Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | BIDU |
Entity Registrant Name | Baidu, Inc. |
Entity Central Index Key | 1,329,099 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 27,614,978 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,201,254 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 1,704 | ¥ 11,084 | ¥ 10,898 |
Restricted cash | 39 | 252 | 318 |
Short-term investments | 13,738 | 89,381 | 71,196 |
Other invested securities | 2,820 | 18,350 | 7,748 |
Accounts receivable, net of allowance of RMB177 and RMB316 (US$48) for 2016 and 2017, respectively | 703 | 4,571 | 4,109 |
Loans and interest receivable, current portion net of allowances of RMB49 and RMB660 (US$101) for 2016 and 2017, respectively | 3,679 | 23,938 | 1,800 |
Amounts due from related parties | 26 | 168 | 346 |
Other current assets, net | 526 | 3,425 | 3,345 |
Total current assets | 23,235 | 151,169 | 99,760 |
Non-current assets: | |||
Fixed assets, net | 1,917 | 12,475 | 11,294 |
Intangible assets, net | 840 | 5,467 | 3,872 |
Goodwill | 2,429 | 15,806 | 15,342 |
Long-term investments, net | 8,651 | 56,283 | 45,690 |
Deferred tax assets, net | 235 | 1,532 | 1,100 |
Loans and interest receivable, non-current portion net of allowances of RMB69 and RMB104 (US$16) for 2016 and 2017, respectively | 533 | 3,467 | 2,709 |
Amounts due from related parties | 1 | 9 | 11 |
Other non-current assets | 848 | 5,520 | 2,219 |
Total non-current assets | 15,454 | 100,559 | 82,237 |
Total assets | 38,689 | 251,728 | 181,997 |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB20,915 and RMB18,775 (US$2,886) as of December 31, 2016 and 2017, respectively): | |||
Short-term loans | 191 | 1,244 | 1,115 |
Accounts payable and accrued liabilities | 4,229 | 27,523 | 21,630 |
Amounts due to the third-party investors | 5,915 | 38,486 | 7,025 |
Customer advances and deposits | 1,043 | 6,785 | 6,032 |
Deferred revenue | 121 | 788 | 596 |
Deferred income | 87 | 568 | 566 |
Long-term loans, current portion | 2 | 10 | 3,468 |
Notes payable, current portion | 999 | 6,500 | 5,203 |
Amounts due to related parties | 24 | 153 | 459 |
Capital lease obligation | 0 | 0 | 8 |
Total current liabilities | 12,611 | 82,057 | 46,102 |
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB1,107 and RMB5,151 (US$792) as of December 31, 2016 and 2017, respectively): | |||
Deferred income | 11 | 73 | 28 |
Long-term loans | 1,030 | 6,701 | 6,822 |
Notes payable | 4,474 | 29,111 | 27,648 |
Deferred tax liabilities | 519 | 3,375 | 3,589 |
Other non-current liabilities | 6 | 39 | 65 |
Total non-current liabilities | 6,040 | 39,299 | 38,152 |
Total liabilities | 18,651 | 121,356 | 84,254 |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 1,694 | 11,022 | 5,492 |
Equity | |||
Additional paid-in capital | 1,858 | 12,088 | 8,323 |
Retained earnings | 15,728 | 102,328 | 85,734 |
Accumulated other comprehensive (loss) income | 143 | 930 | (1,783) |
Total Baidu, Inc. shareholders' equity | 17,729 | 115,346 | 92,274 |
Noncontrolling interests | 615 | 4,004 | (23) |
Total equity | 18,344 | 119,350 | 92,251 |
Total liabilities, redeemable noncontrolling interests and equity | 38,689 | 251,728 | 181,997 |
Class A Ordinary Shares | |||
Equity | |||
Ordinary shares, value | 0 | 0 | 0 |
Class B Ordinary Shares | |||
Equity | |||
Ordinary shares, value | $ 0 | ¥ 0 | ¥ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)shares |
Allowance for doubtful accounts receivable | $ 48 | ¥ 316 | $ 27 | ¥ 177 |
Allowance for loans and interest receivable, current | 101 | 660 | 49 | |
Allowance for loans and interest receivable, non current | 16 | 104 | 69 | |
Total current liabilities | 12,611 | 82,057 | 46,102 | |
Total non-current liabilities | $ 6,040 | ¥ 39,299 | ¥ 38,152 | |
Common stock, par value per share | $ / shares | $ 0.00005 | |||
Common stock, shares authorized | 870,400,000 | 870,400,000 | 870,400,000 | 870,400,000 |
Variable Interest Entity, Primary Beneficiary | ||||
Total current liabilities | $ 2,886 | ¥ 18,775 | ¥ 20,915 | |
Total non-current liabilities | $ 792 | ¥ 5,151 | ¥ 1,107 | |
Class A Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00005 | $ 0.00005 | ||
Common stock, shares authorized | 825,000,000 | 825,000,000 | 825,000,000 | 825,000,000 |
Common stock, shares issued | 27,614,978 | 27,614,978 | 27,325,551 | 27,325,551 |
Common stock, shares outstanding | 27,614,978 | 27,614,978 | 27,325,551 | 27,325,551 |
Class B Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00005 | $ 0.00005 | ||
Common stock, shares authorized | 35,400,000 | 35,400,000 | 35,400,000 | 35,400,000 |
Common stock, shares issued | 7,201,254 | 7,201,254 | 7,401,254 | 7,401,254 |
Common stock, shares outstanding | 7,201,254 | 7,201,254 | 7,401,254 | 7,401,254 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | |
Revenues: | ||||
Online marketing services | $ 11,242 | ¥ 73,146 | ¥ 64,525 | ¥ 64,037 |
Others | 1,792 | 11,663 | 6,024 | 2,345 |
Total revenues | 13,034 | 84,809 | 70,549 | 66,382 |
Operating costs and expenses: | ||||
Cost of revenues | (6,619) | (43,062) | (35,278) | (27,458) |
Selling, general and administrative | (2,018) | (13,128) | (15,071) | (17,076) |
Research and development | (1,987) | (12,928) | (10,151) | (10,176) |
Total operating costs and expenses | (10,624) | (69,118) | (60,500) | (54,710) |
Operating profit | 2,410 | 15,691 | 10,049 | 11,672 |
Other income: | ||||
Interest income | 485 | 3,154 | 2,342 | 2,362 |
Interest expense | (248) | (1,615) | (1,158) | (1,041) |
Foreign exchange income (loss), net | (74) | (482) | 508 | 182 |
Income (loss) from equity method investments | (10) | (63) | (1,026) | 4 |
Others, net | 707 | 4,598 | 3,794 | 24,728 |
Total other income, net | 860 | 5,592 | 4,460 | 26,235 |
Income before income taxes | 3,270 | 21,283 | 14,509 | 37,907 |
Income taxes | (460) | (2,995) | (2,913) | (5,475) |
Net income | 2,810 | 18,288 | 11,596 | 32,432 |
Net loss attributable to noncontrolling interests | 2 | 13 | 36 | 1,232 |
Net income attributable to Baidu, Inc. | 2,812 | 18,301 | 11,632 | 33,664 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | 123 | 803 | (593) | (645) |
Unrealized gains (losses) on available-for-sale investments, net of reclassification | 242 | 1,575 | (57) | 295 |
Other comprehensive (loss) income, net of tax | 365 | 2,378 | (650) | (350) |
Comprehensive income | 3,175 | 20,666 | 10,946 | 32,082 |
Comprehensive loss (income) attributable to noncontrolling interests and redeemable noncontrolling interests | 53 | 348 | (291) | 1,056 |
Comprehensive income attributable to Baidu, Inc. ordinary shareholders | $ 3,228 | ¥ 21,014 | ¥ 10,655 | ¥ 33,138 |
Common Class A and Class B | ||||
Earnings per shares: | ||||
Basic | (per share) | $ 81.08 | ¥ 527.51 | ¥ 319.47 | ¥ 954.56 |
Diluted | (per share) | $ 80.55 | ¥ 524.08 | ¥ 318.62 | ¥ 951.49 |
Weighted average number of Class A and Class B ordinary shares outstanding: | ||||
Basic | 34,725,123 | 34,725,123 | 34,665,238 | 34,921,782 |
Diluted | 34,952,391 | 34,952,391 | 34,757,086 | 35,034,470 |
Class A Ordinary Shares | ||||
Earnings per shares: | ||||
Basic | (per share) | $ 81.08 | ¥ 527.51 | ¥ 319.47 | ¥ 954.56 |
Diluted | (per share) | $ 80.55 | ¥ 524.08 | ¥ 318.62 | ¥ 951.49 |
Weighted average number of Class A and Class B ordinary shares outstanding: | ||||
Basic | 27,464,760 | 27,464,760 | 27,263,984 | 27,428,861 |
Diluted | 34,952,391 | 34,952,391 | 34,757,086 | 35,034,470 |
Class A Ordinary Shares | American Depositary Shares | ||||
Earnings per shares: | ||||
Basic | (per share) | $ 8.11 | ¥ 52.75 | ¥ 31.95 | ¥ 95.46 |
Diluted | (per share) | $ 8.06 | ¥ 52.41 | ¥ 31.86 | ¥ 95.15 |
Consolidated Statements Of Com5
Consolidated Statements Of Comprehensive Income (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class A Ordinary Shares | |||
Number of American depositary shares (ADSs) representing one Class A ordinary share | 10 | 10 | 10 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | $ 2,810 | ¥ 18,288 | ¥ 11,596 | ¥ 32,432 |
Adjustments to reconcile net income to net cash generated from operating activities: | ||||
Depreciation of fixed assets and computer parts | 585 | 3,805 | 3,451 | 2,886 |
Gain on disposal of fixed assets | (5) | (30) | (84) | (24) |
Amortization of intangible assets and licensed copyrights | 1,221 | 7,943 | 4,876 | 2,975 |
Deferred income tax, net | (116) | (756) | (14) | 2,261 |
Share-based compensation | 499 | 3,244 | 1,760 | 1,387 |
Provision for doubtful accounts | 90 | 585 | 269 | 247 |
Investment income | (499) | (3,244) | (4,971) | (2,709) |
Assets impairment | 362 | 2,358 | 421 | 117 |
(Income) loss from equity method investments | 10 | 63 | 1,026 | (4) |
Gain on disposal of subsidiaries | (853) | (5,550) | (1,247) | (24,436) |
Barter transaction revenue | (117) | (763) | (382) | (350) |
Other non-cash expenses (income) | 56 | 362 | (463) | 53 |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | ||||
Restricted cash | 8 | 52 | (222) | (1,555) |
Accounts receivable | (111) | (721) | (238) | (869) |
Amounts due from related parties | 27 | 178 | 1,594 | (796) |
Other assets | 195 | 1,259 | 237 | (1,737) |
Customer advances and deposits | 117 | 763 | 646 | 1,469 |
Accounts payable and accrued liabilities | 784 | 5,100 | 4,092 | 7,529 |
Deferred revenue | 31 | 203 | 221 | 211 |
Deferred income | 7 | 47 | 17 | 19 |
Amounts due to related parties | (47) | (306) | (327) | 665 |
Net cash generated from operating activities | 5,054 | 32,880 | 22,258 | 19,771 |
Cash flows from investing activities: | ||||
Acquisition of fixed assets | (735) | (4,779) | (4,189) | (5,230) |
Acquisition of computer parts | (8) | (50) | (26) | (21) |
Disposal of fixed assets | 7 | 44 | 55 | 33 |
Acquisition of businesses, net of cash acquired (Note 3) | (85) | (553) | 0 | (333) |
Acquisition of intangible assets | (1,402) | (9,122) | (6,296) | (2,493) |
Capitalization of software costs | 0 | 0 | 0 | (31) |
Purchases of held-to-maturity investments | (8,630) | (56,150) | (47,634) | (50,207) |
Maturities of held-to-maturity investments | 7,620 | 49,580 | 46,143 | 51,962 |
Purchases of available-for-sale investments | (32,219) | (209,628) | (182,342) | (126,156) |
Sales and maturities of available-for-sale investments | 30,512 | 198,517 | 173,821 | 110,653 |
Purchases of other long-term investments | (1,921) | (12,499) | (4,005) | (5,940) |
Sales of other long-term investments | 3 | 19 | 303 | 23 |
Cash distribution from long-term investments | 2 | 13 | 5 | 8 |
(Payments in) proceeds from disposal of subsidiaries' shares | 222 | 1,445 | 275 | (3,541) |
Micro loan origination and disbursement | (9,775) | (63,597) | (7,920) | (451) |
Principal payments received on micro loans | 6,159 | 40,075 | 3,556 | 103 |
Purchases of other invested securities | (5,866) | (38,167) | (8,968) | 0 |
Sales and maturities of other invested securities | 4,291 | 27,917 | 1,311 | 0 |
Net cash used in investing activities | (11,825) | (76,935) | (35,911) | (31,621) |
Cash flows from financing activities: | ||||
Restricted cash released as collateral for borrowings | 0 | 0 | 0 | 102 |
Repayments of short-term loans | (127) | (826) | (1,940) | (85) |
Proceeds from short-term loans | 115 | 751 | 3,252 | 100 |
Repayments of long-term loans | (512) | (3,330) | (1,042) | (2,173) |
Proceeds from long-term loans | 46 | 299 | 6,633 | 2,162 |
Payments of capital lease obligation | (1) | (8) | (53) | (59) |
Proceeds from debt issuance | 1,526 | 9,926 | 0 | 10,407 |
Payment of debt issuance costs | (3) | (17) | 0 | (52) |
Repayment of long-term notes | (762) | (4,957) | 0 | 0 |
Proceeds from issuance of convertible notes | 1,301 | 8,463 | 0 | 0 |
Proceeds from issuance of subsidiaries' shares | 623 | 4,046 | 661 | 3,528 |
Repurchase of ordinary shares | (265) | (1,723) | 0 | (6,377) |
Proceeds from exercise of share options | 70 | 453 | 176 | 225 |
Proceeds from third-party investors for sale of financial products | 15,552 | 101,189 | 10,426 | 0 |
Repayment to third-party investors for sale of financial products | (12,755) | (82,987) | (3,666) | 0 |
Proceeds from secured borrowings from third-party financial institutions | 2,460 | 16,008 | 0 | 0 |
Repayment of secured borrowings from third-party financial institutions | (420) | (2,730) | 0 | 0 |
Net cash generated from financing activities | 6,848 | 44,557 | 14,447 | 7,778 |
Effect of exchange rate changes on cash and cash equivalents | (48) | (316) | 144 | 179 |
Net (decrease) increase in cash and cash equivalents | 29 | 186 | 938 | (3,893) |
Cash and cash equivalents at beginning of the year | 1,675 | 10,898 | 9,960 | 13,853 |
Cash and cash equivalents at end of the year | 1,704 | 11,084 | 10,898 | 9,960 |
Supplemental disclosures: | ||||
Interests paid | 117 | 758 | 1,111 | 867 |
Income taxes paid | 507 | 3,300 | 2,402 | 2,763 |
Non-cash investing and financing activities: | ||||
Capital lease obligation | 0 | 0 | 7 | 6 |
Acquisition of fixed assets included in accounts payable and accrued liabilities | 179 | 1,167 | 903 | 1,028 |
Acquisition of other non-current assets included in accounts payable and accrued liabilities | 8 | 50 | 37 | 44 |
Acquisition of licensed copyrights included in accounts payable and accrued liabilities | 621 | 4,040 | 2,195 | 1,147 |
Acquisition of licensed copyrights from nonmonetary content exchanges | 120 | 782 | 385 | 292 |
Non-cash acquisitions of investments | $ 118 | ¥ 765 | ¥ 2,963 | ¥ 24,431 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity ¥ in Millions | USD ($) | CNY (¥) | Additional Paid-in CapitalUSD ($) | Additional Paid-in CapitalCNY (¥) | Retained EarningsUSD ($) | Retained EarningsCNY (¥) | Accumulated Other Comprehensive Income (Loss)USD ($) | Accumulated Other Comprehensive Income (Loss)CNY (¥) | Noncontrolling interestsUSD ($) | Noncontrolling interestsCNY (¥) | Ordinary Sharesshares |
Balances (in shares) at Dec. 31, 2014 | shares | 35,106,236 | ||||||||||
Balances at Dec. 31, 2014 | ¥ 52,157 | ¥ 3,651 | ¥ 47,701 | ¥ (280) | ¥ 1,085 | ||||||
Net income | 32,432 | 33,664 | (1,232) | ||||||||
Other comprehensive income (loss) | (492) | (526) | 34 | ||||||||
Business combination | 11 | 3 | 8 | ||||||||
Issuance of shares by the Company's subsidiaries | 1,935 | 976 | 959 | ||||||||
Issuance of convertible notes by a disposed subsidiary | 559 | 278 | 281 | ||||||||
Exercise of share-based awards (in shares) | shares | 103,952 | ||||||||||
Exercise of share-based awards | 279 | 254 | 25 | ||||||||
Share-based compensation | 1,383 | 1,240 | 143 | ||||||||
Accretion of redeemable noncontrolling interests | (329) | (329) | |||||||||
Repurchase and retirement of ordinary shares | $ (990,000,000) | (6,377) | (6,377) | ||||||||
Repurchase and retirement of ordinary shares (in shares) | shares | (603,726) | ||||||||||
Disposal of subsidiaries' shares | (1,292) | (1,292) | |||||||||
Balances (in shares) at Dec. 31, 2015 | shares | 34,606,462 | ||||||||||
Balances at Dec. 31, 2015 | 80,266 | 6,402 | 74,659 | (806) | 11 | ||||||
Net income | 11,596 | 11,632 | (36) | ||||||||
Other comprehensive income (loss) | (975) | (977) | 2 | ||||||||
Exercise of share-based awards (in shares) | shares | 120,343 | ||||||||||
Exercise of share-based awards | 173 | 173 | |||||||||
Share-based compensation | 1,748 | 1,748 | |||||||||
Accretion of redeemable noncontrolling interests | (557) | (557) | |||||||||
Repurchase and retirement of ordinary shares | $ | 0 | ||||||||||
Balances (in shares) at Dec. 31, 2016 | shares | 34,726,805 | ||||||||||
Balances at Dec. 31, 2016 | 92,251 | 8,323 | 85,734 | (1,783) | (23) | ||||||
Net income | 18,288 | 18,301 | (13) | ||||||||
Other comprehensive income (loss) | 2,713 | 2,713 | |||||||||
Issuance of shares by the Company's subsidiaries | 4,046 | 42 | 4,004 | ||||||||
Acquisition of noncontrolling interests in a subsidiary | 5 | (5) | |||||||||
Exercise of share-based awards (in shares) | shares | 235,210 | ||||||||||
Exercise of share-based awards | 454 | 454 | |||||||||
Share-based compensation | 3,264 | 3,264 | |||||||||
Accretion of redeemable noncontrolling interests | 3,000,000 | 17 | 17 | ||||||||
Repurchase and retirement of ordinary shares | (251,000,000) | (1,724) | (1,724) | ||||||||
Repurchase and retirement of ordinary shares (in shares) | shares | (145,783) | ||||||||||
Disposal of subsidiaries' shares | 41 | 41 | |||||||||
Balances (in shares) at Dec. 31, 2017 | shares | 34,816,232 | ||||||||||
Balances at Dec. 31, 2017 | $ 18,344,000,000 | ¥ 119,350 | $ 1,858,000,000 | ¥ 12,088 | $ 15,728,000,000 | ¥ 102,328 | $ 143,000,000 | ¥ 930 | $ 615,000,000 | ¥ 4,004 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements | 1. ORGANIZATION, CONSOLIDATION AND PRESENTATION OF FINANCIAL STATEMENTS Baidu, Inc. (“Baidu” or the “Company”) was incorporated under the laws of the Cayman Islands on January 18, 2000. As of December 31, 2017, 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, 2017, the Company also effectively controls a number of variable interest entities (“VIEs”) through the Primary Beneficiaries, as defined below. The VIEs include: • Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), controlled through Baidu Online Network Technology (Beijing) Co., Ltd. (“Baidu Online”), one of the Company’s wholly-owned subsidiaries; • Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”), controlled through Baidu Online; and • Beijing BaiduPay Science and Technology Co., Ltd. (“BaiduPay”), controlled through Baidu Online; and • Other VIEs controlled through by the Company’s subsidiaries other than Baidu Online. The Company, its subsidiaries, VIEs and subsidiaries of the VIEs are hereinafter collectively referred to as the “Group”. The Group offers online marketing services, artificial intelligence-enabled new business initiatives, internet financial businesses and operates an online video platform offering advertising business and membership services through its content library. The Group’s principal geographic market is in the PRC. The Company does not conduct any substantive operations of its own, but conducts its primary business operations through its subsidiaries and VIEs in the PRC. PRC laws and regulations prohibit or restrict foreign ownership of internet content, advertising, audio and video services, and mobile application distribution businesses. 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 paid-in Despite the lack of technical 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 SEC Regulation S-X 3A-02 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 are further described below. Loan Agreements Pursuant to loan agreements amongst the shareholders of Baidu Netcom and Baidu Online, Baidu Online provided interest-free loans with an aggregate amount of RMB2.2 billion (US$334 million) 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 sale of the shareholders’ equity interest in Baidu Netcom to Baidu Online or its designated person. The terms of the loan agreements will expire on January 17, 2027 at the earliest and can be extended with the written consent of both parties before its expiration. Each of the loan agreements amongst Baidu Online and the respective shareholders of Beijing Perusal and BaiduPay contains substantially the same terms as those described above, except that the amount of the loans extended to the respective shareholders is RMB3.2 billion (US$491 million) and RMB217 million (US$33 million), respectively. The term of the loan agreements will expire on June 19, 2026 and October 17, 2026, respectively, and can be extended with the written consent of both parties before its expiration. 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 from Baidu Netcom to its shareholders should be paid 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 Baidu Online, Beijing Perusal and their shareholders, BaiduPay and their shareholders contains substantially the same terms as those described above. Each of the agreements will terminate upon the transfer of all the equity interests held by the shareholders of Beijing Perusal or BaiduPay, as the case may be, to Baidu Online or its designated person(s) or upon expiration of the term of business of Baidu Online, Beijing Perusal or BaiduPay. 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 amongst Baidu Online and the shareholders of Beijing Perusal and BaiduPay 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. Each of the powers of attorney will be in effect for as long as the shareholder of Beijing Perusal or BaiduPay holds any equity interests in Beijing Perusal or BaiduPay, 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. Each of the operating agreements amongst Baidu Online, Beijing Perusal and their shareholders, BaiduPay and their shareholders contains substantially the same terms as those described above. Each of the agreements will be in effect for an unlimited term, until the term of business of Baidu Online, Beijing Perusal or BaiduPay expires and extension is denied by the relevant approval authorities. 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 to Baidu Netcom 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 and Beijing Perusal and between Baidu Online and BaiduPay contains substantially the same terms as those described above. 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 both Beijing Perusal and BaiduPay. Each of the license agreements between Baidu Online and Beijing Perusal and between Baidu Online and BaiduPay contains substantially the same terms as those described above. Each of the web layout copyright license agreements was renewed since 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. 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 and the respective shareholders of Beijing Perusal and BaiduPay contains substantially the same terms, including term period, as those described above. The equity pledges of Baidu Netcom described above are in the process of perfecting by registration with the relevant local administration for industry and commerce as required for a property right under the PRC Property Rights Law, due to recent change in shareholder. 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 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. There are similar agreements entered into by Primary Beneficiaries besides Baidu Online with their VIEs and the respective shareholders, which resulted in a parent-subsidiary relationship between the Company and these VIEs. In the opinion of the Company’s legal counsel, (i) the ownership structure relating to the VIEs of the Company is in compliance with existing PRC laws and regulations; (ii) the contractual arrangements with the VIEs and their shareholders are valid, binding and enforceable, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) the performance of the VIEs and their shareholders is in compliance with the articles of association and business licenses of the VIEs. However, uncertainties in the PRC legal system could cause the Company’s current ownership structure to be found in violation of any existing and/or future PRC laws or regulations and could limit the Company’s ability, through the Primary Beneficiaries, to enforce its rights under these contractual arrangements. Furthermore, shareholders of the VIEs may have interests that are different with those of the Company, which could potentially increase the risk that they would seek to act in contrary to the terms of the aforementioned agreements. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC laws, the Company may be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or discontinue the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs. 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, 2016 2017 2017 RMB RMB US$ (In millions) Assets Current Cash and cash equivalents 3,087 4,045 622 Short-term investments 6,661 2,052 315 Accounts receivable, net 3,851 3,021 464 Others 3,247 5,280 812 16,846 14,398 2,213 Non-current Fixed assets, net 1,438 2,845 437 Intangible assets, net 1,739 2,104 323 Long-term investments, net 4,616 10,614 1,631 Others 2,094 6,488 997 9,887 22,051 3,388 Total 26,733 36,449 5,601 Third-party liabilities Current Accounts payable and accrued liabilities 12,695 14,073 2,163 Customer advances and deposits 1,654 2,288 352 Others 6,566 2,414 371 20,915 18,775 2,886 Non-current 1,107 5,151 792 Total 22,022 23,926 3,678 Inter-company liabilities* Inter-company payable to subsidiaries for technology consulting and service fees 2,096 2,828 435 Others 2,729 4,605 708 Total 4,825 7,433 1,143 For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Total revenues 20,668 24,603 29,208 4,489 Net loss (4,398 ) (464 ) (626 ) (96 ) Net cash provided by operating activities 3,563 2,737 3,698 569 Net cash used in investing activities (7,025 ) (9,471 ) (5,725 ) (880 ) Net cash provided by financing activities 5,935 5,098 2,985 459 * Inter-company liabilities represent payable balances of each VIE due to its Primary Beneficiary. Amounts payable to other non-VIE As of December 31, 2017, there was no pledge or collateralization of the VIEs’ assets other than the aforementioned equity pledge agreements. The amount of the net assets of the VIEs was RMB5.1 billion (US$780 million) as of December 31, 2017. The creditors of the VIEs’ third-party liabilities did not have recourse to the general credit of the Company in normal course of business. The Company did not provide or intend to provide financial or other supports not previously contractually required to the VIEs during the years presented. Basis of Presentation The consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). 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. Use of Estimates The preparation of 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 accounts receivable allowances, credit loss allowance for micro loan receivables, fair values of options to purchase the Company’s or its subsidiaries’ ordinary shares, fair values of certain debt and equity investments, amortization and impairment of licensed copyrights, impairment of long-lived assets, long-term investments and goodwill, the purchase price allocation and fair value of noncontrolling interests with respect to business combinations and acquisition of equity method investees, deferred tax valuation allowance and redeemable noncontrolling interests, 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. Comparative Information Certain items in the consolidated financial statements have been adjusted to conform with the current year’s presentation to facilitate comparison. Currency Translation for Financial Statements Presentation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB6.5063 per US$1.00 on December 29, 2017, the last business day in fiscal year 2017, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Foreign Currency The Company’s functional currency is the US$. 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 The Company historically had only one single reportable segment because the Company’s chief operating decision maker (“CODM”) formerly relied on the consolidated results of operations when making decisions on allocating resources and assessing performance of the Company. Starting from the quarter ended June 30, 2015, the Company reorganized its operation into three segments, consisting of the Search Services, Transaction Services and iQIYI as a result of its expansion of offerings into multiple services. Starting from April 2017, Search Services and Transaction Services were combined into one segment, namely, Baidu Core. The change in reportable segments reflects the Company’s strategic shift and the operational change to de-emphasized its transaction services business and shifted such resources to support its online marketing services. As of December 31, 2017, the Company had two reportable segments, Baidu Core and iQIYI. Baidu Core mainly provides keyword-based marketing services targeted at and triggered by internet users’ search queries, which mainly include pay-for-performance The Company’s chief executive officer, who has been identified as the CODM , 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, terminal values, 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. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. Cash and Cash Equivalents 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 or less from the date of purchase and are stated at cost which approximates their fair value. Restricted cash Restricted cash mainly consists of the cash reserved in escrow accounts for the remaining payments in relation to compensation for post-combination services, and the cash balances deposited at certain banks as online payment service deposits. Accounts Receivable, net of allowance Accounts receivable are recognized and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Company generally does not require collateral from its customers. The Company maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make payments on time. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. Receivables from Online Payment Agencies, net of allowance Receivables from online payment agencies are cash due from the third-party online payment service providers for clearing transactions. The cash was paid or deposited by customers or users through these online payment agencies for services provided by the Company. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers used. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Receivable balances are written off after all collection efforts have been exhausted. The balances are included in “Other current assets, net” on the consolidated balance sheets. As of December 31, 2016 and 2017, no allowance for doubtful accounts was provided for the receivables from online payment agencies. Loan and Interest Receivables, net of allowance Loan and interest receivables consist primarily of micro loans to individual borrowers. Such amounts are recorded at the principal net of allowance for credit losses relating to micro loans, and include accrued interest receivable as of the balance sheet date. The loan periods granted by the Company to the borrowers related to the micro loans generally range from one month to thirty-six Allowance for credit losses relating to micro loans represent the Company’s best estimate of the losses inherent in the outstanding portfolio of loans. Judgment is required to determine the allowance amounts and whether such amounts are adequate to cover potential credit losses, and periodic reviews are performed to ensure such amounts continue to reflect the best estimate of the losses inherent in the outstanding portfolio of debts. The Company bases the allowance for loan and interest receivables credit losses primarily on historical loss experience using a roll rate-based model applied to the loan and interest receivables portfolios. The Company considers many factors, including but not limited to, the age of the amounts due, the payment history, the month of origination, the purpose of the loans, creditworthiness, financial conditions of the borrower, terms of the loans, regulatory environment, and the general economic conditions. Investments Short-term investments All highly liquid investments with original maturities of greater than three months, but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term investments in accordance with ASC topic 320 (“ASC 320”), Investments – Debt and Equity Securities. “held-to-maturity” “available-for-sale”, The securities that the Company has the positive intent and the ability to hold to maturity are classified as held-to-maturity held-to-maturity In accordance with ASC 320, the securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity available-for-sale Available-for-sale available-for-sale Other invested securities Other invested securities represents the investments purchased by Baidu for its financial services and resold to third-party investors. These transactions do not meet the requirement of asset derecognition in accordance with ASC topic 860 (“ASC 860”), Transfers and Servicing Long-term investments The Company’s long-term investments consist of cost method investments, equity method investments, available-for-sale In accordance with ASC subtopic 325-20, Investments-Other: Cost Method Investments 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 (“ASC 323”), Investments-Equity Method and Joint Ventures As available-for-sale available-for-sale In accordance with ASC topic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities, re-measured ( , Fair Value Measurements and Disclosures Transfers of Financial Assets The Company accounts for the transfers of financial assets in accordance with ASC 860. Financial assets are derecognized from the Company’s consolidated balance sheets if the transfer qualifies as sales. If the conditions for sale required by ASC 860 are not met, the transfer is considered to be a secured borrowing included in “Amounts due to the third-party investors” on the consolidated balance sheets. The assets remain on the consolidated balance sheets as “Other invested securities” and the sale proceeds are recognized as the Company’s liability. Certain financial assets that the Company bought as an agent on behalf of third-party investors have been isolated from the Company, even in bankruptcy or other receivership. These financial assets and associated liabilities are not recorded on the Company’s consolidated balance sheets. Fair Value Measurements of Financial Instruments Financial instruments are in the form of cash and cash equivalents, restricted cash, short-term investments, other invested securities, accounts receivable, loan and interest receivables, 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, capital lease obligation, notes payable and long-term loans. The carrying amounts of these financial instruments, except for long-term cost method investments, long-term equity method investments, long-term available-for-sale Available-for-sale held-to-maturity Research, Development and Computer Software Capitalization of software developed for internal use The Company capitalized certain internal use software development costs in accordance with ASC subtopic 350-40, Intangibles-Goodwill and Other: Internal-Use internal-use internal-use Research and development expenses Research and development expenses consist primarily of personnel-related costs. The Company expensed substantially all development costs incurred in the research and development of new products and new functionality added to the existing products except for certain internal use software development costs. 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 – 45 years Office building related facility, machinery and equipment – 15 years Computer equipment – 3 to 5 years Office equipment – 3 to 5 years Vehicles – 5 years 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, 2015, 2016 and 2017 were insignificant. Licensed Copyrights Licensed copyrights consist of professionally-produced content such as movies, television series, variety shows, sports and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability recorded when cost of the content is known, the content has been accepted by us in accordance with the conditions of the license agreement and the content is available for its first showing on our internet platform. Licensed copyrights are carried at the lower of unamortized cost or net realizable value. The current and non-current The Company has two types of licensed copyrights, (i) non-exclusive non-exclusive Non-exclusive non-exclusive non-episodic Accounting Changes and Error Corrections The purchase cost of exclusive licensed copyrights includes a broadcasting right and a right to sublicense to third parties, and the Company allocates the content cost to these two rights when the exclusive licensed copyrights are initially recognized based on the relative proportion of our estimate of the total revenues that will be generated by each right. For the broadcasting right, which is the portion of an exclusive licensed copyright that generates direct and indirect advertising and membership revenues, the content costs are amortized in accordance with ASC 920-350 920-350”), Entertainment-Broadcasters: Intangibles—Goodwill and Other non-exclusive Entertainment—Films On a periodic basis, the Company evaluates the program usefulness of the broadcasting rights of its licensed copyrights and record such rights at the lower of unamortized cost or estimated net realizable value pursuant to the guidance in ASC 920-350. Net realizable value is determined by estimating the expected cash flows generated from the provision of online advertising and membership services, less any direct costs, over the remaining useful lives of non-exclusive 926-20, Entertainment—Films: Other Assets—Film Costs Goodwill and Intangible Assets Goodwill The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20 350-20”), Intangibles—Goodwill and Other: Goodwill 350-20. As of December 31, 2016, the Company had three reporting units, consisting of Search Services, Transaction Services, and iQIYI. As part of the combination of Search Services and Transaction Services segments into Baidu Core segment, the Company determined that there were only two reporting units, Baidu Core and iQIYI starting from April 2017. The goodwill previously allocated to Search Services and Transaction Services was reassigned to Baidu Core. The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the two-step 350-20. more-likely-than-not two-step two-step The Company performed a qualitative assessment for the Baidu Core reporting unit. Based on the requirements of ASC 350-20, more-likely-than-not The Company elected to assess goodwill for impairment using the two-step Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Land use rights are amortized using a straight-line method over the shorter of their estimated economic lives or the terms of the related land use right contracts. All other intangible assets with finite lives except for the sublicensing rights obtained from barter transactions and certain licensed copyrights are amortized using the straight-line method over the estimated economic lives. Intangible assets have weighted average economic lives from the date of purchase as follows: Land use rights – 50 years Customer relationships – 3 years Software – 4 years Trademarks – 10 years User list – 3 years Licensed copyrights of video contents – 3 years Others – 6 years Intangible assets with an 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 350-30 350-30”), Intangibles-Goodwill and Other: General Intangibles 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, 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 Revenue Recognition The Company recognizes revenue in accordance with ASC topic 605 (“ASC 605”), Revenue Recognition. Performance-based online marketing services Cost-per-click The Company’s auction-based P4P platform enables a customer to place its website link and related description on the Company’s search result list on the platform which could be accessed through personal computer or mobile devices. Customers make bids on keywords based on how much they are willing to pay for each click to their listings in the search results listed on the Company’s platform and the relevance between the keywords and the customer’s businesses. Internet users’ search of the keyword will trigger the display of the listings. The ranking of the customer’s listing depends on both the bidding price and the listing’s relevance to the keyword searched. Customers pay the Company only when a user clicks on one of its website links. Besides the Company’s traditional auction-based P4P services, the Company also displays in-feed marketing to targeted users through Baidu Feed. Customers pay the Company when a targeted user clicks the in-feed For the type of cost-per-clicks, in-feed 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 Display-based online advertising services The Company provides display-based online advertising services to customer by integrating text description, image and video, and displaying the advertisements in a prominent position of the search result page, vertical search products or through Baidu Feed. The Company recognizes revenue in accordance with ASC 605, on a pro-rata Online marketing services involving Baidu Union Baidu Union is the program through which the Company expands distribution of its customers’ sponsored links or advertisements by leveraging traffic of the Baidu Union members’ internet properties. The Company makes payments to Baidu Union members for acquisition of traffic. The Company recognizes gross revenue for the amount of fees it receives from its customers. Payments made to Baidu Union members are included in cost of revenues as traffic acquisition costs. Membership services The Company offers membership services which provide subscribing members access to streaming of premium content in exchange for a non-refundable Financial services The Company offers financial services which include provision of installment payment services to consumers and wealth management services to third-party investors. Interest income earned from provision of financial services is reported as “Other revenues” and reported on a net basis after deduction of related interest costs incurred. Gross interest income and interest costs recognized for the year ended December 31, 2017 were RMB3.5 billion (US$543 million) and RMB1.9 billion (US$288 million), respectively. Gross interest income and interest costs recognized for the years ended December 31, 2016 and 2015 were insignificant. Barter transactions Nonmonetary exchanges of licensed copyrights of video contents The Company 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 in accordance with ASC topic 845 (“ASC 845”), Nonmonetary Transactions 926-605, Entertainment-Films; Revenue Recognition sub-licensing sub-license The attributable cost of the barter transaction is recognized as cost of revenues through the amortization of the sublicensing right component of the exclusive licensed copyright, computed using the individual-film-forecast-computation method in accordance with ASC 926. The Company recognized barter sublicensing revenues of RMB350 million, RMB382 million and RMB763 million (US$117 million) and related costs of RMB265 million, RMB363 million and RMB650 million (US$100 million) for the years ended December 31, 2015, 2016 and 2017, respectively. Other nonmonetary exchanges The Company engages in certain barter transactions other than licensed copyrights of video contents from time to time and in such situations follows the guidance set forth in ASC 845. While nonmonetary transactions are recorded at fair value, if such value is not determinable within reasonable limits, or the transaction lacks commercial substance, or the transaction is an exchange of a product or property held for sale in the ordinary course of business for a product or property to be sold in the same line of business to facilitate sales to customers other than the parties to the exchange, the transaction is recognized based on the carrying value of the product or services provided. The Company also engages in certain advertising barter transactions and follows the guidance set forth in ASC subtopic 605-20, Revenue Recognition: Services Other revenue recognition related policies In accordance with ASC subtopic 605-25 605-25”), Revenue Recognition: Multiple-Deliverable Revenue Arrangements, The Company delivers some of its online marketing services to end customers through engaging third-party distributors. In this context, the Company may provide cash incentives to distributors. The cash incentives are accounted for as a reduction of revenue in accordance with ASC subtopic 605-50 605-50”), Revenue Recognition: Customer Payments and Incentives The Company provides sales incentives to customers which entitle them to receive reductions in the price of the online marketing services by meeting certain cumulative consumption requirements. The Company accounts for these award credits granted to customers in conjunction with a current sale of products or services as a multiple-element arrangement by analogy to ASC 605-25. The Company provides coupons and credits to the end users in certain businesses. The coupons and credits can be used to reduce the purchase price or to redeem for gifts. Coupons issued to end users as a result of a concurrent sale are recognized as reductions of the corresponding revenue in accordance with ASC 605-50. Cost of Revenues Cost of revenues consists primarily of sales taxes (including business tax and value-added tax) and surcharges, traffic acquisition costs, bandwidth costs, depreciation, content costs, payroll and related costs of operations. The Company incurs sales taxes and surcharges in connection with the provision of online marketing services, technical and consultative service fees charged by its subsidiaries to VIEs and other taxable services in the PRC. In accordance with ASC subtopic 605-45, Revenue Recognition: Principal Agent Considerations 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, 2015, 2016 and 2017 were RMB9.8 billion, RMB7.7 billion and RMB4.6 billion (US$700 million), respectively. Government Subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of non-operating non-operating Leases Leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as capital leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. 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 The Company applies the provisions of ASC topic 740 (“ASC 740”), Income Taxes Share-based Compensation The Company accounts for share-based compensation in accordance with ASC topic 718 (“ASC 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 compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the replacement award, which comprises, (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever results in higher expenses for each reporting period. The Company accounts for share awards issued to non-employees 505-50, Equity: Equity-based Payments to Non-Employees non-employees Earnings Per Share (“EPS”) The Company computes earnings per Class A and Class B ordinary shares in accordance with ASC topic 260 (“ASC 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 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 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 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, if such estimate can be made and material, or states that such estimate is immaterial if it can be estimated but immaterial, or discloses that 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 credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from related parties and loan receivables. As of December 31, 2017, the Company has RMB100.7 billion (US$15.5 billion) in cash and cash equivalents, restricted cash, and short-term investments, 95.95% and 4.05% 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 short-term investments held at Bank of China, China Construction Bank, China Merchants Bank, and Bank of Communications exceeded 10%, representing 25.26%, 18.83%, 12.56% and 10.50% of the Company’s total cash and cash equivalents, restricted cash, and short-term investments as of December 31, 2017, respectively. PRC state-owned banks, such as Bank of China, are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management wh |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | 3. BUSINESS COMBINATIONS The total purchase consideration for business combinations were RMB332 million, nil and RMB721 million (US$111 million) for the years ended December 31, 2015, 2016 and 2017, respectively. The Company expected to complement its existing businesses and achieve significant synergies from such acquisitions. The acquired entities were considered insignificant, both individually and in aggregate. The results of the acquired entities’ operations have been included in the Company’s consolidated financial statements since their respective dates of acquisition. 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, both individually and in aggregate, were not significant to the Company’s consolidated results of operations. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract] | |
Investments | 4. INVESTMENTS Short-term Investments As of December 31, 2017, all of the short-term held-to-maturity available-for-sale During the years ended December 31, 2015, 2016 and 2017, the Company recorded interest income from its short-term investments of RMB2.2 billion, RMB2.3 billion and RMB3.0 billion (US$455 million) in the consolidated statements of comprehensive income, respectively. The short-term held-to-maturity available-for-sale Long-term Investments The Company’s long-term investments consist of cost method investments, equity method investments, available-for-sale Cost method investments The carrying amount of cost method investments was RMB12.9 billion and RMB21.8 billion (US$3.3 billion) as of December 31, 2016 and 2017, respectively. The Company’s investments in preferred shares of the investees are not considered in-substance In 2016, the Company exchanged its equity shares of Uber (Cayman), Ltd. (“Uber China”), with Xiaoju Kuaizhi, Inc. (“Didi”), a China based ridesharing company, upon the merger of the two companies. The Company recognized a total gain of RMB2.0 billion in “Other income, net”, and the retained investment in Didi was accounted for as a cost method investment. In May 2017, the Company completed the disposal of its mobile game business to third-party companies, a total gain of RMB923 million (US$142 million) was recognized in “Other income, net”. In August 2017, the Company completed the disposal of Xiaodu Life Technology Ltd (“Xiaodu”), a former subsidiary of the Company primarily engaged in the business of takeout delivery services, to Rajax Holding, a China based delivery company. The Company recognized a total gain of RMB4.6 billion (US$712 million) in “Other income, net”, and also the retained an investment in Rajax Holding was accounted for as a cost method investment. In October 2017, the Company completed the share purchase transaction of China United Network Communication Limited (“China Unicom”), listed telecommunications company in China. The total purchase consideration was RMB7.0 billion (US$1.1 billion) in cash with RMB4.0 billion (US$615 million) attributable to noncontrolling interest. The investment in China Unicom was held by a non wholly-owned subsidiary of the Company and was accounted for as a cost method investment due to a three-year holding requirement. Equity method investments Equity Investment in Ctrip.com International, Ltd. ( “ Ctrip ” ) The following tables set forth the summarized financial information of Ctrip: As of September 30,* 2016 2017 2017 RMB RMB US$ (In millions) Current assets 52,222 63,241 9,505 Non-current 83,336 99,986 15,028 Current liabilities 33,174 41,972 6,309 Non-current 31,128 37,590 5,650 Noncontrolling interests 3,678 1,935 291 For the twelve months ended September 30,* 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Total revenues 10,485 17,642 25,731 3,955 Gross profit 7,073 12,669 20,725 3,185 (Loss) income from operations (115 ) (1,681 ) 2,626 404 Net income (loss) 2,053 (2,177 ) 2,282 351 Net income (loss) attributable to the investees 2,208 (2,000 ) 2,284 351 * The Company adopted a one-quarter During the year ended December 31, 2016, the Company derecognized a group of assets sold to a third party and deconsolidated several subsidiaries due to the loss of a controlling equity interest in the subsidiary or substantive participating rights granted to other minority shareholders of the subsidiaries. An aggregate gain of RMB1.4 billion was recognized in “Other income, net” during the year ended December 31, 2016 accordingly. The Company’s retained interest in these subsidiaries were accounted for as equity method investments. Fair values of investments retained were estimated by using the income approach or market approach. Inputs used in these methodologies primarily included future cash flows, discount rate, and the selection of comparable companies operating in similar businesses. The transactions with these equity investees are aggregately disclosed in Note 20. As of December 31, 2016 and 2017, besides Ctrip the Company held several other equity method investments through its subsidiaries or VIEs, all of which the Company can exercise significant influence but does not own a majority equity interest in or has control over. The carrying amount of all of the equity method investments including Ctrip was RMB32.3 billion and RMB31.4 billion (US$4.8 billion) as of December 31, 2016 and 2017, respectively. The Company excluded the summarized information for these other equity method investments, as the other equity investees were insignificant for all the years presented. Available-for-sale Long-term available-for-sale available-for-sale The methodology used in the determination of fair values for available-for-sale The total impairment charges on long-term investments were RMB117 million, RMB245 million and RMB597 million (US$92 million) for the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2016 Cost or Gross gains Gross Gross Gross Fair RMB RMB RMB RMB RMB RMB (In millions) Short-term investments Fixed-rate held-to-maturity 41,802 70 (4 ) 41,868 Fixed-rate available-for-sale 14,353 31 (6 ) 14,378 Adjustable-rate available-for-sale 14,674 313 14,987 Available-for-sale 33 (4 ) 29 Other invested securities 7,686 62 7,748 Long-term investments Available-for-sale 528 (31 ) 497 As of December 31, 2017 Cost or Gross gains Gross Gross Gross Fair value Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Short-term investments Fixed-rate held-to-maturity 48,666 47 (18 ) 48,695 7,484 Fixed-rate available-for-sale 29,550 477 (5 ) 30,022 4,614 Adjustable-rate available-for-sale 10,589 104 10,693 1,643 Other invested securities 18,289 169 (108 ) 18,350 2,820 Long-term investments: Available-for-sale 2,077 742 (46 ) 2,773 426 Investments accounted for at fair value 307 14 321 49 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | 5. ACCOUNTS RECEIVABLE As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Accounts receivable 4,286 4,887 751 Allowance for doubtful accounts (177 ) (316 ) (48 ) 4,109 4,571 703 The movements in the allowance for doubtful accounts were as follows: 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 94 190 177 27 Amounts charged to expenses 115 39 190 29 Amounts written off (19 ) (52 ) (51 ) (8 ) Balance as of December 31 190 177 316 48 |
Loans and Interest Receivable
Loans and Interest Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Loans and Interest Receivable | 6. LOANS AND INTEREST RECEIVABLE As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Loans and interest receivable, current 1,849 24,598 3,780 Allowance for credit losses (49 ) (660 ) (101 ) Net loans and interest receivable, current 1,800 23,938 3,679 Loans and interest receivable, non-current 2,778 3,571 549 Allowance for credit losses (69 ) (104 ) (16 ) Net loans and interest receivable, non-current 2,709 3,467 533 The movements in the allowance for credit losses were as follows: 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 — 9 118 18 Additions 9 109 888 136 Charge-offs — — (242 ) (37 ) Balance as of December 31 9 118 764 117 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | 7. OTHER CURRENT ASSETS As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Prepaid expenses 389 398 61 Advances to suppliers 923 764 117 Receivables from online payment agencies 410 312 48 Deposits 239 204 31 Purchased copyrights 593 819 126 Others 791 928 143 3,345 3,425 526 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 8. FIXED ASSETS As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Computer equipment 15,193 18,354 2,821 Office building 3,247 4,003 615 Office building related facility, machinery and equipment 1,772 1,956 301 Vehicles 45 80 12 Office equipment 546 690 106 Leasehold improvements 316 341 52 Construction in progress 755 680 105 21,874 26,104 4,012 Accumulated depreciation and impairment (10,580 ) (13,629 ) (2,095 ) 11,294 12,475 1,917 The Company obtained certain computer servers and equipment by entering into capital leases. The gross amount and the accumulated depreciation of these servers and equipment were RMB221 million and RMB210 million, respectively, as of December 31, 2016 and RMB198 million (US$30 million) and RMB198 million (US$30 million), respectively, as of December 31, 2017. Depreciation expense of the fixed assets, including assets under capital leases, was RMB2.9 billion, RMB3.4 billion and RMB3.8 billion (US$580 million) for the years ended December 31, 2015, 2016 and 2017, respectively. The Company recognized impairment charges on fixed assets of nil, nil and RMB70 million (US$11 million) for the years ended December 31, 2015, 2016 and 2017, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 9. GOODWILL AND INTANGIBLE ASSETS Goodwill There were three reporting units as of December 31, 2015 and 2016. Starting from April 2017, Search Services and Transaction Services were combined into one reporting unit, namely, Baidu Core, resulting in two reporting units, Baidu Core and iQIYI, as of December 31, 2017. The changes in carrying amount of goodwill for each reporting unit from December 31, 2015 to March 31, 2017 were as follow: Search Transaction iQIYI Total RMB RMB RMB RMB (In millions) Balance at December 31, 2015 10,823 1,297 3,276 15,396 Goodwill disposed (38 ) (16 ) — (54 ) Balance at December 31, 2016 10,785 1,281 3,276 15,342 Goodwill acquired 499 — — 499 Balance at March 31, 2017 11,284 1,281 3,276 15,841 The changes in carrying amount of goodwill for each reporting unit after March 31, 2017 were as follow: Baidu Core iQIYI Total RMB RMB RMB (In millions) Balance at March 31, 2017 12,565 3,276 15,841 Goodwill acquired 81 — 81 Goodwill disposed (116 ) — (116 ) Balance at December 31, 2017 12,530 3,276 15,806 Balance at December 31, 2017, in US$ 1,926 503 2,429 Intangible Assets Finite-lived intangible assets As of December 31, 2016 Gross carrying Accumulated Net carrying RMB RMB RMB (In millions) Land use right 464 (54 ) 410 Customer relationships 463 (462 ) 1 Software 544 (424 ) 120 Trademarks 596 (205 ) 391 User list 699 (657 ) 42 Licensed copyrights of video contents 5,608 (2,993 ) 2,615 Others 738 (459 ) 279 9,112 (5,254 ) 3,858 As of December 31, 2017 Gross carrying Accumulated Net carrying Net carrying RMB RMB RMB US$ (In millions) Land use right 464 (193 ) 271 42 Customer relationships 463 (463 ) — — Software 537 (499 ) 38 6 Trademarks 578 (464 ) 114 17 User list 677 (667 ) 10 2 Licensed copyrights of video contents 9,384 (4,826 ) 4,558 700 Others 1,066 (591 ) 475 73 13,169 (7,703 ) 5,466 840 The Company recognized impairment loss on intangible assets of nil, RMB213 million and RMB529 million (US$81 million) for the years ended December 31, 2015, 2016 and 2017, respectively. Amortization expense of intangible assets for the years ended December 31, 2015, 2016 and 2017 were RMB2.5 billion, RMB4.7 billion and RMB7.9 billion million (US$1.2 billion ), respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: RMB US$ (In millions) For the years ending December 31, 2018 2,540 390 2019 1,383 213 2020 813 125 2021 304 47 2022 118 18 Indefinite-lived intangible assets As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Domain names 9 — — Trademarks 5 1 — 14 1 — |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Accrued payroll and welfare 1,445 1,779 273 Tax payable 793 2,271 349 Interest payable 102 267 41 Users’ and distributors’ deposits 660 563 87 Purchase of fixed assets and spare parts 1,208 1,592 244 Traffic acquisition costs 1,968 2,482 381 Bandwidth costs 1,353 1,824 280 Content acquisition costs 3,360 5,866 902 Funds collected on behalf of service providers 1,606 529 81 Payable to merchants 469 330 51 Accrued other operating expenses 6,482 7,720 1,186 Others 2,184 2,300 354 21,630 27,523 4,229 |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Loans Payable | 11. LOANS PAYABLE Short-term Loans On January 22, 2016, iQIYI entered into a banking facility agreement with China Merchants Bank (Beijing Branch), pursuant to which iQIYI is entitled to borrow an unsecured RMB denominated loan of RMB200 million (US$31 million) for one year with a fixed annual interest rate at 95% of the benchmark one-year On July 11, 2016, the Company entered into a banking facility agreement with China Merchants Bank (Beijing Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB200 million (US$31 million) for one year with a fixed annual interest rate at benchmark one-year On July 11, 2016, the Company entered into a banking facility agreement with China Citic Bank (Chongqing Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB150 million (US$23 million) for one year with an interest rate based on the Loan Prime Rate (“LPR”) plus 48.50 basis points. This facility is reserved for the consumer credit business exclusively. On September 23, 2016, the Company drew down RMB150 million (US$23 million) with an interest rate of 4.78% under the facility commitment. The loan was fully repaid when it became due. On August 12, 2016, the Company entered into a banking facility agreement with China Citic Bank (Chongqing Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB150 million (US$23 million) for one year with an interest rate based on LPR plus 26.75 basis points. This facility is reserved for the consumer credit business. On August 16, 2016, the Company drew down RMB150 million (US$23 million) with an interest rate of 4.56% under the facility commitment. The loan was fully repaid when it became due. On November 17, 2016, the Company entered into a loan agreement with International Finance Corporation, pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB500 million (US$77 million) with a term of one year, and to be used for the consumer credit business exclusively. On December 9, 2016, the Company drew down RMB500 million (US$77 million) with a fixed interest rate of 4.92%. The loan was extended to December 8, 2018 with an interest rate of 6.04% via a renewed contract signed by both parties when the original loan became due. On November 24, 2016, the Company entered into a loan agreement with China Merchants Bank (Shanghai Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB100 million (US$15 million) with a term of one year. Pursuant to the agreement the loan shall be used by the Company for the consumer credit business exclusively. On December 19, 2016, the Company drew down RMB85 million (US$13 million) with a fixed interest rate of 4.18%. On January 24, 2017, an additional RMB15 million (US$2 million) was drawn down with a fixed interest rate of 4.18%.The first loan withdrawal made on December 19, 2016 was fully repaid when it became due. On June 12, 2017, iQIYI entered into a banking facility agreement with China Minsheng Bank (Beijing Branch), pursuant to which iQIYI is entitled to borrow a secured RMB denominated loan of RMB300 million (US$46 million) for one year with fixed interest rate. The loan is intended for general working capital purposes. On November 17, 2017, iQIYI drew down RMB132 million (US$20 million) with an interest rate of 4.78%. On November 30, 2017, iQIYI drew down RMB62 million (US$10 million) with an interest rate of 5.00%. On August 15, 2017, iQIYI entered into a banking facility agreement with China Merchants Bank (Beijing Branch), pursuant to which iQIYI is entitled to borrow a secured RMB denominated loan of RMB200 million (US$31 million) for one year with an interest rate based on LPR plus surcharges. The loan is intended for general working capital purposes. On September 30, 2017, iQIYI drew down RMB106 million (US$16 million) with an effective interest rate of 4.11%. On August 21, 2017, the Company entered into a banking facility agreement with China Merchants Bank (Beijing Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB300 million (US$46 million) for one year with an annual interest rate at 116% of benchmark one-year On September 29, 2017, the Company entered into a banking facility agreement with China Citic Bank (Chongqing Branch), pursuant to which the Company is entitled to borrow an unsecured RMB denominated loan of RMB300 million (US$46 million) for one year with an annual interest rate at 115% of benchmark one-year Long-term Loans On December 9, 2014, the Company entered into two loan agreements with Bank of China (Los Angeles Branch), pursuant to which the Company borrowed two unsecured US$ denominated loans of RMB976 million (US$150 million) with a term of two years and RMB976 million (US$150 million) with a term of three years. Both loans are intended for the general working capital of the Company and have a floating interest rate. In connection with the loan agreements, the Company entered into two interest swap agreements, pursuant to which the loans will be settled with a fixed annual interest rate of 2.31% and 2.45%, respectively, during the respective term of the loans. The loans were fully repaid when they became due. On July 17, 2015, the Company entered into a loan agreement with Sumitomo Mitsui Banking Corporation, pursuant to which the Company is entitled to borrow an unsecured US$ denominated loan of RMB976 million (US$150 million) with a floating interest rate. The loan is intended for the general working capital of the Company. On August 10, 2015, the Company drew down RMB976 million (US$150 million) with a term of two years under the facility commitment. In connection with the loan agreement, the Company entered into an interest rate swap agreement, pursuant to which the loan will be settled with a fixed annual interest rate of 1.41% during the term of the loan. The loan was fully repaid when it became due. On August 25, 2015, the Company entered into a loan agreement with The Hong Kong and Shanghai Banking Corporation Limited, pursuant to which the Company is entitled to borrow an unsecured US$ denominated loan of RMB1.3 billion (US$200 million) with a fixed annual interest rate of 1.42%. The loan is intended for the general working capital of the Company. On August 28, 2015, the Company drew down RMB1.3 billion (US$200 million) with a term of two years under the facility commitment. The loan was fully repaid when it became due. On June 8, 2016, the Company entered into a five-year term and revolving facility agreement with a group of 21 arrangers, pursuant to which the Company is entitled to borrow an unsecured US$ denominated floating rate loan of RMB6.5 billion (US$1.0 billion) with a term of five years and to borrow an unsecured US$ denominated revolving loan of RMB6.5 billion (US$1.0 billion) for five years. The facility was priced at 110 basis points over LIBOR and is intended for the general working capital of the Company. On June 22, 2016, the Company drew down two tranches of RMB1.6 billion (US$250 million) under the facility commitment. On November 25, 2016, the Company drew down an additional RMB1.6 billion (US$250 million) under the facility commitment. On November 26, 2016, an additional RMB1.6 billion (US$250 million) was drawn down under the facility commitment. In connection with the facility agreements, the Company entered into four interest rate swap agreements, pursuant to which the loans will be settled with a fixed annual interest rate of 2.11%, 2.10%, 2.78% and 2.78% respectively, during the respective term of the loans. On April 10, 2017, iQIYI entered into a three-year loan agreement with Bank of China (Shanghai Branch), pursuant to which the Company is entitled to borrow a secured RMB denominated loan of RMB299 million (US$46 million) with an annual interest rate at 94% of benchmark three-year lending rate published by the People’s Bank of China. The loan is intended for the general working capital of the Company. On April 11, 2017, iQIYI drew down RMB299 million (US$46 million) with an interest rate of 4.47%, pursuant to the agreements, the principal shall be repaid by installments from September 21, 2017 to April 10, 2020. RMB5 million (US$1 million) was repaid when it became due. The amount repayable within twelve months was classified as “Long-term loans, current portion”. The interest rate swap agreements met the definition of a derivative in accordance with ASC 815. The derivatives related to the interest rate swap agreements are accounted at fair value and included in “Other non-current |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | 12. NOTES PAYABLE Baidu, Inc. On November 28, 2012, the Company issued and sold publicly two tranches of unsecured senior notes: (i) an aggregate principal amount of US$750 million which will mature on November 28, 2017 (the “2017 Notes”), and (ii) an aggregate principal amount of US$750 million which will mature on November 28, 2022 (the “2022 Ten-year Notes”). On August 6, 2013, the Company issued and publicly sold another tranche of unsecured senior notes with an aggregate principal amount of US$1.0 billion which will mature on August 6, 2018 (the “2018 Notes”). On June 9, 2014, the Company issued and publicly sold the fourth tranche of unsecured senior notes with an aggregate principal amount of US$1.0 billion which will mature on June 9, 2019 (the “2019 Notes”). On June 30, 2015, the Company issued and publicly sold two tranches of unsecured senior notes: (i) an aggregate principal amount of US$750 million which will mature on June 30, 2020 (the “2020 Notes”), and (ii) an aggregate principal amount of US$500 million which will mature on June 30, 2025 (the “2025 Notes”). On July 6, 2017, the Company issued and publicly sold two tranches of unsecured senior notes: (i) an aggregate principal amount of US$900 million which will mature on July 6, 2022 (the “2022 Five-year Notes”), and (ii) an aggregate principal amount of US$600 million which will mature on July 6, 2027 (the “2027 Notes”). The 2017 Notes was fully repaid when it became due. The 2017 Notes, 2018 Notes, 2019 Notes, 2020 Notes, 2022 Ten-year The 2017 Notes bear interest at the rate of 2.25% per annum and the 2022 Ten-year The net proceeds from the Notes, which will be used for general corporate purposes, were RMB7.8 billion, nil and RMB10.1 billion (USD1.6 billion) for the years ended December 31, 2015, 2016 and 2017, respectively. 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 principal amount plus any unpaid interest. As of December 31, 2017, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. The Company has the obligation to redeem the Notes if a change in control occurs as defined in the indenture of the Notes. The Notes were issued at a discount amounting to RMB121 million (US$19 million). The issuance costs of RMB172 million (US$26 million) were presented as a direct deduction from the principal amount of the 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 effective interest rate was 2.36%, 3.39%, 3.00%, 3.13%, 3.59%, 4.22% , 3.08% and 3.73% for the 2017 Notes, the 2018 Notes, the 2019 Notes, the 2020 Notes, the 2022 Ten-year Subsidiaries—iQIYI On January 25, 2017, iQIYI issued US$1.5 billion of convertible notes (the “iQIYI 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 Notes bear interest at a coupon rate of 1.50% per annum with a maturity date of January 25, 2018. The iQIYI 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$1.5 billion iQIYI Notes and the related accrued interest were converted into 1,014,436,019 iQIYI’s Series G preferred shares. The principal amount and unamortized discount and debt issuance costs as of December 31, 2016 and 2017 were as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Principal amount 32,988 35,782 5,500 Unamortized discount and debt issuance costs (137 ) (171 ) (27 ) 32,851 35,611 5,473 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 11), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2018 6,516 1,002 2019 6,516 1,002 2020 5,154 792 2021 6,506 1,000 2022 10,735 1,650 Thereafter 7,157 1,100 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. 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 payments 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%. They may be exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. Japan As a result of the Japanese tax regulations amendments, the statutory income tax rate has been reduced from 38.0% to approximately 35.6%, 33.5% and 31.7% effective for the years ended December 31, 2015, 2016 and 2017, respectively. China Effective from January 1, 2008, the PRC’s statutory, Enterprise Income Tax (“EIT”) rate is 25%. 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 and the KSE is subject to relevant governmental authorities’ annual assessment based on self-assessment supporting documents filed with the tax authorities each year. Baidu Online and Baidu China enjoyed a reduced tax rate of 10% as qualified KSEs in 2015 and 2016. Baidu International also enjoyed a reduced tax rate of 10% as qualified KSE in 2016. 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 2018, 2019 or 2020. An entity must file required supporting documents with the tax authorities before using the preferential rates. Whether the entity is entitled to enjoy a preferential rate as a KSE is subject to relevant governmental authorities’ assessment each year. An entity could 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, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) PRC 16,878 18,194 22,088 3,394 Non-PRC 21,029 (3,685 ) (805 ) (124 ) 37,907 14,509 21,283 3,270 Except for the investment related gain recognized, the pre-tax non-PRC Income taxes consist of: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Current income tax 3,214 3,462 4,224 649 Income tax refund due to reduced tax rate — (535 ) (473 ) (73 ) Adjustments of deferred tax assets due to change in tax rates 80 (13 ) 7 1 Deferred income tax (benefit) expense 2,181 (1 ) (763 ) (117 ) 5,475 2,913 2,995 460 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, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 9,477 3,627 5,321 818 Effect of differing tax rates in different jurisdictions (5,254 ) 736 854 131 Non-taxable (65 ) (73 ) (913 ) (140 ) Non-deductible 165 115 653 99 Research and development super-deduction (768 ) (726 ) (905 ) (139 ) Effect of PRC preferential tax rates and tax holiday (1,547 ) (1,851 ) (2,095 ) (322 ) Effect of tax rate changes on deferred taxes 80 (13 ) 7 1 Over-accrued EIT for previous years (249 ) (520 ) (579 ) (89 ) PRC withholding tax 2,471 283 101 16 Addition to valuation allowance 1,165 1,335 551 85 Taxation for the year 5,475 2,913 2,995 460 Effective tax rate 14.44 % 20.08 % 14.07 % 14.07 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share 44.31 53.41 60.33 9.27 The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2016 and 2017 are as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Deferred tax assets: Provision for doubtful receivables 138 287 44 Accrued expenses, payroll and others 2,715 2,849 438 Fixed assets depreciation 26 53 8 Net operating loss carry-forward 1,727 1,061 163 Less: valuation allowance (3,506 ) (2,718 ) (418 ) Deferred tax assets, net 1,100 1,532 235 As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 248 133 20 Withholding tax on PRC subsidiaries’ undistributed earnings 633 586 91 Withholding tax on capital gains derived from PRC 2,708 2,656 408 3,589 3,375 519 As of December 31, 2017, the Company had net losses of approximately RMB7.8 billion (US$1.2 billion) deriving from entities in the PRC, Hong Kong and Japan. The net loss in the PRC and Japan can be carried forward for five years and nine years, respectively, to offset future net profit for income tax purposes. The net loss of entities in the PRC and Japan will begin to expire in 2018, if not utilized. The net loss in Hong Kong can be carried forward without an expiration date. 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. As of and for the years ended December 31, 2016 and 2017, there was no significant impacts from tax uncertainty on the Company’s financial position and result of operations. The Company does not expect the amount of unrecognized tax benefits would increase significantly in the next 12 months. In general, the PRC tax authorities have up to five years to conduct examinations of the tax filings of the Company’s PRC subsidiaries. Accordingly, the PRC subsidiaries’ tax years of 2013 through 2017 remain open to examination by the respective tax authorities. The Company may also be subject to the examinations of the tax filings in other jurisdictions, which are not material to the consolidated financial statements. In 2013, the Company accrued RMB581 million of withholding tax for the potential remittance of earnings from the PRC subsidiaries to their offshore parent companies in the form of dividend distribution, because the Company believes that the underlying dividends will be distributed in the future considering future 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 2017, the total amount of undistributed earnings from the PRC subsidiaries for which no withholding tax has been accrued was RMB113.1 billion (US$17.4 billion). Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. In the case of its VIEs in the PRC, undistributed earnings were insignificant as of each of the balance sheet dates. |
Employee Defined Contribution P
Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Defined Contribution Plan | 14. 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 Company has no legal obligation for the benefits beyond the contributions. The total amounts for such employee benefits, which were expensed as incurred, were RMB2.2 billion, RMB2.3 billion and RMB2.6 billion (US$402 million) for the years ended December 31, 2015, 2016 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Capital Commitments The Company’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 RMB547 million (US$84 million) as of December 31, 2017. All of the commitments relating to the network infrastructure are to be fulfilled in the next five years and the commitments relating to the office building and cloud computing based data centers will be settled in installments in the following years according to the construction progress. Operating Lease Commitments The Company leases facilities in the PRC under non-cancelable Future minimum payments under non-cancelable one-year RMB US$ (In millions) 2018 4,446 683 2019 1,705 262 2020 922 142 2021 324 50 2022 131 20 Thereafter 124 19 7,652 1,176 The Group’s lease arrangements have no restriction or contingent rents. Certain lease arrangements have escalation clauses and renewal options with advance notice period of several months. Commitments for Licensed Copyrights The Company enters into non-cancelable Future minimum payments under non-cancelable RMB US$ (In millions) 2018 6,146 945 2019 5,378 827 2020 2,801 430 2021 896 138 2022 417 64 Thereafter 925 142 16,563 2,546 Guarantees The Company accounts for guarantees in accordance with ASC topic 460 (“ASC 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, 2016 and 2017. Litigation The Group was involved in certain cases pending in various PRC and Brazil courts and arbitration as of December 31, 2017. 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. 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 estimated loss amounts were insignificant. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interests | 16. REDEEMABLE NONCONTROLLING INTERESTS 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 1,895 3,948 5,492 844 Other comprehensive income (loss) 142 325 (335 ) (51 ) Issuance of subsidiary shares 1,582 662 — — Disposal of subsidiary shares — — (2,376 ) (365 ) Accretion of redeemable noncontrolling interests 329 557 (17 ) (3 ) Conversion of convertible notes of a subsidiary — — 8,258 1,269 Balance as of December 31 3,948 5,492 11,022 1,694 In November 2014, iQIYI completed a round of preferred shares financing with US$300 million from the external preferred shareholders. A negative accretion of RMB400 million (US$61 million) was recorded as an increase to the net income attributable to ordinary shareholders for the year ended December 31, 2017 as a result of the change in redemption price. As the above preferred shares are not currently redeemable and this change in redemption price was considered a change in accounting estimate in accordance with ASC topic 480 (“ASC 480”), Distinguishing Liabilities from Equity, In October 2015, Xiaodu issued 250,000,000 preferred shares to certain shareholders for a total consideration of US$250 million. In May 2016, Xiaodu issued an additional 42,105,264 preferred shares to certain other shareholders for a total consideration of US$100 million. As the preferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of Xiaodu, these preferred shares are accounted for as redeemable noncontrolling interests. In August 2017, the Company completed the disposal of Xiaodu to Rajax Holding for its equity shares. The Company accounts for the changes in accretion to the redemption value in accordance with ASC 480 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 17. SHAREHOLDERS’ EQUITY Ordinary Shares The authorized share capital consisted of 870,400,000 ordinary shares at a par value of US$0.00005 per share, of which 825,000,000 shares were designated as Class A ordinary shares, 35,400,000 as Class B ordinary shares, and 10,000,000 shares designated as preferred shares. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity that is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares. The number of Class B ordinary shares transferred to Class A ordinary shares was nil, 91,667 and 200,000 in the years ended December 31, 2015, 2016 and 2017, respectively. As of December 31, 2017, there were 27,614,978 and 7,201,254 Class A and Class B ordinary shares outstanding, respectively. As of December 31, 2016 and 2017, there were no preferred shares issued and outstanding. On July 30, 2015, the Company announced a share repurchase program in which the Company proposed to acquire up to an aggregate of US$1.0 billion of its shares over the next 12 months. On October 29, 2015, the Company announced another share repurchase program under which the Company proposed to acquire up to an aggregate of US$2.0 billion of its shares over the next 24 months in the open market or through privately negotiated transactions, depending on market conditions and in accordance with applicable rules and regulations. The Company repurchased 603,726, nil and 145,783 Class A ordinary shares from the open market with an aggregate purchase price of US$990 million, nil and US$251 million during the years ended December 31, 2015, 2016 and 2017. The repurchased shares were cancelled under Cayman Islands law upon repurchase and the difference between the par value and the repurchase price was debited to retained earnings. Retained Earnings In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s PRC subsidiaries, being foreign invested enterprises established in China, are required to make appropriations to certain statutory reserves, namely a general reserve fund, an enterprise expansion fund, a staff welfare fund and a bonus fund, all of which are appropriated from net profit as reported in their PRC statutory accounts. Each of the Company’s PRC subsidiaries is required to allocate at least 10% of its after-tax In accordance with the China Company Laws, the Company’s VIEs must make appropriations from their after-tax non-distributable after-tax General reserve and statutory surplus funds are restricted to set-off As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) PRC statutory reserve funds 441 488 75 Unreserved retained earnings 85,293 101,840 15,653 Total retained earnings 85,734 102,328 15,728 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 legal ownership, totaling RMB13.7 billion and RMB18.6 billion (US$2.9 billion) as of December 31, 2016 and 2017, respectively. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Foreign Unrealized gains on available-for- sale Total RMB RMB RMB (In millions) Balance at December 31, 2014 (285 ) 5 (280 ) Other comprehensive income (loss) before reclassification (645 ) 489 (156 ) Amounts reclassified from accumulated other comprehensive income — (194 ) (194 ) Net current-period other comprehensive income (loss) (645 ) 295 (350 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (176 ) — (176 ) Balance at December 31, 2015 (1,106 ) 300 (806 ) Other comprehensive income (loss) before reclassification (593 ) 515 (78 ) Amounts reclassified from accumulated other comprehensive income — (572 ) (572 ) Net current-period other comprehensive loss (593 ) (57 ) (650 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (327 ) — (327 ) Balance at December 31, 2016 (2,026 ) 243 (1,783 ) Other comprehensive income before reclassification 732 2,574 3,306 Amounts reclassified from accumulated other comprehensive income 71 (999 ) (928 ) Net current-period other comprehensive income 803 1,575 2,378 Other comprehensive loss attribute to noncontrolling interests and redeemable noncontrolling interests 335 — 335 Balance at December 31, 2017 (888 ) 1,818 930 Balance at December 31, 2017, in US$ (136 ) 279 143 The amounts reclassified out of accumulated other comprehensive income represent realized foreign currency translation adjustments and gains on the available-for-sale The following table sets forth the tax effect allocated to each component of other comprehensive income (loss) for the years ended December 31, 2015, 2016 and 2017: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Unrealized gains on available-for-sale Other comprehensive loss before reclassification (68 ) (120 ) (215 ) (33 ) Amounts reclassified from accumulated other comprehensive income 29 110 163 25 Net current-period other comprehensive loss (39 ) (10 ) (52 ) (8 ) |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | 18. EARNINGS PER SHARE (“EPS”) A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income to the numerator for the computation of basic and diluted per share for the years ended December 31, 2015, 2016 and 2017 is as follows: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Net income attributable to Baidu, Inc. 33,664 11,632 18,301 2,812 Accretion of the redeemable noncontrolling interests (329 ) (557 ) 17 3 Numerator for EPS computation 33,335 11,075 18,318 2,815 The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share. For the years ended December 31, 2015 2016 2017 2017 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, except for number of shares, per share and per ADS data) Earnings per share – basic: Numerator Allocation of net income attributable to Baidu, Inc. 26,183 7,152 8,710 2,365 14,488 2,226 3,830 589 Denominator Weighted average ordinary shares outstanding 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Denominator used for basic EPS 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Earnings per share – basic 954.56 954.56 319.47 319.47 527.51 81.08 527.51 81.08 Earnings per share – diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 26,206 7,129 8,716 2,359 14,513 2,230 3,805 585 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 7,129 — 2,359 — 3,805 585 — — Numerator for diluted EPS calculation 33,335 7,129 11,075 2,359 18,318 2,815 3,805 585 Denominator Weighted average ordinary shares outstanding 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Conversion of Class B to Class A ordinary shares 7,492,921 — 7,401,254 — 7,260,363 7,260,363 — — Share-based awards 112,688 — 91,848 — 227,268 227,268 — — Denominator used for diluted EPS 35,034,470 7,492,921 34,757,086 7,401,254 34,952,391 34,952,391 7,260,363 7,260,363 Earnings per share – diluted 951.49 951.49 318.62 318.62 524.08 80.55 524.08 80.55 Earnings per ADS: Denominator used for earnings per ADS – basic 274,288,610 272,639,840 274,647,600 274,647,600 Denominator used for earnings per ADS – diluted 350,344,700 347,570,860 349,523,910 349,523,910 Earnings per ADS – basic 95.46 31.95 52.75 8.11 Earnings per ADS – diluted 95.15 31.86 52.41 8.06 The Company did not include certain stock options and restricted shares in the computation of diluted earnings per share for the years ended December 31, 2015, 2016 and 2017 because those stock options and restricted shares were anti-dilutive for earnings per share for the respective years. |
Share-Based Awards Plan
Share-Based Awards Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Awards Plan | 19. SHARE-BASED AWARDS PLAN Baidu, Inc. Incentive compensation plans 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 and consultants of the Company. However, the Company may grant ISOs only to its employees. The Company reserved 3,428,777 ordinary shares for issuance under the 2008 Plan, which will expire in the year 2018. The vesting schedule, time and condition to exercise options will be determined by the compensation committee. The term of the options may not exceed ten years from the date of the grant, except that five years is the maximum term of an ISO granted to an employee who holds more than 10% of the voting power of the Company’s share capital. Under the 2008 Plan, share options are subject to vesting schedules varying from two to four years, 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. Starting from February 15, 2006, the Company granted restricted Class A ordinary shares of the Company (“Restricted Shares”). Terms for the Restricted Shares are the same as share options except that Restricted Shares do not require exercise and have a two to four years vesting term. Share options The following table summarizes the option activity for the year ended December 31, 2017: Number Weighted Weighted life (Years) Aggregate Share options Outstanding, December 31, 2016 231,239 1,537.40 7.25 62 Granted 151,990 1,860.29 Exercised (57,072 ) 1,177.53 Forfeited/Cancelled (10,760 ) 1,691.10 Outstanding, December 31, 2017 315,397 1,752.90 7.83 186 Vested and expected to vest at December 31, 2017 266,234 1,729.96 7.67 163 Exercisable at December 31, 2017 100,197 1,500.53 5.82 84 The aggregate intrinsic value in the table above represents the difference between the Company’s closing stock price on the last trading day in 2017 and the exercise price. Total intrinsic value of options exercised for the years ended December 31, 2015, 2016 and 2017 was RMB200 million, RMB143 million and RMB403 million (US$62 million), respectively. The total fair value of options vested during the years ended December 31, 2015, 2016 and 2017 was RMB149 million, RMB225 million and RMB195 million (US$30 million), respectively. As of December 31, 2017, there was RMB592 million (US$91 million) unrecognized share-based compensation cost related to share options. That deferred cost is expected to be recognized over a weighted-average vesting period of 2.8 years. To the extent the actual forfeiture rate is different from the original estimate, actual share-based compensation costs related to these awards may be different from expectation. 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 2015 2016 2017 Risk-free interest rate 1.31%~1.36% 1.13%~1.47% 1.81%~2.08% Dividend yield — — — Expected volatility range 40.04%~40.57% 38.91%~40.09% 35.99%~38.41% Weighted average expected volatility 40.21% 39.37% 38.39% Expected life (in years) 5.02~5.13 5.75~5.92 4.99~6.01 In addition, the Company recognizes share-based compensation expense net of an estimated forfeiture rate and therefore only recognizes compensation cost for those shares expected to vest over the service period of the award. The estimation of the forfeiture rate is primarily based on historical experience of employee turnover. To the extent the Company revises this estimate in the future, the share-based payments 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, 2015, 2016 and 2017 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, 2015, 2016, and 2017 was US$790.00, US$659.70, and US$747.45, respectively. Restricted Shares Restricted Shares activity for the year ended December 31, 2017 was as follows: Number of Weighted (US$) Restricted Shares Unvested, December 31, 2016 707,271 1,801.15 Granted 427,579 1,977.57 Vested (178,138 ) 1,777.22 Forfeited/Cancelled (137,042 ) 1,792.96 Unvested, December 31, 2017 819,670 1,899.37 The total fair value of the Restricted Shares vested during the years ended December 31, 2015, 2016 and 2017 was RMB701 million, RMB1.1 billion, RMB2.1 billion (US$317 million), respectively. The weighted-average grant-date fair value of the Restricted Shares granted during the years ended December 31, 2015, 2016, and 2017 was US$1,979.30, US$1,755.90, and US$1,977.57, respectively. As of December 31, 2017, there was RMB5.3 billion (US$813 million) unrecognized share-based compensation cost related to Restricted Shares. That deferred cost will be recognized over a weighted-average vesting period of 2.9 years. To the extent the actual forfeiture rate is different from the original estimate, actual share-based compensation costs related to these awards may be different from expectation. Subsidiaries-iQIYI iQIYI also has equity incentive plans granting share-based awards. As of December 31, 2017, there was RMB476 million (US$73 million) unrecognized compensation cost related to non-vested share options granted by iQIYI to its employees and directors. That deferred cost will be recognized over a weighted-average period of 2.8 years and may be adjusted for future changes in estimated forfeitures. The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 6 9 35 5 Expensed as selling, general and administrative 21 30 131 20 Expensed as research and development 17 23 67 11 Subsidiaries-Others Other subsidiaries apart from iQIYI also have equity incentive plans granting share-based awards. Total share-based compensation expenses recognized and unrecognized were insignificant, both individually and in aggregate, for all years presented. The following table summarizes the total share-based compensation cost recognized by the Group: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 49 103 183 28 Expensed as selling, general and administrative 487 429 973 150 Expensed as research and development 851 1,228 2,088 321 Capitalized as part of internal-used software 1 — — — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. RELATED PARTY TRANSACTIONS The related party transactions mainly represented online marketing services provided by the Company to Ctrip (including Qunar), the total transaction amounts for the years ended December 31, 2015, 2016 and 2017 was RMB89 million, RMB631 million and RMB750 million (US$115 million), respectively. Other related party transactions, including the reimbursements to Mr. Robin Yanhong Li’s use of an aircraft beneficially owned by his family member for the Company’s business purposes and the rental expense for an office building owned by the family members of an executive officer, were insignificant for each of the years presented. As of December 31, 2016 and 2017, amounts due from/due to related parties were as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Amounts due from related parties, current: Qunar (i) 25 35 5 Ctrip (i) 287 102 16 Other related parties (i) 34 31 5 Total 346 168 26 Amounts due from related parties, non-current: Other related parties (ii) 11 9 1 Amounts due to related parties, current: Qunar (iii) 275 23 4 Ctrip (iii) 125 99 15 Other related parties (iii) 59 31 5 Total 459 153 24 (i) The balances mainly represent amounts arising from services the Company provided to its equity method investees in the ordinary course of business. (ii) The balances mainly represent rental deposits paid in advance to the related party of one of the executive officers. Pursuant to the rental agreements, certain subsidiaries of the Company rent an office building owned by the family members of the executive officer. (iii) The balances mainly represent amounts arising from services provided by the Company’s equity method investees and cost method investees in the ordinary course of business. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 21. SEGMENT REPORTING The operations of the Company are organized into two segments, consisting of Baidu Core and iQIYI. Baidu Core mainly consisting of keyword-based marketing services targeted at and triggered by internet users’ search queries, which mainly include P4P services and other online marketing services, artificial intelligence-enabled new business initiatives and internet financial services. iQIYI is an online video platform with a content library that includes licensed movies, television series, cartoons, variety shows, self-produced programs and other programs. 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 table below provides a summary of the Group’s segment operating results for the years ended December 31, 2015. For the year ended December 31, 2015 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Revenues: Online marketing services 60,312 3,400 325 64,037 Other services 917 1,919 (491 ) 2,345 Total revenues 61,229 5,319 (166 ) 66,382 Operating costs and expenses: Cost of revenues (21,591 ) (6,042 ) 175 (27,458 ) Selling, general and administrative (15,917 ) (1,204 ) 45 (17,076 ) Research and development (9,671 ) (500 ) (5 ) (10,176 ) Total operating costs and expenses (47,179 ) (7,746 ) 215 (54,710 ) Operating profit (loss) 14,050 (2,427 ) 49 11,672 Other income: Interest income 2,413 5 (56 ) 2,362 Interest expense (1,041 ) (55 ) 55 (1,041 ) Foreign exchange income (loss), net 238 (77 ) 21 182 Income (loss) from equity method investments 5 (1 ) — 4 Other income (loss), net 24,736 (8 ) — 24,728 Total other income (loss), net 26,351 (136 ) 20 26,235 Income (loss) before income taxes 40,401 (2,563 ) 69 37,907 Income taxes (5,523 ) (11 ) 59 (5,475 ) Net income (loss) 34,878 (2,574 ) 128 32,432 The table below provides a summary of the Group’s segment operating results for the years ended December 31, 2016. For the year ended December 31, 2016 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Revenues: Online marketing services 57,944 5,650 931 64,525 Other services 1,526 5,587 (1,089 ) 6,024 Total revenues 59,470 11,237 (158 ) 70,549 Operating costs and expenses: Cost of revenues (23,806 ) (11,437 ) (35 ) (35,278 ) Selling, general and administrative (13,493 ) (1,766 ) 188 (15,071 ) Research and development (9,298 ) (824 ) (29 ) (10,151 ) Total operating costs and expenses (46,597 ) (14,027 ) 124 (60,500 ) Operating profit (loss) 12,873 (2,790 ) (34 ) 10,049 Other income: Interest income 2,426 17 (101 ) 2,342 Interest expense (1,149 ) (110 ) 101 (1,158 ) Foreign exchange income (loss), net 747 (239 ) — 508 Loss from equity method investments (1,026 ) — — (1,026 ) Other income, net 3,732 61 1 3,794 Total other income (loss), net 4,730 (271 ) 1 4,460 Income (loss) before income taxes 17,603 (3,061 ) (33 ) 14,509 Income taxes (2,915 ) (13 ) 15 (2,913 ) Net income (loss) 14,688 (3,074 ) (18 ) 11,596 The table below provides a summary of the Group’s operating segment operating results for the years ended December 31, 2017. For the year ended December 31, 2017 Baidu Core iQIYI Intersegment Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Revenues: Online marketing services 63,880 9,818 8,159 1,254 1,107 170 73,146 11,242 Other services 3,801 584 9,219 1,417 (1,357 ) (209 ) 11,663 1,792 Total revenues 67,681 10,402 17,378 2,671 (250 ) (39 ) 84,809 13,034 Operating costs and expenses: Cost of revenues (25,688 ) (3,949 ) (17,386 ) (2,672 ) 12 2 (43,062 ) (6,619 ) Selling, general and administrative (10,586 ) (1,627 ) (2,675 ) (411 ) 133 20 (13,128 ) (2,018 ) Research and development (11,692 ) (1,797 ) (1,270 ) (195 ) 34 5 (12,928 ) (1,987 ) Total operating costs and expenses (47,966 ) (7,373 ) (21,331 ) (3,278 ) 179 27 (69,118 ) (10,624 ) Operating profit (loss) 19,715 3,029 (3,953 ) (607 ) (71 ) (12 ) 15,691 2,410 Other income: Interest income 3,231 497 83 13 (160 ) (25 ) 3,154 485 Interest expense (1,497 ) (230 ) (278 ) (43 ) 160 25 (1,615 ) (248 ) Foreign exchange (loss) income, net (883 ) (136 ) 401 62 — — (482 ) (74 ) Income from equity method investments (63 ) (10 ) — — — — (63 ) (10 ) Other income, net 4,597 707 2 — (1 ) — 4,598 707 Total other income, net 5,385 828 208 32 (1 ) — 5,592 860 Income (loss) before income taxes 25,100 3,857 (3,745 ) (575 ) (72 ) (12 ) 21,283 3,270 Income taxes (3,001 ) (461 ) 8 1 (2 ) — (2,995 ) (460 ) Net income (loss) 22,099 3,396 (3,737 ) (574 ) (74 ) (12 ) 18,288 2,810 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 22. FAIR VALUE MEASUREMENT ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: 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 In accordance with ASC 820, the Company measures available-for-sale held-to-maturity available-for-sale available-for-sale The Company measures certain debt and equity investments at fair value on a nonrecurring basis only if an impairment charge is recognized. The Company’s non-financial The fair value of notes payable were categorized as Level 2 in the fair value hierarchy. Assets and liabilities measured or disclosed at fair value are summarized below: Total fair Fair value measurement or disclosure at December 31, 2016 using Quoted prices (Level 1) Significant other (Level 2) Significant (Level 3) Total losses RMB RMB RMB RMB RMB (In millions) Fair value disclosure (Notes 2 and 4) Cash equivalents Time deposits 1,674 1,674 Money market fund 4,419 4,419 Short-term investments Fixed-rate held-to-maturity 41,868 41,868 Long-term notes payable 33,253 33,253 Fair value measurements Recurring Short-term investments Fixed-rate available-for-sale 14,378 14,378 Adjustable-rate available-for-sale 14,987 14,987 Available-for-sale 29 29 Other invested securities 7,748 7,748 Long-term investments Available-for-sale 497 497 Non-recurring Long-term investments 3 (151 ) Intangible assets — (1 ) Total assets measured at fair value 37,639 526 37,113 3 (152 ) In 2016, the value of a cost method investment was written down to zero, as a result of declining financial performance and a change in the business circumstances of the investee. The corresponding impairment charge incurred was recorded in earnings for the year then ended. Total fair 2017 Fair value measurement or disclosure at Quoted prices in active Significant other Significant Total losses RMB US$ RMB RMB RMB RMB US$ (In millions) Fair value disclosure (Notes 2 and 4) Cash equivalents Time deposits 130 20 130 Money market fund 2,384 366 2,384 Short-term investments Fixed-rate held-to-maturity 48,695 7,484 48,695 Long-term notes payable 35,943 5,524 35,943 Fair value measurements Recurring Short-term investments Fixed-rate available-for-sale 30,022 4,614 30,022 Adjustable-rate available-for-sale 10,693 1,643 10,693 Other invested securities 18,350 2,820 18,350 Long-term investments Available-for-sale 2,773 426 2,773 Investments accounted for at fair value 321 49 321 Other non-current Derivative Instruments 168 26 168 Non-recurring Long-term investments 203 (575 ) (88 ) Intangible assets 272 (139 ) (21 ) Fixed assets — (70 ) (11 ) Other non-current 4 (37 ) (6 ) Total assets measured at fair value 62,327 9,578 2,773 59,233 800 (821 ) (126 ) In 2017, the carrying value of certain long-term investments were written down to their fair values, as a result of declining financial performances and changes in the business circumstances of these investees. The corresponding impairment charges incurred were recorded accordingly. The Company uses a combination of valuation methodologies including market and income approaches based on the Company’s best estimate to determine the fair value of these investments. For investments in private companies, information considered by the Company including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors, and selection of the comparable companies. For investments in listed companies, the Company mainly considered the quoted share price. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
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. |
Use of Estimates | Use of Estimates The preparation of 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 accounts receivable allowances, credit loss allowance for micro loan receivables, fair values of options to purchase the Company’s or its subsidiaries’ ordinary shares, fair values of certain debt and equity investments, amortization and impairment of licensed copyrights, impairment of long-lived assets, long-term investments and goodwill, the purchase price allocation and fair value of noncontrolling interests with respect to business combinations and acquisition of equity method investees, deferred tax valuation allowance and redeemable noncontrolling interests, 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. |
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 The Company historically had only one single reportable segment because the Company’s chief operating decision maker (“CODM”) formerly relied on the consolidated results of operations when making decisions on allocating resources and assessing performance of the Company. Starting from the quarter ended June 30, 2015, the Company reorganized its operation into three segments, consisting of the Search Services, Transaction Services and iQIYI as a result of its expansion of offerings into multiple services. Starting from April 2017, Search Services and Transaction Services were combined into one segment, namely, Baidu Core. The change in reportable segments reflects the Company’s strategic shift and the operational change to de-emphasized its transaction services business and shifted such resources to support its online marketing services. As of December 31, 2017, the Company had two reportable segments, Baidu Core and iQIYI. Baidu Core mainly provides keyword-based marketing services targeted at and triggered by internet users’ search queries, which mainly include pay-for-performance The Company’s chief executive officer, who has been identified as the CODM , 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, terminal values, 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. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 or less from the date of purchase and are stated at cost which approximates their fair value. Restricted cash Restricted cash mainly consists of the cash reserved in escrow accounts for the remaining payments in relation to compensation for post-combination services, and the cash balances deposited at certain banks as online payment service deposits. |
Accounts Receivable, net of allowance | Accounts Receivable, net of allowance Accounts receivable are recognized and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Company generally does not require collateral from its customers. The Company maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make payments on time. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, the customer’s payment history, its current credit-worthiness and current economic trends. |
Receivables from Online Payment Agencies, net of allowance | Receivables from Online Payment Agencies, net of allowance Receivables from online payment agencies are cash due from the third-party online payment service providers for clearing transactions. The cash was paid or deposited by customers or users through these online payment agencies for services provided by the Company. The Company carefully considers and monitors the credit worthiness of the third-party payment service providers used. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Receivable balances are written off after all collection efforts have been exhausted. The balances are included in “Other current assets, net” on the consolidated balance sheets. As of December 31, 2016 and 2017, no allowance for doubtful accounts was provided for the receivables from online payment agencies. |
Loan and Interest Receivables, net of allowance | Loan and Interest Receivables, net of allowance Loan and interest receivables consist primarily of micro loans to individual borrowers. Such amounts are recorded at the principal net of allowance for credit losses relating to micro loans, and include accrued interest receivable as of the balance sheet date. The loan periods granted by the Company to the borrowers related to the micro loans generally range from one month to thirty-six Allowance for credit losses relating to micro loans represent the Company’s best estimate of the losses inherent in the outstanding portfolio of loans. Judgment is required to determine the allowance amounts and whether such amounts are adequate to cover potential credit losses, and periodic reviews are performed to ensure such amounts continue to reflect the best estimate of the losses inherent in the outstanding portfolio of debts. The Company bases the allowance for loan and interest receivables credit losses primarily on historical loss experience using a roll rate-based model applied to the loan and interest receivables portfolios. The Company considers many factors, including but not limited to, the age of the amounts due, the payment history, the month of origination, the purpose of the loans, creditworthiness, financial conditions of the borrower, terms of the loans, regulatory environment, and the general economic conditions. |
Investments | Investments Short-term investments All highly liquid investments with original maturities of greater than three months, but less than twelve months, are classified as short-term investments. Investments that are expected to be realized in cash during the next twelve months are also included in short-term investments. The Company accounts for short-term investments in accordance with ASC topic 320 (“ASC 320”), Investments – Debt and Equity Securities. “held-to-maturity” “available-for-sale”, The securities that the Company has the positive intent and the ability to hold to maturity are classified as held-to-maturity held-to-maturity In accordance with ASC 320, the securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Investments not classified as trading or as held-to-maturity available-for-sale Available-for-sale available-for-sale Other invested securities Other invested securities represents the investments purchased by Baidu for its financial services and resold to third-party investors. These transactions do not meet the requirement of asset derecognition in accordance with ASC topic 860 (“ASC 860”), Transfers and Servicing Long-term investments The Company’s long-term investments consist of cost method investments, equity method investments, available-for-sale In accordance with ASC subtopic 325-20, Investments-Other: Cost Method Investments 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 (“ASC 323”), Investments-Equity Method and Joint Ventures As available-for-sale available-for-sale In accordance with ASC topic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities, re-measured ( , Fair Value Measurements and Disclosures |
Transfers of Financial Assets | Transfers of Financial Assets The Company accounts for the transfers of financial assets in accordance with ASC 860. Financial assets are derecognized from the Company’s consolidated balance sheets if the transfer qualifies as sales. If the conditions for sale required by ASC 860 are not met, the transfer is considered to be a secured borrowing included in “Amounts due to the third-party investors” on the consolidated balance sheets. The assets remain on the consolidated balance sheets as “Other invested securities” and the sale proceeds are recognized as the Company’s liability. Certain financial assets that the Company bought as an agent on behalf of third-party investors have been isolated from the Company, even in bankruptcy or other receivership. These financial assets and associated liabilities are not recorded on the Company’s consolidated balance sheets. |
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, other invested securities, accounts receivable, loan and interest receivables, 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, capital lease obligation, notes payable and long-term loans. The carrying amounts of these financial instruments, except for long-term cost method investments, long-term equity method investments, long-term available-for-sale Available-for-sale held-to-maturity |
Research, Development and Computer Software | Research, Development and Computer Software Capitalization of software developed for internal use The Company capitalized certain internal use software development costs in accordance with ASC subtopic 350-40, Intangibles-Goodwill and Other: Internal-Use internal-use internal-use Research and development expenses Research and development expenses consist primarily of personnel-related costs. The Company expensed substantially all development costs incurred in the research and development of new products and new functionality added to the existing products except for certain internal use software development costs. |
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 – 45 years Office building related facility, machinery and equipment – 15 years Computer equipment – 3 to 5 years Office equipment – 3 to 5 years Vehicles – 5 years 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, 2015, 2016 and 2017 were insignificant. |
Licensed Copyrights | Licensed Copyrights Licensed copyrights consist of professionally-produced content such as movies, television series, variety shows, sports and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability recorded when cost of the content is known, the content has been accepted by us in accordance with the conditions of the license agreement and the content is available for its first showing on our internet platform. Licensed copyrights are carried at the lower of unamortized cost or net realizable value. The current and non-current The Company has two types of licensed copyrights, (i) non-exclusive non-exclusive Non-exclusive non-exclusive non-episodic Accounting Changes and Error Corrections The purchase cost of exclusive licensed copyrights includes a broadcasting right and a right to sublicense to third parties, and the Company allocates the content cost to these two rights when the exclusive licensed copyrights are initially recognized based on the relative proportion of our estimate of the total revenues that will be generated by each right. For the broadcasting right, which is the portion of an exclusive licensed copyright that generates direct and indirect advertising and membership revenues, the content costs are amortized in accordance with ASC 920-350 920-350”), Entertainment-Broadcasters: Intangibles—Goodwill and Other non-exclusive Entertainment—Films On a periodic basis, the Company evaluates the program usefulness of the broadcasting rights of its licensed copyrights and record such rights at the lower of unamortized cost or estimated net realizable value pursuant to the guidance in ASC 920-350. Net realizable value is determined by estimating the expected cash flows generated from the provision of online advertising and membership services, less any direct costs, over the remaining useful lives of non-exclusive 926-20, Entertainment—Films: Other Assets—Film Costs |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The Company assesses goodwill for impairment in accordance with ASC subtopic 350-20 350-20”), Intangibles—Goodwill and Other: Goodwill 350-20. As of December 31, 2016, the Company had three reporting units, consisting of Search Services, Transaction Services, and iQIYI. As part of the combination of Search Services and Transaction Services segments into Baidu Core segment, the Company determined that there were only two reporting units, Baidu Core and iQIYI starting from April 2017. The goodwill previously allocated to Search Services and Transaction Services was reassigned to Baidu Core. The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the two-step 350-20. more-likely-than-not two-step two-step The Company performed a qualitative assessment for the Baidu Core reporting unit. Based on the requirements of ASC 350-20, more-likely-than-not The Company elected to assess goodwill for impairment using the two-step Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. Land use rights are amortized using a straight-line method over the shorter of their estimated economic lives or the terms of the related land use right contracts. All other intangible assets with finite lives except for the sublicensing rights obtained from barter transactions and certain licensed copyrights are amortized using the straight-line method over the estimated economic lives. Intangible assets have weighted average economic lives from the date of purchase as follows: Land use rights – 50 years Customer relationships – 3 years Software – 4 years Trademarks – 10 years User list – 3 years Licensed copyrights of video contents – 3 years Others – 6 years Intangible assets with an 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 350-30 350-30”), Intangibles-Goodwill and Other: General Intangibles Other than Goodwill |
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, 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 |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC topic 605 (“ASC 605”), Revenue Recognition. Performance-based online marketing services Cost-per-click The Company’s auction-based P4P platform enables a customer to place its website link and related description on the Company’s search result list on the platform which could be accessed through personal computer or mobile devices. Customers make bids on keywords based on how much they are willing to pay for each click to their listings in the search results listed on the Company’s platform and the relevance between the keywords and the customer’s businesses. Internet users’ search of the keyword will trigger the display of the listings. The ranking of the customer’s listing depends on both the bidding price and the listing’s relevance to the keyword searched. Customers pay the Company only when a user clicks on one of its website links. Besides the Company’s traditional auction-based P4P services, the Company also displays in-feed marketing to targeted users through Baidu Feed. Customers pay the Company when a targeted user clicks the in-feed For the type of cost-per-clicks, in-feed 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 Display-based online advertising services The Company provides display-based online advertising services to customer by integrating text description, image and video, and displaying the advertisements in a prominent position of the search result page, vertical search products or through Baidu Feed. The Company recognizes revenue in accordance with ASC 605, on a pro-rata Online marketing services involving Baidu Union Baidu Union is the program through which the Company expands distribution of its customers’ sponsored links or advertisements by leveraging traffic of the Baidu Union members’ internet properties. The Company makes payments to Baidu Union members for acquisition of traffic. The Company recognizes gross revenue for the amount of fees it receives from its customers. Payments made to Baidu Union members are included in cost of revenues as traffic acquisition costs. Membership services The Company offers membership services which provide subscribing members access to streaming of premium content in exchange for a non-refundable Financial services The Company offers financial services which include provision of installment payment services to consumers and wealth management services to third-party investors. Interest income earned from provision of financial services is reported as “Other revenues” and reported on a net basis after deduction of related interest costs incurred. Gross interest income and interest costs recognized for the year ended December 31, 2017 were RMB3.5 billion (US$543 million) and RMB1.9 billion (US$288 million), respectively. Gross interest income and interest costs recognized for the years ended December 31, 2016 and 2015 were insignificant. Barter transactions Nonmonetary exchanges of licensed copyrights of video contents The Company 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 in accordance with ASC topic 845 (“ASC 845”), Nonmonetary Transactions 926-605, Entertainment-Films; Revenue Recognition sub-licensing sub-license The attributable cost of the barter transaction is recognized as cost of revenues through the amortization of the sublicensing right component of the exclusive licensed copyright, computed using the individual-film-forecast-computation method in accordance with ASC 926. The Company recognized barter sublicensing revenues of RMB350 million, RMB382 million and RMB763 million (US$117 million) and related costs of RMB265 million, RMB363 million and RMB650 million (US$100 million) for the years ended December 31, 2015, 2016 and 2017, respectively. Other nonmonetary exchanges The Company engages in certain barter transactions other than licensed copyrights of video contents from time to time and in such situations follows the guidance set forth in ASC 845. While nonmonetary transactions are recorded at fair value, if such value is not determinable within reasonable limits, or the transaction lacks commercial substance, or the transaction is an exchange of a product or property held for sale in the ordinary course of business for a product or property to be sold in the same line of business to facilitate sales to customers other than the parties to the exchange, the transaction is recognized based on the carrying value of the product or services provided. The Company also engages in certain advertising barter transactions and follows the guidance set forth in ASC subtopic 605-20, Revenue Recognition: Services Other revenue recognition related policies In accordance with ASC subtopic 605-25 605-25”), Revenue Recognition: Multiple-Deliverable Revenue Arrangements, The Company delivers some of its online marketing services to end customers through engaging third-party distributors. In this context, the Company may provide cash incentives to distributors. The cash incentives are accounted for as a reduction of revenue in accordance with ASC subtopic 605-50 605-50”), Revenue Recognition: Customer Payments and Incentives The Company provides sales incentives to customers which entitle them to receive reductions in the price of the online marketing services by meeting certain cumulative consumption requirements. The Company accounts for these award credits granted to customers in conjunction with a current sale of products or services as a multiple-element arrangement by analogy to ASC 605-25. The Company provides coupons and credits to the end users in certain businesses. The coupons and credits can be used to reduce the purchase price or to redeem for gifts. Coupons issued to end users as a result of a concurrent sale are recognized as reductions of the corresponding revenue in accordance with ASC 605-50. |
Cost of Revenues | Cost of Revenues Cost of revenues consists primarily of sales taxes (including business tax and value-added tax) and surcharges, traffic acquisition costs, bandwidth costs, depreciation, content costs, payroll and related costs of operations. The Company incurs sales taxes and surcharges in connection with the provision of online marketing services, technical and consultative service fees charged by its subsidiaries to VIEs and other taxable services in the PRC. In accordance with ASC subtopic 605-45, Revenue Recognition: Principal Agent Considerations |
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, 2015, 2016 and 2017 were RMB9.8 billion, RMB7.7 billion and RMB4.6 billion (US$700 million), respectively. |
Government Subsidies | Government Subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government subsidies of non-operating non-operating |
Leases | Leases Leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as capital leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. |
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 The Company applies the provisions of ASC topic 740 (“ASC 740”), Income Taxes |
Share-based Compensation | Share-based Compensation The Company accounts for share-based compensation in accordance with ASC topic 718 (“ASC 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 compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the replacement award, which comprises, (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of the original award, using either the original term or the new term, whichever results in higher expenses for each reporting period. The Company accounts for share awards issued to non-employees 505-50, Equity: Equity-based Payments to Non-Employees non-employees |
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 (“ASC 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 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 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, if such estimate can be made and material, or states that such estimate is immaterial if it can be estimated but immaterial, or discloses that 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, short-term investments, accounts receivable, amounts due from related parties and loan receivables. As of December 31, 2017, the Company has RMB100.7 billion (US$15.5 billion) in cash and cash equivalents, restricted cash, and short-term investments, 95.95% and 4.05% 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 short-term investments held at Bank of China, China Construction Bank, China Merchants Bank, and Bank of Communications exceeded 10%, representing 25.26%, 18.83%, 12.56% and 10.50% of the Company’s total cash and cash equivalents, restricted cash, and short-term investments as of December 31, 2017, respectively. PRC state-owned banks, such as Bank of China, are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management when any of those banks faces a material credit crisis. The Company does not foresee substantial credit risk with respect to cash and cash equivalents, restricted cash and short-term investments held at the PRC state-owned banks. Meanwhile, China does not have an official deposit insurance program, nor does it have an agency similar to what was the Federal Deposit Insurance Corporation (FDIC) in the U.S. In the event of bankruptcy of one of the financial institutions in which the Company has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Company selected reputable international financial institutions with high rating rates to place its foreign currencies. The Company regularly monitors the rating of the international financial institutions to avoid any potential defaults. There has been no recent history of default in relation to these financial institutions. Accounts receivable are typically unsecured and derived from revenue earned from customers and agents in China, which are exposed to credit risk. The risk is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring process of outstanding balances. The Company maintains reserves for estimated credit losses and these losses have generally been within its expectations. As of December 31, 2017 and 2016, the Company had no single customer with a receivable balance exceeding 10% of the total accounts receivable balance. No customer or any Baidu Union member generated greater than 10% of total revenues in any of the years presented. Amounts due from related parties are typically unsecured and repayable on demand. In evaluating the collectability of the amounts due from related parties balance, the Company considers many factors, including the related parties’ repayment history and their credit-worthiness. An allowance for doubtful accounts is made when collection of the full amount is no longer probable. Business and economic risks The Company participates in a dynamic 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 or cash flows: changes in the overall demand for services and products; changes in business offerings; competitive pressures due to 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; and risks associated with the Company’s ability to attract and retain employees necessary to support its growth. The Company’s operations could be adversely affected by significant political, economic and social uncertainties 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. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Foreign currency exchange rate risk The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. The Company’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, short-term investments, long-term investments and notes payable denominated in the US$. On June 19, 2010, the People’s Bank of China announced the end of the RMB’s de facto peg to the US$, 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 US$. The depreciation of the US$ against the RMB was approximately 6.29% in 2017. Most of the revenues and costs of the Company are denominated in RMB, while a portion of cash and cash equivalents, short-term financial assets, investments and notes payable are denominated in U.S. dollars. Any significant devaluation of RMB may materially and adversely affect the Company’s cash flows, revenues, earnings and financial position, and the value of, and any dividends payable on, the ADS in US$. |
Derivative Instruments | Derivative Instruments ASC topic 815 (“ASC 815”), Derivatives and Hedging |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 2014-09”), Revenue from Contracts with Customers. 2014-09 2014-09 2015-14, Revenue from Contracts with Customers 2014-09 2014-09 In January 2016, the FASB issued ASU No. 2016-01 2016-01”), Financial Instruments. 2016-01 2016-01 2016-01 In February 2016, the FASB issued ASU No. 2016-02 2016-02”), Leases 2016-02 2016-02 right-of-use 2016-02 2016-02 |
Guarantees | Guarantees The Company accounts for guarantees in accordance with ASC topic 460 (“ASC 460”), Guarantees. |
Organization, Consolidation a31
Organization, Consolidation and Presentation of Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Financial Statement Balances and Amounts of VIEs and Subsidiaries Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Subsidiaries within Group | The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries were included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Assets Current Cash and cash equivalents 3,087 4,045 622 Short-term investments 6,661 2,052 315 Accounts receivable, net 3,851 3,021 464 Others 3,247 5,280 812 16,846 14,398 2,213 Non-current Fixed assets, net 1,438 2,845 437 Intangible assets, net 1,739 2,104 323 Long-term investments, net 4,616 10,614 1,631 Others 2,094 6,488 997 9,887 22,051 3,388 Total 26,733 36,449 5,601 Third-party liabilities Current Accounts payable and accrued liabilities 12,695 14,073 2,163 Customer advances and deposits 1,654 2,288 352 Others 6,566 2,414 371 20,915 18,775 2,886 Non-current 1,107 5,151 792 Total 22,022 23,926 3,678 Inter-company liabilities* Inter-company payable to subsidiaries for technology consulting and service fees 2,096 2,828 435 Others 2,729 4,605 708 Total 4,825 7,433 1,143 For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Total revenues 20,668 24,603 29,208 4,489 Net loss (4,398 ) (464 ) (626 ) (96 ) Net cash provided by operating activities 3,563 2,737 3,698 569 Net cash used in investing activities (7,025 ) (9,471 ) (5,725 ) (880 ) Net cash provided by financing activities 5,935 5,098 2,985 459 * Inter-company liabilities represent payable balances of each VIE due to its Primary Beneficiary. Amounts payable to other non-VIE |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 – 45 years Office building related facility, machinery and equipment – 15 years Computer equipment – 3 to 5 years Office equipment – 3 to 5 years Vehicles – 5 years 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 economic lives from the date of purchase as follows: Land use rights – 50 years Customer relationships – 3 years Software – 4 years Trademarks – 10 years User list – 3 years Licensed copyrights of video contents – 3 years Others – 6 years |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Investments at Amortized Cost and Fair Value | As of December 31, 2016 Cost or Gross gains Gross Gross Gross Fair RMB RMB RMB RMB RMB RMB (In millions) Short-term investments Fixed-rate held-to-maturity 41,802 70 (4 ) 41,868 Fixed-rate available-for-sale 14,353 31 (6 ) 14,378 Adjustable-rate available-for-sale 14,674 313 14,987 Available-for-sale 33 (4 ) 29 Other invested securities 7,686 62 7,748 Long-term investments Available-for-sale 528 (31 ) 497 As of December 31, 2017 Cost or Gross gains Gross Gross Gross Fair value Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Short-term investments Fixed-rate held-to-maturity 48,666 47 (18 ) 48,695 7,484 Fixed-rate available-for-sale 29,550 477 (5 ) 30,022 4,614 Adjustable-rate available-for-sale 10,589 104 10,693 1,643 Other invested securities 18,289 169 (108 ) 18,350 2,820 Long-term investments: Available-for-sale 2,077 742 (46 ) 2,773 426 Investments accounted for at fair value 307 14 321 49 |
Ctrip.com International, Ltd | |
Equity Method Investments | The following tables set forth the summarized financial information of Ctrip: As of September 30,* 2016 2017 2017 RMB RMB US$ (In millions) Current assets 52,222 63,241 9,505 Non-current 83,336 99,986 15,028 Current liabilities 33,174 41,972 6,309 Non-current 31,128 37,590 5,650 Noncontrolling interests 3,678 1,935 291 For the twelve months ended September 30,* 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Total revenues 10,485 17,642 25,731 3,955 Gross profit 7,073 12,669 20,725 3,185 (Loss) income from operations (115 ) (1,681 ) 2,626 404 Net income (loss) 2,053 (2,177 ) 2,282 351 Net income (loss) attributable to the investees 2,208 (2,000 ) 2,284 351 * The Company adopted a one-quarter |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Accounts receivable 4,286 4,887 751 Allowance for doubtful accounts (177 ) (316 ) (48 ) 4,109 4,571 703 |
Movements in Allowance for Doubtful Accounts Balance | The movements in the allowance for doubtful accounts were as follows: 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 94 190 177 27 Amounts charged to expenses 115 39 190 29 Amounts written off (19 ) (52 ) (51 ) (8 ) Balance as of December 31 190 177 316 48 |
Loans and Interest Receivable (
Loans and Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Loans and Interest Receivable | As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Loans and interest receivable, current 1,849 24,598 3,780 Allowance for credit losses (49 ) (660 ) (101 ) Net loans and interest receivable, current 1,800 23,938 3,679 Loans and interest receivable, non-current 2,778 3,571 549 Allowance for credit losses (69 ) (104 ) (16 ) Net loans and interest receivable, non-current 2,709 3,467 533 |
Summary of Movements in Allowance for Credit Losses | The movements in the allowance for credit losses were as follows: 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 — 9 118 18 Additions 9 109 888 136 Charge-offs — — (242 ) (37 ) Balance as of December 31 9 118 764 117 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Prepaid expenses 389 398 61 Advances to suppliers 923 764 117 Receivables from online payment agencies 410 312 48 Deposits 239 204 31 Purchased copyrights 593 819 126 Others 791 928 143 3,345 3,425 526 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Computer equipment 15,193 18,354 2,821 Office building 3,247 4,003 615 Office building related facility, machinery and equipment 1,772 1,956 301 Vehicles 45 80 12 Office equipment 546 690 106 Leasehold improvements 316 341 52 Construction in progress 755 680 105 21,874 26,104 4,012 Accumulated depreciation and impairment (10,580 ) (13,629 ) (2,095 ) 11,294 12,475 1,917 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in carrying amount of goodwill for each reporting unit from December 31, 2015 to March 31, 2017 were as follow: Search Transaction iQIYI Total RMB RMB RMB RMB (In millions) Balance at December 31, 2015 10,823 1,297 3,276 15,396 Goodwill disposed (38 ) (16 ) — (54 ) Balance at December 31, 2016 10,785 1,281 3,276 15,342 Goodwill acquired 499 — — 499 Balance at March 31, 2017 11,284 1,281 3,276 15,841 The changes in carrying amount of goodwill for each reporting unit after March 31, 2017 were as follow: Baidu Core iQIYI Total RMB RMB RMB (In millions) Balance at March 31, 2017 12,565 3,276 15,841 Goodwill acquired 81 — 81 Goodwill disposed (116 ) — (116 ) Balance at December 31, 2017 12,530 3,276 15,806 Balance at December 31, 2017, in US$ 1,926 503 2,429 |
Finite-Lived Intangible Assets | Finite-lived intangible assets As of December 31, 2016 Gross carrying Accumulated Net carrying RMB RMB RMB (In millions) Land use right 464 (54 ) 410 Customer relationships 463 (462 ) 1 Software 544 (424 ) 120 Trademarks 596 (205 ) 391 User list 699 (657 ) 42 Licensed copyrights of video contents 5,608 (2,993 ) 2,615 Others 738 (459 ) 279 9,112 (5,254 ) 3,858 As of December 31, 2017 Gross carrying Accumulated Net carrying Net carrying RMB RMB RMB US$ (In millions) Land use right 464 (193 ) 271 42 Customer relationships 463 (463 ) — — Software 537 (499 ) 38 6 Trademarks 578 (464 ) 114 17 User list 677 (667 ) 10 2 Licensed copyrights of video contents 9,384 (4,826 ) 4,558 700 Others 1,066 (591 ) 475 73 13,169 (7,703 ) 5,466 840 |
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 follows: RMB US$ (In millions) For the years ending December 31, 2018 2,540 390 2019 1,383 213 2020 813 125 2021 304 47 2022 118 18 |
Indefinite-Lived Intangible Assets | Indefinite-lived intangible assets As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Domain names 9 — — Trademarks 5 1 — 14 1 — |
Accounts Payable and Accrued 39
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Accrued payroll and welfare 1,445 1,779 273 Tax payable 793 2,271 349 Interest payable 102 267 41 Users’ and distributors’ deposits 660 563 87 Purchase of fixed assets and spare parts 1,208 1,592 244 Traffic acquisition costs 1,968 2,482 381 Bandwidth costs 1,353 1,824 280 Content acquisition costs 3,360 5,866 902 Funds collected on behalf of service providers 1,606 529 81 Payable to merchants 469 330 51 Accrued other operating expenses 6,482 7,720 1,186 Others 2,184 2,300 354 21,630 27,523 4,229 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Principal Amount and Unamortized Discount and Debt Issuance Costs | The principal amount and unamortized discount and debt issuance costs as of December 31, 2016 and 2017 were as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Principal amount 32,988 35,782 5,500 Unamortized discount and debt issuance costs (137 ) (171 ) (27 ) 32,851 35,611 5,473 |
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 11), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2018 6,516 1,002 2019 6,516 1,002 2020 5,154 792 2021 6,506 1,000 2022 10,735 1,650 Thereafter 7,157 1,100 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) PRC 16,878 18,194 22,088 3,394 Non-PRC 21,029 (3,685 ) (805 ) (124 ) 37,907 14,509 21,283 3,270 |
Components of Income Tax | Income taxes consist of: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Current income tax 3,214 3,462 4,224 649 Income tax refund due to reduced tax rate — (535 ) (473 ) (73 ) Adjustments of deferred tax assets due to change in tax rates 80 (13 ) 7 1 Deferred income tax (benefit) expense 2,181 (1 ) (763 ) (117 ) 5,475 2,913 2,995 460 |
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, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 9,477 3,627 5,321 818 Effect of differing tax rates in different jurisdictions (5,254 ) 736 854 131 Non-taxable (65 ) (73 ) (913 ) (140 ) Non-deductible 165 115 653 99 Research and development super-deduction (768 ) (726 ) (905 ) (139 ) Effect of PRC preferential tax rates and tax holiday (1,547 ) (1,851 ) (2,095 ) (322 ) Effect of tax rate changes on deferred taxes 80 (13 ) 7 1 Over-accrued EIT for previous years (249 ) (520 ) (579 ) (89 ) PRC withholding tax 2,471 283 101 16 Addition to valuation allowance 1,165 1,335 551 85 Taxation for the year 5,475 2,913 2,995 460 Effective tax rate 14.44 % 20.08 % 14.07 % 14.07 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share 44.31 53.41 60.33 9.27 |
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, 2016 and 2017 are as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Deferred tax assets: Provision for doubtful receivables 138 287 44 Accrued expenses, payroll and others 2,715 2,849 438 Fixed assets depreciation 26 53 8 Net operating loss carry-forward 1,727 1,061 163 Less: valuation allowance (3,506 ) (2,718 ) (418 ) Deferred tax assets, net 1,100 1,532 235 As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 248 133 20 Withholding tax on PRC subsidiaries’ undistributed earnings 633 586 91 Withholding tax on capital gains derived from PRC 2,708 2,656 408 3,589 3,375 519 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 one-year RMB US$ (In millions) 2018 4,446 683 2019 1,705 262 2020 922 142 2021 324 50 2022 131 20 Thereafter 124 19 7,652 1,176 |
Future Minimum Lease Payments For Non-cancelable Licensing Agreements | Future minimum payments under non-cancelable RMB US$ (In millions) 2018 6,146 945 2019 5,378 827 2020 2,801 430 2021 896 138 2022 417 64 Thereafter 925 142 16,563 2,546 |
Redeemable Noncontrolling Int43
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Noncontrolling Interest | 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Balance as of January 1 1,895 3,948 5,492 844 Other comprehensive income (loss) 142 325 (335 ) (51 ) Issuance of subsidiary shares 1,582 662 — — Disposal of subsidiary shares — — (2,376 ) (365 ) Accretion of redeemable noncontrolling interests 329 557 (17 ) (3 ) Conversion of convertible notes of a subsidiary — — 8,258 1,269 Balance as of December 31 3,948 5,492 11,022 1,694 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Retained Earnings | The reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) PRC statutory reserve funds 441 488 75 Unreserved retained earnings 85,293 101,840 15,653 Total retained earnings 85,734 102,328 15,728 |
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 gains on available-for- sale Total RMB RMB RMB (In millions) Balance at December 31, 2014 (285 ) 5 (280 ) Other comprehensive income (loss) before reclassification (645 ) 489 (156 ) Amounts reclassified from accumulated other comprehensive income — (194 ) (194 ) Net current-period other comprehensive income (loss) (645 ) 295 (350 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (176 ) — (176 ) Balance at December 31, 2015 (1,106 ) 300 (806 ) Other comprehensive income (loss) before reclassification (593 ) 515 (78 ) Amounts reclassified from accumulated other comprehensive income — (572 ) (572 ) Net current-period other comprehensive loss (593 ) (57 ) (650 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests (327 ) — (327 ) Balance at December 31, 2016 (2,026 ) 243 (1,783 ) Other comprehensive income before reclassification 732 2,574 3,306 Amounts reclassified from accumulated other comprehensive income 71 (999 ) (928 ) Net current-period other comprehensive income 803 1,575 2,378 Other comprehensive loss attribute to noncontrolling interests and redeemable noncontrolling interests 335 — 335 Balance at December 31, 2017 (888 ) 1,818 930 Balance at December 31, 2017, in US$ (136 ) 279 143 |
Tax Effect Allocated to Each Component of Other Comprehensive Income (loss) | The following table sets forth the tax effect allocated to each component of other comprehensive income (loss) for the years ended December 31, 2015, 2016 and 2017: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Unrealized gains on available-for-sale Other comprehensive loss before reclassification (68 ) (120 ) (215 ) (33 ) Amounts reclassified from accumulated other comprehensive income 29 110 163 25 Net current-period other comprehensive loss (39 ) (10 ) (52 ) (8 ) |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted Net Income per Share | A reconciliation of net income attributable to Baidu, Inc. in the consolidated statements of comprehensive income to the numerator for the computation of basic and diluted per share for the years ended December 31, 2015, 2016 and 2017 is as follows: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Net income attributable to Baidu, Inc. 33,664 11,632 18,301 2,812 Accretion of the redeemable noncontrolling interests (329 ) (557 ) 17 3 Numerator for EPS computation 33,335 11,075 18,318 2,815 |
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. For the years ended December 31, 2015 2016 2017 2017 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, except for number of shares, per share and per ADS data) Earnings per share – basic: Numerator Allocation of net income attributable to Baidu, Inc. 26,183 7,152 8,710 2,365 14,488 2,226 3,830 589 Denominator Weighted average ordinary shares outstanding 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Denominator used for basic EPS 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Earnings per share – basic 954.56 954.56 319.47 319.47 527.51 81.08 527.51 81.08 Earnings per share – diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 26,206 7,129 8,716 2,359 14,513 2,230 3,805 585 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 7,129 — 2,359 — 3,805 585 — — Numerator for diluted EPS calculation 33,335 7,129 11,075 2,359 18,318 2,815 3,805 585 Denominator Weighted average ordinary shares outstanding 27,428,861 7,492,921 27,263,984 7,401,254 27,464,760 27,464,760 7,260,363 7,260,363 Conversion of Class B to Class A ordinary shares 7,492,921 — 7,401,254 — 7,260,363 7,260,363 — — Share-based awards 112,688 — 91,848 — 227,268 227,268 — — Denominator used for diluted EPS 35,034,470 7,492,921 34,757,086 7,401,254 34,952,391 34,952,391 7,260,363 7,260,363 Earnings per share – diluted 951.49 951.49 318.62 318.62 524.08 80.55 524.08 80.55 Earnings per ADS: Denominator used for earnings per ADS – basic 274,288,610 272,639,840 274,647,600 274,647,600 Denominator used for earnings per ADS – diluted 350,344,700 347,570,860 349,523,910 349,523,910 Earnings per ADS – basic 95.46 31.95 52.75 8.11 Earnings per ADS – diluted 95.15 31.86 52.41 8.06 |
Share-Based Awards Plan (Tables
Share-Based Awards Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 49 103 183 28 Expensed as selling, general and administrative 487 429 973 150 Expensed as research and development 851 1,228 2,088 321 Capitalized as part of internal-used software 1 — — — |
Baidu | |
Option Activity | The following table summarizes the option activity for the year ended December 31, 2017: Number Weighted Weighted life (Years) Aggregate Share options Outstanding, December 31, 2016 231,239 1,537.40 7.25 62 Granted 151,990 1,860.29 Exercised (57,072 ) 1,177.53 Forfeited/Cancelled (10,760 ) 1,691.10 Outstanding, December 31, 2017 315,397 1,752.90 7.83 186 Vested and expected to vest at December 31, 2017 266,234 1,729.96 7.67 163 Exercisable at December 31, 2017 100,197 1,500.53 5.82 84 |
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 2015 2016 2017 Risk-free interest rate 1.31%~1.36% 1.13%~1.47% 1.81%~2.08% Dividend yield — — — Expected volatility range 40.04%~40.57% 38.91%~40.09% 35.99%~38.41% Weighted average expected volatility 40.21% 39.37% 38.39% Expected life (in years) 5.02~5.13 5.75~5.92 4.99~6.01 |
Restricted Shares Activity | Restricted Shares activity for the year ended December 31, 2017 was as follows: Number of Weighted (US$) Restricted Shares Unvested, December 31, 2016 707,271 1,801.15 Granted 427,579 1,977.57 Vested (178,138 ) 1,777.22 Forfeited/Cancelled (137,042 ) 1,792.96 Unvested, December 31, 2017 819,670 1,899.37 |
iQIYI | |
Total Share-Based Compensation Cost Recognized | The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2015 2016 2017 2017 RMB RMB RMB US$ (In millions) Expensed as cost of revenues 6 9 35 5 Expensed as selling, general and administrative 21 30 131 20 Expensed as research and development 17 23 67 11 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Amounts due from/due to related parties | As of December 31, 2016 and 2017, amounts due from/due to related parties were as follows: As of December 31, 2016 2017 2017 RMB RMB US$ (In millions) Amounts due from related parties, current: Qunar (i) 25 35 5 Ctrip (i) 287 102 16 Other related parties (i) 34 31 5 Total 346 168 26 Amounts due from related parties, non-current: Other related parties (ii) 11 9 1 Amounts due to related parties, current: Qunar (iii) 275 23 4 Ctrip (iii) 125 99 15 Other related parties (iii) 59 31 5 Total 459 153 24 (i) The balances mainly represent amounts arising from services the Company provided to its equity method investees in the ordinary course of business. (ii) The balances mainly represent rental deposits paid in advance to the related party of one of the executive officers. Pursuant to the rental agreements, certain subsidiaries of the Company rent an office building owned by the family members of the executive officer. (iii) The balances mainly represent amounts arising from services provided by the Company’s equity method investees and cost method investees in the ordinary course of business. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Group's Segment Operating Results | The table below provides a summary of the Group’s segment operating results for the years ended December 31, 2015. For the year ended December 31, 2015 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Revenues: Online marketing services 60,312 3,400 325 64,037 Other services 917 1,919 (491 ) 2,345 Total revenues 61,229 5,319 (166 ) 66,382 Operating costs and expenses: Cost of revenues (21,591 ) (6,042 ) 175 (27,458 ) Selling, general and administrative (15,917 ) (1,204 ) 45 (17,076 ) Research and development (9,671 ) (500 ) (5 ) (10,176 ) Total operating costs and expenses (47,179 ) (7,746 ) 215 (54,710 ) Operating profit (loss) 14,050 (2,427 ) 49 11,672 Other income: Interest income 2,413 5 (56 ) 2,362 Interest expense (1,041 ) (55 ) 55 (1,041 ) Foreign exchange income (loss), net 238 (77 ) 21 182 Income (loss) from equity method investments 5 (1 ) — 4 Other income (loss), net 24,736 (8 ) — 24,728 Total other income (loss), net 26,351 (136 ) 20 26,235 Income (loss) before income taxes 40,401 (2,563 ) 69 37,907 Income taxes (5,523 ) (11 ) 59 (5,475 ) Net income (loss) 34,878 (2,574 ) 128 32,432 The table below provides a summary of the Group’s segment operating results for the years ended December 31, 2016. For the year ended December 31, 2016 Baidu Core iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Revenues: Online marketing services 57,944 5,650 931 64,525 Other services 1,526 5,587 (1,089 ) 6,024 Total revenues 59,470 11,237 (158 ) 70,549 Operating costs and expenses: Cost of revenues (23,806 ) (11,437 ) (35 ) (35,278 ) Selling, general and administrative (13,493 ) (1,766 ) 188 (15,071 ) Research and development (9,298 ) (824 ) (29 ) (10,151 ) Total operating costs and expenses (46,597 ) (14,027 ) 124 (60,500 ) Operating profit (loss) 12,873 (2,790 ) (34 ) 10,049 Other income: Interest income 2,426 17 (101 ) 2,342 Interest expense (1,149 ) (110 ) 101 (1,158 ) Foreign exchange income (loss), net 747 (239 ) — 508 Loss from equity method investments (1,026 ) — — (1,026 ) Other income, net 3,732 61 1 3,794 Total other income (loss), net 4,730 (271 ) 1 4,460 Income (loss) before income taxes 17,603 (3,061 ) (33 ) 14,509 Income taxes (2,915 ) (13 ) 15 (2,913 ) Net income (loss) 14,688 (3,074 ) (18 ) 11,596 The table below provides a summary of the Group’s operating segment operating results for the years ended December 31, 2017. For the year ended December 31, 2017 Baidu Core iQIYI Intersegment Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Revenues: Online marketing services 63,880 9,818 8,159 1,254 1,107 170 73,146 11,242 Other services 3,801 584 9,219 1,417 (1,357 ) (209 ) 11,663 1,792 Total revenues 67,681 10,402 17,378 2,671 (250 ) (39 ) 84,809 13,034 Operating costs and expenses: Cost of revenues (25,688 ) (3,949 ) (17,386 ) (2,672 ) 12 2 (43,062 ) (6,619 ) Selling, general and administrative (10,586 ) (1,627 ) (2,675 ) (411 ) 133 20 (13,128 ) (2,018 ) Research and development (11,692 ) (1,797 ) (1,270 ) (195 ) 34 5 (12,928 ) (1,987 ) Total operating costs and expenses (47,966 ) (7,373 ) (21,331 ) (3,278 ) 179 27 (69,118 ) (10,624 ) Operating profit (loss) 19,715 3,029 (3,953 ) (607 ) (71 ) (12 ) 15,691 2,410 Other income: Interest income 3,231 497 83 13 (160 ) (25 ) 3,154 485 Interest expense (1,497 ) (230 ) (278 ) (43 ) 160 25 (1,615 ) (248 ) Foreign exchange (loss) income, net (883 ) (136 ) 401 62 — — (482 ) (74 ) Income from equity method investments (63 ) (10 ) — — — — (63 ) (10 ) Other income, net 4,597 707 2 — (1 ) — 4,598 707 Total other income, net 5,385 828 208 32 (1 ) — 5,592 860 Income (loss) before income taxes 25,100 3,857 (3,745 ) (575 ) (72 ) (12 ) 21,283 3,270 Income taxes (3,001 ) (461 ) 8 1 (2 ) — (2,995 ) (460 ) Net income (loss) 22,099 3,396 (3,737 ) (574 ) (74 ) (12 ) 18,288 2,810 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure and Measurement | Assets and liabilities measured or disclosed at fair value are summarized below: Total fair Fair value measurement or disclosure at December 31, 2016 using Quoted prices (Level 1) Significant other (Level 2) Significant (Level 3) Total losses RMB RMB RMB RMB RMB (In millions) Fair value disclosure (Notes 2 and 4) Cash equivalents Time deposits 1,674 1,674 Money market fund 4,419 4,419 Short-term investments Fixed-rate held-to-maturity 41,868 41,868 Long-term notes payable 33,253 33,253 Fair value measurements Recurring Short-term investments Fixed-rate available-for-sale 14,378 14,378 Adjustable-rate available-for-sale 14,987 14,987 Available-for-sale 29 29 Other invested securities 7,748 7,748 Long-term investments Available-for-sale 497 497 Non-recurring Long-term investments 3 (151 ) Intangible assets — (1 ) Total assets measured at fair value 37,639 526 37,113 3 (152 ) In 2016, the value of a cost method investment was written down to zero, as a result of declining financial performance and a change in the business circumstances of the investee. The corresponding impairment charge incurred was recorded in earnings for the year then ended. Total fair 2017 Fair value measurement or disclosure at Quoted prices in active Significant other Significant Total losses RMB US$ RMB RMB RMB RMB US$ (In millions) Fair value disclosure (Notes 2 and 4) Cash equivalents Time deposits 130 20 130 Money market fund 2,384 366 2,384 Short-term investments Fixed-rate held-to-maturity 48,695 7,484 48,695 Long-term notes payable 35,943 5,524 35,943 Fair value measurements Recurring Short-term investments Fixed-rate available-for-sale 30,022 4,614 30,022 Adjustable-rate available-for-sale 10,693 1,643 10,693 Other invested securities 18,350 2,820 18,350 Long-term investments Available-for-sale 2,773 426 2,773 Investments accounted for at fair value 321 49 321 Other non-current Derivative Instruments 168 26 168 Non-recurring Long-term investments 203 (575 ) (88 ) Intangible assets 272 (139 ) (21 ) Fixed assets — (70 ) (11 ) Other non-current 4 (37 ) (6 ) Total assets measured at fair value 62,327 9,578 2,773 59,233 800 (821 ) (126 ) |
Organization, Consolidation a50
Organization, Consolidation and Presentation of Financial Statements - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 29, 2017 | |
Variable Interest Entity [Line Items] | |||
Net assets of VIEs | $ 780 | ¥ 5,100 | |
Creditors of the VIEs'third-party liabilities with no recourse to the general credit of the primary beneficiaries | No | ||
Exchange rate used for conversion of financial statements from RMB to US dollar | 6.5063 | ||
Beijing Perusal | |||
Variable Interest Entity [Line Items] | |||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | $ 491 | 3,200 | |
Equity pledge agreement expiration period | 2 years | ||
Baidu Pay | |||
Variable Interest Entity [Line Items] | |||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | $ 33 | 217 | |
Equity pledge agreement expiration period | 2 years | ||
Baidu Netcom | |||
Variable Interest Entity [Line Items] | |||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | $ 334 | ¥ 2,200 | |
Equity pledge agreement expiration period | 2 years |
Financial Statement Balances an
Financial Statement Balances and Amounts of VIEs and Their Subsidiaries were Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Their Subsidiaries Within Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2014CNY (¥) | ||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | $ 1,704 | ¥ 9,960 | ¥ 11,084 | $ 1,675 | ¥ 10,898 | ¥ 13,853 | |||
Short-term investments | 13,738 | 89,381 | 71,196 | ||||||
Accounts receivable, net | 703 | 4,571 | 4,109 | ||||||
Total current assets | 23,235 | 151,169 | 99,760 | ||||||
Fixed assets, net | 1,917 | 12,475 | 11,294 | ||||||
Intangible assets, net | 840 | 5,467 | 3,872 | ||||||
Long-term investments, net | 8,651 | 56,283 | 45,690 | ||||||
Total non-current assets | 15,454 | 100,559 | 82,237 | ||||||
Total | 38,689 | 251,728 | 181,997 | ||||||
Accounts payable and accrued liabilities | 4,229 | 27,523 | 21,630 | ||||||
Customer advances and deposits | 1,043 | 6,785 | 6,032 | ||||||
Total current liabilities | 12,611 | 82,057 | 46,102 | ||||||
Non-current | 6,040 | 39,299 | 38,152 | ||||||
Total liabilities | 18,651 | 121,356 | 84,254 | ||||||
Total revenues | 13,034 | ¥ 84,809 | ¥ 70,549 | 66,382 | |||||
Net loss | 2,810 | 18,288 | 11,596 | 32,432 | |||||
Net cash provided by operating activities | 5,054 | 32,880 | 22,258 | 19,771 | |||||
Net cash used in investing activities | (11,825) | (76,935) | (35,911) | (31,621) | |||||
Net cash provided by financing activities | 6,848 | 44,557 | 14,447 | 7,778 | |||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Cash and cash equivalents | 622 | 4,045 | 3,087 | ||||||
Short-term investments | 315 | 2,052 | 6,661 | ||||||
Accounts receivable, net | 464 | 3,021 | 3,851 | ||||||
Others | 812 | 5,280 | 3,247 | ||||||
Total current assets | 2,213 | 14,398 | 16,846 | ||||||
Fixed assets, net | 437 | 2,845 | 1,438 | ||||||
Intangible assets, net | 323 | 2,104 | 1,739 | ||||||
Long-term investments, net | 1,631 | 10,614 | 4,616 | ||||||
Others | 997 | 6,488 | 2,094 | ||||||
Total non-current assets | 3,388 | 22,051 | 9,887 | ||||||
Total | 5,601 | 36,449 | 26,733 | ||||||
Total current liabilities | 2,886 | 18,775 | 20,915 | ||||||
Non-current | 792 | 5,151 | 1,107 | ||||||
Total revenues | 4,489 | 29,208 | 24,603 | 20,668 | |||||
Net loss | (96) | (626) | (464) | (4,398) | |||||
Net cash provided by operating activities | 569 | 3,698 | 2,737 | 3,563 | |||||
Net cash used in investing activities | (880) | (5,725) | (9,471) | (7,025) | |||||
Net cash provided by financing activities | 459 | ¥ 2,985 | ¥ 5,098 | ¥ 5,935 | |||||
Variable Interest Entity, Primary Beneficiary | Third-party Liabilities | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Accounts payable and accrued liabilities | 2,163 | 14,073 | 12,695 | ||||||
Customer advances and deposits | 352 | 2,288 | 1,654 | ||||||
Others | 371 | 2,414 | 6,566 | ||||||
Total current liabilities | 2,886 | 18,775 | 20,915 | ||||||
Non-current | 792 | 5,151 | 1,107 | ||||||
Total liabilities | 3,678 | 23,926 | 22,022 | ||||||
Variable Interest Entity, Primary Beneficiary | Inter-company Liabilities | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Inter-company payable to subsidiaries for technology consulting and service fees | [1] | 435 | 2,828 | 2,096 | |||||
Others | [1] | 708 | 4,605 | 2,729 | |||||
Total liabilities | [1] | $ 1,143 | ¥ 7,433 | ¥ 4,825 | |||||
[1] | Inter-company liabilities represent payable balances of each VIE due to its Primary Beneficiary. Amounts payable to other non-VIE subsidiaries within the Group were included in third party liabilities. |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Jan. 01, 2018USD ($) | Jan. 01, 2018CNY (¥) | Dec. 31, 2017USD ($)CustomerSegment | Dec. 31, 2016CNY (¥)CustomerUnit | Dec. 31, 2017USD ($)CustomerUnit | Dec. 31, 2017USD ($)Customer | Dec. 31, 2017CNY (¥)Customer | Dec. 31, 2016CNY (¥)Customer | Dec. 31, 2015CNY (¥)Customer | Dec. 31, 2017CNY (¥)Customer |
Accounting Policies [Abstract] | ||||||||||
Number of reportable segments | Segment | 2 | |||||||||
Internal use software development costs capitalized during the period | $ 0 | ¥ 0 | ¥ 4,000,000 | ¥ 33,000,000 | ||||||
Amortization expense for capitalized software costs | 1 | 8,000,000 | 7,000,000 | 13,000,000 | ||||||
Unamortized amount of capitalized internal use software developed costs (included in intangible assets, net) | $ 3 | ¥ 30,000,000 | $ 3 | 3 | 30,000,000 | ¥ 22,000,000 | ||||
Number of reporting units | Unit | 3 | 2 | ||||||||
Gross interest income | 543 | 3,500,000,000 | ||||||||
Gross interest cost | 288 | 1,900,000,000 | ||||||||
Barter transaction, Gross Operating Revenue Recognized | 117 | 763,000,000 | 382,000,000 | 350,000,000 | ||||||
Sale tax and surcharges in cost of revenues | 951 | 6,200,000,000 | 4,700,000,000 | 4,600,000,000 | ||||||
Advertising and promotional expenses | 700 | ¥ 4,600,000,000 | ¥ 7,700,000,000 | ¥ 9,800,000,000 | ||||||
Cash and cash equivalents, restricted cash and short-term investments | $ 15,500 | $ 15,500 | $ 15,500 | ¥ 100,700,000,000 | ||||||
Number of customers with receivable balance exceeding 10 % | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Number of customer or any Baidu Union member with revenue greater than 10% | 0 | 0 | 0 | 0 | ||||||
Depreciation of US$ against RMB, as a percentage | 6.29% | 6.29% | ||||||||
Accounting Standards Update 2014-09 | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Percentage of change in revenue | 5.60% | 5.60% | ||||||||
Accounting Standards Update 2016-01 | Subsequent Event | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Cumulative effect of initially application of guidance on retained earnings | $ 104 | ¥ 676,000,000 | ||||||||
Online Payment Agencies | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Allowance for doubtful accounts of online payment agencies | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | |||||||
Micro loans | Maximum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Periods of loan granted | 36 months | 36 months | ||||||||
Micro loans | Minimum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Periods of loan granted | 1 month | 1 month | ||||||||
Cash and cash equivalents | Maximum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Maturity period used to classify cash and cash equivalent and investments | 3 months | 3 months | ||||||||
Short-term Investments | Maximum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Maturity period used to classify cash and cash equivalent and investments | 12 months | 12 months | ||||||||
Short-term Investments | Minimum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Maturity period used to classify cash and cash equivalent and investments | 3 months | 3 months | ||||||||
Credit Concentration Risk | Sales Revenue, Net | Maximum | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 10.00% | 10.00% | ||||||||
Onshore China | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 95.95% | |||||||||
Offshore China | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 4.05% | |||||||||
Bank of China | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 25.26% | |||||||||
China Construction Bank [Member] | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 18.83% | |||||||||
China Merchants Bank | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 12.56% | |||||||||
Bank of Communications | Credit Concentration Risk | Financial Instruments | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Concentration risk by percentage | 10.50% | |||||||||
iQIYI Licensed Copyright | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Barter transaction, Gross Operating Revenue Recognized | $ 117 | ¥ 763,000,000 | 382,000,000 | ¥ 350,000,000 | ||||||
Barter transaction, Cost Recognized | $ 100 | ¥ 650,000,000 | ¥ 363,000,000 | ¥ 265,000,000 | ||||||
Office building related facility, machinery and equipment | ||||||||||
Accounting Policies [Abstract] | ||||||||||
Property, plant and equipment, salvage value, percentage | 4.00% | 4.00% | 4.00% | 4.00% |
Estimated Useful Lives of Fixed
Estimated Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Office building | |
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, 2017 | |
Land use right | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 50 years |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 3 years |
Software | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 4 years |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 10 years |
User list | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 3 years |
Licensed copyrights of video contents | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 3 years |
Others | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 6 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Business Combinations [Abstract] | ||||
Business acquisition, total purchase consideration | $ 111 | ¥ 721 | ¥ 0 | ¥ 332 |
Investments - Short-term Invest
Investments - Short-term Investments - Additional information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Schedule of Investments [Line Items] | ||||
Investment interest income | $ 485 | ¥ 3,154 | ¥ 2,342 | ¥ 2,362 |
Short-term Investments | ||||
Schedule of Investments [Line Items] | ||||
Investment interest income | $ 455 | ¥ 3,000 | ¥ 2,300 | ¥ 2,200 |
Short-term Investments | Maximum | ||||
Schedule of Investments [Line Items] | ||||
Short-term held-to-maturity debt investments maturity | 1 year | 1 year | ||
Short-term available-for-sale debt investments maturity | 1 year | 1 year |
Investments - Long-term Investm
Investments - Long-term Investments - Additional information (Detail) ¥ in Millions, $ in Millions | Oct. 26, 2015shares | Aug. 31, 2017USD ($) | Aug. 31, 2017CNY (¥) | May 31, 2017USD ($) | May 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Oct. 30, 2017USD ($) | Oct. 30, 2017CNY (¥) |
Schedule of Investments [Line Items] | ||||||||||||
Carrying amount of cost method investments | $ 3,300 | ¥ 12,900 | ¥ 21,800 | |||||||||
Total purchase consideration attributable to the noncontrolling interest | $ 615 | ¥ 4,000 | ||||||||||
Carrying amount of equity method investments | 4,800 | 32,300 | ¥ 31,400 | |||||||||
Impairment charges on long-term investments | $ 92 | ¥ 597 | 245 | ¥ 117 | ||||||||
Uber | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Gains recognized on share exchange transaction | ¥ | 2,000 | |||||||||||
Certain Group of Assets and Subsidiaries | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Aggregate deconsolidated gain | ¥ | 1,400 | |||||||||||
Mobile Game Business | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Gains recognized on share exchange transaction | $ 142 | ¥ 923 | ||||||||||
China United Network Communication Limited [Member] | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Total purchase consideration | $ 1,100 | ¥ 7,000 | ||||||||||
Xiaodu Life Technology Ltd | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Gains recognized on share exchange transaction | $ 712 | ¥ 4,600 | ||||||||||
Qunar | Class A Ordinary Shares | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Number of shares exchanged | shares | 178,702,519 | |||||||||||
Qunar | Class B Ordinary Shares | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Number of shares exchanged | shares | 11,450,000 | |||||||||||
Ctrip.com International, Ltd | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Number of shares newly-issued in exchange | shares | 11,488,381 | |||||||||||
Equity method investment, percentage of ownership | 19.00% | 19.00% | ||||||||||
Fair value of equity investment | $ 4,600 | ¥ 29,200 | ¥ 30,200 | |||||||||
Ctrip.com International, Ltd | Total Other Income, Net | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Gains recognized on share exchange transaction | ¥ | ¥ 24,400 |
Summarized Financial Informatio
Summarized Financial Information (Detail) - Ctrip.com International, Ltd ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 30, 2017CNY (¥) | Sep. 30, 2016CNY (¥) | Sep. 30, 2015CNY (¥) | Sep. 30, 2017CNY (¥) | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Current assets | [1] | $ 9,505 | ¥ 52,222 | ¥ 63,241 | ||
Non-current assets | [1] | 15,028 | 83,336 | 99,986 | ||
Current liabilities | [1] | 6,309 | 33,174 | 41,972 | ||
Non-current liabilities | [1] | 5,650 | 31,128 | 37,590 | ||
Noncontrolling interests | [1] | 291 | 3,678 | ¥ 1,935 | ||
Total revenues | [1] | 3,955 | ¥ 25,731 | 17,642 | ¥ 10,485 | |
Gross profit | [1] | 3,185 | 20,725 | 12,669 | 7,073 | |
(Loss) income from operations | [1] | 404 | 2,626 | (1,681) | (115) | |
Net income (loss) | [1] | 351 | 2,282 | (2,177) | 2,053 | |
Net income (loss) attributable to the investees | [1] | $ 351 | ¥ 2,284 | ¥ (2,000) | ¥ 2,208 | |
[1] | The Company adopted a one-quarter lag in reporting its share of equity income in Ctrip |
Schedule of Investments at Amor
Schedule of Investments at Amortized Cost and Fair Value (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | |
Trading Securities | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Other invested securities, cost or amortized cost | ¥ 7,686 | ¥ 18,289 | ||
Other invested securities, gross unrealized gains | ¥ 169 | 62 | ||
Other invested securities, gross unrealized loss | ¥ (108) | |||
Other invested securities, fair value | 7,748 | $ 2,820 | 18,350 | |
Other Long-term Investments | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Investments accounted for at fair value, cost or amortized cost | 307 | |||
Investment accounted for at fair value option, gross unrealized gains | 14 | |||
Investments accounted for at fair value, fair value | 49 | 321 | ||
Other Long-term Investments | Equity Investments | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Available-for-sale investments, cost or amortized cost | 528 | 2,077 | ||
Available-for-sale investments, gross unrealized gains | 742 | |||
Available-for-sale investments, gross unrealized losses | (31) | (46) | ||
Available-for-sale investments noncurrent, fair value | 497 | 426 | 2,773 | |
Short-term Investments | Equity Investments | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Available-for-sale investments, cost or amortized cost | 33 | |||
Available-for-sale investments, gross unrealized losses | (4) | |||
Available-for-sale investments current, fair value | 29 | |||
Short-term Investments | Fixed-rate Investments | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Short-term held-to-maturity investments, cost or amortized cost | 41,802 | 48,666 | ||
Held-to-maturity investments, gross unrecognized holding gains | 70 | 47 | ||
Held-to-maturity investments, gross unrecognized holding losses | (4) | (18) | ||
Held-to-maturity investments, fair value | 41,868 | 7,484 | 48,695 | |
Available-for-sale investments, cost or amortized cost | 14,353 | 29,550 | ||
Available-for-sale investments, gross unrealized gains | 31 | 477 | ||
Available-for-sale investments, gross unrealized losses | (6) | (5) | ||
Available-for-sale investments current, fair value | 14,378 | 4,614 | 30,022 | |
Short-term Investments | Adjustable-rate Debt Investments | ||||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | ||||
Available-for-sale investments, cost or amortized cost | 14,674 | 10,589 | ||
Available-for-sale investments, gross unrealized gains | 313 | 104 | ||
Available-for-sale investments current, fair value | ¥ 14,987 | $ 1,643 | ¥ 10,693 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) |
Receivables [Abstract] | ||||||
Accounts receivable | $ 751 | ¥ 4,887 | ¥ 4,286 | |||
Allowance for doubtful accounts | (48) | (316) | $ (27) | (177) | ¥ (190) | ¥ (94) |
Accounts receivable, net | $ 703 | ¥ 4,571 | ¥ 4,109 |
Movement in Allowance for Doubt
Movement in Allowance for Doubtful Accounts (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Allowance for Doubtful Accounts | ||||
Balance as of January 1 | $ 27 | ¥ 177 | ¥ 190 | ¥ 94 |
Amounts charged to expenses | 29 | 190 | 39 | 115 |
Amounts written off | (8) | (51) | (52) | (19) |
Balance as of December 31 | $ 48 | ¥ 316 | ¥ 177 | ¥ 190 |
Summary of Loans and Interest R
Summary of Loans and Interest Receivable (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Accounts, Notes, Loans and Financing Receivable, Classified [Abstract] | |||
Loans and interest receivable, current | $ 3,780 | ¥ 24,598 | ¥ 1,849 |
Allowance for credit losses | (101) | (660) | (49) |
Net loans and interest receivable, current | 3,679 | 23,938 | 1,800 |
Loans and interest receivable, non-current | 549 | 3,571 | 2,778 |
Allowance for credit losses | (16) | (104) | (69) |
Net loans and interest receivable, non-current | $ 533 | ¥ 3,467 | ¥ 2,709 |
Summary of Movements in Allowan
Summary of Movements in Allowance for Credit Losses (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Financing Receivable, Allowance for Credit Losses [Abstract] | ||||
Balance as of January 1 | $ 18 | ¥ 118 | ¥ 9 | ¥ 0 |
Additions | 136 | 888 | 109 | 9 |
Charge-offs | (37) | (242) | 0 | 0 |
Balance as of December 31 | $ 117 | ¥ 764 | ¥ 118 | ¥ 9 |
Other Current Assets (Detail)
Other Current Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Prepaid Expense and Other Assets [Abstract] | |||
Prepaid expenses | $ 61 | ¥ 398 | ¥ 389 |
Advances to suppliers | 117 | 764 | 923 |
Receivables from online payment agencies | 48 | 312 | 410 |
Deposits | 31 | 204 | 239 |
Purchased copyrights | 126 | 819 | 593 |
Others | 143 | 928 | 791 |
Other assets, current | $ 526 | ¥ 3,425 | ¥ 3,345 |
Fixed Assets (Detail)
Fixed Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,012 | ¥ 26,104 | ¥ 21,874 |
Accumulated depreciation and impairment | (2,095) | (13,629) | (10,580) |
Fixed assets, net | 1,917 | 12,475 | 11,294 |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,821 | 18,354 | 15,193 |
Office building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 615 | 4,003 | 3,247 |
Office building related facility, machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 301 | 1,956 | 1,772 |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 12 | 80 | 45 |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 106 | 690 | 546 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 52 | 341 | 316 |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 105 | ¥ 680 | ¥ 755 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | |
Property, Plant and Equipment [Abstract] | |||||
Capital leases, asset gross | $ 30 | ¥ 221 | ¥ 198 | ||
Capital leases, accumulated depreciation | 30 | 210 | ¥ 198 | ||
Fixed assets, depreciation expense | 580 | ¥ 3,800 | 3,400 | ¥ 2,900 | |
Impairment loss on fixed assets | $ 11 | ¥ 70 | ¥ 0 | ¥ 0 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets - Additional Information (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017Unit | Dec. 31, 2016Unit | Dec. 31, 2015Unit | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Amortization Of Intangible Assets Disclosure [Abstract] | |||||||
Number of reporting units the company | 2 | 3 | 3 | ||||
Impairment loss on intangible assets | $ 81 | ¥ 529 | ¥ 213 | ¥ 0 | |||
Amortization expense of intangible assets | $ 1,200 | ¥ 7,900 | ¥ 4,700 | ¥ 2,500 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) ¥ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Goodwill [Line Items] | ||||
Beginning Balance | ¥ 15,342 | ¥ 15,841 | ¥ 15,396 | |
Goodwill acquired | 499 | 81 | ||
Goodwill disposed | (116) | (54) | ||
Ending Balance | 15,841 | $ 2,429 | 15,806 | 15,342 |
Search Services | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 10,785 | 11,284 | 10,823 | |
Goodwill acquired | 499 | |||
Goodwill disposed | (38) | |||
Ending Balance | 11,284 | 10,785 | ||
Transaction Services | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 1,281 | 1,281 | 1,297 | |
Goodwill acquired | 0 | |||
Goodwill disposed | (16) | |||
Ending Balance | 1,281 | 1,281 | ||
iQIYI | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 3,276 | 3,276 | 3,276 | |
Goodwill acquired | 0 | 0 | ||
Goodwill disposed | 0 | 0 | ||
Ending Balance | 3,276 | 503 | 3,276 | ¥ 3,276 |
Baidu Core | ||||
Goodwill [Line Items] | ||||
Beginning Balance | 12,565 | |||
Goodwill acquired | 81 | |||
Goodwill disposed | (116) | |||
Ending Balance | ¥ 12,565 | $ 1,926 | ¥ 12,530 |
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | ¥ 13,169 | ¥ 9,112 | |
Finite-lived intangible assets, accumulated amortization and impairment | (7,703) | (5,254) | |
Finite-lived intangible assets, net carrying value | $ 840 | 5,466 | 3,858 |
Land use right | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 464 | 464 | |
Finite-lived intangible assets, accumulated amortization and impairment | (193) | (54) | |
Finite-lived intangible assets, net carrying value | 42 | 271 | 410 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 463 | 463 | |
Finite-lived intangible assets, accumulated amortization and impairment | (463) | (462) | |
Finite-lived intangible assets, net carrying value | 0 | 0 | 1 |
Software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 537 | 544 | |
Finite-lived intangible assets, accumulated amortization and impairment | (499) | (424) | |
Finite-lived intangible assets, net carrying value | 6 | 38 | 120 |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 578 | 596 | |
Finite-lived intangible assets, accumulated amortization and impairment | (464) | (205) | |
Finite-lived intangible assets, net carrying value | 17 | 114 | 391 |
User list | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 677 | 699 | |
Finite-lived intangible assets, accumulated amortization and impairment | (667) | (657) | |
Finite-lived intangible assets, net carrying value | 2 | 10 | 42 |
Licensed copyrights of video contents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 9,384 | 5,608 | |
Finite-lived intangible assets, accumulated amortization and impairment | (4,826) | (2,993) | |
Finite-lived intangible assets, net carrying value | 700 | 4,558 | 2,615 |
Others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,066 | 738 | |
Finite-lived intangible assets, accumulated amortization and impairment | (591) | (459) | |
Finite-lived intangible assets, net carrying value | $ 73 | ¥ 475 | ¥ 279 |
Estimated Amortization Expense
Estimated Amortization Expense Relating to Existing Intangible Assets with Finite Lives (Detail) - Dec. 31, 2017 ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Estimated amortization expense | ||
2,018 | $ 390 | ¥ 2,540 |
2,019 | 213 | 1,383 |
2,020 | 125 | 813 |
2,021 | 47 | 304 |
2,022 | $ 18 | ¥ 118 |
Indefinite-Lived Intangible Ass
Indefinite-Lived Intangible Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Indefinite-lived intangible assets, gross | $ 0 | ¥ 1 | ¥ 14 |
Domain names | |||
Indefinite-lived intangible assets, gross | 0 | 0 | 9 |
Trademarks | |||
Indefinite-lived intangible assets, gross | $ 0 | ¥ 1 | ¥ 5 |
Accounts Payable and Accrued 72
Accounts Payable and Accrued Liabilities (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | $ 273 | ¥ 1,779 | ¥ 1,445 |
Tax payable | 349 | 2,271 | 793 |
Interest payable | 41 | 267 | 102 |
Users' and distributors' deposits | 87 | 563 | 660 |
Purchase of fixed assets and spare parts | 244 | 1,592 | 1,208 |
Traffic acquisition costs | 381 | 2,482 | 1,968 |
Bandwidth costs | 280 | 1,824 | 1,353 |
Content acquisition costs | 902 | 5,866 | 3,360 |
Funds collected on behalf of service providers | 81 | 529 | 1,606 |
Payable to merchants | 51 | 330 | 469 |
Accrued other operating expenses | 1,186 | 7,720 | 6,482 |
Others | 354 | 2,300 | 2,184 |
Accounts payable and accrued liabilities | $ 4,229 | ¥ 27,523 | ¥ 21,630 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Detail) | Nov. 30, 2017USD ($) | Nov. 17, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 29, 2017USD ($) | Sep. 21, 2017USD ($) | Sep. 21, 2017CNY (¥) | Aug. 21, 2017USD ($) | Aug. 15, 2017USD ($) | Apr. 11, 2017USD ($) | Apr. 10, 2017USD ($) | Dec. 14, 2016USD ($) | Dec. 09, 2016USD ($) | Nov. 24, 2016USD ($) | Sep. 23, 2016USD ($) | Aug. 16, 2016USD ($) | Aug. 12, 2016USD ($) | Aug. 08, 2016USD ($) | Jul. 19, 2016USD ($) | Jul. 11, 2016USD ($) | Jun. 08, 2016USD ($) | Feb. 26, 2016USD ($) | Jan. 29, 2016USD ($) | Jan. 22, 2016USD ($) | Aug. 28, 2015USD ($) | Aug. 10, 2015USD ($) | Dec. 09, 2014USD ($)AgreementLoan | Dec. 31, 2017 | Nov. 30, 2017CNY (¥) | Nov. 17, 2017CNY (¥) | Sep. 30, 2017CNY (¥) | Sep. 29, 2017CNY (¥) | Aug. 21, 2017CNY (¥) | Aug. 15, 2017CNY (¥) | Jun. 12, 2017USD ($) | Jun. 12, 2017CNY (¥) | Apr. 11, 2017CNY (¥) | Apr. 10, 2017CNY (¥) | Jan. 24, 2017USD ($) | Jan. 24, 2017CNY (¥) | Dec. 19, 2016USD ($) | Dec. 19, 2016CNY (¥) | Dec. 14, 2016CNY (¥) | Dec. 09, 2016CNY (¥) | Nov. 26, 2016USD ($) | Nov. 26, 2016CNY (¥) | Nov. 25, 2016USD ($) | Nov. 25, 2016CNY (¥) | Nov. 24, 2016CNY (¥) | Nov. 17, 2016USD ($) | Nov. 17, 2016CNY (¥) | Sep. 23, 2016CNY (¥) | Aug. 16, 2016CNY (¥) | Aug. 12, 2016CNY (¥) | Aug. 08, 2016CNY (¥) | Jul. 19, 2016CNY (¥) | Jul. 11, 2016CNY (¥) | Jun. 22, 2016USD ($)Tranche | Jun. 22, 2016CNY (¥)Tranche | Jun. 08, 2016CNY (¥) | Feb. 26, 2016CNY (¥) | Jan. 29, 2016CNY (¥) | Jan. 22, 2016CNY (¥) | Aug. 28, 2015CNY (¥) | Aug. 25, 2015USD ($) | Aug. 25, 2015CNY (¥) | Aug. 10, 2015CNY (¥) | Jul. 17, 2015USD ($) | Jul. 17, 2015CNY (¥) | Dec. 09, 2014CNY (¥)AgreementLoan |
Unsecured Loan 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of tranches issued and sold | Tranche | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Merchants Bank (Beijing Branch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 46,000,000 | $ 31,000,000 | ¥ 300,000,000 | ¥ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 20,000,000 | $ 12,000,000 | $ 8,000,000 | ¥ 130,000,000 | ¥ 80,000,000 | ¥ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 5.05% | 4.35% | 4.35% | 5.05% | 4.35% | 4.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan,interest rate description | 116% of benchmark one-year lending rate published by the People’s Bank of China | Benchmark one-year lending rate published by the People’s Bank of China | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Merchants Bank (Beijing Branch) | iQIYI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 31,000,000 | $ 31,000,000 | ¥ 200,000,000 | ¥ 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 16,000,000 | $ 4,000,000 | $ 3,000,000 | $ 8,000,000 | ¥ 106,000,000 | ¥ 26,000,000 | ¥ 21,000,000 | ¥ 54,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 4.11% | 4.13% | 4.13% | 4.13% | 4.11% | 4.13% | 4.13% | 4.13% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan,interest rate description | LPR plus surcharges | 95% of benchmark one-year lending rate published by the People’s Bank of China | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citic Bank (Chongqing Branch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 46,000,000 | $ 23,000,000 | $ 23,000,000 | ¥ 300,000,000 | ¥ 150,000,000 | ¥ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 46,000,000 | $ 23,000,000 | $ 23,000,000 | ¥ 300,000,000 | ¥ 150,000,000 | ¥ 150,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 5.00% | 4.78% | 4.56% | 5.00% | 4.78% | 4.56% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | 1 year | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The percentage points added to LIBOR to compute the floating interest rate per annum | 0.2675% | 0.485% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan,interest rate description | 115% of benchmark one-year lending rate published by the People’s Bank of China | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citic Bank (Chongqing Branch) | Banking Facility Agreement One | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate terms | Loan Prime Rate (“LPR”) plus 48.50 basis points | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Citic Bank (Chongqing Branch) | Banking Facility Agreement Two | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate terms | LPR plus 26.75 basis points | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Finance Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 77,000,000 | ¥ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 77,000,000 | ¥ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 4.92% | 6.04% | 4.92% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, maturity date | Dec. 8, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Merchant Bank (Shanghai Branch) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 15,000,000 | ¥ 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 2,000,000 | ¥ 15,000,000 | $ 13,000,000 | ¥ 85,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 4.18% | 4.18% | 4.18% | 4.18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Minsheng Bank (Beijing Branch) | iQIYI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 46,000,000 | ¥ 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 10,000,000 | $ 20,000,000 | ¥ 62,000,000 | ¥ 132,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 5.00% | 4.78% | 5.00% | 4.78% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 1 year | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of China Los Angeles Branch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loan agreements | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of unsecured loan | Loan | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of interest rate swap agreements | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of China Los Angeles Branch | Unsecured Loan 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 150,000,000 | ¥ 976,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 2.31% | 2.31% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of China Los Angeles Branch | Unsecured Loan 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 150,000,000 | ¥ 976,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 2.45% | 2.45% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sumitomo Mitsui Bank Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 150,000,000 | ¥ 976,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 150,000,000 | ¥ 976,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 1.41% | 1.41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HSBC Bank Loan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 200,000,000 | ¥ 1,300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 200,000,000 | ¥ 1,300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 1.42% | 1.42% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 2 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 | $ 1,000,000,000 | ¥ 6,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 250,000,000 | ¥ 1,600,000,000 | $ 250,000,000 | ¥ 1,600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 2.78% | 2.78% | 2.78% | 2.78% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The percentage points added to LIBOR to compute the floating interest rate per annum | 1.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ 1,000,000,000 | ¥ 6,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ 250,000,000 | ¥ 1,600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 2.11% | 2.11% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ 250,000,000 | ¥ 1,600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 2.10% | 2.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Of China Shanghai Branch [Member] | iQIYI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific amount up to which borrowings can be made under the commitment of a bank loan | $ 46,000,000 | ¥ 299,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount borrowed under the commitment of a bank loan | $ 46,000,000 | ¥ 299,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate | 4.47% | 4.47% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan maturity period | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan,interest rate description | 94% of benchmark three-year lending rate published by the People’s Bank of China | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of debt | $ 1,000,000 | ¥ 5,000,000 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) ¥ in Millions, $ in Millions | Oct. 26, 2017USD ($)shares | Jan. 25, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Jul. 06, 2017USD ($)Tranche | Jun. 30, 2015USD ($)Tranche | Jun. 09, 2014USD ($) | Aug. 06, 2013USD ($) | Nov. 28, 2012USD ($)Tranche |
Debt Instrument [Line Items] | ||||||||||||
Net proceeds from issuance of debt | $ 1,526 | ¥ 9,926 | ¥ 0 | ¥ 10,407 | ||||||||
Unsecured Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of tranches issued and sold | Tranche | 2 | 2 | 2 | |||||||||
Net proceeds from issuance of debt | 1,600 | ¥ 10,100 | ¥ 0 | ¥ 7,800 | ||||||||
Discount on debt issued | 19 | ¥ 121 | ||||||||||
Debt issuance cost | $ 26 | ¥ 172 | ||||||||||
Unsecured Senior Notes Due Two Thousand Seventeen | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 750 | |||||||||||
Debt, maturity date | Nov. 28, 2017 | Nov. 28, 2017 | ||||||||||
Interest rate | 2.25% | 2.25% | ||||||||||
Effective interest rate | 2.36% | 2.36% | ||||||||||
Unsecured Senior Notes Due Two Thousand Twenty Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 750 | |||||||||||
Debt, maturity date | Nov. 28, 2022 | Nov. 28, 2022 | ||||||||||
Interest rate | 3.50% | 3.50% | ||||||||||
Effective interest rate | 3.59% | 3.59% | ||||||||||
Unsecured Senior Notes Due Twenty Eighteen | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 1,000 | |||||||||||
Debt, maturity date | Aug. 6, 2018 | Aug. 6, 2018 | ||||||||||
Interest rate | 3.25% | 3.25% | ||||||||||
Effective interest rate | 3.39% | 3.39% | ||||||||||
Unsecured Senior Notes Due Twenty Nineteen | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 1,000 | |||||||||||
Debt, maturity date | Jun. 9, 2019 | Jun. 9, 2019 | ||||||||||
Interest rate | 2.75% | 2.75% | ||||||||||
Effective interest rate | 3.00% | 3.00% | ||||||||||
Unsecured Senior Notes Due Two Thousand Twenty | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 750 | |||||||||||
Debt, maturity date | Jun. 30, 2020 | Jun. 30, 2020 | ||||||||||
Interest rate | 3.00% | 3.00% | ||||||||||
Effective interest rate | 3.13% | 3.13% | ||||||||||
Unsecured Senior Notes Due Two Thousand Twenty Five | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 500 | |||||||||||
Debt, maturity date | Jun. 30, 2025 | Jun. 30, 2025 | ||||||||||
Interest rate | 4.13% | 4.13% | ||||||||||
Effective interest rate | 4.22% | 4.22% | ||||||||||
Unsecured Senior Notes Due 2022 Five-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 900 | |||||||||||
Debt, maturity date | Jul. 6, 2022 | Jul. 6, 2022 | ||||||||||
Interest rate | 2.88% | 2.88% | ||||||||||
Effective interest rate | 3.08% | 3.08% | ||||||||||
Unsecured Senior Notes Due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 600 | |||||||||||
Debt, maturity date | Jul. 6, 2027 | Jul. 6, 2027 | ||||||||||
Interest rate | 3.63% | 3.63% | ||||||||||
Effective interest rate | 3.73% | 3.73% | ||||||||||
Convertible notes (the"iQIYI Notes") | iQIYI | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 1,500 | |||||||||||
Debt, maturity date | Jan. 25, 2018 | |||||||||||
Interest rate | 1.50% | |||||||||||
Convertible notes (the"iQIYI Notes") | iQIYI | Parent Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 300 | |||||||||||
Convertible notes (the"iQIYI Notes") | iQIYI | External Investors | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt face amount | $ 1,200 | |||||||||||
Convertible notes (the"iQIYI Notes") | Preferred Stock | iQIYI | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes converted to preferred shares | $ 1,500 | |||||||||||
Accrued interest converted shares | shares | 1,014,436,019 |
Principal Amount and Unamortize
Principal Amount and Unamortized Discount and Debt Issuance Costs (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Debt Disclosure [Abstract] | |||
Principal amount | $ 5,500 | ¥ 35,782 | ¥ 32,988 |
Unamortized discount and debt issuance costs | (27) | (171) | (137) |
Long-term Debt, Total | $ 5,473 | ¥ 35,611 | ¥ 32,851 |
Repayment of Principal Amount o
Repayment of Principal Amount of Long Term Debts (Detail) - Dec. 31, 2017 - Long Term Debt ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2,018 | $ 1,002 | ¥ 6,516 |
2,019 | 1,002 | 6,516 |
2,020 | 792 | 5,154 |
2,021 | 1,000 | 6,506 |
2,022 | 1,650 | 10,735 |
Thereafter | $ 1,100 | ¥ 7,157 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | 36 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2013CNY (¥) | |
Income Taxes [Line Items] | |||||||
Unified statutory income tax rate under current EIT law | 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% | ||||||
PRC special withholding tax rate to which dividends paid by a FIE to its foreign non-resident enterprise investors in Hong Kong | 5.00% | ||||||
Statutory withholding tax rate for capital gains | 10.00% | ||||||
Net losses deriving from entities in the PRC, Hong Kong and Japan | $ 1,200 | $ 1,200 | ¥ 7,800 | ||||
Accrued withholding tax | 91 | ¥ 633 | 91 | 586 | ¥ 581 | ||
Undistributed earnings no withholding tax has accrued | $ 17,400 | $ 17,400 | ¥ 113,100 | ||||
High And New Technology Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 15.00% | ||||||
Preferential enterprise income tax rate, effective period | 3 years | ||||||
Key Software Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 10.00% | ||||||
PRC | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforward period | 5 years | ||||||
Net operating loss carryforwards begins to expire | 2,018 | ||||||
PRC | Maximum | |||||||
Income Taxes [Line Items] | |||||||
Time period that tax authorities could conduct examinations of entity's tax filings | 5 years | ||||||
PRC | Earliest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Tax years remain open to examination by respective taxing jurisdictions | 2,013 | ||||||
PRC | Latest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Tax years remain open to examination by respective taxing jurisdictions | 2,017 | ||||||
Japan | |||||||
Income Taxes [Line Items] | |||||||
Net operating loss carryforward period | 9 years | ||||||
Net operating loss carryforwards begins to expire | 2,018 | ||||||
Baidu HK | |||||||
Income Taxes [Line Items] | |||||||
Income tax rate | 16.50% | ||||||
Baidu Japan | |||||||
Income Taxes [Line Items] | |||||||
Income tax rate | 31.70% | 33.50% | 35.60% | 38.00% | |||
Baidu Online | Key Software Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 10.00% | 10.00% | |||||
Baidu China | Key Software Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 10.00% | 10.00% | |||||
Baidu International | Key Software Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 10.00% | ||||||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | |||||||
Income Taxes [Line Items] | |||||||
A preferential enterprise income tax rate | 15.00% | ||||||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | Expiration Period One | |||||||
Income Taxes [Line Items] | |||||||
Tax holiday, expiration year | 2,018 | ||||||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | Expiration Period Two | |||||||
Income Taxes [Line Items] | |||||||
Tax holiday, expiration year | 2,019 | ||||||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | Expiration Period Three | |||||||
Income Taxes [Line Items] | |||||||
Tax holiday, expiration year | 2,020 |
Income Before Income Taxes (Det
Income Before Income Taxes (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest By Jurisdiction [Abstract] | ||||
PRC | $ 3,394 | ¥ 22,088 | ¥ 18,194 | ¥ 16,878 |
Non-PRC | (124) | (805) | (3,685) | 21,029 |
Income before income taxes | $ 3,270 | ¥ 21,283 | ¥ 14,509 | ¥ 37,907 |
Components of Income Tax (Detai
Components of Income Tax (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | $ 649 | ¥ 4,224 | ¥ 3,462 | ¥ 3,214 |
Income tax refund due to reduced tax rate | (73) | (473) | (535) | 0 |
Adjustments of deferred tax assets due to change in tax rates | 1 | 7 | (13) | 80 |
Deferred income tax (benefit) expense | (117) | (763) | (1) | 2,181 |
Taxation for the year | $ 460 | ¥ 2,995 | ¥ 2,913 | ¥ 5,475 |
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, 2017USD ($)$ / shares | Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2016CNY (¥)¥ / shares | Dec. 31, 2015CNY (¥)¥ / shares | |
Income Tax Disclosure [Abstract] | ||||
Expected taxation at PRC statutory tax rate | $ 818 | ¥ 5,321 | ¥ 3,627 | ¥ 9,477 |
Effect of differing tax rates in different jurisdictions | 131 | 854 | 736 | (5,254) |
Non-taxable income | (140) | (913) | (73) | (65) |
Non-deductible expenses | 99 | 653 | 115 | 165 |
Research and development super-deduction | (139) | (905) | (726) | (768) |
Effect of PRC preferential tax rates and tax holiday | (322) | (2,095) | (1,851) | (1,547) |
Effect of tax rate changes on deferred taxes | 1 | 7 | (13) | 80 |
Over-accrued EIT for previous years | (89) | (579) | (520) | (249) |
PRC withholding tax | 16 | 101 | 283 | 2,471 |
Addition to valuation allowance | 85 | 551 | 1,335 | 1,165 |
Taxation for the year | $ 460 | ¥ 2,995 | ¥ 2,913 | ¥ 5,475 |
Effective tax rate | 14.07% | 14.07% | 20.08% | 14.44% |
Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share | (per share) | $ 9.27 | ¥ 60.33 | ¥ 53.41 | ¥ 44.31 |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Balances (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2013CNY (¥) |
Deferred tax assets: | ||||
Provision for doubtful receivables | $ 44 | ¥ 287 | ¥ 138 | |
Accrued expenses, payroll and others | 438 | 2,849 | 2,715 | |
Fixed assets depreciation | 8 | 53 | 26 | |
Net operating loss carry-forward | 163 | 1,061 | 1,727 | |
Less: valuation allowance | (418) | (2,718) | (3,506) | |
Deferred tax assets, net | 235 | 1,532 | 1,100 | |
Deferred tax liabilities: | ||||
Long-lived assets arising from acquisitions | 20 | 133 | 248 | |
Withholding tax on PRC subsidiaries' undistributed earnings | 91 | 586 | 633 | ¥ 581 |
Withholding tax on capital gains derived from PRC | 408 | 2,656 | 2,708 | |
Deferred tax liabilities | $ 519 | ¥ 3,375 | ¥ 3,589 |
Employee Defined Combination Pl
Employee Defined Combination Plan - Additional Information (Detail) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Defined Contribution Plan [Abstract] | ||||
Amounts incurred for employee defined contribution plan | $ 402 | ¥ 2.6 | ¥ 2.3 | ¥ 2.2 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | |
Network Infrastructure and Buildings | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Capital commitments contracted not yet reflected in financial statements | $ 84,000,000 | ¥ 547,000,000 | |||
Office | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Total operating lease expense | 78,000,000 | ¥ 507,000,000 | ¥ 494,000,000 | ¥ 647,000,000 | |
IDC Facilities | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Total operating lease expense | 854,000,000 | ¥ 5,600,000,000 | 4,700,000,000 | ¥ 3,700,000,000 | |
Obligations related to the entity's directors and officers | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Fair value of indemnification obligations related to the entity's directors and officers | $ 0 | ¥ 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, 2017 ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,018 | $ 683 | ¥ 4,446 |
2,019 | 262 | 1,705 |
2,020 | 142 | 922 |
2,021 | 50 | 324 |
2,022 | 20 | 131 |
Thereafter | 19 | 124 |
Operating Leases, Future Minimum Payments Due, Total | $ 1,176 | ¥ 7,652 |
Future Minimum Payments Under85
Future Minimum Payments Under Non-Cancelable Licensing Agreements (Detail) - Dec. 31, 2017 - Licensed copyrights of video contents ¥ in Millions, $ in Millions | USD ($) | CNY (¥) |
Commitment And Contingencies [Line Items] | ||
2,018 | $ 945 | ¥ 6,146 |
2,019 | 827 | 5,378 |
2,020 | 430 | 2,801 |
2,021 | 138 | 896 |
2,022 | 64 | 417 |
Thereafter | 142 | 925 |
Future Minimum Payments Under Non-Cancelable Licensing agreements | $ 2,546 | ¥ 16,563 |
Summary of Redeemable Noncontro
Summary of Redeemable Noncontrolling Interest (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Temporary Equity Disclosure [Abstract] | ||||
Balance as of January 1 | $ 844 | ¥ 5,492 | ¥ 3,948 | ¥ 1,895 |
Other comprehensive income (loss) | (51) | (335) | 325 | 142 |
Issuance of subsidiary shares | 0 | 0 | 662 | 1,582 |
Disposal of subsidiary shares | (365) | (2,376) | 0 | 0 |
Accretion of redeemable noncontrolling interests | (3) | (17) | 557 | 329 |
Conversion of convertible notes of a subsidiary | 1,269 | 8,258 | 0 | 0 |
Balance as of December 31 | $ 1,694 | ¥ 11,022 | ¥ 5,492 | ¥ 3,948 |
Redeemable Noncontrolling Int87
Redeemable Noncontrolling Interests - Additional Information (Detail) ¥ in Millions, $ in Millions | Oct. 26, 2017USD ($) | May 31, 2016USD ($)shares | Oct. 31, 2015USD ($)shares | Nov. 30, 2014USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2015CNY (¥) |
Temporary Equity Disclosure [Abstract] | ||||||||
Accretion recorded as increase to net income | $ 3 | ¥ 17 | ¥ (557) | ¥ (329) | ||||
Preferred Stock | ||||||||
Temporary Equity Disclosure [Abstract] | ||||||||
Preferred stock, shares issued | shares | 0 | 0 | 0 | |||||
iQIYI | ||||||||
Temporary Equity Disclosure [Abstract] | ||||||||
Preferred shares financing | $ 300 | |||||||
Accretion recorded as increase to net income | $ 61 | ¥ 400 | ||||||
iQIYI | Convertible notes (the"iQIYI Notes") | Preferred Stock | ||||||||
Temporary Equity Disclosure [Abstract] | ||||||||
Notes converted to preferred shares | $ 1,200 | |||||||
Xiaodu Life Technology Ltd | ||||||||
Temporary Equity Disclosure [Abstract] | ||||||||
Preferred shares financing | $ 100 | $ 250 | ||||||
Preferred stock, shares issued | shares | 42,105,264 | 250,000,000 |
Shareholder's Equity - Addition
Shareholder's Equity - Additional Information (Detail) $ / shares in Units, ¥ in Millions | Oct. 29, 2015USD ($) | Jul. 30, 2015USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2016$ / shares |
Stockholders Equity Note [Line Items] | ||||||||||
Common stock, shares authorized | 870,400,000 | 870,400,000 | 870,400,000 | |||||||
Par value per share (US$) | $ / shares | $ 0.00005 | |||||||||
Transfer of Class B ordinary shares to Class A Ordinary shares | 200,000 | 200,000 | 91,667 | 0 | 0 | |||||
Stock repurchase program, proposed aggregate value | $ | $ 2,000,000,000 | $ 1,000,000,000 | ||||||||
Stock repurchase program, period | 24 months | 12 months | ||||||||
Number of Class A ordinary shares repurchased | 145,783 | 145,783 | 0 | 603,726 | 603,726 | |||||
Aggregate purchase price | $ 251,000,000 | ¥ 1,724 | $ 0 | $ 990,000,000 | ¥ 6,377 | |||||
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 | $ 2,900,000,000 | ¥ 18,600 | ¥ 13,700 | |||||||
Preferred Stock | ||||||||||
Stockholders Equity Note [Line Items] | ||||||||||
Par value per share (US$) | $ / shares | $ 0.00005 | |||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||
Class A Ordinary Shares | ||||||||||
Stockholders Equity Note [Line Items] | ||||||||||
Common stock, shares authorized | 825,000,000 | 825,000,000 | 825,000,000 | |||||||
Par value per share (US$) | $ / shares | $ 0.00005 | 0.00005 | ||||||||
Number of votes per share | 1 | 1 | ||||||||
Common stock, shares outstanding | 27,614,978 | 27,614,978 | 27,325,551 | |||||||
Class B Ordinary Shares | ||||||||||
Stockholders Equity Note [Line Items] | ||||||||||
Common stock, shares authorized | 35,400,000 | 35,400,000 | 35,400,000 | |||||||
Par value per share (US$) | $ / shares | $ 0.00005 | $ 0.00005 | ||||||||
Number of votes per share | 10 | 10 | ||||||||
Common stock, shares outstanding | 7,201,254 | 7,201,254 | 7,401,254 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Cumulative Effect on Retained Earnings, Net of Tax [Abstract] | |||
PRC statutory reserve funds | $ 75 | ¥ 488 | ¥ 441 |
Unreserved retained earnings | 15,653 | 101,840 | 85,293 |
Total retained earnings | $ 15,728 | ¥ 102,328 | ¥ 85,734 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | ¥ 92,251 | ¥ 80,266 | ¥ 52,157 | |
Other comprehensive income (loss) before reclassification | 3,306 | (78) | (156) | |
Amounts reclassified from accumulated other comprehensive income | (928) | (572) | (194) | |
Other comprehensive (loss) income, net of tax | $ 365 | 2,378 | (650) | (350) |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 335 | (327) | (176) | |
Balances | 18,344 | 119,350 | 92,251 | 80,266 |
Foreign currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | (2,026) | (1,106) | (285) | |
Other comprehensive income (loss) before reclassification | 732 | (593) | (645) | |
Amounts reclassified from accumulated other comprehensive income | 71 | 0 | 0 | |
Other comprehensive (loss) income, net of tax | 803 | (593) | (645) | |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 335 | (327) | (176) | |
Balances | (136) | (888) | (2,026) | (1,106) |
Unrealized gains on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | 243 | 300 | 5 | |
Other comprehensive income (loss) before reclassification | 2,574 | 515 | 489 | |
Amounts reclassified from accumulated other comprehensive income | (999) | (572) | (194) | |
Other comprehensive (loss) income, net of tax | 1,575 | (57) | 295 | |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 0 | 0 | 0 | |
Balances | 279 | 1,818 | 243 | 300 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | (1,783) | (806) | (280) | |
Balances | $ 143 | ¥ 930 | ¥ (1,783) | ¥ (806) |
Tax Effect Allocated to Each Co
Tax Effect Allocated to Each Component of Other Comprehensive Income (loss) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Other comprehensive loss before reclassification | $ (33) | ¥ (215) | ¥ (120) | ¥ (68) |
Amounts reclassified from accumulated other comprehensive income | 25 | 163 | 110 | 29 |
Net current-period other comprehensive loss | $ (8) | ¥ (52) | ¥ (10) | ¥ (39) |
Reconciliation of Net Income to
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted Net Income per Share (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income attributable to Baidu, Inc. | $ 2,812 | ¥ 18,301 | ¥ 11,632 | ¥ 33,664 |
Accretion of redeemable noncontrolling interests | 3 | 17 | (557) | (329) |
Numerator for EPS computation | $ 2,815 | ¥ 18,318 | ¥ 11,075 | ¥ 33,335 |
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, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | $ 2,815 | ¥ 18,318 | ¥ 11,075 | ¥ 33,335 |
Class A Ordinary Shares | ||||
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | $ 2,226 | ¥ 14,488 | ¥ 8,710 | ¥ 26,183 |
Denominator | ||||
Denominator used for basic EPS | 27,464,760 | 27,464,760 | 27,263,984 | 27,428,861 |
Earnings per share - basic | (per share) | $ 81.08 | ¥ 527.51 | ¥ 319.47 | ¥ 954.56 |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | $ 2,230 | ¥ 14,513 | ¥ 8,716 | ¥ 26,206 |
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares | 585 | 3,805 | 2,359 | 7,129 |
Numerator for diluted EPS calculation | $ 2,815 | ¥ 18,318 | ¥ 11,075 | ¥ 33,335 |
Denominator | ||||
Weighted average ordinary shares outstanding | 27,464,760 | 27,464,760 | 27,263,984 | 27,428,861 |
Conversion of Class B to Class A ordinary shares | 7,260,363 | 7,260,363 | 7,401,254 | 7,492,921 |
Share-based awards | 227,268 | 227,268 | 91,848 | 112,688 |
Denominator used for diluted EPS | 34,952,391 | 34,952,391 | 34,757,086 | 35,034,470 |
Earnings per share - diluted | (per share) | $ 80.55 | ¥ 524.08 | ¥ 318.62 | ¥ 951.49 |
Class B Ordinary Shares | ||||
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | $ 589 | ¥ 3,830 | ¥ 2,365 | ¥ 7,152 |
Denominator | ||||
Denominator used for basic EPS | 7,260,363 | 7,260,363 | 7,401,254 | 7,492,921 |
Earnings per share - basic | (per share) | $ 81.08 | ¥ 527.51 | ¥ 319.47 | ¥ 954.56 |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | $ 585 | ¥ 3,805 | ¥ 2,359 | ¥ 7,129 |
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 | $ 585 | ¥ 3,805 | ¥ 2,359 | ¥ 7,129 |
Denominator | ||||
Weighted average ordinary shares outstanding | 7,260,363 | 7,260,363 | 7,401,254 | 7,492,921 |
Conversion of Class B to Class A ordinary shares | 0 | 0 | 0 | 0 |
Share-based awards | 0 | 0 | 0 | 0 |
Denominator used for diluted EPS | 7,260,363 | 7,260,363 | 7,401,254 | 7,492,921 |
Earnings per share - diluted | (per share) | $ 80.55 | ¥ 524.08 | ¥ 318.62 | ¥ 951.49 |
American Depositary Shares | Class A Ordinary Shares | ||||
Denominator | ||||
Denominator used for basic EPS | 274,647,600 | 274,647,600 | 272,639,840 | 274,288,610 |
Earnings per share - basic | (per share) | $ 8.11 | ¥ 52.75 | ¥ 31.95 | ¥ 95.46 |
Denominator | ||||
Weighted average ordinary shares outstanding | 274,647,600 | 274,647,600 | 272,639,840 | 274,288,610 |
Denominator used for diluted EPS | 349,523,910 | 349,523,910 | 347,570,860 | 350,344,700 |
Earnings per share - diluted | (per share) | $ 8.06 | ¥ 52.41 | ¥ 31.86 | ¥ 95.15 |
Share-Based Awards Plan - Addit
Share-Based Awards Plan - Additional Information of Baidu, Inc. (Detail) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016$ / shares | Dec. 31, 2015CNY (¥) | Dec. 31, 2015$ / shares | Dec. 31, 2017CNY (¥)shares | |
Parent Company | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of voting power | 10.00% | 10.00% | |||||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ 1,977.57 | ||||||
Parent Company | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total intrinsic value of options exercised | $ 62 | ¥ 403 | ¥ 143 | ¥ 200 | |||
Total fair value of options vested | 30 | ¥ 195 | 225 | 149 | |||
Unrecognized share-based compensation cost | $ 91 | ¥ 592 | |||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 9 months 18 days | 2 years 9 months 18 days | |||||
The weighted-average grant-date fair value of options granted during respective years | $ 747.45 | $ 659.70 | $ 790 | ||||
Parent Company | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation cost | $ 813 | ¥ 5,300 | |||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 10 months 25 days | 2 years 10 months 25 days | |||||
Total fair value of shares vested during respective years, restricted shares | $ 317 | ¥ 2,100 | ¥ 1,100 | ¥ 701 | |||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ 1,977.57 | $ 1,755.90 | $ 1,979.30 | ||||
Parent Company | Restricted Stock | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares vesting term | 4 years | 4 years | |||||
Parent Company | Restricted Stock | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares vesting term | 2 years | 2 years | |||||
Parent Company | 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 | 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 | 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 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance | shares | 3,428,777 | 3,428,777 | |||||
Parent Company | 2008 Plan | Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares vesting term | 4 years | 4 years | |||||
Parent Company | 2008 Plan | Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares vesting term | 2 years | 2 years | |||||
iQIYI | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized share-based compensation cost | $ 73 | ¥ 476 | |||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 9 months 18 days | 2 years 9 months 18 days |
Option Activity - Baidu, Inc. (
Option Activity - Baidu, Inc. (Detail) - Parent Company - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share Option Roll Forward - Number of shares | ||
Outstanding, December 31, 2016 | 231,239 | |
Granted | 151,990 | |
Exercised | (57,072) | |
Forfeited/Cancelled | (10,760) | |
Outstanding, December 31, 2017 | 315,397 | 231,239 |
Vested and expected to vest at December 31, 2017 | 266,234 | |
Exercisable at December 31, 2017 | 100,197 | |
Share Option Roll Forward - Weighted-Average Exercise Price | ||
Outstanding, December 31, 2016 | $ 1,537.40 | |
Granted | 1,860.29 | |
Exercised | 1,177.53 | |
Forfeited/Cancelled | 1,691.10 | |
Outstanding, December 31, 2017 | 1,752.90 | $ 1,537.40 |
Vested and expected to vest at December 31, 2017 | 1,729.96 | |
Exercisable at December 31, 2017 | $ 1,500.53 | |
Share Option Roll Forward - Weighted-Average Remaining Contractual Life (in years) | ||
Outstanding | 7 years 9 months 29 days | 7 years 2 months 30 days |
Vested and expected to vest at December 31, 2017 | 7 years 8 months 2 days | |
Exercisable at December 31, 2017 | 5 years 9 months 25 days | |
Share Option Roll Forward - Aggregate Intrinsic Value (in thousands) | ||
Outstanding, December 31, 2016 | $ 62 | |
Outstanding, December 31, 2017 | 186 | $ 62 |
Vested and expected to vest at December 31, 2017 | 163 | |
Exercisable at December 31, 2017 | $ 84 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate, minimum | 1.81% | 1.13% | 1.31% |
Risk-free interest rate, maximum | 2.08% | 1.47% | 1.36% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility range, minimum | 35.99% | 38.91% | 40.04% |
Expected volatility range, maximum | 38.41% | 40.09% | 40.57% |
Weighted average expected volatility | 38.39% | 39.37% | 40.21% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected life | 4 years 11 months 26 days | 5 years 9 months | 5 years 7 days |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected life | 6 years 4 days | 5 years 11 months 1 day | 5 years 1 month 16 days |
Restricted Shares Activity (Det
Restricted Shares Activity (Detail) - Parent Company | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Restricted Shares Roll Forward - Number of Shares | |
Unvested, December 31, 2016 | shares | 707,271 |
Granted | shares | 427,579 |
Vested | shares | (178,138) |
Forfeited/Cancelled | shares | (137,042) |
Unvested, December 31, 2017 | shares | 819,670 |
Restricted Shares Roll Forward - Weighted Average Grant Date Fair Value | |
Unvested, December 31, 2016 | $ / shares | $ 1,801.15 |
Granted | $ / shares | 1,977.57 |
Vested | $ / shares | 1,777.22 |
Forfeited/Cancelled | $ / shares | 1,792.96 |
Unvested, December 31, 2017 | $ / shares | $ 1,899.37 |
Total Share-Based Compensation
Total Share-Based Compensation Cost Recognized (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Capitalized as part of internal-used software | $ 0 | ¥ 0 | ¥ 0 | ¥ 1 |
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 28 | 183 | 103 | 49 |
Cost of revenues | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 5 | 35 | 9 | 6 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 150 | 973 | 429 | 487 |
Selling, general and administrative | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 20 | 131 | 30 | 21 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 321 | 2,088 | 1,228 | 851 |
Research and development | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 11 | ¥ 67 | ¥ 23 | ¥ 17 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Ctrip.com International, Ltd | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions | $ 115 | ¥ 750 | ¥ 631 | ¥ 89 |
Related Party Balances (Detail)
Related Party Balances (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | $ 26 | ¥ 168 | ¥ 346 | |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | 1 | 9 | 11 | |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | 24 | 153 | 459 | |
Qunar | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [1] | 5 | 35 | 25 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [2] | 4 | 23 | 275 |
Ctrip | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [1] | 16 | 102 | 287 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [2] | 15 | 99 | 125 |
Other Related Parties | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [1] | 5 | 31 | 34 |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | [3] | 1 | 9 | 11 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [2] | $ 5 | ¥ 31 | ¥ 59 |
[1] | The balances mainly represent amounts arising from services the Company provided to its equity method investees in the ordinary course of business | |||
[2] | The balances mainly represent amounts arising from services provided by the Company's equity method investees and cost method investees in the ordinary course of business | |||
[3] | The balances mainly represent rental deposits paid in advance to the related party of one of the executive officers. Pursuant to the rental agreements, certain subsidiaries of the Company rent an office building owned by the family members of the executive officer. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 2 |
Summary of Group's Segment Oper
Summary of Group's Segment Operating Results (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Revenues: | ||||
Online marketing services | $ 11,242 | ¥ 73,146 | ¥ 64,525 | ¥ 64,037 |
Other services | 1,792 | 11,663 | 6,024 | 2,345 |
Total revenues | 13,034 | 84,809 | 70,549 | 66,382 |
Operating costs and expenses: | ||||
Cost of revenues | (6,619) | (43,062) | (35,278) | (27,458) |
Selling, general and administrative | (2,018) | (13,128) | (15,071) | (17,076) |
Research and development | (1,987) | (12,928) | (10,151) | (10,176) |
Total operating costs and expenses | (10,624) | (69,118) | (60,500) | (54,710) |
Operating profit (loss) | 2,410 | 15,691 | 10,049 | 11,672 |
Other income: | ||||
Interest income | 485 | 3,154 | 2,342 | 2,362 |
Interest expense | (248) | (1,615) | (1,158) | (1,041) |
Foreign exchange (loss) income, net | (74) | (482) | 508 | 182 |
Income (loss) from equity method investments | (10) | (63) | (1,026) | 4 |
Other income (loss), net | 707 | 4,598 | 3,794 | 24,728 |
Total other income (loss), net | 860 | 5,592 | 4,460 | 26,235 |
Income (loss) before income taxes | 3,270 | 21,283 | 14,509 | 37,907 |
Income taxes | (460) | (2,995) | (2,913) | (5,475) |
Net income (loss) | 2,810 | 18,288 | 11,596 | 32,432 |
Operating Segments | Baidu Core | ||||
Revenues: | ||||
Online marketing services | 9,818 | 63,880 | 57,944 | 60,312 |
Other services | 584 | 3,801 | 1,526 | 917 |
Total revenues | 10,402 | 67,681 | 59,470 | 61,229 |
Operating costs and expenses: | ||||
Cost of revenues | (3,949) | (25,688) | (23,806) | (21,591) |
Selling, general and administrative | (1,627) | (10,586) | (13,493) | (15,917) |
Research and development | (1,797) | (11,692) | (9,298) | (9,671) |
Total operating costs and expenses | (7,373) | (47,966) | (46,597) | (47,179) |
Operating profit (loss) | 3,029 | 19,715 | 12,873 | 14,050 |
Other income: | ||||
Interest income | 497 | 3,231 | 2,426 | 2,413 |
Interest expense | (230) | (1,497) | (1,149) | (1,041) |
Foreign exchange (loss) income, net | (136) | (883) | 747 | 238 |
Income (loss) from equity method investments | (10) | (63) | (1,026) | 5 |
Other income (loss), net | 707 | 4,597 | 3,732 | 24,736 |
Total other income (loss), net | 828 | 5,385 | 4,730 | 26,351 |
Income (loss) before income taxes | 3,857 | 25,100 | 17,603 | 40,401 |
Income taxes | (461) | (3,001) | (2,915) | (5,523) |
Net income (loss) | 3,396 | 22,099 | 14,688 | 34,878 |
Operating Segments | iQIYI | ||||
Revenues: | ||||
Online marketing services | 1,254 | 8,159 | 5,650 | 3,400 |
Other services | 1,417 | 9,219 | 5,587 | 1,919 |
Total revenues | 2,671 | 17,378 | 11,237 | 5,319 |
Operating costs and expenses: | ||||
Cost of revenues | (2,672) | (17,386) | (11,437) | (6,042) |
Selling, general and administrative | (411) | (2,675) | (1,766) | (1,204) |
Research and development | (195) | (1,270) | (824) | (500) |
Total operating costs and expenses | (3,278) | (21,331) | (14,027) | (7,746) |
Operating profit (loss) | (607) | (3,953) | (2,790) | (2,427) |
Other income: | ||||
Interest income | 13 | 83 | 17 | 5 |
Interest expense | (43) | (278) | (110) | (55) |
Foreign exchange (loss) income, net | 62 | 401 | (239) | (77) |
Income (loss) from equity method investments | 0 | 0 | 0 | (1) |
Other income (loss), net | 0 | 2 | 61 | (8) |
Total other income (loss), net | 32 | 208 | (271) | (136) |
Income (loss) before income taxes | (575) | (3,745) | (3,061) | (2,563) |
Income taxes | 1 | 8 | (13) | (11) |
Net income (loss) | (574) | (3,737) | (3,074) | (2,574) |
Intersegment Eliminations & Adjustments | ||||
Revenues: | ||||
Online marketing services | 170 | 1,107 | 931 | 325 |
Other services | (209) | (1,357) | (1,089) | (491) |
Total revenues | (39) | (250) | (158) | (166) |
Operating costs and expenses: | ||||
Cost of revenues | 2 | 12 | (35) | 175 |
Selling, general and administrative | 20 | 133 | 188 | 45 |
Research and development | 5 | 34 | (29) | (5) |
Total operating costs and expenses | 27 | 179 | 124 | 215 |
Operating profit (loss) | (12) | (71) | (34) | 49 |
Other income: | ||||
Interest income | (25) | (160) | (101) | (56) |
Interest expense | 25 | 160 | 101 | 55 |
Foreign exchange (loss) income, net | 0 | 0 | 0 | 21 |
Income (loss) from equity method investments | 0 | 0 | 0 | 0 |
Other income (loss), net | 0 | (1) | 1 | 0 |
Total other income (loss), net | 0 | (1) | 1 | 20 |
Income (loss) before income taxes | (12) | (72) | (33) | 69 |
Income taxes | 0 | (2) | 15 | 59 |
Net income (loss) | $ (12) | ¥ (74) | ¥ (18) | ¥ 128 |
Fair Value Disclosure and Measu
Fair Value Disclosure and Measurement (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Long-term investments | $ (92) | ¥ (597) | ¥ (245) | ¥ (117) | |
Fair value disclosure | |||||
Intangible assets | (81) | (529) | (213) | 0 | |
Total losses | (362) | (2,358) | (421) | ¥ (117) | |
Long-term notes payable | 5,524 | 33,253 | ¥ 35,943 | ||
Fair value measurements | |||||
Other invested securities | 2,820 | 7,748 | 18,350 | ||
Derivative Instruments | 26 | 168 | |||
Total assets measured at fair value | 9,578 | 37,639 | 62,327 | ||
Short-term Investments | Fixed-rate Investments | |||||
Fair value disclosure | |||||
Fixed-rate held-to-maturity investments | 7,484 | 41,868 | 48,695 | ||
Fair value measurements | |||||
Available-for-sale investments, current | 4,614 | 14,378 | 30,022 | ||
Short-term Investments | Adjustable-rate Debt Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 1,643 | 14,987 | 10,693 | ||
Short-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 29 | ||||
Other Long-term Investments | |||||
Fair value measurements | |||||
Investment accounted for at fair value | 49 | 321 | |||
Other Long-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, noncurrent | 426 | 497 | 2,773 | ||
Time Deposits | |||||
Fair value disclosure | |||||
Cash equivalents | 20 | 1,674 | 130 | ||
Money Market Fund | |||||
Fair value disclosure | |||||
Cash equivalents | 366 | 4,419 | 2,384 | ||
Fair Value, Inputs, Level 3 | |||||
Fair value measurements | |||||
Total assets measured at fair value | 3 | 800 | |||
Fair Value, Inputs, Level 1 | |||||
Fair value measurements | |||||
Total assets measured at fair value | 526 | 2,773 | |||
Fair Value, Inputs, Level 1 | Money Market Fund | |||||
Fair value disclosure | |||||
Cash equivalents | 4,419 | 2,384 | |||
Fair Value, Inputs, Level 2 | |||||
Fair value disclosure | |||||
Long-term notes payable | 33,253 | 35,943 | |||
Fair value measurements | |||||
Derivative Instruments | 168 | ||||
Total assets measured at fair value | 37,113 | 59,233 | |||
Fair Value, Inputs, Level 2 | Short-term Investments | Fixed-rate Investments | |||||
Fair value disclosure | |||||
Fixed-rate held-to-maturity investments | 41,868 | 48,695 | |||
Fair Value, Inputs, Level 2 | Time Deposits | |||||
Fair value disclosure | |||||
Cash equivalents | 1,674 | 130 | |||
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Long-term investments | (88) | (575) | (151) | ||
Fair value disclosure | |||||
Intangible assets | (21) | (139) | (1) | ||
Fixed assets | (11) | (70) | |||
Other non-current assets | (6) | (37) | |||
Total losses | (126) | ¥ (821) | (152) | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||||
Fair value measurements | |||||
Long-term investments | 3 | 203 | |||
Intangible assets | 0 | 272 | |||
Fixed assets | 0 | ||||
Other non-current assets | 4 | ||||
Fair Value, Measurements, Recurring | |||||
Fair value measurements | |||||
Other invested securities | 2,820 | 7,748 | 18,350 | ||
Fair Value, Measurements, Recurring | Short-term Investments | Fixed-rate Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 4,614 | 14,378 | 30,022 | ||
Fair Value, Measurements, Recurring | Short-term Investments | Adjustable-rate Debt Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 1,643 | 14,987 | 10,693 | ||
Fair Value, Measurements, Recurring | Short-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 29 | ||||
Fair Value, Measurements, Recurring | Other Long-term Investments | |||||
Fair value measurements | |||||
Investment accounted for at fair value | 49 | 321 | |||
Fair Value, Measurements, Recurring | Other Long-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, noncurrent | $ 426 | 497 | 2,773 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other Long-term Investments | |||||
Fair value measurements | |||||
Investment accounted for at fair value | 321 | ||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Short-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 29 | ||||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Other Long-term Investments | Equity Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, noncurrent | 497 | 2,773 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||||
Fair value measurements | |||||
Other invested securities | 7,748 | 18,350 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Short-term Investments | Fixed-rate Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | 14,378 | 30,022 | |||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Short-term Investments | Adjustable-rate Debt Investments | |||||
Fair value measurements | |||||
Available-for-sale investments, current | ¥ 14,987 | ¥ 10,693 |