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Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule of Investments at Amortized Cost and Fair Value | Short-term investments classification as of December 31, 2018 and 2019 were shown as below:
|  | As of December 31, 2018 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Held-to-maturity debt investments |  |  | 27,388 |  |  |  | 119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,507 |
Available-for-sale debt investments |  |  | 83,100 |  |  |  | — |  |  |  | — |  |  |  | 1,216 |  |  |  | (78 | ) |  |  | 84,238 |
|  | As of December 31, 2019 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |  |  |  |
Held-to-maturity debt investments |  |  | 107,287 |  |  |  | 367 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,654 |  |  |  | 15,464 |
Available-for-sale debt investments |  |  | 5,440 |  |  |  | — |  |  |  | — |  |  |  | 197 |  |  |  | — |  |  |  | 5,637 |  |  |  | 810 |
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 and 2019 were as follows:
|  | For the years ended December 31, |
|  | 2018 |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Gross unrealized gains |  |  | 7,119 |  |  |  | 1,447 |  |  |  | 208 |
Gross unrealized losses (including impairment) (1) |  |  | (2,867 | ) |  |  | (1,641 | ) |  |  | (236 | )
Net unrealized gains (losses) on equity securities held |  |  | 4,252 |  |  |  | (194 | ) |  |  | (28 | )
Net realized gains on equity securities sold |  |  | 124 |  |  |  | 211 |  |  |  | 30 |
Total net gains recognized in other income, net |  |  | 4,376 |  |  |  | 17 |  |  |  | 2 |
| (1) | Gross unrealized losses (downward adjustments excluding impairment) were RMB2,412 m illion and RMB863 million (US$124 million) for the years ended December 31, 2018 and 2019, respectively.
Equity Method Investments | The following tables set forth the summarized financial information of Trip:
|  | As of September 30, (i) |
|  | 2018 (ii) |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Current assets |  |  | 84,464 |  |  |  | 75,578 |  |  |  | 10,856 |
Non-current assets |  |  | 104,906 |  |  |  | 127,505 |  |  |  | 18,315 |
Current liabilities |  |  | 69,065 |  |  |  | 74,118 |  |  |  | 10,646 |
Non-current liabilities |  |  | 30,318 |  |  |  | 25,134 |  |  |  | 3,610 |
Noncontrolling interests |  |  | 2,231 |  |  |  | 2,047 |  |  |  | 294 |
|  | For the twelve months ended September 30, (i) |
|  | 2017 (ii) |  |  | 2018 (ii) |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Total revenues |  |  | 25,731 |  |  |  | 29,944 |  |  |  | 34,958 |  |  |  | 5,021 |
Gross profit |  |  | 20,725 |  |  |  | 24,019 |  |  |  | 27,627 |  |  |  | 3,968 |
Income from operations |  |  | 2,626 |  |  |  | 3,302 |  |  |  | 4,271 |  |  |  | 613 |
Net income |  |  | 2,282 |  |  |  | 2,807 |  |  |  | 3,764 |  |  |  | 541 |
Net income attributable to the investees |  |  | 2,284 |  |  |  | 2,806 |  |  |  | 3,813 |  |  |  | 548 |
(i) | The Company adopted a one-quarter lag in reporting its share of equity income in T rip .
(ii) | T rip 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 statement s is immaterial, and prior period financial information of T rip 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 debt investments with stated contractual dates, classified by the contractual maturity date of the investments:
|  | As of December 31, |
|  | 2018 |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Due in 1 year |  |  | — |  |  |  | 505 |  |  |  | 73 |
Due in 1 year through 5 years |  |  | — |  |  |  | 10 |  |  |  | 1 |
Due in 5 year through 10 years |  |  | — |  |  |  | 1,486 |  |  |  | 213 |
Not due at a single maturity date |  |  | 1,167 |  |  |  | 1,969 |  |  |  | 283 |
Total |  |  | 1,167 |  |  |  | 3,970 |  |  |  | 570 |
Long Term Investments |
Schedule of Investments at Amortized Cost and Fair Value | Long-term investments classification, excluding equity method investments and equity investments at fair value without readily determinable fair value, as of December 31, 2018 and 2019 are shown as below:
|  | As of December 31, 2018 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 5,605 |  |  |  | — |  |  |  | — |  |  |  | 664 |  |  |  | (1,841 | ) |  |  | 4,428 |
Available-for-sale debt investment |  |  | 1,167 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,167 |
Investments accounted for at fair value |  |  | 1,139 |  |  |  | — |  |  |  | — |  |  |  | 318 |  |  |  | — |  |  |  | 1,457 |
|  | As of December 31, 2019 |
|  | Cost or Amortized cost |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 11,769 |  |  |  | — |  |  |  | — |  |  |  | 2,195 |  |  |  | (2,630 | ) |  |  | 11,334 |  |  |  | 1,628 |
Available-for-sale debt investment s |  |  | 3,913 |  |  |  | — |  |  |  | — |  |  |  | 138 |  |  |  | (81 | ) |  |  | 3,970 |  |  |  | 570 |
Investments accounted for at fair value |  |  | 1,309 |  |  |  | — |  |  |  | — |  |  |  | 597 |  |  |  | (87 | ) |  |  | 1,819 |  |  |  | 261 |
Long-term held-to-maturity investments |  |  | 496 |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 491 |  |  |  | 70 |
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, |
|  | 2018 |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Current assets |  |  | 100,313 |  |  |  | 86,713 |  |  |  | 12,456 |
Non-current assets |  |  | 11,050 |  |  |  | 18,980 |  |  |  | 2,726 |
Current liabilities |  |  | 78,935 |  |  |  | 65,450 |  |  |  | 9,401 |
Non-current liabilities |  |  | 2,718 |  |  |  | 8,677 |  |  |  | 1,246 |
Noncontrolling interests |  |  | 1,706 |  |  |  | 1,498 |  |  |  | 215 |
|  | For the twelve months ended September 30, (i) |
|  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2019 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Total revenues |  |  | 1,681 |  |  |  | 4,633 |  |  |  | 12,598 |  |  |  | 1,810 |
Gross profit |  |  | 671 |  |  |  | 916 |  |  |  | 6,247 |  |  |  | 897 |
Loss from operations |  |  | (303 | ) |  |  | (418 | ) |  |  | (680 | ) |  |  | (98 | )
Net loss |  |  | (310 | ) |  |  | (372 | ) |  |  | (638 | ) |  |  | (92 | )
Net loss attributable to the investees |  |  | (311 | ) |  |  | (352 | ) |  |  | (933 | ) |  |  | (134 | )
(i) | The Company adopted a one-quarter lag in reporting its shares of equity income in all of its investees.
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 measured at fair value using the measurement alternative held as of December 31, 2018 and 2019 were as follows:
|  | As of December 31, 2018 |  |  | As of December 31, 2019 |  |  | As of December 31, 2019 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Initial cost basis |  |  | 26,728 |  |  |  | 21,211 |  |  |  | 3,047 |
Cumulative unrealized gains |  |  | 6,271 |  |  |  | 5,636 |  |  |  | 810 |
Cumulative unrealized losses (including impairment) |  |  | (3,730 | ) |  |  | (2,161 | ) |  |  | (311 | )
Total carrying value |  |  | 29,269 |  |  |  | 24,686 |  |  |  | 3,546 |

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