 3,508 538 Payable to noncontrolling interest shareholders 240 3,466 531 Traffic acquisition costs 2,772 2,467 378 Bandwidth costs 2,492 1,985 304 Accruals for purchases of fixed assets 1,220 1,270 195 Funds collected on behalf of service providers 498 523 80 Interest payable 310 487 75 Payable to merchants 310 307 47 Users’ and third party agents’ deposits 641 268 41 Others 2,504 3,621 555 32,701 36,716 5,627 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Company Issued and Publicly Sold Unsecured Senior Notes | The Company issued and publicly sold unsecured senior notes, and the details of the tranches are shown below: Issue date Principal (US$ million) Mature date Effective 2022 Ten-year November 28, 2012 750 November 28, 2022 3.59 % 2019 Notes June 9, 2014 1,000 June 9, 2019 3.00 % * 2020 Notes June 30, 2015 750 June 30, 2020 3.13 % * 2025 Ten-year June 30, 2015 500 June 30, 2025 4.22 % 2022 Five-year Notes July 6, 2017 900 July 6, 2022 3.08 % 2027 Notes July 6, 2017 600 July 6, 2027 3.73 % 2023 Notes March 29, 2018 1,000 September 29, 2023 3.99 % 2028 March Notes March 29, 2018 500 March 29, 2028 4.50 % 2024 Notes November 14, 2018 600 May 14, 2024 4.51 % 2024 Notes December 10, 2018 250 May 14, 2024 4.54 % 2028 November Notes November 14, 2018 400 November 14, 2028 4.99 % 2025 Five-year Notes April 7, 2020 600 April 7, 2025 3.22 % 2030 April Notes April 7, 2020 400 April 7, 2030 3.54 % 2026 Notes October 9, 2020 650 April 9, 2026 1.81 % 2030 October Notes October 9, 2020 300 October 9, 2030 2.43 % * The 2019 Notes and 2020 Notes were fully repaid when they became due |
Principal Amount and Unamortized Discount and Debt Issuance Costs | The principal amount and unamortized discount and debt issuance costs as of December 31, 2019 and 2020 were as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Principal amount 43,519 48,638 7,454 Unamortized discount and debt issuance costs (210 ) (230 ) (35 ) 43,309 48,408 7,419 |
Long Term Loans Principal Repayments | The following table summarizes the aggregate required repayments of the principal amounts of the Company’s long-term debts (including the notes payable and loans payable (Note 12) but excluding convertible notes (Note 14)), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2021 7,465 1,144 2022 10,766 1,650 2023 6,525 1,000 2024 5,546 850 2025 7,178 1,100 Thereafter 18,596 2,850 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Carying Amount of the Convertible Notes | The carrying amount of the Convertible Notes as of December 31, 2019 and 2020 were as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Liability component: Principal 13,578 17,954 2,751 Less: unamortized debt discount 1,281 1,275 195 Net carrying amount 12,297 16,679 2,556 Equity component: Carrying amount 1,349 1,744 267 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating lease expense and supplemental cash flow information related to operating leases | Supplemental cash flow information related to operating leases was as follows: For the years ended December 31, 2019 2020 RMB RMB US$ (In millions) Cash payments for operating leases 2,631 5,187 795 ROU assets obtained in exchange for operating lease liabilities 3,896 2,841 435 |
Schedule of future lease payments under operating leases | Future lease payments under operating leases as of December 31, 2020 were as follows: Operating leases RMB US$ (In millions) Year ending December 31, 2021 2,430 372 2022 1,856 284 2023 1,433 220 2024 1,032 158 2025 464 71 Thereafter 624 96 Total future lease payments 7,839 1,201 Less: Imputed interest 780 118 Total lease liability balance 7,059 1,083 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) PRC 23,524 13,076 19,711 3,021 Non-PRC 3,801 (13,416 ) 3,379 518 27,325 (340 ) 23,090 3,539 |
Components of Income Tax | Income taxes consist of: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Current income tax 6,184 3,564 4,668 716 Income tax refund due to reduced tax rate (680 ) (920 ) (719 ) (110 ) Adjustments of deferred tax assets due to change in tax rates — 9 (5 ) (1 ) Deferred income tax (benefit) expense (761 ) (705 ) 120 18 4,743 1,948 4,064 623 |
Reconciliation of Effective Income Tax Provision of Tax Computed By Applying Statutory Income Tax Rate to Pre-Tax Income | The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory income tax rate to pre-tax For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 6,831 (85 ) 5,773 885 Effect of differing tax rates in different jurisdictions 493 3,299 208 32 Non-taxable (1,555 ) (419 ) (995 ) (152 ) Non-deductible 935 2,124 3,416 523 Research and development super-deduction (1,047 ) (1,245 ) (1,549 ) (237 ) Effect of PRC preferential tax rates and tax holiday (2,250 ) (1,327 ) (2,891 ) (443 ) Effect of tax rate changes on deferred taxes — 9 (5 ) (1 ) Reversal of prior year’s EIT (616 ) (1,134 ) (951 ) (146 ) PRC withholding tax 553 (224 ) 122 19 Addition to valuation allowance 1,399 950 936 143 Taxation for the year 4,743 1,948 4,064 623 Effective tax rate 17% (573% ) 18 % 18 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share ( Note 0.81 0.49 1.06 0.16 |
Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Balances | The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2019 and 2020 are as follows: As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Deferred tax assets: Allowance for credit loss 332 452 69 Accrued expenses, payroll and others 4,820 5,456 836 Fixed assets depreciation 151 106 16 Net operating loss carry-forward 1,733 1,811 278 Less: valuation allowance (4,843 ) (5,895 ) (903 ) Deferred tax assets, net 2,193 1,930 296 As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 275 406 62 Withholding tax on PRC subsidiaries’ undistributed earnings 1,621 1,381 212 Tax on capital gains 1,159 943 145 Others 218 593 90 3,273 3,323 509 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments Under Non-cancelable Operating Leases with Initial Terms of One-Year or More | Future minimum payments under non-cancelable RMB US$ (In millions) 2021 742 114 2022 323 50 2023 135 21 2024 81 12 2025 45 7 Thereafter 47 7 1,373 211 |
Future Minimum Lease Payments For Non-cancelable Agreements For Licensed Copyrights and Produced Content | Future minimum payments under non-cancelable RMB US$ (In millions) 2021 10,480 1,606 2022 6,239 956 2023 3,421 524 2024 1,286 197 2025 345 53 Thereafter — — 21,771 3,336 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Noncontrolling Interest | 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Balance as of January 1 11,022 716 1,109 170 Business combinations (Note 3) 698 182 — — Issuance of subsidiary shares — 100 1,866 286 Accretion of redeemable noncontrolling interests 146 111 127 19 Conversion of iQIYI preferred shares recognized as redeemable noncontrolling interests to ordinary shares (11,150 ) — — — Balance as of December 31 716 1,109 3,102 475 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Abstract | |
Retained Earning | As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) PRC statutory reserve funds 626 806 123 Unreserved retained earnings 125,642 134,478 20,610 Total retained earnings 126,268 135,284 20,733 |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Foreign Unrealized available-for-sale Total RMB RMB RMB (In millions) Balance at December 31, 2017 (888 ) 1,818 930 Cumulative effect of accounting change * — (1,854 ) (1,854 ) Other comprehensive income before reclassification 114 4,117 4,231 Amounts reclassified from accumulated other comprehensive income 80 (2,171 ) (2,091 ) Net current-period other comprehensive income 194 92 286 Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (1,006 ) — (1,006 ) Balance at December 31, 2018 (1,700 ) 1,910 210 Other comprehensive income before reclassification 207 1,981 2,188 Amounts reclassified from accumulated other comprehensive income (989 ) (2,689 ) (3,678 ) Net current-period other comprehensive loss (782 ) (708 ) (1,490 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (102 ) (1 ) (103 ) Balance at December 31, 2019 (2,584 ) 1,201 (1,383 ) Other comprehensive income before reclassification 1,936 380 2,316 Amounts reclassified from accumulated other comprehensive income — (541 ) (541 ) Net current-period other comprehensive income (loss) 1,936 (161 ) 1,775 Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (192 ) (1 ) (193 ) Balance at December 31, 2020 (840 ) 1,039 199 Balance at December 31, 2020, in US$ (129 ) 159 30 * Adjustment of net unrealized gains related to available-for-sale |
Tax Effect Allocated to Each Component of Other Comprehensive Income (loss) | The following table sets forth the tax benefit (expense) allocated to each component of other comprehensive income (loss) for the years ended December 31, 2018, 2019 and 2020: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Unrealized gains on available-for-sale Other comprehensive income before reclassification (409 ) (280 ) (59 ) (9 ) Amounts reclassified from accumulated other comprehensive income 328 402 83 13 Net current-period other comprehensive income (loss) (81 ) 122 24 4 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted Per Share | A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income (loss) to the numerator for the computation of basic and diluted per share for the years ended December 31, 2018, 2019 and 2020 is as follows: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions, including number of shares Net income attributable to Baidu, Inc. 27,573 2,057 22,472 3,444 Accretion of the redeemable noncontrolling interests (130 ) (77 ) (88 ) (13 ) Numerator for basic EPS computation 27,443 1,980 22,384 3,431 Impact of subsidiaries’ and investees’ diluted earnings per share — (28 ) — — Numerator for diluted EPS computation 27,443 1,952 22,384 3,431 |
Computation of Basic and Diluted Earnings Per Class A and Class B Ordinary Share | The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS: For the years ended December 31, 2018 2019 2020 2020 Class A Class B Class A Class B Class A Class A Class B Class B RMB RMB RMB RMB RMB US$ RMB US$ (In millions, including number of shares and ADS, except for Earnings per share—basic: Numerator Allocation of net income attributable to Baidu, Inc. 21,780 5,663 1,571 409 17,683 2,710 4,701 721 Denominator Weighted average ordinary shares outstanding (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Denominator used for basic EPS (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Earnings per share—basic (Note) 9.83 9.83 0.71 0.71 8.19 1.26 8.19 1.26 Earnings per share—diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 21,824 5,619 1,549 403 17,723 2,716 4,661 715 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 5,619 — 403 — 4,661 715 — — Numerator for diluted EPS calculation 27,443 5,619 1,952 403 22,384 3,431 4,661 715 Denominator Weighted average ordinary shares outstanding (Note) 2,216 576 2,211 576 2,158 2,158 574 574 Conversion of Class B to Class A ordinary shares (Note) 576 — 576 — 574 574 — — Share-based awards (Note) 22 — 4 — 24 24 — — Denominator used for diluted EPS (Note) 2,814 576 2,791 576 2,756 2,756 574 574 Earnings per share—diluted (Note) 9.75 9.75 0.70 0.70 8.12 1.24 8.12 1.24 Earnings per ADS (1 ADS equals 8 Class A ordinary shares): Denominator used for earnings per ADS—basic (Note) 277 276 270 270 Denominator used for earnings per ADS—diluted (Note) 352 349 344 344 Earnings per ADS—basic (Note) 78.64 5.68 65.54 10.04 Earnings per ADS—diluted (Note) 78.03 5.60 64.98 9.96 Note: |
Share-Based Awards Plan (Tables
Share-Based Awards Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Total Share-Based Compensation Cost Recognized | The following table summarizes the total share-based compensation cost recognized by the Group: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 224 327 360 55 Expensed as selling, general and administrative 1,725 1,768 1,897 290 Expensed as research and development 2,727 3,531 4,471 686 4,676 5,626 6,728 1,031 |
Baidu | |
Option Activity | The following table summarizes the option activity for the years ended December 31, 2020: Number of share options (Note) Weighted average exercise price (Note) Weighted Aggregate millions) Incentive share options Outstanding, December 31, 2019 29,854,480 17 8 72 Granted 1,028,240 11 Exercised (3,516,400 ) 13 Forfeited/Cancelled (3,147,280 ) 17 Outstanding, December 31, 2020 24,219,040 17 7 245 Vested and expected to vest at December 31, 2020 19,756,080 18 7 186 Exercisable at December 31, 2020 12,098,400 21 5 78 |
Assumptions Used to Estimate Fair Values of Share Options Granted | The following table presents the assumptions used to estimate the fair values of the share options granted in the years presented: For the years ended December 31 2018 2019 2020 Risk-free interest rate 2.57 % 1.58%~2.49 % 1.51~1.52 % Dividend yield — — — Expected volatility range 34.47%~35.36 % 34.62%~35.14 % 34.83%~34.92 % Expected life (in years) 4.89~6.25 5.83~6.03 5.90~6.01 |
Restricted Shares Activity | Restricted Shares activity for the year ended December 31, 2020 was as follow: Number of shares (Note) Weighted average grant date (Note) Restricted Shares Unvested, December 31, 2019 113,604,320 19 Granted 73,900,080 14 Vested (35,078,640 ) 20 Forfeited/Cancelled (21,924,240 ) 17 Unvested, December 31, 2020 130,501,520 16 |
iQIYI | |
Option Activity | The following table sets forth the summary of employee option activity under the iQIYI’s 2010 Plan: Number of share Weighted exercise price ( ) Weighted Aggregate Outstanding, December 31, 2019 406,912,618 0.48 7 1,031 Granted 88,611,584 0.51 Forfeited (12,111,374 ) 0.51 Exercised (62,714,554 ) 0.44 Outstanding, December 31, 2020 420,698,274 0.49 7 846 Vested and expected to vest at December 31, 2020 401,055,919 0.48 7 807 Exercisable at December 31, 2020 245,054,484 0.47 7 498 |
Total Share-Based Compensation Cost Recognized | The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 83 171 202 31 Expensed as selling, general and administrative 369 676 851 130 Expensed as research and development 104 238 317 49 556 1,085 1,370 210 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Revenue received from major related parties | The following table summarizes the revenue received from major related parties in fiscal year 2018, 2019 and 2020. For the years ended December 31, 2018 2019 2020 2020 RMB RMB RMB US$ Revenues: Trip 774 627 204 31 Du Xiaoman 256 731 678 104 Investee C (i) 143 280 949 145 Others 421 1,394 1,015 156 Total 1,594 3,032 2,846 436 (i) Investee C is one of the Company’ investees, over which the Company has significant influence. |
Amounts due from/due to related parties | Expect for the non-trade balances as of December 31, 2019 and 2020 relate to transactions disclosed below, amounts due from/due to related parties arising from the ordinary and usual course of business of the Group and were trade in nature. As of December 31, 2019 2020 2020 RMB RMB US$ (In millions) Amounts due from related parties, current: Trip (i) 96 22 3 Du Xiaoman (ii) 737 306 47 Investee A (iii) 345 — — Investee C (iv) 115 212 32 Other related parties (v) 301 186 29 Total 1,594 726 111 Amounts due from related parties, non-current: Du Xiaoman (ii) 3,391 3,398 521 Other related parties (vi) 173 40 6 Total 3,564 3,438 527 Amounts due to related parties, current: Trip (vii) 49 50 8 Du Xiaoman (viii) 973 489 75 Investee A (ix) 476 — — Investee B (x) 249 175 27 Other related parties (xi) 484 610 93 Total 2,231 1,324 203 Amounts due to related parties, non-current: Du Xiaoman (xii) 3,430 3,216 493 Investee B (x) 410 325 50 Other related parties (xiii) 6 2 — Total 3,846 3,543 543 (i) The balances mainly represent amounts arising from services the Company provided to Trip. (ii) The balances represent non-trade long-term loans due from Du Xiaoman with interest rates ranging from 0.00% to 0.50% in 2020, and amounts arising from services the Company provided to Du Xiaoman. (iii) The balance mainly represents a non-trade interest-bearing loan provided to Investee A, which was an equity investee as of December 31, 2019. The Company acquired Investee A on July 16, 2020, and accordingly, all corresponding outstanding balance has been eliminated in the consolidated balance sheet. (iv) The balances mainly represent amounts arising from services including online marketing services and cloud services the Company provided to Investee C. (v) The balances mainly represent amounts arising from services the Company provided to its investees in ordinary course of business. (vi) The balance consists of amount due from the Company’s investees in the ordinary course of business. (vii) The balances mainly represent amounts arising from services provided by Trip. (viii) The balance represents amount due to Du Xiaoman arising from services provided by Du Xiaoman to the Company in the ordinary course of business and non-trade loans provided by Du Xiaoman with interest rates of nil in 2020. (ix) The balances mainly represent amounts arising from hardware products purchased from Investee A, and a non-trade (x) The balances mainly represent deferred revenue relating to the future services to be provided by the Company to Investee B which is an equity method investee. (xi) The balances mainly represent amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade amounts payable for acquiring the equity interest of the Company’s investees. (xii) The balances mainly represent non-trade interest-free long-term loans provided by Du Xiaoman. (xiii) The balance represents mainly deferred revenue relating to the future services to be provided by the Company to investees. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Line Items] | |
Summary of Group's Operating Segment Results | The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2018. For the year ended December 31, 2018 Baidu Core iQIYI Intersegment eliminations & Consolidated RMB RMB RMB RMB (In millions) Total revenues 78,271 24,989 (983 ) 102,277 Operating costs and expenses: Cost of revenues 25,370 27,133 (759 ) 51,744 Selling, general and administrative 15,310 4,168 (247 ) 19,231 Research and development 13,783 1,994 (5 ) 15,772 Total operating costs and expenses 54,463 33,295 (1,011 ) 86,747 Operating profit (loss) 23,808 (8,306 ) 28 15,530 Total other income (loss), net 13,169 (676 ) (698 ) 11,795 Income (loss) before income taxes 36,977 (8,982 ) (670 ) 27,325 Income taxes 4,664 79 — 4,743 Net income (loss) 32,313 (9,061 ) (670 ) 22,582 Less: net income (loss) attributable to noncontrolling interests (1,292 ) 49 (3,748 ) (4,991 ) Net income (loss) attributable to Baidu, Inc. 33,605 (9,110 ) 3,078 27,573 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2019. For the year ended December 31, 2019 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 79,711 28,994 (1,292 ) 107,413 Operating costs and expenses: Cost of revenues 34,019 30,348 (1,517 ) 62,850 Selling, general and administrative 14,733 5,237 (60 ) 19,910 Research and development 15,698 2,667 (19 ) 18,346 Total operating costs and expenses 64,450 38,252 (1,596 ) 101,106 Operating profit (loss) 15,261 (9,258 ) 304 6,307 Total other income (loss), net (5,680 ) (967 ) — (6,647 ) Income (loss) before income taxes 9,581 (10,225 ) 304 (340 ) Income taxes 1,896 52 — 1,948 Net income (loss) 7,685 (10,277 ) 304 (2,288 ) Less: net income (loss) attributable to noncontrolling interests 105 46 (4,496 ) (4,345 ) Net income (loss) attributable to Baidu, Inc. 7,580 (10,323 ) 4,800 2,057 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2020. For the year ended December 31, 2020 Baidu Core iQIYI Intersegment eliminations Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Total revenues 78,684 12,059 29,707 4,553 (1,317 ) (202 ) 107,074 16,410 Operating costs and expenses: Cost of revenues 28,368 4,348 27,884 4,273 (1,094 ) (167 ) 55,158 8,454 Selling, general and administrative 12,931 1,982 5,188 795 (56 ) (8 ) 18,063 2,769 Research and development 16,847 2,581 2,676 410 (10 ) (2 ) 19,513 2,989 Total operating costs and expenses 58,146 8,911 35,748 5,478 (1,160 ) (177 ) 92,734 14,212 Operating profit (loss) 20,538 3,148 (6,041 ) (925 ) (157 ) (25 ) 14,340 2,198 Total other income (loss), net 9,693 1,486 (943 ) (145 ) — — 8,750 1,341 Income (loss) before income taxes 30,231 4,634 (6,984 ) (1,070 ) (157 ) (25 ) 23,090 3,539 Income taxes 4,041 619 23 4 — — 4,064 623 Net income (loss) 26,190 4,015 (7,007 ) (1,074 ) (157 ) (25 ) 19,026 2,916 Less: net income (loss) attributable to noncontrolling interests (334 ) (50 ) 31 5 (3,143 ) (483 ) (3,446 ) (528 ) Net income (loss) attributable to Baidu, Inc. 26,524 4,065 (7,038 ) (1,079 ) 2,986 458 22,472 3,444 |
Operating Segments [Member] | |
Segment Reporting [Line Items] | |
Summary of Revenues Disaggregated by Segment And By Types of Products or Services | The following table presents the Company’s revenues disaggregated by segment and by types of products or services: For the years ended December 31, December 31, December 31, December 31, RMB RMB RMB US$ (In millions) Online marketing services 72,645 70,038 66,283 10,158 Cloud services ( N ote 1) 3,005 6,370 9,173 1,406 Interest income earned from provision of financial services 1,724 — — — Others N ote 1) 897 3,303 3,228 495 Baidu Core Subtotal 78,271 79,711 78,684 12,059 Membership services N ote 1) 10,623 14,436 16,491 2,527 Online advertising services ( Note 2 ) 9,329 8,271 6,822 1,046 Content distribution N ote 1) 2,163 2,544 2,660 408 Others N ote 1) 2,874 3,743 3,734 572 iQIYI Subtotal 24,989 28,994 29,707 4,553 Intersegment eliminations (983 ) (1,292 ) (1,317 ) (202 ) Total revenue 102,277 107,413 107,074 16,410 Note 1: The revenues were presented as “Others” in the consolidated statements of comprehensive income (loss) Note 2: The revenues were presented as “Online marketing revenue” in the consolidated statements of comprehensive income (loss) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 Quoted prices Significant other inputs (Level 2) Significant unobservable RMB RMB RMB RMB (In millions) Fair value disclosure Cash equivalents: Time deposits 10,848 10,848 Money market funds 1,719 1,719 Short-term investments: Held-to-maturity 107,654 107,654 Long-term investments: Held-to-maturity 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 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 3,970 3,970 Other non-current 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, non-current: Financial liability 401 401 Total liabilities measured at fair value 526 401 125 Fair value measurement or disclosure at December 31, 2020 using Total fair value at December 31, 2020 Quoted prices in Significant other inputs (Level 2) Significant RMB US$ RMB RMB RMB (In millions) Fair value disclosure Cash equivalents: Time deposits 16,133 2,472 16,133 Money market funds 198 30 198 Short-term investments: Held-to-maturity 124,132 19,024 124,132 Convertible senior notes, current portion 4,967 761 4,967 Long-term investments: Held-to-maturity 9,754 1,495 9,754 Long-term notes payable 52,575 8,057 52,575 Convertible senior notes, non-current portion 12,078 1,851 12,078 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 2,865 439 2,865 Long-term investments: Equity investments at fair value with readily determinable fair value 12,978 1,989 12,978 Investments accounted for at fair value 2,238 343 2,238 Available-for-sale 2,607 400 2,607 Total assets measured at fair value 20,688 3,171 12,978 2,865 4,845 Accounts payable and accrued liabilities: Derivative instruments 40 6 40 Amounts due to related parties, current: Financial liability 327 50 327 Total liabilities measured at fair value 367 56 — 367 |
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, 2018 1,457 Additions 282 Disposals (128 ) Net unrealized fair value increase recognized in earnings 197 Foreign currency translation adjustments 11 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 Balance at December 31, 2020, in US$ 343 |
Schedule of rolling forward of available-for-sale debt investments categorized within Level 3 under the fair value hierarchy | Available-for-sale Amounts RMB (In millions) Balance at December 31, 2018 1,167 Additions 2,785 Disposals (20 ) Net unrealized fair value increase recognized in other comprehensive income 91 Accrued interest 48 Impairment (81 ) Foreign currency translation adjustments (20 ) 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 Balance at December 31, 2020, in US$ 400 |
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, 2019 and 2020 for which a non-recurring Total Balance Quoted Prices (Level 1) Significant Significant Fair value adjustment Impairment RMB US$ RMB RMB RMB RMB US$ RMB US$ (In millions) Fair value measurements on a non-recurring As of December 31, 2019 Long-term investments 22,778 14,105 358 8,315 (230 ) (9,989 ) Intangible assets 76 — — 76 (406 ) As of December 31, 2020 Long-term investments (i) 14,205 2,177 367 — 13,838 3,725 571 (1,862 ) (285 ) Intangible assets (i) 62 10 — — 62 (350 ) (54 ) Mainland China film group—Licensed copyrights as of March 31, 2020 (ii) 7,186 1,101 — — 7,186 (390 ) (60 ) Mainland China film group—Produced contents as of March 31, 2020 (ii) 4,124 632 — — 4,124 (210 ) (32 ) Produced content monetized on its own (iii) 40 6 — — 40 (205 ) (31 ) (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 as of March 31, 2020 June 30, 2020 and December 31, 2020. 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 also recognized impairment loss on intangible assets as of March 31, 2020. (ii) The outbreak of COVID-19 (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 (US$31 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 year ended December 31, 2020. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)shares | Mar. 01, 2021$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | |
Organization [Line Items] | ||||
Preferred Stock , par value per share | $ / shares | $ 0.00000 | $ 0.00000 | $ 0.00000 | |
Total authorized share capital | $ | $ 43,520 | |||
Common stock, shares authorized | 69,632,000,000 | 69,632,000,000 | ||
Stock holders equity note stock split | each ADS now represents eight Class A ordinary shares | |||
Previously Reported | ||||
Organization [Line Items] | ||||
Common stock, shares authorized | 870,400,000 | 870,400,000 | ||
Class A Ordinary Shares | ||||
Organization [Line Items] | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | |
Class A Ordinary Shares | Previously Reported | ||||
Organization [Line Items] | ||||
Common stock, par value per share | $ / shares | $ 0.00005 | |||
Common stock, shares authorized | 825,000,000 | 825,000,000 | ||
Class B Ordinary Shares | ||||
Organization [Line Items] | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | |
Class B Ordinary Shares | Previously Reported | ||||
Organization [Line Items] | ||||
Common stock, par value per share | $ / shares | $ 0.00005 | |||
Common stock, shares authorized | 35,400,000 | 35,400,000 | ||
Preferred Stock | ||||
Organization [Line Items] | ||||
Preferred stock, shares authorized | 800,000,000 | 800,000,000 | ||
Preferred Stock | Previously Reported | ||||
Organization [Line Items] | ||||
Preferred Stock , par value per share | $ / shares | $ 0.00005 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Organization [Line Items] | ||||
Net assets of VIEs | ¥ 22.3 | $ 3,400,000,000 | ||
Beijing Perusal | ||||
Organization [Line Items] | ||||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | ¥ 3.2 | 490,000,000 | ||
Equity pledge agreement expiration period | 2 years | |||
Other Vie | ||||
Organization [Line Items] | ||||
Equity pledge agreement expiration period | 2 years | |||
Baidu Netcom | ||||
Organization [Line Items] | ||||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | ¥ 13.4 | $ 2,100,000,000 | ||
Equity pledge agreement expiration period | 2 years |
Financial Statement Balances an
Financial Statement Balances and Amounts of VIEs and Subsidiaries Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Subsidiaries within Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 35,782 | ¥ 33,443 | $ 5,484 | ||
Short-term investments, net | 126,402 | 112,924 | 19,372 | ||
Accounts receivable, net | 8,668 | 7,416 | 1,328 | ||
Total current assets | 183,342 | 165,562 | 28,099 | ||
Fixed assets, net | 17,508 | 18,311 | 2,683 | ||
Intangible assets, net | 2,022 | 1,600 | 310 | ||
Licensed copyrights, net | 6,435 | 6,287 | 986 | ||
Produced content, net | 6,556 | 4,355 | 1,005 | ||
Long-term investments, net | 76,233 | 69,410 | 11,683 | ||
Operating lease right-of-use assets | 9,804 | 7,332 | 1,503 | ||
Total non-current assets | 149,366 | 135,754 | 22,891 | ||
Total | 332,708 | 301,316 | 50,990 | ||
Accounts payable and accrued liabilities | 36,716 | 32,701 | 5,627 | ||
Customer deposits and deferred revenue | 12,626 | 11,062 | 1,935 | ||
Operating lease liabilities | 2,366 | 2,283 | 364 | ||
Total current third-party liabilities | 68,385 | 57,380 | 10,481 | ||
Operating lease liabilities | 4,693 | 4,486 | 719 | ||
Total non-current third-party liabilities | 72,480 | 71,121 | 11,108 | ||
Total revenues | 107,074 | $ 16,410 | 107,413 | ¥ 102,277 | |
Net (loss) income | 19,026 | 2,916 | (2,288) | 22,582 | |
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 2,348 | 2,313 | 360 | ||
Short-term investments, net | 6,930 | 1,892 | 1,062 | ||
Accounts receivable, net | 6,614 | 5,023 | 1,014 | ||
Others | 8,097 | 5,750 | 1,241 | ||
Total current assets | 23,989 | 14,978 | 3,677 | ||
Fixed assets, net | 4,978 | 3,839 | 763 | ||
Intangible assets, net | 1,499 | 1,404 | 230 | ||
Licensed copyrights, net | 993 | 1,641 | 152 | ||
Produced content, net | 6,130 | 4,355 | 939 | ||
Long-term investments, net | 20,707 | 21,825 | 3,173 | ||
Operating lease right-of-use assets | 6,460 | 6,525 | 990 | ||
Others | 7,717 | 7,970 | 1,183 | ||
Total non-current assets | 48,484 | 47,559 | 7,430 | ||
Total | 72,473 | 62,537 | 11,107 | ||
Total current third-party liabilities | 25,051 | 24,692 | 3,839 | ||
Total non-current third-party liabilities | 5,519 | 6,295 | 846 | ||
Total liabilities | 50,162 | 48,108 | 7,688 | ||
Total revenues | 52,666 | 8,071 | 51,988 | 33,992 | |
Net (loss) income | 2,091 | 320 | (2,950) | (6,834) | |
Net cash provided by operating activities | 4,616 | 707 | 1,649 | 2,396 | |
Net cash used in investing activities | (8,382) | (1,285) | (4,829) | (16,674) | |
Net cash provided by financing activities | 3,859 | $ 591 | 3,604 | ¥ 11,916 | |
Variable Interest Entity, Primary Beneficiary | Third-party Liabilities | |||||
Variable Interest Entity [Line Items] | |||||
Accounts payable and accrued liabilities | 15,420 | 15,774 | 2,363 | ||
Customer deposits and deferred revenue | 6,047 | 4,841 | 927 | ||
Operating lease liabilities | 2,068 | 2,110 | 317 | ||
Others | 1,516 | 1,967 | 232 | ||
Total current third-party liabilities | 25,051 | 24,692 | 3,839 | ||
Operating lease liabilities | 4,376 | 4,227 | 671 | ||
Others | 1,143 | 2,068 | 175 | ||
Total non-current third-party liabilities | 5,519 | 6,295 | 846 | ||
Variable Interest Entity, Primary Beneficiary | Amounts due to the company and its non-VIE subsidiaries net | |||||
Variable Interest Entity [Line Items] | |||||
Amounts due to the Company and its non-VIE subsidiaries, net | ¥ 19,592 | ¥ 17,121 | $ 3,003 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020CNY (¥)UnitSegmentCustomer | Dec. 31, 2020USD ($)UnitSegmentCustomer | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($)Customer | Jan. 01, 2020CNY (¥) | Jan. 01, 2018CNY (¥) | |
Accounting Policies [Abstract] | |||||||
Exchange rate used for conversion of financial statements from RMB to US dollar | 6.525 | 6.525 | |||||
Number of reportable segments | Segment | 2 | 2 | |||||
Number of reporting units | Unit | 2 | 2 | |||||
Retained earnings | ¥ 135,284 | ¥ 126,268 | $ 20,733 | ||||
Acquisition of licensed copyrights from nonmonetary content exchanges | 1,376 | $ 211 | 683 | ¥ 1,083 | |||
Gross interest income | 3,300 | ||||||
Gross interest cost | 1,600 | ||||||
Allowance for contract asset | 27 | 7 | 4 | ||||
Advertising and promotional expenses | 8,400 | $ 1,300 | 10,500 | 10,100 | |||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 172,700 | $ 26,500 | |||||
Number of customers with receivable balance exceeding 10% | Customer | 0 | 0 | |||||
Number of customer or any Baidu Union partner with revenue greater than 10% | Customer | 0 | 0 | |||||
Appreciation of US$ against RMB, as a percentage | 6.27% | 6.27% | |||||
Net income (loss) | ¥ 19,026 | $ 2,916 | (2,288) | 22,582 | |||
Cumulative effect of accounting change | 933 | ||||||
Accounting Standards Update 2016-13 | |||||||
Accounting Policies [Abstract] | |||||||
Retained earnings | ¥ (314) | ||||||
Accounting Standards Update 2019-02 | Licensed Copyrights And Produced Content | |||||||
Accounting Policies [Abstract] | |||||||
Supplement cash flow disclosure of operating activities | 17,000 | 2,600 | |||||
Amortization expense | 680 | 104 | |||||
Online Payment Agencies | |||||||
Accounting Policies [Abstract] | |||||||
Allowance for doubtful accounts of online payment agencies | 0 | 0 | |||||
Change In Accounting Estimate [Member] | Licensed Copyrights And Produced Content | |||||||
Accounting Policies [Abstract] | |||||||
Net income (loss) | 680 | 104 | |||||
iQIYI Licensed Copyright | |||||||
Accounting Policies [Abstract] | |||||||
Acquisition of licensed copyrights from nonmonetary content exchanges | 1,400 | 211 | 683 | 1,100 | |||
Barter transaction, Cost Recognized | ¥ 1,100 | $ 161 | 570 | ¥ 1,000 | |||
Short-term Investments | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Maturity period used to classify short-term investments | 12 months | 12 months | |||||
Cash and cash equivalents | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Maturity period used to classify short-term investments | 3 months | 3 months | |||||
Other Current Assets, net | |||||||
Accounting Policies [Abstract] | |||||||
Contract assets | ¥ 1,800 | 1,900 | $ 273 | ||||
Allowance for contract asset | 27 | 7 | 4 | ||||
Deferred revenue | |||||||
Accounting Policies [Abstract] | |||||||
Contract with Customer, Liability, Revenue Recognized | 4,000 | $ 618 | |||||
Contract liabilities | ¥ 6,700 | ¥ 6,100 | $ 1,000 | ||||
Credit Concentration Risk | Sales Revenue, Net | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 10.00% | 10.00% | |||||
Credit Concentration Risk | Onshore China | Financial Instruments | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 90.00% | 90.00% | |||||
Credit Concentration Risk | Onshore China | Financial Institution One [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 30.00% | 30.00% | |||||
Credit Concentration Risk | Onshore China | Financial Institution Two [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 21.00% | 21.00% | |||||
Credit Concentration Risk | Onshore China | Financial Institution Three [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 16.00% | 16.00% | |||||
Credit Concentration Risk | Onshore China | Financial Institution Four [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 11.00% | 11.00% | |||||
Credit Concentration Risk | Offshore China | Financial Instruments | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 10.00% | 10.00% | |||||
Ordinary Shares | Accounting Standards Update 2016-01 | |||||||
Accounting Policies [Abstract] | |||||||
Retained earnings | ¥ 1,900 | ||||||
Office building and its related facility | |||||||
Accounting Policies [Abstract] | |||||||
Property, plant and equipment, salvage value, percentage | 4.00% | 4.00% |
Estimated Useful Lives of Fixed
Estimated Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Office building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 43 years |
Office building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 45 years |
Office building related facility, machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Computer equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life (description) | over the shorter of lease terms or estimated useful lives of the assets |
Weighted Average Useful Lives f
Weighted Average Useful Lives from Date of Purchase of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 10 years |
Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 7 years |
Intellectual property right | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 7 years |
Online literature | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 8 years |
Others | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 8 years |
Summary of Estimated Fair Value
Summary of Estimated Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interest (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |||||
Purchase consideration | ¥ 3,500 | $ 536 | ¥ 1,200 | ||
Redeemable non-controlling interests (Note 19) | 0 | (182) | ¥ (698) | $ 0 | |
Goodwill | 22,248 | 18,250 | 18,536 | 3,410 | |
Series of Individually Immaterial Business Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Purchase consideration | 3,499 | 536 | 1,168 | 2,378 | |
Net assets acquired, excluding intangible assets and the related deferred tax liabilities | 1,515 | 229 | 1,545 | 231 | |
Intangible assets, net | 1,116 | 543 | 1,424 | 171 | |
Deferred tax liabilities | (229) | (134) | (292) | (35) | |
Pre-existing equity interests and debt investment | (2,103) | $ (322) | |||
Pre-existing equity interests | (1,651) | ||||
Noncontrolling interests | (798) | (266) | (1,312) | (122) | |
Redeemable non-controlling interests (Note 19) | (182) | (698) | |||
Goodwill | 3,998 | 978 | 3,362 | 613 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | ¥ 3,499 | ¥ 1,168 | ¥ 2,378 | $ 536 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |||||
Re-measurement gain relating to pre-existing equity interest | ¥ 123 | $ 19 | ¥ 630 | ||
Purchase consideration | 3,500 | $ 536 | ¥ 1,200 | ||
Goodwill | 22,248 | 18,250 | ¥ 18,536 | $ 3,410 | |
Business Combinations 2019 | |||||
Business Acquisition [Line Items] | |||||
Goodwill | ¥ 4,000 | ¥ 978 | $ 613 |
Investments - Short-term Invest
Investments - Short-term Investments - Additional information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 5,358 | $ 822 | ¥ 6,060 | ¥ 4,451 |
Short-term Investments | ||||
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 4,700 | $ 728 | ¥ 5,400 | ¥ 3,900 |
Investments - Long-term Investm
Investments - Long-term Investments - Additional information (Detail) ¥ in Millions, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2019USD ($)shares | Aug. 31, 2018CNY (¥) | Sep. 30, 2019CNY (¥) | Dec. 31, 2020CNY (¥)Directors | Dec. 31, 2020USD ($)Directors | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2017CNY (¥) | |
Schedule of Investments [Line Items] | |||||||||
Impairment charges recognized on equity investments measured at fair value using the measurement alternative | ¥ 2,300 | $ 354 | ¥ 455 | ¥ 778 | |||||
Impairment recognized for equity method investments | 297 | 46 | 9,200 | 167 | |||||
Carrying amount of equity method investments | 24,100 | 27,100 | $ 3,700 | ||||||
Investment interest income | 5,358 | 822 | 6,060 | 4,451 | |||||
Long Term Investments | |||||||||
Schedule of Investments [Line Items] | |||||||||
Carrying amount of equity method investments | 24,067 | 27,105 | $ 3,688 | ||||||
Investment interest income | 118 | $ 18 | 2 | ¥ 0 | |||||
China United Network Communication Limited | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total purchase consideration | ¥ 7,000 | ||||||||
China United Network Communication Limited | Other Assets [Member] | |||||||||
Schedule of Investments [Line Items] | |||||||||
Proceeds From sale of equity investments | ¥ 2,700 | ||||||||
Trip.com International, Ltd | |||||||||
Schedule of Investments [Line Items] | |||||||||
Equity method investment, percentage of ownership | 12.00% | 19.00% | 12.00% | ||||||
Fair value of equity investment | ¥ 15,200 | $ 2,300 | |||||||
Gains (losses) on equity method investments | 43 | ||||||||
Impairment recognized for equity method investments | ¥ 8,900 | ||||||||
Equity method investment, disposal of ADS | shares | 36 | ||||||||
Proceeds From sale of equity investments | $ | $ 988 | ||||||||
Adjustments to goodwill acquired | ¥ 8,900 | ||||||||
Number of directors | Directors | 9 | 9 | |||||||
Trip.com International, Ltd | Active directors | |||||||||
Schedule of Investments [Line Items] | |||||||||
Number of directors | Directors | 2 | 2 | |||||||
Du Xiaoman Financial | |||||||||
Schedule of Investments [Line Items] | |||||||||
Aggregate deconsolidated gain | ¥ 5,500 | ¥ 801 | |||||||
Re-measurement of retained investment | ¥ 4,200 | ||||||||
Equity interest percentage | 41.00% | ||||||||
Equity method goodwill | ¥ 3,500 | ||||||||
Intangible assets | 851 | ||||||||
Deferred tax liabilities | ¥ 213 |
Investment - Schedule of Invest
Investment - Schedule of Investments at Amortized Cost and Fair Value (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Short-term Investments | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Held-to-maturity debt investments, fair value | ¥ 124,132 | $ 19,024 | ¥ 107,654 |
Available-for-sale debt investments, fair value | 2,865 | 439 | 5,637 |
Short-term Investments | Corporate Debt Securities | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Held-to-maturity debt investments, cost or amortized cost | 123,537 | 107,287 | |
Held-to-maturity debt investments, gross unrecognized holding gains | 595 | 367 | |
Held-to-maturity debt investments, fair value | 124,132 | 19,024 | 107,654 |
Available-for-sale debt investments, cost or amortized cost | 2,862 | 5,440 | |
Available-for-sale debt investments, gross unrealized gains | 3 | 197 | |
Available-for-sale debt investments, fair value | 2,865 | 439 | 5,637 |
Long-term investments | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Held-to-maturity debt investments, fair value | 9,754 | 1,495 | 491 |
Available-for-sale debt investments, fair value | 2,607 | 400 | 3,970 |
Equity investments at fair value with readily determinable fair value, fair value | 12,978 | 1,989 | 11,334 |
Investments accounted for at fair value, fair value | 2,238 | 343 | 1,819 |
Long-term investments | Corporate Debt Securities | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Available-for-sale debt investments, cost or amortized cost | 2,804 | 3,913 | |
Available-for-sale debt investments, gross unrecognized holding gains | 0 | ||
Available-for-sale debt investments, gross unrecognized holding losses | 0 | ||
Available-for-sale debt investments, gross unrealized gains | 166 | 138 | |
Available-for-sale debt investments, gross unrealized losses | (363) | (81) | |
Available-for-sale debt investments, fair value | 2,607 | 400 | 3,970 |
Investments accounted for at fair value, cost or amortized cost | 1,580 | 1,309 | |
Investments accounted for at fair value, gross unrecognized holding gains | 0 | ||
Investments accounted for at fair value, gross unrecognized holding losses | 0 | ||
Investments accounted for at fair value, gross unrealized Losses | (227) | (87) | |
Investments accounted for at fair value, gross unrealized gains | 885 | 597 | |
Investments accounted for at fair value, fair value | 2,238 | 343 | 1,819 |
Long-term investments | Ordinary Shares | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Equity investments at fair value with readily determinable fair value, cost or amortized cost | 8,419 | 11,769 | |
Equity investments at fair value with readily determinable fair value, gross unrecognized holding gains | 0 | ||
Equity investments at fair value with readily determinable fair value, gross unrecognized holding losses | 0 | ||
Equity investments at fair value with readily determinable fair value, gross unrealized gains | 7,342 | 2,195 | |
Equity investments at fair value with readily determinable fair value, gross unrealized loss | (2,783) | (2,630) | |
Equity investments at fair value with readily determinable fair value, fair value | ¥ 12,978 | $ 1,989 | ¥ 11,334 |
Investments - Summary of Break
Investments - Summary of Break Down of Long Term Investments (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Schedule of Investments [Line Items] | |||
Equity investments without readily determinable fair value | ¥ 19,725 | $ 3,023 | ¥ 21,211 |
Equity method investments | 24,100 | 3,700 | 27,100 |
Total long-term investments | 76,233 | 11,683 | 69,410 |
Long Term Investments | |||
Schedule of Investments [Line Items] | |||
Equity investments at fair value with readily determinable fair value | 12,978 | 1,989 | 11,334 |
Available-for-sale debt investment | 2,607 | 400 | 3,970 |
Equity investments without readily determinable fair value | 24,603 | 3,770 | 24,686 |
Equity method investments | 24,067 | 3,688 | 27,105 |
Investments accounted for at fair value | 2,238 | 343 | 1,819 |
Long-term held-to-maturity investments | 9,740 | 1,493 | 496 |
Total long-term investments | ¥ 76,233 | $ 11,683 | ¥ 69,410 |
Investments - Summary of Classi
Investments - Summary of Classification of Long Term Held to Maturity Investments (Detail) - Long Term Investments ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Schedule of Held-to-maturity Securities [Line Items] | |||
Cost or Amortized cost | ¥ 9,740 | $ 1,493 | ¥ 496 |
Corporate Debt Securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Cost or Amortized cost | 9,740 | 496 | |
Gross unrecognized holding gains | 14 | ||
Held-to-maturity debt investments, gross unrecognized holding losses | (5) | ||
Fair value | ¥ 9,754 | $ 1,495 | ¥ 491 |
Schedule of Unrealized and Real
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract] | ||||||
Initial cost basis | ¥ 19,725 | ¥ 21,211 | $ 3,023 | |||
Cumulative unrealized gains | 8,113 | 5,636 | 1,243 | |||
Cumulative unrealized losses (including impairment) | (3,235) | (2,161) | (496) | |||
Total carrying value | 24,603 | 24,686 | $ 3,770 | |||
Gross unrealized gains | 4,396 | $ 674 | 1,447 | ¥ 7,119 | ||
Gross unrealized losses (including impairment) | [1] | (2,679) | (411) | (1,641) | (2,867) | |
Net unrealized gains (losses) on equity securities held | 1,717 | 263 | (194) | 4,252 | ||
Net realized gains on equity securities sold | 266 | 41 | 211 | 124 | ||
Total net gains recognized in other income, net | ¥ 1,983 | $ 304 | ¥ 17 | ¥ 4,376 | ||
[1] | Gross unrealized losses (downward adjustments excluding impairment) were RMB2.4 billion, RMB863 million and RMB378 million (US$58 million) for the years ended December 31, 2018, 2019 and 2020, respectively. |
Schedule of Unrealized and Re_2
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract] | ||||
Equity securities gross unrealised loss excluding impairment | ¥ 378 | $ 58 | ¥ 863 | ¥ 2,400 |
Summarized Financial Informatio
Summarized Financial Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Current assets | ¥ 183,342 | ¥ 165,562 | $ 28,099 | |||||
Non-current assets | 149,366 | 135,754 | 22,891 | |||||
Current liabilities | 68,385 | 57,380 | 10,481 | |||||
Non-current liabilities | 72,480 | 71,121 | 11,108 | |||||
Noncontrolling interests | 6,045 | 8,107 | 927 | |||||
Ctrip.com International, Ltd | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Current assets | [1] | 65,782 | 75,578 | [2] | 10,082 | |||
Non-current assets | [1] | 132,417 | 127,505 | [2] | 20,294 | |||
Current liabilities | [1] | 61,360 | 74,118 | [2] | 9,404 | |||
Non-current liabilities | [1] | 36,558 | 25,134 | [2] | 5,603 | |||
Noncontrolling interests | [1] | 1,566 | 2,047 | [2] | 240 | |||
Total revenues | [1] | 21,704 | $ 3,326 | 34,958 | [2] | ¥ 29,944 | [2] | |
Gross profit | [1] | 16,838 | 2,581 | 27,627 | [2] | 24,019 | [2] | |
Income (loss) from operations | [1] | (827) | (127) | 4,271 | [2] | 3,302 | [2] | |
Net income (loss) | [1] | (2,236) | (343) | 3,764 | [2] | 2,807 | [2] | |
Net income (loss) attributable to the investees | [1] | (2,243) | (344) | 3,813 | [2] | 2,806 | [2] | |
Other Equity Method Investees Excluding Ctrip,com | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Current assets | 96,713 | 86,713 | 14,822 | |||||
Non-current assets | 15,094 | 18,980 | 2,313 | |||||
Current liabilities | 73,842 | 65,450 | 11,317 | |||||
Non-current liabilities | 5,545 | 8,677 | 850 | |||||
Noncontrolling interests | 1,577 | 1,498 | $ 242 | |||||
Total revenues | [3] | 13,981 | 2,143 | 12,598 | 4,633 | |||
Gross profit | [3] | 5,083 | 779 | 6,247 | 916 | |||
Income (loss) from operations | [3] | (1,282) | (196) | (680) | (418) | |||
Net income (loss) | [3] | (832) | (128) | (638) | (372) | |||
Net income (loss) attributable to the investees | [3] | ¥ (891) | $ (137) | ¥ (933) | ¥ (352) | |||
[1] | The Company adopted a one-quarter lag in reporting its share of equity income (loss) in Trip. | |||||||
[2] | Trip adopted ASC 606, on a fully retrospective basis, and ASC 321 (collectively “new standards”) from January 1, 2018. The impact of the new standards on the Company’s financial statements was immaterial, and prior period financial information of Trip was not restated. | |||||||
[3] | The Company adopted a one-quarter lag in reporting its share of losses in all of its equity investees. |
Summary Of Estimated Amortized
Summary Of Estimated Amortized Cost Of Long Term Held-To-Maturity Investments (Detail) - Long Term Investments - Corporate Debt Securities ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Due in 1 year | ¥ 0 | $ 0 | ¥ 0 |
Due in 1 year through 2 years | 9,690 | 1,485 | 496 |
Due in 2 years through 3 years | 50 | 8 | 0 |
Total | ¥ 9,740 | $ 1,493 | ¥ 496 |
Summary Of Estimated Fair Val_2
Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Investments, Debt and Equity Securities [Abstract] | |||
Due in 1 year | ¥ 0 | $ 0 | ¥ 505 |
Due in 1 year through 5 years | 1,587 | 244 | 10 |
Due in 5 year through 10 years | 0 | 0 | 1,486 |
Not due at a single maturity date | 1,020 | 156 | 1,969 |
Total | ¥ 2,607 | $ 400 | ¥ 3,970 |
Licensed Copyrights, Net - Disc
Licensed Copyrights, Net - Disclosure of Licensed Copyrights (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | ¥ 43,474 | ¥ 36,671 | |
Licensed copyrights, accumulated amortisation | (35,651) | (29,134) | |
Licensed copyrights, accumulated impairment | (353) | (25) | |
Licensed copyrights, net carrying value | 7,470 | $ 1,145 | 7,512 |
Licensed copyrights, gross carrying value current | 14,624 | 16,384 | |
Licensed copyrights, accumulated amortisation current | (13,555) | (15,134) | |
Licensed copyrights, accumulated impairment current | (34) | (25) | |
Licensed copyrights, net carrying value current | 1,035 | 159 | 1,225 |
Licensed copyrights, gross carrying value non current | 28,850 | 20,287 | |
Licensed copyrights, accumulated amortisation non current | (22,096) | (14,000) | |
Licensed copyrights, accumulated impairment non current | (319) | ||
Licensed copyrights, net carrying value non current | 6,435 | 986 | 6,287 |
Broadcasting Rights | |||
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | 37,511 | 32,038 | |
Licensed copyrights, accumulated amortisation | (29,688) | (24,501) | |
Licensed copyrights, accumulated impairment | (353) | (25) | |
Licensed copyrights, net carrying value | 7,470 | 1,145 | 7,512 |
Licensed copyrights, gross carrying value current | 8,661 | 11,751 | |
Licensed copyrights, accumulated amortisation current | (7,592) | (10,501) | |
Licensed copyrights, accumulated impairment current | (34) | (25) | |
Licensed copyrights, net carrying value current | 1,035 | 159 | 1,225 |
Licensed copyrights, gross carrying value non current | 28,850 | 20,287 | |
Licensed copyrights, accumulated amortisation non current | (22,096) | (14,000) | |
Licensed copyrights, accumulated impairment non current | (319) | ||
Licensed copyrights, net carrying value non current | 6,435 | $ 986 | 6,287 |
Sublicensing Rights | |||
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | 5,963 | 4,633 | |
Licensed copyrights, accumulated amortisation | (5,963) | (4,633) | |
Licensed copyrights, gross carrying value current | 5,963 | 4,633 | |
Licensed copyrights, accumulated amortisation current | ¥ (5,963) | (4,633) | |
Licensed copyrights, gross carrying value non current | 0 | ||
Licensed copyrights, accumulated amortisation non current | ¥ 0 |
Licensed Copyrights, Net - Sche
Licensed Copyrights, Net - Schedule of Estimated Future Amortisation Expenses For Licensed Copyrights (Detail) - Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Licensed Copyrights [Abstract] | ||
Within 1 year | ¥ 3,681 | $ 564 |
Between 1 and 2 years | 1,351 | 207 |
Between 2 and 3 years | ¥ 804 | $ 123 |
Licensed Copyrights, Net - Addi
Licensed Copyrights, Net - Additional information (Detail) - Licensed Copyrights ¥ in Millions, $ in Billions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of Licensed Copyrights [Line Items] | ||||
Amortisation expenses of licensed copyrights | ¥ 11,500 | $ 1.8 | ¥ 12,700 | ¥ 12,100 |
Acquisition of licensed copyrights from nonmonetary content exchanges | 968 | 642 | ||
Acquisition of licensed copyrights included in current liabilities | ¥ 5,500 | ¥ 6,300 |
Produced Content, Net - Additio
Produced Content, Net - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Produced Content Net | ||||
Disclosure Of Produced Content Net [Line Items] | ||||
Amortization expenses for Produced Content | ¥ 2,977 | ¥ 2,266 | ||
Cost of Revenue | ||||
Disclosure Of Produced Content Net [Line Items] | ||||
Amortization expense for produced content predominantly monetized with other content assets | ¥ 3,024 | $ 463 | ||
Amortization expense for produced content predominantly monetized on its own | ¥ 1,095 | $ 168 |
Produced Content, Net - Produce
Produced Content, Net - Produced Content, Net (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure Of Produced Content Net [Abstract] | |||
Released, less amortization | ¥ 1,935 | $ 297 | ¥ 892 |
In production | 3,824 | 586 | 3,075 |
In development | 797 | 122 | 388 |
Total | ¥ 6,556 | $ 1,005 | ¥ 4,355 |
Produced Content, Net - Summary
Produced Content, Net - Summary of Released, less Amortization And Impairment (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure Of Produced Content Net [Line Items] | |||
Released, less amortization and impairment | ¥ 1,935 | $ 297 | ¥ 892 |
In production, less impairment | 3,824 | 586 | 3,075 |
In development, less impairment | 797 | 122 | 388 |
Total | 6,556 | 1,005 | ¥ 4,355 |
Released, less amortization and impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
—Predominantly monetized with other content assets | 1,857 | 285 | |
—Predominantly monetized on its own | 78 | 12 | |
In production, less impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
—Predominantly monetized with other content assets | 3,742 | 573 | |
—Predominantly monetized on its own | 82 | 13 | |
In development, less impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
—Predominantly monetized with other content assets | 666 | 102 | |
— Predominantly monetized on its own | ¥ 131 | $ 20 |
Produced Content, Net - Summa_2
Produced Content, Net - Summary of Estimated Future Amortization Expenses For Product Content (Detail) - Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Schedule Of Estimated Future Amortization Expenses For Licensed Copyrights [Abstract] | ||
Due in 1 year | ¥ 827 | $ 127 |
Between 1 and 2 years | 296 | 45 |
Between 2 and 3 years | ¥ 197 | $ 30 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Receivables [Abstract] | ||||||
Accounts receivable | ¥ 9,988 | $ 1,530 | ¥ 8,344 | |||
Allowance for credit losses | (1,320) | (202) | (928) | $ (142) | ¥ (599) | ¥ (316) |
Accounts receivable, net | ¥ 8,668 | $ 1,328 | ¥ 7,416 |
Movement in Allowance for credi
Movement in Allowance for credit losses (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Allowance for credit losses | ||||
Balance as of January 1 | ¥ 928 | $ 142 | ¥ 599 | ¥ 316 |
Adoption of ASU 2016-13 | 119 | 18 | ||
Amounts charged to expenses | 455 | 70 | 331 | 299 |
Amounts written off | (182) | (28) | (2) | (16) |
Balance as of December 31 | ¥ 1,320 | $ 202 | ¥ 928 | ¥ 599 |
Other Assets (Detail)
Other Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Prepaid Expense and Other Assets [Abstract] | ||||
Prepaid expenses | ¥ 1,109 | $ 170 | ¥ 955 | |
Advances to suppliers | 1,053 | 161 | 964 | |
Receivables from online payment agencies | 440 | 67 | 585 | |
Deposits | 437 | 67 | 787 | |
Prepaid licensed copyrights | 1,035 | 159 | 1,225 | |
Contract assets, net | [1] | 1,755 | 269 | 1,876 |
Others | 3,279 | 503 | 693 | |
VAT Prepayments | 1,768 | 271 | 1,605 | |
Income tax prepayments | 130 | 20 | 499 | |
Total other current assets | 11,006 | 1,687 | 9,189 | |
Long-term prepaid expenses | 3,084 | 473 | 4,176 | |
Others | 364 | 54 | 276 | |
Total other non-current assets | ¥ 3,448 | $ 527 | ¥ 4,452 | |
[1] | The allowance for credit losses on contract assets was RMB7 million and RMB27 million (US$4 million) as of December 31, 2019 and December 31, 2020, respectively. The amounts charged to expenses for credit losses of contract assets and write-offs charged against the allowance were RMB9 million (US$1 million) and nil, respectively, for the year ended December 31, 2020. The effect of adopting ASU 2016-13 was RMB11 million (US$2 million ) to the opening balance of contract assets, net. |
Other Assets (Parenthetical) (D
Other Assets (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Prepaid Expense And Other Assets [Line Items] | ||||
Contract with customer, asset, allowance for credit loss | ¥ 27 | $ 4 | ¥ 7 | |
Contract with customer, asset, credit loss expense (reversal) | 9 | $ 1 | ||
Contract with customer, asset, allowance for credit loss, writeoff | 0 | |||
Accounting Standards Update 2016-13 | ||||
Prepaid Expense And Other Assets [Line Items] | ||||
Contract with Customer, Asset, Allowance for Credit Loss, Period Increase (Decrease) | ¥ 11 | $ 2 |
Fixed Assets (Detail)
Fixed Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | ¥ 42,304 | $ 6,483 | ¥ 38,388 |
Accumulated depreciation and impairment | (24,796) | (3,800) | (20,077) |
Fixed assets, net | 17,508 | 2,683 | 18,311 |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 33,150 | 5,080 | 29,592 |
Office building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,697 | 720 | 4,628 |
Office building related facility, machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,442 | 374 | 2,317 |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 204 | 31 | 203 |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 971 | 149 | 944 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 386 | 59 | 391 |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | ¥ 454 | $ 70 | ¥ 313 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Fixed assets, depreciation expense | ¥ 5.7 | $ 869 | ¥ 5.6 | ¥ 3.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)Unit | Dec. 31, 2020USD ($)Unit | Dec. 31, 2019CNY (¥)Unit | Dec. 31, 2018CNY (¥) | |
Amortization Of Intangible Assets Disclosure [Abstract] | ||||
Number of reporting units the company | 2 | 2 | 2 | |
Impairment loss on intangible assets | ¥ 350 | $ 54 | ¥ 406 | ¥ 5 |
Amortization expense of intangible assets | ¥ 544 | $ 83 | ¥ 661 | ¥ 385 |
Changes in the Carrying Amount
Changes in the Carrying Amount of Goodwill (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | ||
Goodwill [Line Items] | ||||
Beginning Balance | ¥ 18,250 | ¥ 18,536 | ||
Goodwill acquired | 3,998 | 978 | ||
Goodwill disposed | (1,265) | |||
Foreign currency translation and other adjustments | 1 | |||
Ending Balance | 22,248 | $ 3,410 | 18,250 | |
iQIYI | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 3,888 | 3,888 | ||
Ending Balance | 3,888 | 596 | 3,888 | |
Baidu Core | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 14,362 | 14,648 | ||
Goodwill acquired | 3,998 | 978 | ||
Goodwill disposed | [1] | (1,265) | ||
Foreign currency translation and other adjustments | 1 | |||
Ending Balance | ¥ 18,360 | $ 2,814 | ¥ 14,362 | |
[1] | (i) Disposition during the year ended December 31, 2019 was primarily related to the disposal of a subsidiary (Note 4). |
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | ¥ 4,790 | ¥ 3,630 | |
Finite lived intangible assets accumulated impairment | (776) | (428) | |
Finite-lived intangible assets, accumulated amortization | (1,992) | (1,602) | |
Finite-lived intangible assets, net carrying value | 2,022 | $ 310 | 1,600 |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,054 | 658 | |
Finite lived intangible assets accumulated impairment | (238) | (2) | |
Finite-lived intangible assets, accumulated amortization | (205) | (182) | |
Finite-lived intangible assets, net carrying value | 611 | 94 | 474 |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,087 | 456 | |
Finite lived intangible assets accumulated impairment | (52) | (52) | |
Finite-lived intangible assets, accumulated amortization | (307) | (188) | |
Finite-lived intangible assets, net carrying value | 728 | 112 | 216 |
Intellectual property right | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,599 | 1,548 | |
Finite lived intangible assets accumulated impairment | (467) | (355) | |
Finite-lived intangible assets, accumulated amortization | (757) | (594) | |
Finite-lived intangible assets, net carrying value | 375 | 57 | 599 |
Online literature | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 151 | 163 | |
Finite lived intangible assets accumulated impairment | 0 | ||
Finite-lived intangible assets, accumulated amortization | (54) | (40) | |
Finite-lived intangible assets, net carrying value | 97 | 15 | 123 |
Others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 899 | 805 | |
Finite lived intangible assets accumulated impairment | (19) | (19) | |
Finite-lived intangible assets, accumulated amortization | (669) | (598) | |
Finite-lived intangible assets, net carrying value | ¥ 211 | $ 32 | ¥ 188 |
Estimated Amortization Expense
Estimated Amortization Expense Relating to Existing Intangible Assets with Finite Lives (Detail) - Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Estimated amortization expense | ||
2021 | ¥ 505 | $ 77 |
2022 | 448 | 69 |
2023 | 375 | 57 |
2024 | 337 | 52 |
2025 | ¥ 235 | $ 36 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued other operating expenses | ¥ 8,301 | $ 1,272 | ¥ 8,925 |
Content acquisition costs | 6,734 | 1,032 | 7,267 |
Tax payable | 3,779 | 579 | 3,115 |
Accrued payroll and welfare | 3,508 | 538 | 2,407 |
Payable to noncontrolling interest shareholders | 3,466 | 531 | 240 |
Traffic acquisition costs | 2,467 | 378 | 2,772 |
Bandwidth costs | 1,985 | 304 | 2,492 |
Accruals for purchases of fixed assets | 1,270 | 195 | 1,220 |
Funds collected on behalf of service providers | 523 | 80 | 498 |
Interest payable | 487 | 75 | 310 |
Payable to merchants | 307 | 47 | 310 |
Users' and third party agents' deposits | 268 | 41 | 641 |
Others | 3,621 | 555 | 2,504 |
Accounts payable and accrued liabilities | ¥ 36,716 | $ 5,627 | ¥ 32,701 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2020CNY (¥) | Oct. 31, 2020USD ($) | Sep. 30, 2019CNY (¥) | Apr. 30, 2017CNY (¥) | Jun. 30, 2016USD ($)Tranche | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019CNY (¥) | Nov. 30, 2016USD ($)Tranche | |
Debt Instrument [Line Items] | |||||||||||||
Short-term loans | ¥ 3,000 | ¥ 2,618 | $ 462 | ||||||||||
Weighted average interest rates for outstanding borrowings | 4.30% | 4.05% | 4.30% | 4.05% | |||||||||
Unused line of credit for short term loans | ¥ 840 | ¥ 1,600 | $ 129 | ||||||||||
iQIYI | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Other receivables | 35 | 5 | |||||||||||
Debt Collateral | 548 | 562 | 84 | ||||||||||
Carrying amount of real estate used as collateral | 548 | 562 | 84 | ||||||||||
Restricted cash | 23 | 4 | $ 139 | ||||||||||
Other loans [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Securities with maturities ranging | 2019 | ||||||||||||
Other loans [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Securities with maturities ranging | 2020 | ||||||||||||
Other loans [Member] | iQIYI | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments Of LongTermDebt | ¥ 30 | $ 5 | 371 | $ 57 | 75 | ||||||||
Outstanding borrowings from third party investors | 498 | 898 | 76 | ||||||||||
Long-term loans | ¥ 498 | $ 76 | |||||||||||
Other loans [Member] | iQIYI | 2018 factored receivables | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective interest rate | 7.00% | ||||||||||||
Proceeds from issuance of debt securities | ¥ 446 | ||||||||||||
Other loans [Member] | iQIYI | 2019 factored receivables | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective interest rate | 5.97% | ||||||||||||
Accounts payable to certain suppliers selected for securitization | ¥ 587 | ||||||||||||
Proceeds from issuance of debt securities | 500 | ||||||||||||
Asset-backed Securities [Member] | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Expected guaranteed returns on securities | 5.00% | 5.00% | |||||||||||
Asset-backed Securities [Member] | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Expected guaranteed returns on securities | 5.50% | 5.50% | |||||||||||
Bank Of China Shanghai Branch | iQIYI | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | ¥ 299 | ||||||||||||
Bank loan maturity period | 3 years | ||||||||||||
Interest rate | 4.47% | ||||||||||||
Repayments Of LongTermDebt | ¥ 274 | 42 | 10 | ||||||||||
A Group Of 21 Arrangers | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Bank loan maturity period | 5 years | ||||||||||||
A Group Of 21 Arrangers | Unsecured Loan 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ | $ 1,000 | ||||||||||||
Bank loan maturity period | 5 years | ||||||||||||
Number of tranches issued and sold | Tranche | 2 | ||||||||||||
A Group Of 21 Arrangers | Unsecured Loan 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ | $ 1,000 | ||||||||||||
Bank loan maturity period | 5 years | ||||||||||||
Number of tranches issued and sold | Tranche | 2 | ||||||||||||
A Group Of 21 Arrangers | JPMorgan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding borrowings from third party investors | 6,500 | 7,000 | $ 1,000 | ||||||||||
A Group Of 21 Arrangers | Debt Instrument Tranche One | Unsecured Loan 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount borrowed under the commitment of a bank loan | $ | $ 250 | ||||||||||||
Interest rate | 2.11% | 2.78% | |||||||||||
A Group Of 21 Arrangers | Debt Instrument Tranche Two | Unsecured Loan 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount borrowed under the commitment of a bank loan | $ | $ 250 | ||||||||||||
Interest rate | 2.10% | 2.78% | |||||||||||
JP Morgan Chase Bank N A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | ¥ 800 | ||||||||||||
Bank loan maturity period | 2 years | ||||||||||||
Amount borrowed under the commitment of a bank loan | ¥ 448 | ||||||||||||
Interest rate | 3.55% | ||||||||||||
Repayments Of LongTermDebt | 34 | $ 5 | ¥ 3 | ||||||||||
JP Morgan Chase Bank N A | Held-to-maturity Securities | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Collateral | 463 | 71 | $ 71 | ||||||||||
Factoring Arrangements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term loans | 390 | 60 | |||||||||||
Factoring Arrangements | iQIYI | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Structured payable arrangement amount | ¥ 396 | $ 61 |
Notes Payable - Summary of Comp
Notes Payable - Summary of Company Issued and Publicly Sold Unsecured Senior Notes (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
2024 Notes Issued On November 2018 | |
Debt and Financial Instruments [Line Items] | |
Principal amount | $ 600 |
2024 Notes Issued On December 2018 | |
Debt and Financial Instruments [Line Items] | |
Principal amount | $ 250 |
2022 Ten-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 28, 2012 |
Principal amount | $ 750 |
Mature date | Nov. 28, 2022 |
Effective interest rate | 3.59% |
2019 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jun. 9, 2014 |
Principal amount | $ 1,000 |
Mature date | Jun. 9, 2019 |
Effective interest rate | 3.00% |
2020 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jun. 30, 2015 |
Principal amount | $ 750 |
Mature date | Jun. 30, 2020 |
Effective interest rate | 3.13% |
2025 Ten-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jun. 30, 2015 |
Principal amount | $ 500 |
Mature date | Jun. 30, 2025 |
Effective interest rate | 4.22% |
2022 Five-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jul. 6, 2017 |
Principal amount | $ 900 |
Mature date | Jul. 6, 2022 |
Effective interest rate | 3.08% |
2027 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jul. 6, 2017 |
Principal amount | $ 600 |
Mature date | Jul. 6, 2027 |
Effective interest rate | 3.73% |
2023 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Mar. 29, 2018 |
Principal amount | $ 1,000 |
Mature date | Sep. 29, 2023 |
Effective interest rate | 3.99% |
2028 March Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Mar. 29, 2018 |
Principal amount | $ 500 |
Mature date | Mar. 29, 2028 |
Effective interest rate | 4.50% |
2024 Notes | 2024 Notes Issued On November 2018 | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 14, 2018 |
Principal amount | $ 600 |
Mature date | May 14, 2024 |
Effective interest rate | 4.51% |
2028 November Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 14, 2018 |
Principal amount | $ 400 |
Mature date | Nov. 14, 2028 |
Effective interest rate | 4.99% |
2025 Five-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Apr. 7, 2020 |
Principal amount | $ 600 |
Mature date | Apr. 7, 2025 |
Effective interest rate | 3.22% |
2030 April Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Apr. 7, 2020 |
Principal amount | $ 400 |
Mature date | Apr. 7, 2030 |
Effective interest rate | 3.54% |
2026 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Oct. 9, 2020 |
Principal amount | $ 650 |
Mature date | Apr. 9, 2026 |
Effective interest rate | 1.81% |
2030 October Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Oct. 9, 2020 |
Principal amount | $ 300 |
Mature date | Oct. 9, 2030 |
Effective interest rate | 2.43% |
2024 Notes | 2024 Notes Issued On December 2018 | |
Debt and Financial Instruments [Line Items] | |
Issue date | Dec. 10, 2018 |
Principal amount | $ 250 |
Mature date | May 14, 2024 |
Effective interest rate | 4.54% |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument redemption price percentage | 100.00% |
2024 Notes Issued On November 2018 | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2024 Notes Issued On December 2018 | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 250 |
2022 Ten-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.50% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 750 |
2019 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.75% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 1,000 |
2020 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.00% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 750 |
2022 Five-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 900 |
2027 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.625% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2023 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 1,000 |
2028 March Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 500 |
2028 November Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 400 |
2025 Ten-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.125% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 500 |
2025 Five-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.075% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2030 April Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.425% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 400 |
2026 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 1.72% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 650 |
2030 October Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 300 |
Outstanding Notes [Member] | |
Debt Instrument [Line Items] | |
Discount on debt issued | 20 |
Debt issuance cost | $ 36 |
Principal Amount and Unamortize
Principal Amount and Unamortized Discount and Debt Issuance Costs (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Debt Disclosure [Abstract] | |||
Principal amount | ¥ 48,638 | $ 7,454 | ¥ 43,519 |
Unamortized discount and debt issuance costs | (230) | (35) | (210) |
Long-term Debt, Total | ¥ 48,408 | $ 7,419 | ¥ 43,309 |
Repayment of Principal Amount o
Repayment of Principal Amount of Long Term Debts (Detail) - Dec. 31, 2020 - Long Term Debt ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2021 | ¥ 7,465 | $ 1,144 |
2022 | 10,766 | 1,650 |
2023 | 6,525 | 1,000 |
2024 | 5,546 | 850 |
2025 | 7,178 | 1,100 |
Thereafter | ¥ 18,596 | $ 2,850 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / A | Mar. 31, 2019USD ($)$ / A | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020CNY (¥) | |
Debt Instrument [Line Items] | |||||||
Debt maturities repayments in 2023 | $ 750 | ¥ 4,900 | |||||
Debt maturities repayments in 2025 | 1,200 | 7,800 | |||||
Debt maturities repayments in 2026 | 800 | ¥ 5,200 | |||||
Senior Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
The amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the liability component | $ 123 | ¥ 799 | ¥ 670 | ¥ 24 | |||
iQIYI 2023 Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 750 | ||||||
Interest rate | 3.75% | ||||||
Debt, maturity date | Dec. 1, 2023 | ||||||
Debt, put date | Dec. 1, 2021 | Dec. 1, 2021 | |||||
Conversion rate of convertible notes, ADS per US$1,000 | 37.1830 | ||||||
Effective interest rate | 7.04% | ||||||
Principal amount of liability component | $ 750 | ||||||
Remaining Accretion Period | 11 months 1 day | 11 months 1 day | |||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | ||||||
Percentage of principal amount of debt redeemed | 100.00% | 100.00% | |||||
iQIYI 2023 Convertible Notes | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Price of call options on iQIYI's ADS | $ 68 | ||||||
Cap exercise price of capped call options | $ / A | 38.42 | ||||||
iQIYI 2025 Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 1,200 | ||||||
Interest rate | 2.00% | ||||||
Debt, maturity date | Apr. 1, 2025 | ||||||
Debt, put date | Apr. 1, 2023 | ||||||
Conversion rate of convertible notes, ADS per US$1,000 | 33.0003 | ||||||
Effective interest rate | 6.01% | ||||||
Principal amount of liability component | $ 1,200 | ||||||
Remaining Accretion Period | 2 years 3 months | 2 years 3 months | |||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | ||||||
Percentage of principal amount of debt redeemed | 100.00% | 100.00% | |||||
iQIYI 2025 Convertible Notes | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Price of call options on iQIYI's ADS | $ 85 | ||||||
Cap exercise price of capped call options | $ / A | 40.02 | ||||||
IQIYI 2026 Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 800 | ||||||
Interest rate | 4.00% | 4.00% | |||||
Debt, maturity date | Dec. 15, 2026 | Dec. 15, 2026 | |||||
Debt, put date | Aug. 1, 2024 | Aug. 1, 2024 | |||||
Conversion rate of convertible notes, ADS per US$1,000 | 44.8179 | 44.8179 | |||||
Effective interest rate | 6.94% | 6.94% | |||||
Principal amount of liability component | $ 800 | ||||||
Remaining Accretion Period | 3 years 7 months 2 days | 3 years 7 months 2 days | |||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | interest is payable semi-annually | |||||
Percentage of principal amount of debt redeemed | 100.00% | 100.00% |
Convertible Notes - Summary of
Convertible Notes - Summary of Carying Amount of the Convertible Notes (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Liability component: | |||
Principal | $ 7,454 | ¥ 48,638 | ¥ 43,519 |
Net carrying amount | 7,419 | 48,408 | 43,309 |
Lqiyi Two Thousand Twenty Three Convertible Notes And Two Thousand Twenty Five Convertible Notes And Two Thousand Twenty Six Convertible Notes Collectively [Member] | |||
Liability component: | |||
Principal | 2,751 | 17,954 | 13,578 |
Less: unamortized debt discount | 195 | 1,275 | 1,281 |
Net carrying amount | 2,556 | 16,679 | 12,297 |
Equity component: | |||
Carrying amount | $ 267 | ¥ 1,744 | ¥ 1,349 |
Leases -Summary of Supplemental
Leases -Summary of Supplemental cash flow information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Leases [Abstract] | |||
Cash payments for operating leases | ¥ 5,187 | $ 795 | ¥ 2,631 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 2,841 | $ 435 | ¥ 3,896 |
Leases -Summary of Future lease
Leases -Summary of Future lease payments (Detail) - Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Leases [Abstract] | ||
2021 | ¥ 2,430 | $ 372 |
2022 | 1,856 | 284 |
2023 | 1,433 | 220 |
2024 | 1,032 | 158 |
2025 | 464 | 71 |
Thereafter | 624 | 96 |
Total future lease payments | 7,839 | 1,201 |
Less: Imputed interest | 780 | 118 |
Total lease liability balance | ¥ 7,059 | $ 1,083 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Leases [Abstract] | |||
Operating lease, weighted average remaining lease term | 16 years 2 months 12 days | 16 years 2 months 12 days | |
Operating lease, weighted average discount rate | 4.53% | 4.53% | |
Short-term lease cost | ¥ 427,000,000 | $ 65 | ¥ 434,000,000 |
Lease Term Of Contract | 12 months | 12 months | |
Operating lease cost | ¥ 3,000,000,000 | $ 456 | ¥ 2,700,000,000 |
Lease costs capitalized | ¥ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Income Taxes [Line Items] | |||||
Unified statutory income tax rate under current EIT law | 25.00% | 25.00% | |||
PRC statutory withholding tax rate to which dividends paid by a FIE to any of its foreign non-resident enterprise investors | 10.00% | 10.00% | |||
PRC special withholding tax rate to which dividends paid by a FIE to its foreign non-resident enterprise investors in Hong Kong | 5.00% | 5.00% | |||
Statutory withholding tax rate for capital gains | 10.00% | 10.00% | |||
Net losses deriving from entities in the PRC, Hong Kong and Japan | ¥ 9,700 | $ 1,500 | |||
Accrued withholding tax | 1,400 | ||||
Undistributed earnings no withholding tax has accrued | 154,100 | $ 23,600 | |||
Total income tax expense | ¥ 4,064 | $ 623 | ¥ 1,948 | ¥ 4,743 | |
High And New Technology Enterprise | |||||
Income Taxes [Line Items] | |||||
A preferential enterprise income tax rate | 15.00% | 15.00% | |||
Preferential enterprise income tax rate, effective period | 3 years | 3 years | |||
Net operating loss carryforward period | 10 years | 10 years | |||
Key Software Enterprise | |||||
Income Taxes [Line Items] | |||||
A preferential enterprise income tax rate | 10.00% | 10.00% | |||
PRC | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforward period | 5 years | 5 years | |||
Net operating loss carryforwards begins to expire | 2021 | 2021 | |||
Time period that tax authorities could conduct examinations of entity's tax filings | 5 years | 5 years | |||
PRC | Earliest Tax Year | |||||
Income Taxes [Line Items] | |||||
Tax years remain open to examination by respective taxing jurisdictions | 2015 | 2015 | |||
PRC | Latest Tax Year | |||||
Income Taxes [Line Items] | |||||
Tax years remain open to examination by respective taxing jurisdictions | 2020 | 2020 | |||
Japan | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforward period | 9 years | 9 years | |||
Baidu HK | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 16.50% | 16.50% | |||
Baidu Japan | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 31.00% | 31.00% | 31.00% | 31.00% | |
Baidu International | Key Software Enterprise | |||||
Income Taxes [Line Items] | |||||
A preferential enterprise income tax rate | 10.00% | 10.00% | |||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | |||||
Income Taxes [Line Items] | |||||
A preferential enterprise income tax rate | 15.00% | 15.00% | 15.00% | 15.00% | |
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | Expiration Period Two | |||||
Income Taxes [Line Items] | |||||
Tax holiday, expiration year | 2022 | 2022 | |||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | Expiration Period Three | |||||
Income Taxes [Line Items] | |||||
Tax holiday, expiration year | 2023 | 2023 |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest By Jurisdiction [Abstract] | ||||
PRC | ¥ 19,711 | $ 3,021 | ¥ 13,076 | ¥ 23,524 |
Non-PRC | 3,379 | 518 | (13,416) | 3,801 |
Income (loss) before income taxes | ¥ 23,090 | $ 3,539 | ¥ (340) | ¥ 27,325 |
Components of Income Tax (Detai
Components of Income Tax (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | ¥ 4,668 | $ 716 | ¥ 3,564 | ¥ 6,184 |
Income tax refund due to reduced tax rate | (719) | (110) | (920) | (680) |
Adjustments of deferred tax assets due to change in tax rates | (5) | (1) | 9 | 0 |
Deferred income tax (benefit) expense | 120 | 18 | (705) | (761) |
Taxation for the year | ¥ 4,064 | $ 623 | ¥ 1,948 | ¥ 4,743 |
Reconciliation of Effective Inc
Reconciliation of Effective Income Tax Provision of Tax Computed By Applying Statutory Income Tax Rate to Pre-Tax Income (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | ||
Income Tax Disclosure [Abstract] | |||||
Expected taxation at PRC statutory tax rate | ¥ 5,773 | $ 885 | ¥ (85) | ¥ 6,831 | |
Effect of differing tax rates in different jurisdictions | 208 | 32 | 3,299 | 493 | |
Non-taxable income | (995) | (152) | (419) | (1,555) | |
Non-deductible expenses | 3,416 | 523 | 2,124 | 935 | |
Research and development super-deduction | (1,549) | (237) | (1,245) | (1,047) | |
Effect of PRC preferential tax rates and tax holiday | (2,891) | (443) | (1,327) | (2,250) | |
Effect of tax rate changes on deferred taxes | (5) | (1) | 9 | 0 | |
Reversal of prior year's EIT | (951) | (146) | (1,134) | (616) | |
PRC withholding tax | 122 | 19 | (224) | 553 | |
Addition to valuation allowance | 936 | 143 | 950 | 1,399 | |
Taxation for the year | ¥ 4,064 | $ 623 | ¥ 1,948 | ¥ 4,743 | |
Effective tax rate | 18.00% | 18.00% | (573.00%) | 17.00% | |
Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share | (per share) | [1] | ¥ 1.06 | $ 0.16 | ¥ 0.49 | ¥ 0.81 |
[1] | Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share for the years ended December 31, 2018, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that became effective on March 1, 2021, as detailed in Note 1 and Note 21 |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Balances (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Deferred tax assets: | |||
Allowance for credit loss | ¥ 452 | $ 69 | ¥ 332 |
Accrued expenses, payroll and others | 5,456 | 836 | 4,820 |
Fixed assets depreciation | 106 | 16 | 151 |
Net operating loss carry-forward | 1,811 | 278 | 1,733 |
Less: valuation allowance | (5,895) | (903) | (4,843) |
Deferred tax assets, net | 1,930 | 296 | 2,193 |
Deferred tax liabilities: | |||
Long-lived assets arising from acquisitions | 406 | 62 | 275 |
Withholding tax on PRC subsidiaries' undistributed earnings | 1,381 | 212 | 1,621 |
Tax on capital gains | 943 | 145 | 1,159 |
Others | 593 | 90 | 218 |
Deferred tax liabilities | ¥ 3,323 | $ 509 | ¥ 3,273 |
Employee Defined Combination Pl
Employee Defined Combination Plan - Additional Information (Detail) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Retirement Benefits [Abstract] | ||||
Amounts incurred for employee defined contribution plan | ¥ 2.7 | $ 417 | ¥ 3.2 | ¥ 2.9 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Investment commitments | ¥ 1,500 | |||
Network Infrastructure and Buildings | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Capital commitments contracted not yet reflected in financial statements | 754 | $ 116 | ||
Obligations related to the entity's directors and officers | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Investment commitments | $ | $ 223 | |||
Fair value of indemnification obligations related to the entity's directors and officers | ¥ 0 | ¥ 0 |
Future Minimum Payments Under N
Future Minimum Payments Under Non-Cancelable Operating Leases with Initial Terms of One-Year or More (Detail) - Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Future Minimum Payments Under Noncancelable Agreements For Bandwidth And Property Management Fees [Abstract] | ||
2021 | ¥ 742 | $ 114 |
2022 | 323 | 50 |
2023 | 135 | 21 |
2024 | 81 | 12 |
2025 | 45 | 7 |
Thereafter | 47 | 7 |
Total Future minimum payments under non-cancelable agreements for bandwidth and property management fees | ¥ 1,373 | $ 211 |
Future Minimum Lease Payments F
Future Minimum Lease Payments For Non-Cancelable Agreements For Licensed Copyrights and Produced Content (Detail) - Dec. 31, 2020 - Licensed copyrights ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Commitment And Contingencies [Line Items] | ||
2021 | ¥ 10,480 | $ 1,606 |
2022 | 6,239 | 956 |
2023 | 3,421 | 524 |
2024 | 1,286 | 197 |
2025 | 345 | 53 |
Thereafter | 0 | 0 |
Future Minimum Payments Under Non-Cancelable Licensing agreements | ¥ 21,771 | $ 3,336 |
Summary of Redeemable Noncontro
Summary of Redeemable Noncontrolling Interest (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Temporary Equity Disclosure [Abstract] | |||||
Balance as of January 1 | ¥ 1,109 | $ 170 | ¥ 716 | ¥ 11,022 | |
Business combinations (Note 3) | 0 | 182 | 698 | $ 0 | |
Issuance of subsidiary shares | 1,866 | 286 | 100 | ||
Accretion of redeemable noncontrolling interests | 127 | 19 | 111 | 146 | |
Conversion of iQIYI preferred shares recognized as redeemable noncontrolling interests to ordinary shares | (11,150) | ||||
Balance as of December 31 | ¥ 3,102 | $ 475 | ¥ 1,109 | ¥ 716 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Additional Information (Detail) - shares | Sep. 30, 2020 | Oct. 31, 2018 |
Subsidary [Member] | ||
Temporary Equity Disclosure [Abstract] | ||
Outstanding preference shares | 159,820,917 | |
Preferred Stock | ||
Temporary Equity Disclosure [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Smart Living Group [Member] | Preferred Stock | ||
Temporary Equity Disclosure [Abstract] | ||
Preferred stock, shares issued | 61,666,667 |
Shareholder's Equity - Addition
Shareholder's Equity - Additional Information (Detail) $ / shares in Units, ¥ in Millions, $ in Millions | Jun. 27, 2018USD ($) | Oct. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Aug. 31, 2020USD ($) | May 13, 2020USD ($) | Dec. 31, 2019$ / shares | Dec. 31, 2019CNY (¥)shares | May 16, 2019USD ($) |
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 69,632,000,000 | 69,632,000,000 | ||||||||||
Transfer of Class B ordinary shares to Class A Ordinary shares | 4,200,000 | 4,200,000 | ||||||||||
Stock repurchase program, proposed aggregate value | $ | $ 1,000 | $ 1,000 | ||||||||||
Stock repurchase program, period | 12 months | |||||||||||
Number of Class A ordinary shares repurchased | 126,096,000 | 126,096,000 | 53,162,720 | 16,573,200 | ||||||||
Aggregate purchase price | ¥ | ¥ 13,054 | ¥ 4,958 | ¥ 3,312 | |||||||||
Allocation of after-tax profits to statutory surplus fund, percentage | 10.00% | 10.00% | ||||||||||
Limit of statutory surplus fund as a percentage of registered capital, after which allocations to statutory surplus fund are no longer required | 50.00% | 50.00% | ||||||||||
Amounts of restricted paid up capital and statutory reserve funds of PRC subsidiaries and net assets of VIEs | ¥ 45,000 | $ 6,900 | ¥ 40,800 | |||||||||
Foreign currency translation adjustment | ¥ 1,200 | $ 189 | ||||||||||
Previously Reported [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 870,400,000 | 870,400,000 | ||||||||||
Number of Class A ordinary shares repurchased | 1,576,200 | 1,576,200 | 664,534 | 207,165 | ||||||||
2020 Shares Repurchase Program | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Stock repurchase program, proposed aggregate value | $ | $ 4,500 | $ 3,000 | $ 1,000 | |||||||||
Trip.com International, Ltd | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ¥ | ¥ 989 | |||||||||||
Preferred Stock | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Preferred stock, shares authorized | 800,000,000 | 800,000,000 | ||||||||||
Preferred Stock | Previously Reported [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||
Class A Ordinary Shares | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | |||||||||
Par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | ||||||||||
Common stock, shares outstanding | 2,107,228,720 | 2,107,228,720 | 2,190,529,680 | |||||||||
Aggregate purchase price | ¥ 13,100 | $ 2,000 | ¥ 5,000 | ¥ 3,300 | ||||||||
Class A Ordinary Shares | Previously Reported [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 825,000,000 | 825,000,000 | ||||||||||
Par value per share (US$) | $ / shares | $ 0.00005 | |||||||||||
Common stock, shares outstanding | 26,340,359 | 26,340,359 | ||||||||||
Class B Ordinary Shares | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | |||||||||
Par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | ||||||||||
Number of votes per share | ten | ten | ||||||||||
Common stock, shares outstanding | 571,900,320 | 571,900,320 | 576,100,320 | |||||||||
Class B Ordinary Shares | Previously Reported [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Common stock, shares authorized | 35,400,000 | 35,400,000 | ||||||||||
Par value per share (US$) | $ / shares | $ 0.00005 | |||||||||||
Common stock, shares outstanding | 7,148,754 | 7,148,754 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Retained Earnings (Accumulated Deficit) [Abstract] | |||
PRC statutory reserve funds | ¥ 806 | $ 123 | ¥ 626 |
Unreserved retained earnings | 134,478 | 20,610 | 125,642 |
Total retained earnings | ¥ 135,284 | $ 20,733 | ¥ 126,268 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balances | ¥ 171,706 | ¥ 175,036 | ¥ 119,350 | ||
Cumulative effect of accounting change | 933 | ||||
Net current-period other comprehensive income (loss) | 1,775 | $ 271 | (1,490) | 286 | |
Balances | 188,741 | 28,926 | 171,706 | 175,036 | |
Foreign currency translation adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balances | (2,584) | (1,700) | (888) | ||
Other comprehensive income before reclassification | 1,936 | 207 | 114 | ||
Amounts reclassified from accumulated other comprehensive income | (989) | 80 | |||
Net current-period other comprehensive income (loss) | 1,936 | (782) | 194 | ||
Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests | (192) | (102) | (1,006) | ||
Balances | (840) | (129) | (2,584) | (1,700) | |
Unrealized gains on available- for-sale investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balances | 1,201 | 1,910 | 1,818 | ||
Cumulative effect of accounting change | [1] | (1,854) | |||
Other comprehensive income before reclassification | 380 | 1,981 | 4,117 | ||
Amounts reclassified from accumulated other comprehensive income | (541) | (2,689) | (2,171) | ||
Net current-period other comprehensive income (loss) | (161) | (708) | 92 | ||
Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests | (1) | (1) | |||
Balances | 1,039 | 159 | 1,201 | 1,910 | |
Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balances | (1,383) | 210 | 930 | ||
Cumulative effect of accounting change | [1] | (1,854) | |||
Other comprehensive income before reclassification | 2,316 | 2,188 | 4,231 | ||
Amounts reclassified from accumulated other comprehensive income | (541) | (3,678) | (2,091) | ||
Net current-period other comprehensive income (loss) | 1,775 | (1,490) | 286 | ||
Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests | (193) | (103) | (1,006) | ||
Balances | ¥ 199 | $ 30 | ¥ (1,383) | ¥ 210 | |
[1] | * Adjustment of net unrealized gains related to available-for-sale equity investments from accumulated other comprehensive income to opening retained earnings as a result of the adoption of ASU 2016-13 on January 1, 2018. |
Tax Benefit (expense) Allocated
Tax Benefit (expense) Allocated to each Component of Other Comprehensive Income (loss) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other comprehensive income (loss) before reclassification | ¥ (59) | $ (9) | ¥ (280) | ¥ (409) |
Amounts reclassified from accumulated other comprehensive income | 83 | 13 | 402 | 328 |
Net current-period other comprehensive income (loss) | ¥ 24 | $ 4 | ¥ 122 | ¥ (81) |
Reconciliation of Net Income to
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted Per Share (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income attributable to Baidu, Inc. | ¥ 22,472 | $ 3,444 | ¥ 2,057 | ¥ 27,573 |
Accretion of the redeemable noncontrolling interests | (88) | (13) | (77) | (130) |
Numerator for basic EPS computation | 22,384 | 3,431 | 1,980 | 27,443 |
Impact of subsidiaries' and investees' diluted earnings per share | 0 | 0 | (28) | 0 |
Numerator for diluted EPS calculation | ¥ 22,384 | $ 3,431 | ¥ 1,952 | ¥ 27,443 |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings Per Class A and Class B Ordinary Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Millions, shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | ||
Numerator | |||||
Allocation of net income attributable to Baidu, Inc. | ¥ 22,384 | $ 3,431 | ¥ 1,980 | ¥ 27,443 | |
Numerator | |||||
Numerator for diluted EPS calculation | 22,384 | 3,431 | 1,952 | 27,443 | |
Class A Ordinary Shares | |||||
Numerator | |||||
Allocation of net income attributable to Baidu, Inc. | ¥ 17,683 | $ 2,710 | ¥ 1,571 | ¥ 21,780 | |
Denominator | |||||
Denominator used for basic EPS | [1] | 2,158 | 2,158 | 2,211 | 2,216 |
Earnings per share - basic | (per share) | [1] | ¥ 8.19 | $ 1.26 | ¥ 0.71 | ¥ 9.83 |
Numerator | |||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | ¥ 17,723 | $ 2,716 | ¥ 1,549 | ¥ 21,824 | |
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares | 4,661 | 715 | 403 | 5,619 | |
Numerator for diluted EPS calculation | ¥ 22,384 | $ 3,431 | ¥ 1,952 | ¥ 27,443 | |
Denominator | |||||
Weighted average ordinary shares outstanding | [1] | 2,158 | 2,158 | 2,211 | 2,216 |
Conversion of Class B to Class A ordinary shares | [1] | 574 | 574 | 576 | 576 |
Share-based awards | [1] | 24 | 24 | 4 | 22 |
Denominator used for diluted EPS | [1] | 2,756 | 2,756 | 2,791 | 2,814 |
Earnings per share - diluted | (per share) | [1] | ¥ 8.12 | $ 1.24 | ¥ 0.70 | ¥ 9.75 |
Class A Ordinary Shares | American Depositary Shares | |||||
Denominator | |||||
Denominator used for basic EPS | [1] | 270 | 270 | 276 | 277 |
Earnings per share - basic | (per share) | [1] | ¥ 65.54 | $ 10.04 | ¥ 5.68 | ¥ 78.64 |
Denominator | |||||
Weighted average ordinary shares outstanding | [1] | 270 | 270 | 276 | 277 |
Denominator used for diluted EPS | [1] | 344 | 344 | 349 | 352 |
Earnings per share - diluted | (per share) | [1] | ¥ 64.98 | $ 9.96 | ¥ 5.60 | ¥ 78.03 |
Class B Ordinary Shares | |||||
Numerator | |||||
Allocation of net income attributable to Baidu, Inc. | ¥ 4,701 | $ 721 | ¥ 409 | ¥ 5,663 | |
Denominator | |||||
Denominator used for basic EPS | [1] | 574 | 574 | 576 | 576 |
Earnings per share - basic | (per share) | [1] | ¥ 8.19 | $ 1.26 | ¥ 0.71 | ¥ 9.83 |
Numerator | |||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | ¥ 4,661 | $ 715 | ¥ 403 | ¥ 5,619 | |
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares | 0 | 0 | 0 | 0 | |
Numerator for diluted EPS calculation | ¥ 4,661 | $ 715 | ¥ 403 | ¥ 5,619 | |
Denominator | |||||
Weighted average ordinary shares outstanding | [1] | 574 | 574 | 576 | 576 |
Conversion of Class B to Class A ordinary shares | [1] | 0 | 0 | 0 | 0 |
Share-based awards | [1] | 0 | 0 | 0 | 0 |
Denominator used for diluted EPS | [1] | 574 | 574 | 576 | 576 |
Earnings per share - diluted | (per share) | [1] | ¥ 8.12 | $ 1.24 | ¥ 0.70 | ¥ 9.75 |
[1] | Basic and diluted net income per ordinary share, weighted average number of shares and the adjustments for dilutive restricted share and share options for the years ended December 31, 2018, 2019 and 2020 have been retrospectively adjusted for the Share Subdivision and the ADS Ratio Change that became effective on March 1, 2021, as detailed in Note 1 |
Share-Based Awards Plan - Addit
Share-Based Awards Plan - Additional Information of Baidu, Inc. (Detail) $ / shares in Units, ¥ in Millions, $ in Millions | Sep. 15, 2020 | Jul. 31, 2018shares | Nov. 30, 2017shares | Oct. 31, 2010 | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018$ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2008shares | |
Parent Company | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 10 years | ||||||||||||
Percentage of voting power | 10.00% | 10.00% | |||||||||||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ / shares | [1] | $ 14 | |||||||||||
Parent Company | Stock Options | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total intrinsic value of options exercised | ¥ 157 | $ 24 | ¥ 77 | ¥ 474 | |||||||||
Total fair value of options vested | 261 | $ 40 | 216 | 956 | |||||||||
Unrecognized share-based compensation cost | ¥ 215 | $ 33 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 1 year 9 months 18 days | 1 year 9 months 18 days | |||||||||||
The weighted-average grant-date fair value of options granted during respective years | $ / shares | $ 9 | $ 5 | $ 13 | ||||||||||
Parent Company | Stock Options | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares vesting term | 4 years | 4 years | |||||||||||
Parent Company | Stock Options | Minimum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares vesting term | 2 years | 2 years | |||||||||||
Parent Company | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized share-based compensation cost | ¥ 6,400 | $ 1,000 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 3 years | 3 years | |||||||||||
Total fair value of shares vested during respective years, restricted shares | ¥ 4,600 | $ 700 | ¥ 4,100 | ¥ 3,400 | |||||||||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ / shares | $ 14 | $ 16 | $ 28 | ||||||||||
Parent Company | Employee Holding More Than Ten Percent Voting Power | Minimum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Percentage of the fair market value of the entity's ordinary shares | 110.00% | 110.00% | |||||||||||
Parent Company | 2008 Plan | Class A Ordinary Shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 3,428,777 | ||||||||||||
Parent Company | 2008 Plan | Revision of Prior Period, Reclassification, Adjustment [Member] | Class A Ordinary Shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 274,302,160 | ||||||||||||
Parent Company | 2008 Plan | Employee Holding No More Than Ten Percent Voting Power | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 10 years | 10 years | |||||||||||
Parent Company | 2008 Plan | Employee Holding More Than Ten Percent Voting Power | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 5 years | 5 years | |||||||||||
Parent Company | Stock Incentive Plan 2018 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 3,443,950 | ||||||||||||
Parent Company | Stock Incentive Plan 2018 [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 275,516,000 | ||||||||||||
iQIYI | 2010 Equity Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 589,729,714 | 589,729,714 | |||||||||||
Contractual term of share-based awards granted | 20 years | 10 years | |||||||||||
Shares vesting term | 4 years | 4 years | |||||||||||
Unrecognized share-based compensation cost | ¥ 2,200 | $ 338 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 8 months 12 days | 2 years 8 months 12 days | |||||||||||
iQIYI | 2010 Equity Incentive Plan | First Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting rights percentage | 25.00% | 25.00% | |||||||||||
iQIYI | 2010 Equity Incentive Plan | Quarterly basis thereafter | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting rights percentage | 75.00% | 75.00% | |||||||||||
iQIYI | 2017 Stock Incentive Plan. | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 720,000 | ||||||||||||
Contractual term of share-based awards granted | 10 years | ||||||||||||
[1] | The number of restricted shares and weighted average grant date fair value has been retrospectively adjusted for the Share Subdivision that became effective on March 1, 2021 as detailed in Note 1 and Note 21. |
Option Activity Baidu. Inc (Det
Option Activity Baidu. Inc (Detail) - Parent Company - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Number of shares options | |||
Outstanding, December 31, 2019 | [1] | 29,854,480 | |
Granted | [1] | 1,028,240 | |
Exercised | [1] | (3,516,400) | |
Forfeited/Cancelled | [1] | (3,147,280) | |
Outstanding, December 31, 2020 | [1] | 24,219,040 | 29,854,480 |
Vested and expected to vest at December 31, 2020 | [1] | 19,756,080 | |
Exercisable at December 31, 2020 | [1] | 12,098,400 | |
Weighted average exercise price (US$) | |||
Outstanding, December 31, 2019 | [1] | $ 17 | |
Granted | [1] | 11 | |
Exercised | [1] | 13 | |
Forfeited/Cancelled | [1] | 17 | |
Outstanding, December 31, 2020 | [1] | 17 | $ 17 |
Vested and expected to vest at December 31, 2020 | [1] | 18 | |
Exercisable at December 31, 2020 | [1] | $ 21 | |
Weighted average remaining contractual life (Years) | |||
Outstanding | 7 years | 8 years | |
Vested and expected to vest at December 31, 2020 | 7 years | ||
Exercisable at December 31, 2020 | 5 years | ||
Aggregate intrinsic value (US$ in millions) | |||
Outstanding | $ 245 | $ 72 | |
Vested and expected to vest at December 31, 2020 | 186 | ||
Exercisable at December 31, 2020 | $ 78 | ||
[1] | The number of share options and weighted average exercise price has been retrospectively adjusted for the Share Subdivision that became effective on March 1, 2021 as detailed in Note 1 and Note 21. |
Assumptions Used to Estimate Fa
Assumptions Used to Estimate Fair Values of Share Options Granted - Baidu, Inc. (Detail) - Parent Company | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 2.57% | ||
Risk-free interest rate, minimum | 1.51% | 1.58% | |
Risk-free interest rate, maximum | 1.52% | 2.49% | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility range, minimum | 34.83% | 34.62% | 34.47% |
Expected volatility range, maximum | 34.92% | 35.14% | 35.36% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected life | 5 years 10 months 24 days | 5 years 9 months 29 days | 4 years 10 months 20 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected life | 6 years 3 days | 6 years 10 days | 6 years 3 months |
Restricted Shares Activity (Det
Restricted Shares Activity (Detail) - Parent Company | 12 Months Ended | |
Dec. 31, 2020$ / sharesshares | [1] | |
Restricted Shares Roll Forward - Number of Shares | ||
Unvested, December 31, 2019 | shares | 113,604,320 | |
Granted | shares | 73,900,080 | |
Vested | shares | (35,078,640) | |
Forfeited/Cancelled | shares | (21,924,240) | |
Unvested, December 31, 2020 | shares | 130,501,520 | |
Restricted Shares Roll Forward - Weighted Average Grant Date Fair Value | ||
Unvested, December 31, 2019 | $ / shares | $ 19 | |
Granted | $ / shares | 14 | |
Vested | $ / shares | 20 | |
Forfeited/Cancelled | $ / shares | 17 | |
Unvested, December 31, 2020 | $ / shares | $ 16 | |
[1] | The number of restricted shares and weighted average grant date fair value has been retrospectively adjusted for the Share Subdivision that became effective on March 1, 2021 as detailed in Note 1 and Note 21. |
Share-Based Awards Plan - Optio
Share-Based Awards Plan - Option Activity (Detail) - iQIYI - 2010 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of shares options | ||
Outstanding, December 31, 2019 | 406,912,618 | |
Granted | 88,611,584 | |
Forfeited | (12,111,374) | |
Exercised | (62,714,554) | |
Outstanding, December 31, 2020 | 420,698,274 | 406,912,618 |
Vested and expected to vest at December 31, 2020 | 401,055,919 | |
Exercisable at December 31, 2020 | 245,054,484 | |
Weighted average exercise price (US$) | ||
Outstanding, December 31, 2019 | $ 0.48 | |
Granted | 0.51 | |
Forfeited | 0.51 | |
Exercised | 0.44 | |
Outstanding, December 31, 2020 | 0.49 | $ 0.48 |
Vested and expected to vest at December 31, 2020 | 0.48 | |
Exercisable at December 31, 2020 | $ 0.47 | |
Weighted average remaining contractual life (Years) | ||
Outstanding | 7 years | 7 years |
Vested and expected to vest at December 31, 2020 | 7 years | |
Exercisable at December 31, 2020 | 7 years | |
Aggregate intrinsic value (US$ in millions) | ||
Outstanding | $ 846 | $ 1,031 |
Vested and expected to vest at December 31, 2020 | 807 | |
Exercisable at December 31, 2020 | $ 498 |
Total Share-Based Compensation
Total Share-Based Compensation Cost Recognized (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 6,728 | $ 1,031 | ¥ 5,626 | ¥ 4,676 |
iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 1,370 | 210 | 1,085 | 556 |
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 360 | 55 | 327 | 224 |
Cost of revenues | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 202 | 31 | 171 | 83 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 1,897 | 290 | 1,768 | 1,725 |
Selling, general and administrative | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 851 | 130 | 676 | 369 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 4,471 | 686 | 3,531 | 2,727 |
Research and development | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 317 | $ 49 | ¥ 238 | ¥ 104 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Cost from related parties | ¥ 1,900 | $ 290 | ¥ 3,000 | ¥ 297 |
Related Party Transactions - Sc
Related Party Transactions - Schedule Of Revenue Received From Major Related Parties (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Revenues: | |||||
Revenue from Related Parties | ¥ 2,846 | $ 436 | ¥ 3,032 | ¥ 1,594 | |
Trip | |||||
Revenues: | |||||
Revenue from Related Parties | 204 | 31 | 627 | 774 | |
Du Xiaoman | |||||
Revenues: | |||||
Revenue from Related Parties | 678 | 104 | 731 | 256 | |
Investee C | |||||
Revenues: | |||||
Revenue from Related Parties | [1] | 949 | 145 | 280 | 143 |
Others | |||||
Revenues: | |||||
Revenue from Related Parties | ¥ 1,015 | $ 156 | ¥ 1,394 | ¥ 421 | |
[1] | Investee C is one of the Company’ investees, over which the Company has significant influence. |
Related Party Transactions (Det
Related Party Transactions (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | ¥ 726 | $ 111 | ¥ 1,594 | |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | 3,438 | 527 | 3,564 | |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | 1,324 | 203 | 2,231 | |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | 3,543 | 543 | 3,846 | |
Trip | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [1] | 22 | 3 | 96 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [2] | 50 | 8 | 49 |
Du Xiaoman | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [3] | 306 | 47 | 737 |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | [3] | 3,398 | 521 | 3,391 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [4] | 489 | 75 | 973 |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | [5] | 3,216 | 493 | 3,430 |
Other Related Parties | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [6] | 186 | 29 | 301 |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | [7] | 40 | 6 | 173 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [8] | 610 | 93 | 484 |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | [9] | 2 | 6 | |
Investee A [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [10] | 345 | ||
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [11] | 476 | ||
Investee B [Member] | ||||
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [12] | 175 | 27 | 249 |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | [12] | 325 | 50 | 410 |
Investee C [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [13] | ¥ 212 | $ 32 | ¥ 115 |
[1] | The balances mainly represent amounts arising from services the Company provided to Trip. | |||
[2] | The balances mainly represent amounts arising from services provided by Trip. | |||
[3] | The balances represent non-trade long-term loans due from Du Xiaoman with interest rates ranging from 0.00% to 0.50% in 2020, and amounts arising from services the Company provided to Du Xiaoman. | |||
[4] | The balance represents amount due to Du Xiaoman arising from services provided by Du Xiaoman to the Company in the ordinary course of business and non-trade loans provided by Du Xiaoman with interest rates of nil in 2020. | |||
[5] | The balances mainly represent non-trade interest-free long-term loans provided by Du Xiaoman. | |||
[6] | The balances mainly represent amounts arising from services the Company provided to its investees in ordinary course of business. | |||
[7] | The balance consists of amount due from the Company’s investees in the ordinary course of business. | |||
[8] | The balances mainly represent amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade amounts payable for acquiring the equity interest of the Company’s investees. | |||
[9] | The balance represents mainly deferred revenue relating to the future services to be provided by the Company to investees. | |||
[10] | The balance mainly represents a non-trade interest-bearing loan provided to Investee A, which was an equity investee as of December 31, 2019. The Company acquired Investee A on July 16, 2020, and accordingly, all corresponding outstanding balance has been eliminated in the consolidated balance sheet. | |||
[11] | The balances mainly represent amounts arising from hardware products purchased from Investee A, and a non-trade interest-bearing loan provided by the Investee A, as of December 31, 2019. The Company acquired Investee A on July 16, 2020, and accordingly, all corresponding outstanding balances have been eliminated in the consolidated balance sheet. | |||
[12] | The balances mainly represent deferred revenue relating to the future services to be provided by the Company to Investee B which is an equity method investee. | |||
[13] | The balances mainly represent amounts arising from services including online marketing services and cloud services the Company provided to Investee C. |
Related Party Transactions (Par
Related Party Transactions (Parenthetical) (Detail) - Service Provided - Du Xiaoman | Dec. 31, 2020 |
Minimum | |
Related Party Transaction [Line Items] | |
Long term loans, interest rate | 0.00% |
Maximum | |
Related Party Transaction [Line Items] | |
Long term loans, interest rate | 0.50% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Summary of Group's Operating Se
Summary of Group's Operating Segment Results (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Total revenues | ¥ 107,074 | $ 16,410 | ¥ 107,413 | ¥ 102,277 |
Operating costs and expenses: | ||||
Cost of revenues | 55,158 | 8,454 | 62,850 | 51,744 |
Selling, general and administrative | 18,063 | 2,769 | 19,910 | 19,231 |
Research and development | 19,513 | 2,989 | 18,346 | 15,772 |
Total operating costs and expenses | 92,734 | 14,212 | 101,106 | 86,747 |
Operating profit (loss) | 14,340 | 2,198 | 6,307 | 15,530 |
Total other income (loss), net | 8,750 | 1,341 | (6,647) | 11,795 |
Income (loss) before income taxes | 23,090 | 3,539 | (340) | 27,325 |
Income taxes | 4,064 | 623 | 1,948 | 4,743 |
Net income (loss) | 19,026 | 2,916 | (2,288) | 22,582 |
Less: net (loss) income attributable to noncontrolling interests | (3,446) | (528) | (4,345) | (4,991) |
Net income (loss) attributable to Baidu, Inc. | 22,472 | 3,444 | 2,057 | 27,573 |
Operating Segments | Baidu Core | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 78,684 | 12,059 | 79,711 | 78,271 |
Operating costs and expenses: | ||||
Cost of revenues | 28,368 | 4,348 | 34,019 | 25,370 |
Selling, general and administrative | 12,931 | 1,982 | 14,733 | 15,310 |
Research and development | 16,847 | 2,581 | 15,698 | 13,783 |
Total operating costs and expenses | 58,146 | 8,911 | 64,450 | 54,463 |
Operating profit (loss) | 20,538 | 3,148 | 15,261 | 23,808 |
Total other income (loss), net | 9,693 | 1,486 | (5,680) | 13,169 |
Income (loss) before income taxes | 30,231 | 4,634 | 9,581 | 36,977 |
Income taxes | 4,041 | 619 | 1,896 | 4,664 |
Net income (loss) | 26,190 | 4,015 | 7,685 | 32,313 |
Less: net (loss) income attributable to noncontrolling interests | (334) | (50) | 105 | (1,292) |
Net income (loss) attributable to Baidu, Inc. | 26,524 | 4,065 | 7,580 | 33,605 |
Operating Segments | iQIYI | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 29,707 | 4,553 | 28,994 | 24,989 |
Operating costs and expenses: | ||||
Cost of revenues | 27,884 | 4,273 | 30,348 | 27,133 |
Selling, general and administrative | 5,188 | 795 | 5,237 | 4,168 |
Research and development | 2,676 | 410 | 2,667 | 1,994 |
Total operating costs and expenses | 35,748 | 5,478 | 38,252 | 33,295 |
Operating profit (loss) | (6,041) | (925) | (9,258) | (8,306) |
Total other income (loss), net | (943) | (145) | (967) | (676) |
Income (loss) before income taxes | (6,984) | (1,070) | (10,225) | (8,982) |
Income taxes | 23 | 4 | 52 | 79 |
Net income (loss) | (7,007) | (1,074) | (10,277) | (9,061) |
Less: net (loss) income attributable to noncontrolling interests | 31 | 5 | 46 | 49 |
Net income (loss) attributable to Baidu, Inc. | (7,038) | (1,079) | (10,323) | (9,110) |
Intersegment Eliminations & Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (1,317) | (202) | (1,292) | (983) |
Operating costs and expenses: | ||||
Cost of revenues | (1,094) | (167) | (1,517) | (759) |
Selling, general and administrative | (56) | (8) | (60) | (247) |
Research and development | (10) | (2) | (19) | (5) |
Total operating costs and expenses | (1,160) | (177) | (1,596) | (1,011) |
Operating profit (loss) | (157) | (25) | 304 | 28 |
Total other income (loss), net | (698) | |||
Income (loss) before income taxes | (157) | (25) | 304 | (670) |
Net income (loss) | (157) | (25) | 304 | (670) |
Less: net (loss) income attributable to noncontrolling interests | (3,143) | (483) | (4,496) | (3,748) |
Net income (loss) attributable to Baidu, Inc. | ¥ 2,986 | $ 458 | ¥ 4,800 | ¥ 3,078 |
Segment Reporting - Summary of
Segment Reporting - Summary of Revenue Disaggregated by Revenue (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | ¥ 107,074 | $ 16,410 | ¥ 107,413 | ¥ 102,277 | |
Operating Segments | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 78,684 | 12,059 | 79,711 | 78,271 | |
Operating Segments | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 29,707 | 4,553 | 28,994 | 24,989 | |
Operating Segments | Online marketing services | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 66,283 | 10,158 | 70,038 | 72,645 | |
Operating Segments | Cloud services | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 9,173 | 1,406 | 6,370 | 3,005 |
Operating Segments | Interest income earned from provision of financial services | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 1,724 | ||||
Operating Segments | Others | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 3,228 | 495 | 3,303 | 897 |
Operating Segments | Membership services | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 16,491 | 2,527 | 14,436 | 10,623 |
Operating Segments | Online advertising services | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | 6,822 | 1,046 | 8,271 | 9,329 |
Operating Segments | Content distribution | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 2,660 | 408 | 2,544 | 2,163 |
Operating Segments | Others | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 3,734 | 572 | 3,743 | 2,874 |
Intersegment Eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | ¥ (1,317) | $ (202) | ¥ (1,292) | ¥ (983) | |
[1] | The revenues were presented as “Others” in the consolidated statements of comprehensive income (loss) | ||||
[2] | The revenues were presented as “Online Marketing Revenue” in the consolidated statements of comprehensive income (loss) |
Fair Value Disclosure and Measu
Fair Value Disclosure and Measurement on Recurring Basis (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Fair value disclosure | |||
Long-term notes payable | ¥ 52,575 | $ 8,057 | ¥ 45,282 |
Convertible senior notes | 12,078 | 1,851 | 14,142 |
Convertible senior notes, current portion | 4,967 | 761 | |
Convertible senior notes, non-current portion | 12,078 | 1,851 | 14,142 |
Convertible senior notes, non-current portion | 11,927 | 1,828 | 12,297 |
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 20,688 | 3,171 | 22,784 |
Total liabilities measured at fair value | 367 | 56 | 526 |
Cash Equivalents | |||
Fair value disclosure | |||
Time deposits | 16,133 | 2,472 | 10,848 |
Money market funds | 198 | 30 | 1,719 |
Short-term Investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 124,132 | 19,024 | 107,654 |
Fair value measurements on a recurring basis | |||
Available-for-sale debt investments | 2,865 | 439 | 5,637 |
Long-term investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 9,754 | 1,495 | 491 |
Fair value measurements on a recurring basis | |||
Equity investments at fair value with readily determinable fair value | 12,978 | 1,989 | 11,334 |
Investments accounted for at fair value | 2,238 | 343 | 1,819 |
Available-for-sale debt investments | 2,607 | 400 | 3,970 |
Other non-current assets | |||
Fair value measurements on a recurring basis | |||
Derivative instruments | 24 | ||
Accounts Payable and Accrued Liabilities | |||
Fair value measurements on a recurring basis | |||
Derivative instruments | 40 | 6 | 125 |
Amounts Due to Related Parties, Noncurrent | |||
Fair value measurements on a recurring basis | |||
Financial liabilities | 401 | ||
Amounts Due To Related Parties current | |||
Fair value measurements on a recurring basis | |||
Financial liabilities | 327 | $ 50 | |
Fair Value, Inputs, Level 1 | |||
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 12,978 | 11,334 | |
Fair Value, Inputs, Level 1 | Cash Equivalents | |||
Fair value disclosure | |||
Money market funds | 198 | 1,719 | |
Fair Value, Inputs, Level 1 | Long-term investments | |||
Fair value measurements on a recurring basis | |||
Equity investments at fair value with readily determinable fair value | 12,978 | 11,334 | |
Fair Value, Inputs, Level 2 | |||
Fair value disclosure | |||
Long-term notes payable | 52,575 | 45,282 | |
Convertible senior notes | 14,142 | ||
Convertible senior notes, current portion | 4,967 | ||
Convertible senior notes, non-current portion | 14,142 | ||
Convertible senior notes, non-current portion | 12,078 | ||
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 2,865 | 5,661 | |
Total liabilities measured at fair value | 367 | 401 | |
Fair Value, Inputs, Level 2 | Cash Equivalents | |||
Fair value disclosure | |||
Time deposits | 16,133 | 10,848 | |
Fair Value, Inputs, Level 2 | Short-term Investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 124,132 | 107,654 | |
Fair value measurements on a recurring basis | |||
Available-for-sale debt investments | 2,865 | 5,637 | |
Fair Value, Inputs, Level 2 | Long-term investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 9,754 | 491 | |
Fair Value, Inputs, Level 2 | Other non-current assets | |||
Fair value measurements on a recurring basis | |||
Derivative instruments | 24 | ||
Fair Value, Inputs, Level 2 | Accounts Payable and Accrued Liabilities | |||
Fair value measurements on a recurring basis | |||
Derivative instruments | 40 | ||
Fair Value, Inputs, Level 2 | Amounts Due to Related Parties, Noncurrent | |||
Fair value measurements on a recurring basis | |||
Financial liabilities | 401 | ||
Fair Value, Inputs, Level 2 | Amounts Due To Related Parties current | |||
Fair value measurements on a recurring basis | |||
Financial liabilities | 327 | ||
Fair Value, Inputs, Level 3 | |||
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 4,845 | 5,789 | |
Total liabilities measured at fair value | 125 | ||
Fair Value, Inputs, Level 3 | Long-term investments | |||
Fair value measurements on a recurring basis | |||
Investments accounted for at fair value | 2,238 | 1,819 | |
Available-for-sale debt investments | ¥ 2,607 | 3,970 | |
Fair Value, Inputs, Level 3 | Accounts Payable and Accrued Liabilities | |||
Fair value measurements on a recurring basis | |||
Derivative instruments | ¥ 125 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Investments accounted at Fair Value (Detail) - Investment Accounted Fair Value [Member] ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | ¥ 1,819 | ¥ 1,457 | |
Additions | 371 | 282 | |
Disposals | (63) | (128) | |
Net unrealized fair value increase recognized in earnings | 151 | 197 | |
Foreign currency translation adjustments | (40) | 11 | |
Ending balance | ¥ 2,238 | $ 343 | ¥ 1,819 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Available-for-sale debt investments (Detail) - Available-for-sale Securities [Member] ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | ¥ 3,970 | ¥ 1,167 | |
Additions | 5 | 2,785 | |
Disposals | (500) | (20) | |
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 | 91 | |
Accrued interest | 68 | 48 | |
Impairment | (81) | ||
Foreign currency translation adjustments | (64) | (20) | |
Ending balance | ¥ 2,607 | $ 400 | ¥ 3,970 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Non-Recurring Basis (Detail) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020CNY (¥) | Mar. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group–Licensed copyrights as of March 31, 2020 | ¥ (390) | $ (60) | |||||||||
Produced Content [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group – Produced contents as of March 31, 2020 | ¥ (210) | $ (32) | |||||||||
Produced contents monetized on its own | [1] | 40 | $ 6 | ||||||||
Produced contents monetized on its own | (205) | (31) | |||||||||
Mainland China Film Group [Member] | Licensed Copyrights [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group–Licensed copyrights as of March 31, 2020 | [2] | 7,186 | $ 1,101 | ||||||||
Mainland China film group–Licensed copyrights as of March 31, 2020 | [2] | (390) | (60) | ||||||||
Mainland China Film Group [Member] | Produced Content [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group – Produced contents as of March 31, 2020 | [2] | 4,124 | $ 632 | ||||||||
Mainland China film group – Produced contents as of March 31, 2020 | [2] | (210) | $ (32) | ||||||||
Fair Value, Nonrecurring [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term investments | [3] | (1,862) | (285) | ||||||||
Long Term Investments | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term investments | 14,205 | [3] | ¥ 22,778 | 2,177 | [3] | ||||||
Long-term investments | 3,725 | [3] | 571 | [3] | (230) | ||||||
Long-term investments | (9,989) | ||||||||||
Intangible Assets | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets | 62 | [3] | 76 | $ 10 | [3] | ||||||
Intangible assets | (350) | [3] | $ (54) | [3] | (406) | ||||||
Fair Value, Inputs, Level 1 | Long Term Investments | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term investments | 367 | 14,105 | |||||||||
Fair Value, Inputs, Level 2 | Long Term Investments | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term investments | 358 | ||||||||||
Fair Value, Inputs, Level 3 | Produced Content [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Produced contents monetized on its own | [1] | 40 | |||||||||
Fair Value, Inputs, Level 3 | Mainland China Film Group [Member] | Licensed Copyrights [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group–Licensed copyrights as of March 31, 2020 | [2] | 7,186 | |||||||||
Fair Value, Inputs, Level 3 | Mainland China Film Group [Member] | Produced Content [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Mainland China film group – Produced contents as of March 31, 2020 | [2] | ¥ 4,124 | |||||||||
Fair Value, Inputs, Level 3 | Long Term Investments | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-term investments | 13,838 | [3] | 8,315 | ||||||||
Fair Value, Inputs, Level 3 | Intangible Assets | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Intangible assets | ¥ 62 | [3] | ¥ 76 | ||||||||
[1] | 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 (US$31 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 year ended December 31, 2020. | ||||||||||
[2] | 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 (US$60 million) related to licensed copyrights and RMB210 million (US$32 million) related to produced content, respectively. The impairment charge was recognized as cost of revenues in the condensed consolidated statement of comprehensive income for the year ended December 31, 2020. | ||||||||||
[3] | 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 as of March 31, 2020 June 30, 2020 and December 31, 2020. 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 also recognized impairment loss on intangible assets as of March 31, 2020. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Non-Recurring Basis (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020CNY (¥) | Mar. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges | ¥ 390 | $ 60 | ||
Main Land China Film Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount Rate | 15.00% | 15.00% | ||
Maximum | Main Land China Film Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Revenue Growth Rate | 37.00% | 37.00% | ||
Minimum | Main Land China Film Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Revenue Growth Rate | 32.00% | 32.00% | ||
Produced Content | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charges | ¥ 210 | $ 32 | ||
Impairment charges | ¥ 205 | $ 31 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) ¥ in Millions, $ in Millions | Jan. 08, 2021USD ($) | Jan. 08, 2021CNY (¥) | Nov. 30, 2020CNY (¥) | Feb. 28, 2021USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2020CNY (¥) | Dec. 31, 2020USD ($) | Nov. 30, 2020CNY (¥) |
IQIYI 2026 Convertible Notes | ||||||||
Debt face amount | $ | $ 800 | |||||||
JOYYs domestic videobased entertainment live streaming business [Member] | ||||||||
Total cash consideration | $ 3,300 | ¥ 21,532 | ||||||
Contingent cash consideration | $ 300 | ¥ 2,000 | ||||||
Provisional price allocation for consideration transferred | ¥ | ¥ 22,100 | |||||||
Provisional price allocation for intangible assets | ¥ | 6,800 | |||||||
Provisional price allocation for deferred tax liabilities | ¥ | 1,000 | |||||||
Provisional price allocation for provisional goodwill | ¥ | ¥ 16,200 | |||||||
Subsequent Event [Member] | Unsecured US Dollar Floating rate Term Loan [Member] | ||||||||
Credit facility maximum borrowing capacity | $ | $ 1,500 | |||||||
Debt instrument term | 5 years | |||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||
Credit facility maximum borrowing capacity | $ | $ 1,500 | |||||||
Debt instrument term | 5 years | |||||||
Subsequent Event [Member] | IQIYI 2026 Convertible Notes | ||||||||
Debt face amount | $ | $ 100 | |||||||
Net proceeds received from issuance of convertible notes | 98 | ¥ 641 | ||||||
IQIYI Public Offering of ADSs [Member] | Subsequent Event [Member] | ||||||||
Proceeds from issuance of Class A ordinary shares | $ 78 | ¥ 510 |