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Investments (Tables)

12 Months Ended

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 million 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 Trip.

(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 is 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 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 investments			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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