Leases

12 Months Ended

Dec. 31, 2021

12.

LEASES

Leases are classified as operating lease and finance lease in accordance with ASC 842. The Group’s operating leases mainly related to offices facilities, land use rights and IDC facilities. For leases with terms greater than 12 months, the Group records the related asset and obligation at the present value of lease payments over the term.

As of December 31, 2020 and 2021, the operating lease’s weighted average remaining lease terms were 8.6 years and 8.9 years, respectively, and weighted average discount rates were 5.46% and 5.55%, respectively. As of December 31, 2020 and 2021, the finance lease’s weighted average remaining lease terms were 2.0 years and 2.2 years, respectively, and weighted average discount rates were 5.50% and 5.50%, respectively.

	As of December 31,
	2020			2021			2021
	RMB			RMB			US$
Finance lease
Computer equipment		40,882			118,997			18,673
Accumulated depreciation		(11,434	)		(23,215	)		(3,643	)
Computer equipment, net		29,448			95,782			15,030
Finance lease liabilities, current portion		17,767			42,853			6,725
Finance lease liabilities		11,513			43,058			6,757
Total finance lease liabilities		29,280			85,911			13,482

The components of lease costs were as follows:

	For the year ended December 31,
	2019		2020		2021		2021
	RMB		RMB		RMB		US$
Operating lease costs⁽ⁱ⁾		183,578		173,815		202,862		31,833
Finance lease costs
Amortization of finance lease assets		579		25,010		12,856		2,017
Interest on lease liabilities		—		4,251		1,866		293
Total finance lease costs		579		29,261		14,722		2,310

(i) Excluding cost of short-term contracts. Short-term lease costs for the years ended December 31, 2019, 2020 and 2021 were RMB357 million, RMB451 million and RMB328 million (US$51 million), respectively.

Finance lease costs were recorded as cost of revenues and interest expenses. For the years ended December 31, 2019, 2020 and 2021, the amount of interest expense for finance leases was nil, RMB4,251 and RMB1,866 (US$293). Variable lease costs were immaterial for the years ended December 31, 2019, 2020 and 2021. For the years ended December 31, 2019, 2020 and 2021, no lease costs for operating and finance leases were capitalized.

Cash paid for amounts included in the measurement of lease liabilities:

	For the year ended December 31,
	2019		2020		2021		2021
	RMB		RMB		RMB		US$
Operating cash payments for operating leases		208,560		208,493		190,407		29,879
Operating cash payments for finance leases		—		662		1,004		158
Financing cash payments for finance leases		397		9,020		14,473		2,271

Lease assets obtained in exchange for lease obligations:

	For the year ended December 31,
	2019		2020		2021		2021
	RMB		RMB		RMB		US$
Operating leases		323,242		359,168		36,515		5,730
Finance leases		18,950		15,208		75,693		11,878

Future lease payments under lease liabilities as of December 31, 2021 were as follows:

	Operating leases						Finance leases
	RMB			US$			RMB			US$
Year ending December 31,
2022		175,848			27,594			42,005			6,592
2023		148,218			23,259			31,533			4,948
2024		79,884			12,536			27,954			4,387
2025		76,306			11,974			—			—
2026		70,717			11,097			—			—
Thereafter		464,191			72,842			—			—
Total future lease payments		1,015,164			159,302			101,492			15,927
Less: Imputed interest		(217,886	)		(34,191	)		(15,581	)		(2,445	)
Total lease liability balance		797,278			125,111			85,911			13,482