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Baidu, Inc. – ‘20-F’ for 12/31/19 – ‘R19’

On:  Friday, 3/13/20, at 5:21pm ET   ·   For:  12/31/19   ·   Accession #:  1193125-20-73092   ·   File #:  0-51469

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/13/20  Baidu, Inc.                       20-F       12/31/19  146:31M                                    Donnelley … Solutions/FA

Annual Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report by a Foreign Non-Canadian Issuer      HTML   3.86M 
 2: EX-4.83     Instrument Defining the Rights of Security Holders  HTML     76K 
 3: EX-4.84     Instrument Defining the Rights of Security Holders  HTML     71K 
 4: EX-4.85     Instrument Defining the Rights of Security Holders  HTML     72K 
 5: EX-4.86     Instrument Defining the Rights of Security Holders  HTML     92K 
 6: EX-4.87     Instrument Defining the Rights of Security Holders  HTML     59K 
 7: EX-4.88     Instrument Defining the Rights of Security Holders  HTML     58K 
 8: EX-4.89     Instrument Defining the Rights of Security Holders  HTML     74K 
 9: EX-4.90     Instrument Defining the Rights of Security Holders  HTML     70K 
10: EX-4.91     Instrument Defining the Rights of Security Holders  HTML     71K 
11: EX-8.1      Opinion of Counsel re: Tax Matters                  HTML     37K 
14: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     38K 
15: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     38K 
12: EX-12.1     Statement re: Computation of Ratios                 HTML     42K 
13: EX-12.2     Statement re: Computation of Ratios                 HTML     42K 
16: EX-15.1     Letter re: Unaudited Interim Financial Info         HTML     39K 
17: EX-15.2     Letter re: Unaudited Interim Financial Info         HTML     40K 
18: EX-15.3     Letter re: Unaudited Interim Financial Info         HTML     40K 
73: R1          Cover Page                                          HTML    112K 
126: R2          Consolidated Balance Sheets                         HTML    199K  
107: R3          Consolidated Balance Sheets (Parenthetical)         HTML     65K  
31: R4          Consolidated Statements Of Comprehensive Income     HTML    159K 
                (Loss)                                                           
70: R5          Consolidated Statements Of Comprehensive Income     HTML     40K 
                (Parenthetical)                                                  
123: R6          Consolidated Statements of Cash Flows               HTML    232K  
106: R7          Consolidated Statements Of Shareholders' Equity     HTML    129K  
24: R8          Organization, Consolidation and Presentation Of     HTML    236K 
                Financial Statements                                             
75: R9          Summary of Significant Accounting Policies          HTML    267K 
42: R10         Business Combinations                               HTML     95K 
56: R11         Investments                                         HTML    374K 
132: R12         Accounts Receivable                                 HTML     87K  
84: R13         Other Assets                                        HTML     99K 
43: R14         Fixed Assets                                        HTML     84K 
57: R15         Goodwill and Intangible Assets                      HTML    207K 
133: R16         Accounts Payable and Accrued Liabilities            HTML     88K  
85: R17         Loans Payable                                       HTML     55K 
41: R18         Notes Payable                                       HTML    150K 
58: R19         Convertible Notes                                   HTML     60K 
129: R20         Leases                                              HTML     83K  
113: R21         Income Taxes                                        HTML    238K  
36: R22         Employee Defined Contribution Plan                  HTML     43K 
82: R23         Commitments and Contingencies                       HTML     95K 
130: R24         Redeemable Noncontrolling Interests                 HTML     89K  
114: R25         Shareholders' Equity                                HTML    186K  
37: R26         Earnings Per Share ("Eps")                          HTML    293K 
83: R27         Share-Based Awards Plan                             HTML    203K 
131: R28         Related Party Transactions                          HTML    160K  
112: R29         Segment Reporting                                   HTML    371K  
88: R30         Fair Value Measurements                             HTML    479K 
136: R31         Subsequent Events                                   HTML     43K  
55: R32         Significant Accounting Policies (Policies)          HTML    353K 
40: R33         Organization, Consolidation and Presentation Of     HTML    175K 
                Financial Statements (Tables)                                    
87: R34         Summary of Significant Accounting Policies          HTML    105K 
                (Tables)                                                         
135: R35         Business Combinations (Tables)                      HTML     88K  
54: R36         Investments (Tables)                                HTML    356K 
39: R37         Accounts Receivable (Tables)                        HTML     89K 
89: R38         Other Assets (Tables)                               HTML     98K 
134: R39         Fixed Assets (Tables)                               HTML     80K  
101: R40         Goodwill and Intangible Assets (Tables)             HTML    207K  
117: R41         Accounts Payable and Accrued Liabilities (Tables)   HTML     87K  
81: R42         Notes Payable (Tables)                              HTML    150K 
35: R43         Leases (Tables)                                     HTML     78K 
100: R44         Income Taxes (Tables)                               HTML    229K  
116: R45         Commitments and Contingencies (Tables)              HTML     83K  
80: R46         Redeemable Noncontrolling Interests (Tables)        HTML     84K 
34: R47         Shareholders' Equity (Tables)                       HTML    175K 
102: R48         Earnings Per Share ("Eps") (Tables)                 HTML    294K  
115: R49         Share-Based Awards Plan (Tables)                    HTML    220K  
137: R50         Related Party Transactions (Tables)                 HTML    155K  
91: R51         Segment Reporting (Tables)                          HTML    369K 
52: R52         Fair Value Measurements (Tables)                    HTML    470K 
67: R53         Organization, Consolidation and Presentation Of     HTML     57K 
                Financial Statements - Additional Information                    
                (Detail)                                                         
138: R54         Financial Statement Balances and Amounts of VIEs    HTML    137K  
                and Subsidiaries Included in Consolidated                        
                Financial Statements After Elimination of                        
                Intercompany Balances and Transactions Among VIEs                
                and Subsidiaries within Group (Detail)                           
92: R55         Summary of Significant Accounting Policies -        HTML    158K 
                Additional Information (Detail)                                  
53: R56         Estimated Useful Lives of Fixed Assets (Detail)     HTML     60K 
68: R57         Weighted Average Useful Lives from Date of          HTML     53K 
                Purchase of Intangible Assets (Detail)                           
139: R58         Summary of Revenues Disaggregated by Revenue        HTML     62K  
                Source (Detail)                                                  
90: R59         Summary of Estimated Fair Values of Assets          HTML     67K 
                Acquired, Liabilities Assumed and Noncontrolling                 
                Interest (Detail)                                                
29: R60         Business Combinations - Additional Information      HTML     51K 
                (Detail)                                                         
69: R61         Investments - Short-term Investments - Additional   HTML     44K 
                information (Detail)                                             
121: R62         Investments - Long-term Investments - Additional    HTML    110K  
                information (Detail)                                             
103: R63         Investment - Schedule of Investments at Amortized   HTML     97K  
                Cost and Fair Value (Detail)                                     
33: R64         Schedule of Unrealized and Realized Gains and       HTML     60K 
                Losses of Equity Securities Without Readily                      
                Determinable Fair Values (Detail)                                
74: R65         Schedule of Unrealized and Realized Gains and       HTML     41K 
                Losses of Equity Securities Without Readily                      
                Determinable Fair Values (Parenthetical) (Detail)                
127: R66         Summarized Financial Information (Detail)           HTML     93K  
109: R67         Summary Of Estimated Fair Value Of                  HTML     55K  
                Available-For-Sale Debt Investments (Detail)                     
26: R68         Accounts Receivable (Detail)                        HTML     49K 
77: R69         Movement in Allowance for Doubtful Accounts         HTML     47K 
                (Detail)                                                         
66: R70         Other Assets (Detail)                               HTML     71K 
47: R71         Fixed Assets (Detail)                               HTML     65K 
99: R72         Fixed Assets - Additional Information (Detail)      HTML     46K 
144: R73         Goodwill and Intangible Assets - Additional         HTML     46K  
                Information (Detail)                                             
63: R74         Changes in the Carrying Amount of Goodwill          HTML     58K 
                (Detail)                                                         
44: R75         Finite-Lived Intangible Assets (Detail)             HTML     72K 
96: R76         Estimated Amortization Expense Relating to          HTML     51K 
                Existing Intangible Assets with Finite Lives                     
                (Detail)                                                         
140: R77         Accounts Payable and Accrued Liabilities (Detail)   HTML     69K  
61: R78         Loans Payable - Additional Information (Detail)     HTML    145K 
50: R79         Notes Payable - Summary of Company Issued and       HTML     89K 
                Publicly Sold Unsecured Senior Notes (Detail)                    
65: R80         Notes Payable - Additional Information (Detail)     HTML     94K 
46: R81         Principal Amount and Unamortized Discount and Debt  HTML     49K 
                Issuance Costs (Detail)                                          
98: R82         Repayment of Principal Amount of Long Term Debts    HTML     58K 
                (Detail)                                                         
142: R83         Convertible Notes - Additional Information          HTML    135K  
                (Detail)                                                         
64: R84         Leases -Summary of Supplemental cash flow           HTML     43K 
                information (Detail)                                             
45: R85         Leases -Summary of Future lease payments (Detail)   HTML     58K 
97: R86         Leases - Additional Information (Detail)            HTML     52K 
141: R87         Income Taxes - Additional Information (Detail)      HTML    110K  
59: R88         Income Before Income Taxes (Detail)                 HTML     49K 
48: R89         Components of Income Tax (Detail)                   HTML     53K 
30: R90         Reconciliation of Effective Income Tax Provision    HTML     80K 
                of Tax Computed By Applying Statutory Income Tax                 
                Rate to Pre-Tax Income (Detail)                                  
71: R91         Tax Effects of Temporary Differences that Gave      HTML     76K 
                Rise to Deferred Tax Balances (Detail)                           
124: R92         Employee Defined Combination Plan - Additional      HTML     41K  
                Information (Detail)                                             
105: R93         Commitment and Contingencies - Additional           HTML     49K  
                Information (Detail)                                             
32: R94         Future Minimum Payments Under Non-Cancelable        HTML     53K 
                Operating Leases with Initial Terms of One-Year or               
                More (Detail)                                                    
72: R95         Future Minimum Lease Payments For Non-Cancelable    HTML     53K 
                Agreements For Licensed Copyrights and Produced                  
                Content (Detail)                                                 
125: R96         Summary of Redeemable Noncontrolling Interest       HTML     59K  
                (Detail)                                                         
108: R97         Redeemable Noncontrolling Interests - Additional    HTML     62K  
                Information (Detail)                                             
28: R98         Shareholder's Equity - Additional Information       HTML    103K 
                (Detail)                                                         
79: R99         Shareholders' Equity (Detail)                       HTML     49K 
111: R100        Changes in Accumulated Other Comprehensive          HTML     76K  
                Income/(Loss) by Component, Net of Tax (Detail)                  
119: R101        Tax Benefit (expense) Allocated to each Component   HTML     47K  
                of Other Comprehensive Income (Loss) (Detail)                    
78: R102        Reconciliation of Net Income to Numerator for       HTML     54K 
                Computation of Basic and Diluted Per Share                       
                (Detail)                                                         
27: R103        Computation of Basic and Diluted Earnings Per       HTML     94K 
                Class A and Class B Ordinary Share (Detail)                      
110: R104        Share-Based Awards Plan - Additional Information    HTML    123K  
                of Baidu, Inc. (Detail)                                          
118: R105        Option Activity Baidu. Inc (Detail)                 HTML     95K  
76: R106        Assumptions Used to Estimate Fair Values of Share   HTML     62K 
                Options Granted - Baidu, Inc. (Detail)                           
25: R107        Restricted Shares Activity (Detail)                 HTML     64K 
104: R108        Share-Based Awards Plan - Option Activity (Detail)  HTML     95K  
122: R109        Total Share-Based Compensation Cost Recognized      HTML     57K  
                (Detail)                                                         
145: R110        Related Party Transactions - Additional             HTML     54K  
                Information (Detail)                                             
93: R111        Related Party Transactions (Detail)                 HTML     84K 
49: R112        Related Party Transactions (Parenthetical)          HTML     75K 
                (Detail)                                                         
60: R113        Segment Reporting - Additional Information          HTML     40K 
                (Detail)                                                         
146: R114        Summary of Group's Operating Segment Results        HTML    109K  
                (Detail)                                                         
94: R115        Fair Value Disclosure and Measurement on Recurring  HTML    110K 
                Basis (Detail)                                                   
51: R116        Fair Value Measurements - Schedule of Investments   HTML     53K 
                accounted at Fair Value (Detail)                                 
62: R117        Fair Value Measurements - Schedule of               HTML     57K 
                Available-for-sale debt investments (Detail)                     
143: R118        Fair Value Measurements - Summary of Assets         HTML     71K  
                Measured at Fair Value on a Non-Recurring Basis                  
                (Detail)                                                         
120: XML         IDEA XML File -- Filing Summary                      XML    257K  
86: XML         XBRL Instance -- d833212d20f_htm                     XML   8.98M 
95: EXCEL       IDEA Workbook of Financial Reports                  XLSX    184K 
20: EX-101.CAL  XBRL Calculations -- bidu-20191231_cal               XML    292K 
21: EX-101.DEF  XBRL Definitions -- bidu-20191231_def                XML   1.48M 
22: EX-101.LAB  XBRL Labels -- bidu-20191231_lab                     XML   2.53M 
23: EX-101.PRE  XBRL Presentations -- bidu-20191231_pre              XML   1.96M 
19: EX-101.SCH  XBRL Schema -- bidu-20191231                         XSD    374K 
128: JSON        XBRL Instance as JSON Data -- MetaLinks              666±  1.03M  
38: ZIP         XBRL Zipped Folder -- 0001193125-20-073092-xbrl      Zip    794K

‘R19’   —   Convertible Notes

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.1
Convertible Notes
 12 Months Ended
Text Block [Abstract]  
Convertible Notes
12.
CONVERTIBLE NOTES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
iQIYI 2018 Convertible Notes
In January 2017, iQIYI issued US$1.5 billion of convertible notes (the “iQIYI 2018 Convertible Notes”) in a private placement, among which US$300 million was purchased by the Company and the remaining US$1.2 billion was purchased by external investors. The iQIYI 2018 Convertible Notes bear interest at a coupon rate of 1.50% per annum with a maturity date of January 25, 2018. The iQIYI
2018 Convertible
 
Notes can be converted into preferred shares in a qualified financing or at iQIYI’s election. The conversion option does not meet the definition of a derivative under ASC 815. On October 26, 2017, the US$1.5 billion iQIYI 2018 Convertible Notes and the related accrued interest were converted into 1,014,436,019 iQIYI’s Series G preferred shares. Upon the completion of
iQIYI’s
IPO, all preferred shares were converted into Class A ordinary shares of iQIYI (Note 17).
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 previously repurchased, redeemed 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 option
s
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
capital
and non-controlling interests
on the consolidated balance sheets with no subsequent changes in fair value be recorded.
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
470-20,
Debt
with Conversion and Other Options
. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated conversion feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value
of the liability component from the initial proceeds and recorded as additional
paid-in
capital. Debt issuance costs were allocated to the liability and equity components based on the same proportion as the recognized amounts bifurcated based on gross proceeds from the iQIYI 2023 Convertible Notes. The difference between the principal amount of the iQIYI 2023 Convertible Notes and the liability component is considered debt discount and is amortized at an effective interest rate of 7.04%
to accrete the discounted carrying value of the iQIYI 2023 Convertible Notes to its face value on December 1, 2021, the put date of the iQIYI 2023 Convertible Notes. The holders may require iQIYI to repurchase all or portion of
the iQIYI 2023 Convertible
 Notes for cash on December 1, 2021, or upon a fundamental change, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest.
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 in cash at a rate of 2.00% per annum with a maturity date of April 1, 2025, unless previously repurchased, redeemed or converted prior to such date.
 
The initial conversion rate of the iQIYI 2025 Convertible Notes is 33.0003 of iQIYI’s ADSs per US$1,000 principal amount of the iQIYI 2025 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 2025 Convertible Notes, iQIYI purchased
capped
 call option
s
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
capital
and non-controlling
interests
 
on the consolidated balance sheets with no subsequent changes in fair value be recorded.
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 is considered debt discount and is 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 , the put date of the 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.
The
 
iQIYI
 2023 Convertible Notes and the
 iQIYI
2025 Convertible Notes are collectively referred to the Convertible Notes.
As of December 31,
2018 and
2019, the principal amount of the liability component
of the Convertible Notes were
 RMB5.2 billion
and RMB13.6 billion
(US$2.0 billion), unamortized debt discount
were
RMB446 
millio
n
 and RMB1.3
b
illion 
(US$184 million), and
the
net carrying amount of the liability component
we
re
 RMB4.7 billion
and RMB
12.3 billion 
(US$1.8 billion), respectively.
 
The carrying amount of the equity component
of the Notes were
 RMB362 million
and RMB1.3 billion
(US$194 million)
,
 
respectively. For the 
years ended December 31, 2018 and 2019, 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 and RMB670 million (US$96 million), respectively. As of December 31, 2019, the
liability component
 of the
 
iQIYI
 2023
Convertible 
Notes and the
iQIYI
 
2025 
Convertible 
Notes
will be accreted up to the principal amount of US$750 
million and US$1.2
b
illion
over a remaining period of 1.92 years
 and 3.25 years, respectively
.
The aggregate scheduled maturities of RMB5.2 billion (US$750 million) and RMB8.4 billion (US$1.2 billion)
 
of the Convertible Notes will be repaid when they become due in 2023 and 2025, respectively, assuming no
conversion or redemption of the Convertible Notes prior to maturity, all convertible note holders hold the Convertible Notes to maturity and iQIYI elects to pay the amounts owed in cash.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘20-F’ Filing    Date    Other Filings
4/1/25
12/1/23
4/1/23
12/1/21
Filed on:3/13/20
For Period end:12/31/19
12/31/1820-F
1/25/18
10/26/17
 List all Filings 

9 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/15/24  Baidu, Inc.                       20-F       12/31/23  159:24M                                    Donnelley … Solutions/FA
 3/22/23  Baidu, Inc.                       20-F       12/31/22  164:28M                                    Donnelley … Solutions/FA
 3/28/22  Baidu, Inc.                       20-F       12/31/21  168:26M                                    Donnelley … Solutions/FA
 8/19/21  Baidu, Inc.                       424B2                  1:1.9M                                   Donnelley … Solutions/FA
 8/16/21  Baidu, Inc.                       424B5                  1:1.9M                                   Donnelley … Solutions/FA
 3/09/21  Baidu, Inc.                       20-F       12/31/20  166:25M                                    Donnelley … Solutions/FA
10/07/20  Baidu, Inc.                       424B2                  1:820K                                   Donnelley … Solutions/FA
10/05/20  Baidu, Inc.                       424B5                  1:823K                                   Donnelley … Solutions/FA
10/05/20  Baidu, Inc.                       F-3ASR     10/05/20    6:465K                                   Donnelley … Solutions/FA
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