Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Baidu, Inc. |
Entity Central Index Key | 0001329099 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Transition Report | false |
Document Annual Report | true |
Document Shell Company Report | false |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity File Number | 000-51469 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Baidu Campus |
Entity Address, Address Line Two | No. 10 Shangdi 10th Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100085 |
Entity Address, Country | CN |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | Beijing, The People’s Republic of China |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Baidu Campus |
Entity Address, Address Line Two | No. 10 Shangdi 10th Street |
Entity Address, City or Town | Haidian District |
Entity Address, Postal Zip Code | 100085 |
Entity Address, Country | CN |
Local Phone Number | 5992-8888 |
City Area Code | 86 10 |
Contact Personnel Name | Rong Luo, Chief Financial Officer |
Contact Personnel Fax Number | (86 10) 5992-0000 |
Contact Personnel Email Address | ir@baidu.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Entity Common Stock, Shares Outstanding | 2,280,411,080 |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Class A ordinary shares, par value US$0.000000625 per share |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 524,780,320 |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | BIDU |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | American depositary shares |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 25,231 | $ 3,554 | ¥ 53,156 |
Restricted cash | 11,503 | 1,620 | 11,330 |
Short-term investments, net of allowance of RMB277 and RMB385 (US$54) as of December 31, 2022 and 2023, respectively | 168,670 | 23,757 | 120,839 |
Accounts receivable, net of allowance of RMB2,554 and RMB3,176 (US$447) as of December 31, 2022 and 2023, respectively | 10,848 | 1,528 | 11,733 |
Other current assets, net | 12,579 | 1,772 | 10,360 |
Total current assets | 230,255 | 32,432 | 212,850 |
Non-current assets: | |||
Fixed assets, net | 27,960 | 3,938 | 23,973 |
Licensed copyrights, net | 6,967 | 981 | 6,841 |
Produced content, net | 13,377 | 1,884 | 13,002 |
Intangible assets, net | 881 | 124 | 1,254 |
Goodwill | 22,586 | 3,181 | 22,477 |
Long-term investments, net | 47,957 | 6,755 | 55,297 |
Long-term time deposits and held-to-maturity investments | 24,666 | 3,474 | 23,629 |
Deferred tax assets, net | 2,100 | 296 | 2,129 |
Operating lease right-of-use assets | 10,851 | 1,528 | 10,365 |
Other non-current assets | 18,964 | 2,671 | 19,096 |
Total non-current assets | 176,504 | 24,859 | 178,123 |
Total assets | 406,759 | 57,291 | 390,973 |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB30,368 and RMB34,056 (US$4,797) as of December 31, 2022 and 2023, respectively): | |||
Short-term loans | 10,300 | 1,445 | 5,343 |
Accounts payable and accrued liabilities | 37,717 | 5,312 | 38,014 |
Customer deposits and deferred revenue | 14,627 | 2,060 | 13,116 |
Deferred income | 306 | 43 | 72 |
Long-term loans, current portion | 2 | 0 | 0 |
Convertible senior notes, current portion | 2,802 | 395 | 8,305 |
Notes payable, current portion | 6,029 | 849 | 6,904 |
Operating lease liabilities | 3,108 | 438 | 2,809 |
Total current liabilities | 76,451 | 10,768 | 79,630 |
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB6,663 and RMB6,753 (US$951) as of December 31, 2022 and 2023, respectively): | |||
Deferred income | 200 | 28 | 159 |
Deferred revenue | 481 | 68 | 331 |
Long-term loans | 14,223 | 2,003 | 13,722 |
Notes payable | 34,990 | 4,928 | 39,893 |
Convertible senior notes | 8,144 | 1,147 | 9,568 |
Deferred tax liabilities | 2,725 | 384 | 2,898 |
Operating lease liabilities | 5,040 | 710 | 4,810 |
Other non-current liabilities | 1,820 | 257 | 2,058 |
Total non-current liabilities | 67,700 | 9,536 | 73,538 |
Total liabilities | 144,151 | 20,304 | 153,168 |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 9,465 | 1,333 | 8,393 |
Equity | |||
Additional paid-in capital | 87,099 | 12,268 | 79,855 |
Treasury stock | (3,818) | (538) | (5,264) |
Retained earnings | 161,240 | 22,710 | 148,341 |
Accumulated other comprehensive income (loss) | (895) | (126) | 546 |
Total Baidu, Inc. shareholders' equity | 243,626 | 34,314 | 223,478 |
Noncontrolling interests | 9,517 | 1,340 | 5,934 |
Total equity | 253,143 | 35,654 | 229,412 |
Total liabilities, redeemable noncontrolling interests and equity | 406,759 | 57,291 | 390,973 |
Related Party [Member] | |||
Current assets: | |||
Amounts due from related parties | 1,424 | 201 | 5,432 |
Non-current assets: | |||
Amounts due from related parties | 195 | 27 | 60 |
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB30,368 and RMB34,056 (US$4,797) as of December 31, 2022 and 2023, respectively): | |||
Amounts due to related parties | 1,603 | 226 | 5,067 |
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB6,663 and RMB6,753 (US$951) as of December 31, 2022 and 2023, respectively): | |||
Other non-current liabilities | 77 | 11 | 99 |
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, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares |
Allowance for short term investment | ¥ 385 | $ 54 | ¥ 277 | |
Allowance for doubtful accounts receivable | 3,176 | 447 | 2,554 | $ 360 |
Total current liabilities | 76,451 | 10,768 | 79,630 | |
Total non-current liabilities | 67,700 | 9,536 | 73,538 | |
Variable Interest Entity, Primary Beneficiary | ||||
Total current liabilities | 34,056 | 4,797 | 30,368 | |
Total non-current liabilities | ¥ 6,753 | $ 951 | ¥ 6,663 | |
Class A Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 |
Common stock, shares issued | 2,377,739,600 | 2,377,739,600 | 2,360,419,600 | 2,360,419,600 |
Common stock, shares outstanding | 2,280,411,080 | 2,280,411,080 | 2,254,485,072 | 2,254,485,072 |
Class B Ordinary Shares | ||||
Common stock, par value per share | $ / shares | $ 0.00000 | $ 0.00000 | ||
Common stock, shares authorized | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 |
Common stock, shares issued | 524,780,320 | 524,780,320 | 542,100,320 | 542,100,320 |
Common stock, shares outstanding | 524,780,320 | 524,780,320 | 542,100,320 | 542,100,320 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income ¥ in Millions, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenues: | ||||
Total revenues | ¥ 134,598 | $ 18,958 | ¥ 123,675 | ¥ 124,493 |
Operating costs and expenses: | ||||
Cost of revenues | 65,031 | 9,159 | 63,935 | 64,314 |
Selling, general and administrative | 23,519 | 3,314 | 20,514 | 24,723 |
Research and development | 24,192 | 3,407 | 23,315 | 24,938 |
Total operating costs and expenses | 112,742 | 15,880 | 107,764 | 113,975 |
Operating profit | 21,856 | 3,078 | 15,911 | 10,518 |
Other income (loss): | ||||
Interest income | 8,009 | 1,128 | 6,245 | 5,551 |
Interest expense | (3,248) | (457) | (2,913) | (3,421) |
Foreign exchange gain (loss), net | 595 | 84 | (1,484) | 100 |
Share of losses from equity method investments | (3,799) | (535) | (1,910) | (932) |
Others, net | 1,785 | 252 | (5,737) | (1,038) |
Total other income (loss), net | 3,342 | 472 | (5,799) | 260 |
Income before income taxes | 25,198 | 3,550 | 10,112 | 10,778 |
Income taxes | 3,649 | 514 | 2,578 | 3,187 |
Net income | 21,549 | 3,036 | 7,534 | 7,591 |
Less: net (loss) income attributable to noncontrolling interests | 1,234 | 175 | (25) | (2,635) |
Net income attributable to Baidu, Inc. | 20,315 | 2,861 | 7,559 | 10,226 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (913) | (129) | (751) | (88) |
Unrealized losses on available-for-sale investments, net of reclassification | (201) | (28) | (392) | (190) |
Unrealized gains (losses) on derivatives | (422) | (59) | 1,266 | 149 |
Other comprehensive (loss) income, net of tax | (1,536) | (216) | 123 | (129) |
Comprehensive income | 20,013 | 2,820 | 7,657 | 7,462 |
Less: comprehensive (loss) income attributable to noncontrolling interests | 1,139 | 160 | (456) | (2,557) |
Comprehensive income attributable to Baidu, Inc. | ¥ 18,874 | $ 2,660 | ¥ 8,113 | ¥ 10,019 |
Common Class A and Class B | ||||
Earnings per shares: | ||||
Basic | (per share) | ¥ 6.98 | $ 0.98 | ¥ 2.5 | ¥ 3.58 |
Diluted | (per share) | ¥ 6.89 | $ 0.97 | ¥ 2.48 | ¥ 3.51 |
Weighted average number of Class A and Class B ordinary shares outstanding | ||||
Basic | 2,807 | 2,807 | 2,782 | 2,758 |
Diluted | 2,837 | 2,837 | 2,809 | 2,814 |
Class A Ordinary Shares | ||||
Earnings per shares: | ||||
Basic | (per share) | ¥ 6.98 | $ 0.98 | ¥ 2.5 | ¥ 3.58 |
Diluted | (per share) | ¥ 6.89 | $ 0.97 | ¥ 2.48 | ¥ 3.51 |
Weighted average number of Class A and Class B ordinary shares outstanding | ||||
Basic | 2,278 | 2,278 | 2,232 | 2,198 |
Diluted | 2,837 | 2,837 | 2,809 | 2,814 |
Class A Ordinary Shares | American Depositary Shares | ||||
Earnings per shares: | ||||
Basic | (per share) | ¥ 55.83 | $ 7.86 | ¥ 20.02 | ¥ 28.64 |
Diluted | (per share) | ¥ 55.08 | $ 7.76 | ¥ 19.85 | ¥ 28.07 |
Online Marketing Services | ||||
Revenues: | ||||
Total revenues | ¥ 81,203 | $ 11,437 | ¥ 74,711 | ¥ 80,695 |
Others | ||||
Revenues: | ||||
Total revenues | ¥ 53,395 | $ 7,521 | ¥ 48,964 | ¥ 43,798 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class A Ordinary Shares | |||
Number of Class A ordinary shares representing one American depositary shares (ADSs) | 8 | 8 | 8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Cash flows from operating activities: | |||||
Net income | ¥ 21,549 | $ 3,036 | ¥ 7,534 | ¥ 7,591 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation of fixed assets and computer parts | 7,390 | 1,041 | 6,477 | 5,884 | |
Amortization and impairment of intangible assets | 430 | 61 | 467 | 471 | |
Deferred income tax, net | (163) | (23) | (99) | (449) | |
Share-based compensation | 6,345 | 894 | 6,788 | 7,056 | |
Allowance for credit losses | 693 | 98 | 701 | 989 | |
Investment and interest (income) loss | (3,765) | (530) | 4,010 | (3,930) | |
Amortization of licensed copyrights | 7,088 | 998 | 7,781 | 10,083 | |
Amortization and impairment of produced content | 6,549 | 922 | 5,359 | 6,121 | |
Impairment of long-term investments and other assets | 910 | 128 | 3,058 | 4,445 | |
Share of losses from equity method investments | 3,799 | 535 | 1,910 | 932 | |
Gain on disposal of subsidiaries or business | (157) | (22) | (868) | (45) | |
Gain on disposal of fixed assets | (36) | (5) | (58) | (81) | |
Barter transaction revenue | (418) | (59) | (876) | (1,244) | |
Accretion on convertible senior notes and others | 332 | 47 | 146 | 618 | |
Other non-cash expenses (income) | (864) | (121) | 598 | 372 | |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||||
Accounts receivable | 216 | 30 | (2,369) | (2,144) | |
Amounts due from related parties | (196) | (28) | 264 | (695) | |
Licensed copyrights | (6,381) | (899) | (6,144) | (9,731) | |
Produced content | (6,928) | (976) | (7,391) | (10,492) | |
Other assets | (691) | (98) | 965 | (3,644) | |
Customer deposits and deferred revenue | 1,645 | 232 | (460) | 622 | |
Accounts payable and accrued liabilities and other non-current liabilities | (858) | (122) | (1,450) | 7,141 | |
Deferred income | 273 | 38 | 16 | (29) | |
Amounts due to related parties | (147) | (20) | (189) | 281 | |
Net cash provided by operating activities | 36,615 | 5,157 | 26,170 | 20,122 | |
Cash flows from investing activities: | |||||
Acquisition of fixed assets | (11,190) | (1,576) | (8,286) | (10,896) | |
Acquisition of businesses, net of cash acquired | (115) | (16) | (14) | (247) | |
Acquisition of intangible assets | (105) | (15) | (107) | (344) | |
Purchases of time deposits and held-to-maturity investments | (198,658) | (27,980) | (173,934) | (171,526) | |
Maturities of time deposits and held-to-maturity investments | 152,877 | 21,532 | 178,831 | 156,700 | |
Purchases of available-for-sale debt investments | (3,335) | (470) | (7,587) | (25,575) | |
Sales and maturities of available-for-sale debt investments | 2,155 | 304 | 9,288 | 25,895 | |
Purchases of equity investments | (1,487) | (209) | (3,628) | (3,395) | |
Proceeds from disposal of equity investments | 6,884 | 969 | 1,984 | 9,908 | |
Disposal of subsidiaries' shares | 15 | 2 | 270 | 0 | |
Loans provided to third parties | (1,472) | (207) | 0 | (810) | |
Loans provided to related parties | (1) | (859) | 0 | ||
Repayment of loans provided to third parties | 0 | 810 | |||
Repayment of loans provided to related parties | 3,946 | 556 | 0 | 0 | |
Prepayments made for the acquisition of businesses | 0 | (12,035) | |||
Other investing activities | 89 | 12 | 98 | 71 | |
Net cash used in investing activities | (50,397) | (7,098) | (3,944) | (31,444) | |
Cash flows from financing activities: | |||||
Proceeds from short-term loans | 15,928 | 2,243 | 6,273 | 4,487 | |
Repayments of short-term loans | (11,026) | (1,553) | (5,084) | (3,365) | |
Proceeds from long-term loans | 130 | 18 | 0 | 12,673 | |
Repayments of long-term loans and borrowings from third party investors | (7,327) | (1,032) | (11,451) | (7,277) | |
Repayment of loans borrowed from related parties | (3,477) | (490) | 0 | 0 | |
Proceeds from issuance of long-term notes, net of issuance costs | 0 | 6,440 | |||
Proceeds from issuance of convertible senior notes, net of issuance costs | 4,415 | 622 | 3,449 | 633 | |
Repayments or redemption of convertible senior notes | (11,736) | (1,653) | 0 | (4,751) | |
Proceeds from issuance of subsidiaries' shares | 3,461 | 488 | 1,227 | 684 | |
Repurchase of ordinary shares | (4,764) | (671) | (1,925) | (7,581) | |
Proceeds from exercise of share options | 103 | 15 | 200 | 335 | |
Proceeds from issuance of redeemable noncontrolling interests | 351 | 49 | 1,212 | 4,935 | |
Acquisition of redeemable noncontrolling interests and noncontrolling interests in a subsidiary | (86) | (880) | |||
Proceeds from Hong Kong listing, net of issuance costs | 0 | 19,873 | |||
Return of equity to noncontrolling interest shareholders | 0 | (2,701) | |||
Other financing activities | (220) | (31) | (205) | (109) | |
Net cash provided by/(used in) financing activities | (14,162) | (1,995) | (6,390) | 23,396 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 282 | 40 | 1,729 | (943) | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (27,662) | (3,896) | 17,565 | 11,131 | |
Cash, cash equivalents and restricted cash at the beginning of the year | 65,236 | 9,188 | 47,671 | 36,540 | |
Cash, cash equivalents and restricted cash at the end of the year | 37,574 | 5,292 | 65,236 | 47,671 | |
Supplemental disclosures: | |||||
Interest paid | 2,764 | 389 | 2,690 | 2,542 | |
Income taxes paid | 3,666 | 516 | 3,525 | 3,253 | |
Non-cash investing and financing activities: | |||||
Acquisition of fixed assets included in accounts payable and accrued liabilities | 1,310 | 184 | 1,000 | 1,843 | |
Reconciliation of cash, cash equivalents and restricted cash: | |||||
Cash and cash equivalents | 25,231 | 3,554 | 53,156 | 36,850 | |
Restricted cash | 11,503 | 1,620 | 11,330 | 10,821 | |
Long-term restricted cash | [1] | 840 | 118 | 750 | |
Cash, cash equivalents and restricted cash at the end of the year | ¥ 37,574 | $ 5,292 | ¥ 65,236 | ¥ 47,671 | |
[1]Long-term restricted cash represents collateral to repayments of the iQIYI PAG Convertible Notes (Note 15). |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity ¥ in Millions, $ in Millions | CNY (¥) | USD ($) | Cumulative effect of accounting change [Member] CNY (¥) | Ordinary Shares CNY (¥) shares | Ordinary Shares USD ($) shares | Ordinary Shares Cumulative effect of accounting change [Member] CNY (¥) | Treasury Stock CNY (¥) shares | Treasury Stock USD ($) shares | Treasury Stock Cumulative effect of accounting change [Member] CNY (¥) | Additional Paid-in Capital CNY (¥) | Additional Paid-in Capital USD ($) | Additional Paid-in Capital Cumulative effect of accounting change [Member] CNY (¥) | Retained Earnings CNY (¥) | Retained Earnings USD ($) | Retained Earnings Cumulative effect of accounting change [Member] CNY (¥) | Accumulated other comprehensive income (loss) CNY (¥) | Accumulated other comprehensive income (loss) USD ($) | Accumulated other comprehensive income (loss) Cumulative effect of accounting change [Member] CNY (¥) | Noncontrolling interests CNY (¥) | Noncontrolling interests USD ($) | Noncontrolling interests Cumulative effect of accounting change [Member] CNY (¥) |
Balances (in shares) at Dec. 31, 2020 | shares | 2,679,129,040 | 2,679,129,040 | 0 | 0 | |||||||||||||||||
Balances at Dec. 31, 2020 | ¥ 188,741 | ¥ 0 | ¥ 0 | ¥ 47,213 | ¥ 135,284 | ¥ 199 | ¥ 6,045 | ||||||||||||||
Net income | 7,591 | 0 | 0 | 0 | 10,226 | 0 | (2,635) | ||||||||||||||
Other comprehensive loss | (129) | 0 | 0 | 0 | 0 | (207) | 78 | ||||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interests | 711 | 0 | 0 | 279 | 0 | 0 | 432 | ||||||||||||||
Acquisition of redeemable noncontrolling interests and noncontrolling interests | 35 | ¥ 0 | ¥ 0 | (692) | 0 | 0 | 727 | ||||||||||||||
Issuance of ordinary shares, net of issuance costs (in shares) | shares | 95,000,000 | 95,000,000 | 0 | 0 | |||||||||||||||||
Issuance of ordinary shares, net of issuance costs | 19,873 | ¥ 0 | ¥ 0 | 19,873 | 0 | 0 | 0 | ||||||||||||||
Exercise of share-based awards (in shares) | shares | 47,547,280 | 47,547,280 | 0 | 0 | |||||||||||||||||
Exercise of share-based awards | 292 | ¥ 0 | ¥ 0 | 292 | 0 | 0 | 0 | ||||||||||||||
Share-based compensation | 7,508 | 0 | 0 | 6,895 | 0 | 0 | 613 | ||||||||||||||
Dividends paid and payable by the Company's subsidiaries | (51) | 0 | 0 | 0 | 0 | 0 | (51) | ||||||||||||||
Accretion of redeemable noncontrolling interests | (391) | 0 | 0 | 0 | (350) | 0 | (41) | ||||||||||||||
Repurchase of ordinary shares | (7,581) | ¥ 0 | ¥ (7,581) | 0 | 0 | 0 | 0 | ||||||||||||||
Repurchase of ordinary shares (in shares) | shares | (57,343,528) | (57,343,528) | 57,343,528 | 57,343,528 | |||||||||||||||||
Reclassification from mezzanine equity to ordinary shares | 153 | 153 | |||||||||||||||||||
Equity component of convertible senior notes issued by iQIYI, net of issuance costs | 49 | ¥ 0 | ¥ 0 | 25 | 0 | 0 | 24 | ||||||||||||||
Others | 3 | ¥ 0 | ¥ 0 | 3 | 0 | 0 | 0 | ||||||||||||||
Balances (in shares) at Dec. 31, 2021 | shares | 2,764,332,792 | 2,764,332,792 | 57,343,528 | 57,343,528 | |||||||||||||||||
Balances at Dec. 31, 2021 | 216,804 | ¥ (636) | ¥ 0 | ¥ 0 | ¥ (7,581) | ¥ 0 | 73,888 | ¥ (738) | 145,160 | ¥ 398 | (8) | ¥ 13 | 5,345 | ¥ (309) | |||||||
Net income | 7,534 | 0 | 0 | 0 | 7,559 | 0 | (25) | ||||||||||||||
Other comprehensive income | 110 | 0 | 0 | 0 | 0 | 541 | (431) | ||||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interests | 1,248 | 0 | 0 | 224 | 0 | 0 | 1,024 | ||||||||||||||
Acquisition of redeemable noncontrolling interests and noncontrolling interests | (86) | ¥ 0 | ¥ 0 | (3) | 0 | 0 | (83) | ||||||||||||||
Exercise of share-based awards (in shares) | shares | 49,560,000 | 49,560,000 | (25,242,088) | (25,242,088) | |||||||||||||||||
Exercise of share-based awards | 175 | ¥ 0 | ¥ 4,242 | 132 | (4,199) | 0 | 0 | ||||||||||||||
Share-based compensation | 6,766 | 0 | 0 | 6,354 | 0 | 0 | 412 | ||||||||||||||
Dividends paid and payable by the Company's subsidiaries | (20) | 0 | 0 | 0 | 0 | 0 | (20) | ||||||||||||||
Accretion of redeemable noncontrolling interests | (593) | 0 | 0 | 0 | (591) | 0 | (2) | ||||||||||||||
Repurchase of ordinary shares | (1,925) | ¥ 0 | ¥ (1,925) | 0 | 0 | 0 | 0 | ||||||||||||||
Repurchase of ordinary shares (in shares) | shares | (17,307,400) | (17,307,400) | 17,307,400 | 17,307,400 | |||||||||||||||||
Disposal of subsidiaries' shares | 37 | ¥ 0 | ¥ 0 | 0 | 14 | 0 | 23 | ||||||||||||||
Others | (2) | ¥ 0 | ¥ 0 | (2) | 0 | 0 | 0 | ||||||||||||||
Balances (in shares) at Dec. 31, 2022 | shares | 2,796,585,392 | 2,796,585,392 | 49,408,840 | 49,408,840 | |||||||||||||||||
Balances at Dec. 31, 2022 | 229,412 | ¥ 0 | ¥ (5,264) | 79,855 | 148,341 | 546 | 5,934 | ||||||||||||||
Net income | 21,549 | 0 | 0 | 0 | 20,315 | 0 | 1,234 | ||||||||||||||
Other comprehensive loss | (1,536) | ¥ 0 | ¥ 0 | 0 | 0 | (1,441) | (95) | ||||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interests (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Issuance of shares by the Company's subsidiaries to noncontrolling interests | 3,449 | ¥ 0 | ¥ 0 | 1,274 | 0 | 0 | 2,175 | ||||||||||||||
Exercise of share-based awards (in shares) | shares | 51,267,008 | 51,267,008 | (50,887,168) | (50,887,168) | |||||||||||||||||
Exercise of share-based awards | 108 | ¥ 0 | ¥ 6,210 | 0 | (6,102) | 0 | 0 | ||||||||||||||
Share-based compensation (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Share-based compensation | 6,316 | ¥ 0 | ¥ 0 | 5,965 | 0 | 0 | 351 | ||||||||||||||
Dividends paid and payable by the Company's subsidiaries (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Dividends paid and payable by the Company's subsidiaries | (78) | ¥ 0 | ¥ 0 | 0 | 0 | 0 | (78) | ||||||||||||||
Accretion of redeemable noncontrolling interests (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Accretion of redeemable noncontrolling interests | (721) | ¥ 0 | ¥ 0 | 0 | (717) | 0 | (4) | ||||||||||||||
Repurchase of ordinary shares | (4,764) | ¥ 0 | ¥ (4,764) | 0 | 0 | 0 | 0 | ||||||||||||||
Repurchase of ordinary shares (in shares) | shares | (42,661,000) | (42,661,000) | 42,661,000 | 42,661,000 | |||||||||||||||||
Others | (592) | ¥ 0 | ¥ 0 | 5 | (597) | 0 | 0 | ||||||||||||||
Others (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Balances (in shares) at Dec. 31, 2023 | shares | 2,805,191,400 | 2,805,191,400 | 41,182,672 | 41,182,672 | |||||||||||||||||
Balances at Dec. 31, 2023 | ¥ 253,143 | $ 35,654 | ¥ 0 | $ 0 | ¥ (3,818) | $ (538) | ¥ 87,099 | $ 12,268 | ¥ 161,240 | $ 22,710 | ¥ (895) | $ (126) | ¥ 9,517 | $ 1,340 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Baidu, Inc. (“Baidu” or the “Company”) was incorporated under the laws of the Cayman Islands on January 18, 2000. The Company, its subsidiaries, variable interest entities (“VIEs”) and subsidiaries of the VIEs are hereinafter collectively referred to as the “Group”. As of December 31, 2023, the Company has major subsidiaries incorporated in countries and jurisdictions including mainland China, Hong Kong, Cayman Islands and British Virgin Islands (“BVI”). As of December 31, 2023, the Company also effectively controls a number of VIEs through the Primary Beneficiaries, as defined below. The VIEs include: • Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), controlled by the Company; • Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”), controlled by the Company; • Beijing iQIYI Science & Technology Co., Ltd. (“Beijing iQIYI”), and other VIEs controlled by iQIYI, Inc. (“iQIYI VIEs”); and • Other VIEs controlled by the Company or the Company’s subsidiaries. The Group’s operations consist of Baidu Core and iQIYI. Baidu Core offers online marketing services, and other services including cloud services and other growth initiatives including intelligent driving, Xiaodu smart devices, etc. iQIYI is an innovative market-leading online entertainment service provider in China and offers membership services, online advertising services, content distribution and other services. iQIYI’s platform features iQIYI original content, as well as a comprehensive library of other professionally produced content (PPC), professional user generated content (PUGC) and user-generated content. The Group’s principal geographic market is in mainland China. The Company does not conduct any substantive operations of its own, but conducts its primary business operations through its subsidiaries incorporated in mainland China and contractual arrangements with the VIEs based in mainland China. The Group’s internet content services, value-added telecommunication-based services, internet map services, online audio and video services, and mobile application distribution businesses in mainland China have been conducted through the applicable VIEs in order to comply with the laws and regulations of mainland China, which restrict and impose conditions on foreign direct investment in companies involved in the provision of such businesses. To comply with these foreign ownership restrictions, the Group operates its websites and primarily provides services subject to such restriction in mainland China through the VIEs, the mainland China legal entities that were established or whose equity shares were held by the individuals authorized by the Group. The paid-in capital the paid-in capital The shareholders of the VIEs effectively assigned all of their voting rights underlying their equity interests in the VIEs to the Primary Beneficiaries. In addition, through the other exclusive agreements, which consist of exclusive equity purchase and transfer option agreements/exclusive purchase option agreements, commitment letters, operating agreements/business operation agreements, exclusive technology consulting and services agreements and license agreements, the Primary Beneficiaries, by themselves or their wholly-owned subsidiaries in mainland China, 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 Accounting Standards Codification (“ASC”) Topic 810, 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 the relevant laws of mainland China, rules and regulations for the operation of Internet businesses in mainland China, and therefore are integral to the Company’s operations. The principal terms of the arrangements entered into amongst the VIEs, their respective shareholders and the Primary Beneficiaries are further described below. Proxy Agreements/Shareholder Voting Rights Trust Agreements/Powers of Attorney Pursuant to the proxy agreement between the Company 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 the Company. The shareholders of Baidu Netcom have each executed an irrevocable power of attorney to appoint the person(s) designated by the Company as their attorney-in-fact attorney-in-fact Each of the proxy agreements or shareholder voting rights trust agreements amongst the Company or other subsidiaries and the shareholders of Beijing Perusal and other VIEs contains substantially the same terms as those described above. Each of the proxy agreements or shareholder voting rights trust agreements will be in effect for an unlimited term unless terminated in writing by the Company or other subsidiaries. Each of the powers of attorney will be in effect for as long as the shareholder of Beijing Perusal or other VIEs, including iQIYI VIEs, holds any equity interests in Beijing Perusal or other VIEs, including iQIYI VIEs, as the case may be. Exclusive Equity Purchase and Transfer Option Agreements/ Exclusive Purchase Option Agreements Pursuant to the exclusive equity purchase and transfer option agreement amongst the shareholders of Baidu Netcom, the Company and Baidu Online, the shareholders of Baidu Netcom irrevocably granted the Company or its designated person(s) (including Baidu Online) an exclusive option to purchase, to the extent permitted under the laws of mainland China, 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 laws of mainland China. The shareholders of Baidu Netcom must remit to Baidu Online any amount that is paid by Baidu Online in connection with the purchased equity interests as requested by the Company or its designated person(s) (including Baidu Online) to the extent permitted by the applicable laws. The Company 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 made by Baidu Netcom to its shareholders must be repaid to the Company in full. The Company or its designated person(s) (including Baidu Online) also have the exclusive right to cause the shareholders of Baidu Netcom to transfer their equity interests in Baidu Netcom to the Company or any designated third party. The Company 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 the Company (through Baidu Online), the Company will unconditionally forgive any such loans to Baidu Netcom provided that Baidu Netcom provides sufficient proof for its loss and incapacity to repay. In addition, the shareholders of Baidu Netcom must appoint the candidates recommended by Baidu Online as their representatives on Baidu Netcom’s board of directors. The agreement will terminate when the shareholders of Baidu Netcom have transferred all their equity interests in Baidu Netcom to the Company or its designated person(s) or upon expiration of the term of business of the Company or Baidu Netcom. Each of the exclusive equity purchase and transfer option agreement/exclusive purchase option agreement amongst the Company, Baidu Online, Beijing Perusal and its shareholders and iQIYI, Beijing QIYI Century, Beijing iQIYI and its shareholders contains substantially the same terms as those described above, except that the original term of the amended and restated exclusive purchase option agreement amongst iQIYI, Beijing QIYI Century, Beijing iQIYI and its shareholder is ten years, which has been extended to November 22, 2032, and can be further renewed at iQIYI’s discretion. Exclusive Technology Consulting and Services Agreements Pursuant to the exclusive technology consulting and services agreement between Baidu Online and Baidu Netcom, Baidu Online has the exclusive right to provide 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 or other subsidiaries and Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms as those described above, except the basis of determining the service fees may differ and that the original term of the exclusive technology consulting and services agreement between Beijing QIYI Century and Beijing iQIYI dated November 23, 2011 is ten years, and has been extended for another ten years to November 23, 2031 in December 2020, and can be further renewed at the discretion of Beijing QIYI Century. Operating Agreements/Business Operation Agreements 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, financial affairs and employment and dismissal of staff. 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 approval authorities. The operating agreement amongst Baidu Online, Beijing Perusal and its shareholders contains substantially the same terms as those described above. Pursuant to the amended and restated business operation agreement amongst Beijing QIYI Century, Beijing iQIYI and its shareholder, Beijing QIYI Century provides guidance and instructions on Beijing iQIYI’s daily operations and financial affairs. In addition, Beijing QIYI Century agrees to guarantee Beijing iQIYI’s performance under any agreements or arrangements relating to Beijing iQIYI’s business arrangements with any third party. The agreement can only be unilaterally revoked by Beijing QIYI Century. The original term of the agreement dated January 30, 2013 is ten years, which has been extended for another ten years to January 30, 2033 in December 2020, and can be further renewed at Beijing QIYI Century’s discretion. Loan Agreements Pursuant to loan agreements amongst the shareholders of Baidu Netcom and Baidu Online Network Technology (Beijing) Co., Ltd. (“Baidu Online”), one of the Company’s subsidiaries, Baidu Online provided interest-free loans in an aggregate amount of RMB13.4 billion (US$1.9 billion) 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 the sale of the shareholders’ equity interest s Pursuant to loan agreements amongst the shareholders of Baidu Perusal and Baidu Online, the amount of loans extended to the respective shareholders of Beijing Perusal is RMB3.2 billion (US$450 million). The term of the loan agreements will expire on March 30, 2028 and October 29, 2029, and can be extended with the written consent of both parties before its expiration. Each of the loan agreements amongst Baidu Online or other subsidiaries and the respective shareholders of Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms as those described above, except that the amount of the loans and the contract expiration date varies. The term of the loan agreement amongst Beijing QIYI Century Science & Technology Co., Ltd (“Beijing QIYI Century”, a wholly-owned foreign enterprise of iQIYI) and the shareholder of Beijing iQIYI expired on June 23, 2021 originally, which was extended in December 2020 for another ten years to June 23, 2031 and can be further extended upon the written notification from Beijing QIYI Century. Equity Pledge Agreements 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 terminate on the date when Baidu Netcom and its shareholders have completed all their respective obligations under the exclusive technology consulting and services agreement and the loan agreement, but such agreement will expire two years after expiration of the term of the obligations of Baidu Netcom and its shareholders under the exclusive technology consulting and service agreement and the loan agreements if they fail to fulfill such obligations thereunder. Each of the equity pledge agreements amongst Baidu Online or other subsidiaries and the shareholders of Beijing Perusal or other VIEs, including iQIYI VIEs, contains substantially the same terms, including its term to expiration, as those described above. Business Cooperation Agreement Pursuant to the business cooperation agreement amongst Beijing QIYI Century and Beijing iQIYI effective November 23, 2011, Beijing iQIYI agrees to provide Beijing QIYI Century with services, including internet information services, online advertising and other services reasonably necessary within the scope of Beijing QIYI Century’s business. Beijing iQIYI agrees to use technology services provided by Beijing QIYI Century on its platform, including but not limited to, P2P download and video on-demand has 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 approval authorities. Baidu Online entered into web layout copyright license agreements with Beijing Perusal. Each of the license agreements between Baidu Online and Beijing Perusal or other VIEs contains substantially the same terms as those described above. Each of the web layout copyright license agreements were renewed in 2013 and would be in effect for an unlimited term, until the term of business of one party expires and extension is denied by the approval authorities. Pursuant to the trademark license agreement and the software usage license agreement amongst Beijing QIYI Century and Beijing iQIYI effective November 23, 2011, Beijing QIYI Century granted a non-exclusive non-transferable one-year Commitment Letters Pursuant to the commitment letter dated January 30, 2013, under the condition that Beijing iQIYI remains as a consolidated variable interest entity of iQIYI under United States generally accepted accounting principles (“U.S. GAAP”) and the relevant contractual arrangements remain in effect, iQIYI commits to provide unlimited financial support to Beijing iQIYI, if Beijing iQIYI requires any form of reasonable financial support for its normal business operations. If Beijing iQIYI incurs any losses and as a result cannot repay its loans from iQIYI and Beijing QIYI Century, one of iQIYI’s subsidiaries, iQIYI and Beijing QIYI Century would unconditionally forgive their loans to Beijing iQIYI, if Beijing iQIYI provides sufficient proof for its loss and incapacity to repay. The commitment letters executed by other iQIYI VIEs contain terms similar to the terms described above. Through the contractual arrangements, the shareholders of the VIEs effectively assigned their full voting rights to the Company or its subsidiaries, which gives the Company or its subsidiaries the power to direct the activities that most significantly impact the VIEs’ economic performance. The Company or its subsidiaries obtain the ability to approve decisions made by the VIEs and the ability to acquire the equity interests in the VIEs when permitted by the laws of mainland China. The Company or its subsidiaries are obligated to absorb losses or receive economic benefits of the VIEs that could potentially be significant to the VIEs through providing unlimited financial support to the VIEs or are 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, the Company or its subsidiaries are determined to be the primary beneficiary of the VIEs and consolidates the VIEs as required by ASC Topic 810, Consolidation Through the contractual arrangements, the shareholders of the iQIYI VIEs effectively assigned all of their voting rights underlying their equity interests in iQIYI VIEs to iQIYI. In addition, through the other exclusive agreements, which consist of the operation agreements, business cooperating agreements, exclusive technology consulting and services agreements and trademark and software usage license agreements, iQIYI, through its wholly-owned subsidiaries in mainland China, have the right to receive economic benefits from iQIYI VIEs that potentially could be significant to iQIYI VIEs. Lastly, through the commitment letters, iQIYI has the obligation to absorb losses of iQIYI VIEs that could potentially be significant to iQIYI VIEs. Therefore, iQIYI is considered the primary beneficiary of iQIYI VIEs and consolidates iQIYI VIEs and their subsidiaries . In the opinion of the Company’s legal counsel, (i) the ownership structure relating to the VIEs of the Company is in compliance with the laws and regulations of mainland China; (ii) the contractual arrangements with the VIEs and their shareholders constituted legal, valid and binding obligations of such party, and are enforceable against such party in accordance with their respective terms; and (iii) the execution, delivery and performance by the VIEs and their shareholders, and the contractual arrangements as a whole, do not result in any violation of the provisions of the articles of association and business licenses of the VIEs, and any violation of any current laws and regulations of mainland China. 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 laws or regulations of mainland China 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 breach the existing terms of the aforementioned arrangements. On January 1, 2020, the Foreign Investment Law came into effect and became the principal laws and regulations governing foreign investment in mainland China. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all In addition, if the current organizational structure or any of the contractual arrangements were found to be in violation of any existing and/or future laws or regulations of mainland China, 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 cause the Company to lose its right to direct the activities that most significantly impact the VIEs and/or the right to receive economic benefits that could potentially be significant to the VIEs based on the contractual arrangements, which may result in the Company no longer being able to consolidate the financial results of the VIEs in the consolidated financial statements. 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 breach the existing terms of the aforementioned agreements. The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the consolidating financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Assets Cash and cash equivalents 3,781 4,838 681 Short-term investments, net 4,650 5,055 712 Accounts receivable, net 8,408 7,642 1,076 Others 8,487 8,286 1,167 Total current assets 25,326 25,821 3,636 Fixed assets, net 7,624 9,084 1,279 Intangible assets, net 1,209 835 118 Licensed copyrights, net 1,952 1,951 275 Produced content, net 12,534 12,349 1,739 Long-term investments, net 18,157 17,428 2,455 Long-term time deposits and held-to-maturity 300 330 46 Operating lease right-of-use 5,460 6,241 879 Others 10,829 11,266 1,587 Total non-current 58,065 59,484 8,378 Total 83,391 85,305 12,014 Liabilities Accounts payable and accrued liabilities 15,749 16,385 2,308 Customer deposits and deferred revenue 7,387 8,007 1,128 Operating lease liabilities 2,554 2,883 406 Others 4,678 6,781 955 Total current third-party liabilities 30,368 34,056 4,797 Operating lease liabilities 4,565 4,920 693 Others 2,098 1,833 258 Total non-current 6,663 6,753 951 Amounts due to the other entities within Baidu (1) 18,743 13,985 1,970 Total 55,774 54,794 7,718 Note: (1) It represents the elimination of intercompany balances among Baidu, Inc., its subsidiaries and the VIEs and VIEs’ subsidiaries. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and their subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and their subsidiaries, the nature of the assets in these VIEs and their subsidiaries and the type of the involvement of the Company in these VIEs and their subsidiaries. For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Total revenues 61,380 62,121 67,001 9,437 Net (loss) income (220 ) 212 4,202 592 Net cash provided by operating activities 4,121 2,938 5,328 750 Net cash used in investing activities (7,551 ) (1,898 ) (2,381 ) (335 ) Net cash provided by/(used in) financing activities 3,999 (64 ) (1,998 ) (281 ) As of December 31, 2023, there was no pledge or collateralization of the VIEs’ assets that can only be used to settle obligations of the VIEs, other than aforementioned in the equity pledge agreements and collateralization of a VIE’s office building for iQIYI’s short-term loans (Note 13). The amount of the net assets of the VIEs was RMB30.5 billion (US$4.3 billion) as of December 31, 2023. 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 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”). Effective on March 1, 2021, each share of Class A ordinary shares, Class B ordinary shares and preferred shares of a par value of US$0.00005 each in the share capital of the Company (including authorized issued and unissued Class A ordinary shares, Class B ordinary shares and preferred shares) was sub-divided into |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective da tes Comparative Information Certain financial information of the Group’s equity method investees in Note 4, certain produced content related disclosures presented in Note 7 and certain iQIYI’s segment revenue related disclosures presented in Note 25 have been adjusted to conform with the current year’s presentation to facilitate comparison. Use of Estimates The preparation of the 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 standalone selling prices of performance obligations and amounts of variable considerations of revenue contracts, the allowance for credit losses of accounts receivable, contract assets, receivables from online payment agencies, amounts due from related parties and debt securities, fair values of certain debt and equity investments, future viewership consumption patterns and useful lives of licensed copyrights and produced content, future revenues generated by the broadcasting and sublicensing rights of content assets (licensed and produced), ultimate revenue of produced content predominantly monetized on its own, fair values of licensed copyrights and produced contents monetized as a film group or individually, fair value of nonmonetary content exchanges, the useful lives of long-lived assets, impairment of long-lived assets, long-term investments and goodwill, the purchase price allocation, deferred tax valuation allowance, the fair value of share-based awards and estimated forfeitures for share-based awards 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. Change in Accounting Estimate In 2021, the Group reviewed and revised the estimated useful life of its servers from four years to five years. As a result of these revisions, depreciation expense decreased by RMB982 million, net income increased by RMB814 million, and basic and diluted net earnings per Class A and Class B ordinary share increased by RMB0.28 and RMB0.28, respectively, for the year ended December 31, 2021. Currency Translation for Financial Statements Presentation Translations of amounts from RMB into U.S. dollars (US$) for the convenience of the reader have been calculated at the exchange rate of RMB7.0999 per US$1.00 on December 29, 2023, the last business day in fiscal year 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate. Foreign Currency The Company’s functional currency is the US$. 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 income. Transactions denominated in foreign currencies are measured and recorded into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in earnings as a component of “Other income, net.” Segment Reporting As of December 31, 2022 and 2023, the Group had two reportable segments, Baidu Core and iQIYI. Baidu Core mainly provides search-based, feed-based and other online marketing services, cloud services, products and other services from its new AI initiatives. iQIYI is an online entertainment service provider that offers original, professionally produced and partner-generated content on its platform. The Group’s chief executive officer, who has been identified as the chief operating decision maker (“CODM”), reviews the operating results of Baidu Core and iQIYI, to allocate resources and assess the Group’s performance. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC Topic 280, Segment Reporting. Business Combinations The Group accounts for its business combinations using the acquisition method in accordance with ASC Topic 805, Business Combinations In a business combination achieved in stages, the Group 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 are based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, 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 Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Cash, Cash Equivalents and Restricted Cash 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 represents amounts deposited and held in escrow for the acquisition of YY Live, the share purchase agreement for which has been terminated on January 1, 2024, and restricted deposits used as security against convertible senior notes. In the event that the obligation to maintain such restricted deposits is expected to be terminated within the next twelve months, these deposits will be classified as current assets, included in “Restricted cash” in the consolidated balance sheets. Otherwise, they will be classified as non-current non-current Accounts Receivable and Contract Assets, net Accounts receivable are recognized and carried at the original invoiced amount less an allowance for credit losses. The Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer is recognized as a contract asset. The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses Receivables from Online Payment Agencies, net Receivables from online payment agencies are funds due from the third-party online payment service providers for clearing transactions and are included in “Other current assets, net” on the consolidated balance sheets. The cash was paid or deposited by customers or users through these online payment agencies for services provided by the Group. The Group considers and monitors the credit worthiness of the third-party payment service providers and recognizes credit losses based on ongoing credit evaluations. Receivable balances are written off when they are deemed uncollectible. As of December 31, 2022 and 2023, allowance for credit losses provided for the receivables from online payment agencies were insignificant. Investments Short-term All highly liquid investments with original maturities 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 Group accounts for short-term debt investments in accordance with ASC Topic 320, Investments – Debt Securitie . held-to-maturity, available-for-sale, acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. Securities that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities, in accordance with ASC 320. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity available-for-sale The allowance for credit losses of the held-to-maturity held-to-maturity held-to-maturity Long-term investments The Group’s long-term investments consist of equity method investments, equity investments with readily determinable fair value, equity investments without readily determinable fair value, equity investments in private equity funds, other investments accounted for at fair value and available-for-sale Investments in entities in which the Group 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, Investments-Equity Method and Joint Ventures one-quarter The Group evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Group when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial condition and near-term prospects of the investee, and the Group’s intent and ability to retain the investment until the recovery of its cost. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary and is allocated to the individual net assets underlying equity method investments in the following order: 1) reduce any equity method goodwill to zero; 2) reduce the individual basis differences related to the investee’s long-lived assets pro rata based on their amounts relative to the overall basis difference at the impairment date; and 3) reduce the individual basis difference of the investee’s remaining assets in a systematic and rational manner. For equity investments in private equity funds, over which the Group does not have the ability to exercise significant influence, are measured using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures For equity securities without readily determinable fair value and do not qualify for the NAV practical expedient, the Group elects to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes are orderly transactions and identical or similar to an investment held by the Group; and (ii) the selection of appropriate valuation methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between instruments. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in “Others, net” in the consolidated statements of comprehensive income. For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment considering impairment indicators to evaluate whether investments are impaired at each reporting date. Impairment indicators considered include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, including factors that raise significant concerns about the investee’s ability to continue as a going concern, a significant adverse change in the regulatory, economic, or technologic environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. In accordance with ASC Subtopic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities 946-320”) , re-measured Available-for-sale value. Interest income is recognized in earnings. All other changes in the carrying amount of these debt investments are recognized in other comprehensive (loss) income. Long-term time deposits and held-to-maturity Long-term time deposits and held-to-maturity Investments in debt securities with maturities of greater than one year that the Group has positive intent and ability to hold to maturity are classified as long-term held-to-maturity Fair Value Measurements of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, amounts due from and due to related parties, other receivables and long-term investments. The carrying values of the aforementioned financial instruments included in current assets and liabilities approximate their respective fair values because of their general short maturities. The carrying amounts of long-term loans approximate fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of long-term investments, notes payable and convertible senior notes that are not reported at fair value are disclosed in Note 26. 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 – 43 to 45 years Office building related facility, machinery and equipment – 10 to 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 mainly 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, 2021, 2022 and 2023 were insignificant. Licensed Copyrights, net Licensed copyrights consist of professionally-produced content such as films, drama series, variety shows and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability is recorded when the cost of the content is known, the content is accepted by the Group in accordance with the conditions of the license agreement and the content is available for its first showing on the Group’s platforms. Licensed copyrights are presented on the consolidated balance sheets as current and non-current The Group’s licensed copyrights include the right to broadcast and, in some instances, the right to sublicense. The broadcasting right, refers to the right to broadcast the content on its own platforms and the sublicensing right, refers to the right to sublicense the underlying content to external parties. When licensed copyrights include both broadcasting and sublicensing rights, the content costs are allocated to these two rights upon initial recognition, based on the relative proportion of the estimated total revenues that will be generated from each right over its estimated useful lives. For the right to broadcast the contents on its own platforms that generates online advertising and membership services revenues, the content costs are amortized based on factors including historical and estimated future viewership patterns, using an accelerated method by content categories over the shorter of each content’s contractual period or estimated useful lives within ten years, beginning with the month of first availability. Content categories accounting for most of the Group’s content include newly released drama series, newly released films, animations, library drama series and library films. Estimates of future viewership consumption patterns and estimated useful lives are reviewed periodically, at least on an annual basis and revised, if necessary. Revisions to the amortization patterns are accounted for as a change in accounting estimate prospectively in accordance with ASC Topic 250, Accounting Changes and Error Corrections Produced Content, net The Group produces original content in-house ultimate revenue to be earned during the estimated useful lives of produced content based on anticipated release patterns and historical results of similar produced content, which are identified based on various factors, including cast and crew, target audience and popularity. The capitalized production costs are reported separately as noncurrent assets with caption of “Produced content, net” on the consolidated balance sheets. Based on factors including historical and estimated future viewership consumption patterns, the Group amortizes produced content that is predominantly monetized in a film group. For produced content that is monetized on its own, the Group considers historical and estimated usage patterns to determine the pattern of amortization. Based on the estimated patterns, the Group amortizes produced content using an accelerated method over its estimated useful lives within ten years, beginning with the month of first availability and such costs are included in “Cost of revenues” in the consolidated statements of comprehensive income. Impairment of licensed copyrights and produced content The Group’s business model is mainly subscription and advertising based, as such the majority of the Group’s content assets (licensed copyrights and produced content) are predominantly monetized with other content assets, whereas a smaller portion of the Group’s content assets are predominantly monetized at a specific title level such as variety shows and investments in a proportionate share of certain film rights including profit sharing, distribution and/or other rights. Because the identifiable cash flows related to content launched on the Group’s Mainland China platform are largely independent of the cash flows of other content launched on the Group’s overseas platform, the Group has identified two separate film groups. The Group reviews its film groups and individual content for impairment when there are events or changes in circumstances that indicate the fair value of a film group or individual content may be less than its unamortized costs. Examples of such events or changes in circumstances include, a significant adverse change in technological, regulatory, legal, economic, or social factors that could affect the fair value of the film group or the public’s perception of a film or the availability of a film for future showings, a significant decrease in the number of subscribers or forecasted subscribers, or the loss of a major distributor, a change in the predominant monetization strategy of a film that is currently monetized on its own, actual costs substantially in excess of budgeted costs, substantial delays in completion or release schedules, or actual performance subsequent to release failing to meet expectations set before release such as a significant decrease in the amount of ultimate revenue expected to be recognized. When such events or changes in circumstances are identified, the Group assesses whether the fair value of an individual content (or film group) is less than its unamortized film costs, determines the fair value of an individual content (or film group) and recognizes an impairment charge for the amount by which the unamortized capitalized costs exceed the individual content’s (or film group’s) fair value. The Group mainly uses a discounted cash flow approach to determine the fair value of an individual content or film group, of which the most significant inputs include the forecasted future revenues, costs and operating expenses attributable to an individual content or the film group and the discount rate. An impairment loss attributable to a film group is allocated to individual licensed copyrights and produced content within the film group on a pro rata basis using the relative carrying values of those assets as the Group cannot estimate the fair value of individual contents in the film group without undue cost and effort. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill 350-20”), impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. The Group has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. more-likely-than-not The Group performed qualitative assessments for the reporting unit of Baidu Core excluding SLG in 2022 and 2023. Based on the requirements of ASC 350-20, Due to the changing market conditions and fluctuations in the share price of the Group, the Group performed quantitative assessment for the reporting unit of Baidu Core excluding SLG in 2022 and 2023. The Group estimated fair value using the income approach and the market approach. The fair value determined using the income approach was compared with comparable market data and reconciled, as necessary. No impairment loss of goodwill related to the reporting unit of Baidu Core excluding SLG was recorded for the years ended December 31, 2022 and 2023. The Group performed qualitative assessments for the reporting unit of SLG in 2022 and 2023. Based on the requirements of ASC 350-20, more-likely-than-not The Group elected to bypass the qualitative assessment and proceeded directly to perform a quantitative test for the reporting unit of iQIYI. The Group primarily considers the quoted market price of iQIYI’s ordinary shares to determine the fair value of the reporting unit. As of December 31, 2022 and 2023, the fair value of iQIYI exceeded its carrying amount, therefore, goodwill related to the iQIYI reporting unit was not impaired and the Group was not required to perform further testing. Application of a goodwill impairment test requires significant management judgment and estimation, such as identification of reporting units, estimating the fair value of each reporting unit. Estimating the fair value of reporting units using income approach and market approach involved significant assumptions, such as revenue growth rates, profitability in estimating future cash flows, discount rates, earnings multipliers based on market data of comparable companies engaged in a similar business. Changes in these assumptions could materially affect the determination of fair value for each reporting unit. On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of gain or loss recognized upon disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. Intangible assets have weighted average useful lives from the date of purchase as follows: Trademarks – 11 years Technology – 5 years Intellectual property right – 8 years Online literature – 9 years Others – 13 years Intangible assets with 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, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill 350-30”). Impairment of Long-Lived Assets Other Than Goodwill The Group evaluates long-lived assets, such as fixed assets and purchased or internally developed intangible assets with finite lives other than licensed copyrights and produced content, 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 Leases The Group has lease agreements with lease and non-lease The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. For finance leases, assets are included in “Other non-current Revenue Recognition The Group’s revenues are derived principally from online marketing service and others. Revenue is recognized when control of promised goods or services is transferred to the Group’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Revenue is recorded net of valued added taxes (“VAT”). For arrangements that include multiple promised goods or services, the Group would evaluate all of the performance obligations in the arrangement to determine whether each performance obligation is distinct. For arrangements with multiple distinct performance obligations, each distinct performance obligation is separately accounted for and the total consideration is allocated to each performance obligation based on their relative standalone selling price at contract inception. The Group generally determines standalone selling prices based on the prices charged to customers on a standalone basis or estimates it using an expected cost plus margin approach. For arrangement with multiple components that are not distinct within the context of the contract because they have significant integration and the customer can only benefit from these promised goods or services in conjunction with one another, the Group accounts for them as one performance obligation. The Group’s revenue recognition policies by types are as follows: Online marketing services Performance-based online marketing services The Group’s pay-for-performance To the extent the Group provides online marketing services based on performance criteria other than cost-per-click Baidu Union online marketing services Baidu Union is a program through which the Group expands distribution of its customers’ sponsored links or advertisements by leveraging the traffic of Baidu Union partners’ online properties. The Group acquires traffic from Baidu Union partners and is responsible for service fulfillment and pricing. The services which the Group provided to customers through Baidu Union partners’ online properties include CPC, other performance-based online marketing services and online display advertising services. These services are provided in the same way to customers as those through Baidu’s own platforms or properties. As the principal, the Group recognizes revenue from Baidu Union on a gross basis. Payments made to Baidu Union partners are recorded as traffic acquisition costs, which are included in “Cost of revenues” in the consolidated statements of comprehensive income. Online display advertising services The Group provides online display advertising services to its customers by integrating text description, image and/or video, and displaying the advertisement in the search result, in Baidu Feed or on other properties. The Group recognizes revenue on a pro-rata Collection Certain customers of online marketing services are required to pay a deposit before using the Group’s services and are sent automated reminders to replenish their accounts when the balance falls below a designated amount. The deposits received are recorded as “Customer deposits and deferred revenue” on the consolidated balance sheets. The amounts due to the Group are deducted from the deposited amounts when users click on the paid sponsored links in the search results or other performance criteria have been satisfied. In addition, the Group offers payment terms to third-party agents and advertisers based on their historical marketing placements and credibility, consistently with industry practice. Payment terms and conditions vary by customer and are based on the billing schedule established in the Group’s contracts or purchase orders with customers, but the Group generally provides credit terms to customers within one year; therefore, the Group has determined that its contracts do not include a significant financing component. Sales incentives The Group provides major sales incentives to third-party agents, which are identified as customers, that entitle them to receive price reductions on the online marketing services by meeting certain cumulative consumption requirements. The Group accounts for these incentives granted to customers as variable consideration and net them against revenue. The amount of variable consideration is measured based on the expected value of incentives to be provided to customers. Others Video Membership services The Group offers membership services to subscribing members with various privileges, which primarily include access to exclusive and ad-free on-demand manufacturers (TVs and cell phones), mobile operators, internet service providers and online payment agencies, provide access to the membership services or payment processing services as the Group retains control over |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 3. BUSINESS COMBINATIONS In 2021, the Group completed several business combinations, total purchase consideration in aggregate was RMB326 million, among which RMB357 million was allocated to goodwill. In January 2023, the Group acquired 100% equity interests of an entity at a cash consideration of RMB130 million, among which RMB114 million was allocated to goodwill. Goodwill, which is non-deductible 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 Group’s consolidated results of operations. The valuations used in the purchase price allocation were determined by the Group with the assistance of independent third-party valuation firm. The valuation reports considered generally accepted valuation methodologies such as the income, market and cost approaches. The Group entered into definitive agreements with JOYY Inc. (“JOYY”) and certain of its affiliates, to acquire YY Live on November 16, 2020, and subsequently amended the share purchase agreement on February 7, 2021. Pursuant to the share purchase agreement, the closing of this acquisition is subject to certain conditions, including, among others, obtaining necessary regulatory approvals from governmental authorities. The share purchase agreement is subject to termination by either party if the closing does not occur by the long stop date. As of December 31, 2023, the long stop date, the closing conditions provided for in the share purchase agreement had not been fully satisfied. On January 1, 2024, the Group exercised its contractual right to terminate the share purchase agreement. In February 2021, the Group made aggregate payments of US$1.9 billion to JOYY, after considering working capital adjustments of US$0.1 billion and deposited an aggregate of US$1.6 billion into several escrow accounts in accordance with the terms set forth in the share purchase agreement. As of December 31, 2023, US $ billion was recorded as “Other non-current assets” on the consolidated balance sheets and US$ billion was recorded as “ Restricted cash ” on the consolidated balance sheets. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 4. INVESTMENTS Short-term Investments As of December 31, 2022 and 2023, the Group’s short-term investments primarily comprised of deposits in commercial banks with maturities between three months and one year and wealth management products issued by commercial banks and other financial institutions. During the years ended December 31, 2021, 2022 and 2023, the Group recorded interest income from its short-term investments of RMB4.5 billion, RMB4.5 billion and RMB5.1 billion (US$721 million) in the consolidated statements of comprehensive income, respectively. Short-term investments classification as of December 31, 2022 and 2023 were shown as below: As of December 31, 2022 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB (In millions) Held-to-maturity 119,984 631 (151 ) — — 120,464 Available-for-sale 847 — — 8 — 855 As of December 31, 2023 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Held-to-maturity 166,999 835 (94 ) — — 167,740 23,626 Available-for-sale 1,642 — — 29 — 1,671 235 Long-term Investments The following table sets forth a breakdown of the categories of long-term investments held by the Group as of the dates indicated: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 12,100 9,610 1,354 Equity investments without readily determinable fair value using the NAV practical expedient 945 942 133 Equity investments without readily determinable fair value using the measurement alternative 9,249 8,093 1,140 Available-for-sale 2,447 3,682 519 Equity method investments 25,940 20,789 2,927 Investments accounted for at fair value 4,616 4,841 682 Total long-term investments 55,297 47,957 6,755 Equity investments at fair value with readily determinable fair value Equity investments at fair value with readily determinable fair value represent investments in the equity securities of publicly listed companies, for which the Group does not have significant influence. Equity investments without readily determinable fair value The Group accounted for private equity funds of which the Group does not have the ability to exercise significant influence using the NAV practical expedient in accordance with ASC 820. For equity investments without readily determinable fair value and do not qualify for the NAV practical expedient, the Group elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any in accordance with ASC 321. Impairment charges recognized on equity investments without readily determinable fair value were RMB4,259 million, RMB2,456 million and RMB753 million (US$106 million) for the years ended December 31, 2021, 2022 and 2023, respectively. The total carrying value of equity investments without readily determinable fair value that do not qualify for the NAV practical expedient held as of December 31, 2022 and 2023 were as follows: As of December 31, As of December 31, As of December 31, RMB RMB US$ (In millions) Initial cost basis 13,741 13,586 1,914 Cumulative unrealized gains 4,026 3,099 436 Cumulative unrealized losses (including impairment) (8,518 ) (8,592 ) (1,210 ) Total carrying value 9,249 8,093 1,140 Total unrealized and realized gains and losses of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient for the years ended December 31, 2021, 2022 and 2023 were as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Gross unrealized gains 1,062 218 571 80 Gross unrealized losses (including impairment) (i) (4,424 ) (2,418 ) (744 ) (105 ) Net unrealized losses on equity securities held (3,362 ) (2,200 ) (173 ) (25 ) Net realized gains on equity securities sold — 90 251 35 Total net (losses) gains recognized (3,362 ) (2,110 ) 78 10 (i) Gross unrealized losses (downward adjustments excluding impairment) were RMB165 million, nil and RMB8 million (US$1 million) for the years ended December 31, 2021, 2022 and 2023, respectively. Equity method investments The carrying amount of the Group’s equity method investments were RMB25.9 billion and RMB20.8 billion (US$2.9 billion) as of December 31, 2022 and 2023, respectively. For the years ended December 31, 2021, 2022 and 2023, the impairment recognized for equity method investments were RMB For the year ended December 31, 2023, the Group recognized share of losses from equity method investments of RMB 3.8 million). One of the equity method investees modified certain terms of its preferred shares issued and the Group recognized billion losses from this investee mainly as a result of the modification. Equity Investment in Trip.com International, Ltd. (“Trip”) (formally known as Ctrip) As of December 31, 2022, the Group held approximately 12% of Trip’s outstanding shares. The Group was considered to have significant influence over Trip and accounts for such investment as an equity method investment in accordance with ASC 323. During the year ended December 31, 2023, the Group disposed an aggregate of 10 million American Depositary Shares of Trip and recognized disposal gains in aggregate of After the partial disposal of the investment in Trip, the Group held approximately 9% equity interest in Trip, and the Group can actively participate in the operating and financing policies of Trip through its one seat on Trip’s board of directors with a total of eight members. Accordingly, the Group continues to have significant influence over Trip and accounts for its remaining investment as an equity method investment in accordance with ASC 323. As of December 31, 2023, the Group’s investments in Trip had a fair value of RMB15.1 billion (US$2.1 billion), based on the closing share price. Equity Investment in Jidu Auto Inc. (“Jidu”) In January 2021, the Group entered into an agreement with Zhejiang Geely Holding Group (“Geely”) to established Jidu to produce intelligent electric vehicles. In 2022, the Group purchased the ordinary shares with amount of US$371 million including common stock of US$171 million and in-substance However, considering the substantive participating rights held by Geely, the Group accounts for its investment of the ordinary shares as an equity method investment in accordance with ASC 323. Furthermore, the Group accounts for its investment of the preferred shares and Series C Warrant as an equity investment without a readily determinable fair value in accordance with ASC 321. Equity Investment in Du Xiaoman After finishing a series of legal restructuring and recapitalization of the financial services business (“Du Xiaoman”), the Group retained 41% of Du Xiaoman’s shares on a fully diluted basis, and accounted for it as an equity method investment in accordance with ASC 323, as the Group retained significant influence over Du Xiaoman. As of December 31, 2022 and 2023, in addition to the aforementioned equity method investments, the Group held other equity method investments through its subsidiaries or VIEs and over which the Group had significant influence. For the year ended December 31, 2023, equity method investments held by the Group in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Current assets 230,934 271,407 38,227 Non-current 147,034 154,364 21,742 Current liabilities 179,519 227,894 32,098 Non-current 37,397 30,226 4,257 Noncontrolling interests 2,434 2,461 347 For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Total revenues 41,693 42,123 60,042 8,457 Gross profit 23,540 23,925 40,304 5,677 Income from operations 515 617 8,120 1,144 Net income (loss) 3,263 (1,292 ) 9,544 1,344 Net income (loss) attributable to the investees 3,328 (1,239 ) 9,493 1,337 Investments accounted for at fair value Long-term equity investments in unlisted companies held by consolidated investment companies are accounted for at fair value in accordance with ASC 946-320. The methodology used in the determination of fair values for held-to-maturity available-for-sale Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2022 and 2023 are shown as below: As of December 31, 2022 Cost or Gross Gross unrealized losses Fair RMB RMB RMB RMB (In millions) Equity investments at fair value with readily determinable fair value 15,835 2,731 (6,466 ) 12,100 Available-for-sale 3,735 283 (1,571 ) 2,447 Investments accounted for at fair value 2,331 2,855 (570 ) 4,616 As of December 31, 2023 Cost or Gross Gross unrealized losses Fair value RMB RMB RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 14,716 1,698 (6,804 ) 9,610 1,354 Available-for-sale 4,360 455 (1,133 ) 3,682 519 Investments accounted for at fair value 2,547 2,942 (648 ) 4,841 682 Available-for-sale Majority of the available-for-sale The following table summarizes the estimated fair value of available-for-sale As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Due in 1 year through 5 years 1,581 2,154 303 Not due at a single maturity date 866 1,528 216 Total 2,447 3,682 519 |
Long-Term Time Deposits and Hel
Long-Term Time Deposits and Held-to-Maturity Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Long-Term Time Deposits and Held-to-Maturity Investments | 5. LONG-TERM TIME DEPOSITS AND HELD-TO-MATURITY Long-term time deposits and held-to-maturity During the years ended December 31, 2021, 2022 and 2023, the Group recorded interest income from its long-term held-to-maturity Long-term time deposits and held-to-maturity As of December 31, 2022 Cost or Gross unrecognized Gross Fair RMB RMB RMB RMB (In millions) Long-term time deposits and held-to-maturity 23,629 170 (111 ) 23,688 As of December 31, 2023 Cost or Gross unrecognized Gross Fair value RMB RMB RMB RMB US$ (In millions) Long-term time deposits and held-to-maturity 24,666 261 (55) 24,872 3,503 The following table summarizes the amortized cost of long-term held-to-maturity As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Due in 1 year through 2 years 11,089 22,303 3,141 Due in 2 years through 3 years 12,240 2,063 291 Due in 3 years through 5 years 300 300 42 Total 23,629 24,666 3,474 |
Licensed Copyrights, Net
Licensed Copyrights, Net | 12 Months Ended |
Dec. 31, 2023 | |
Licensed Copyrights [Abstract] | |
Licensed Copyrights, Net | 6. LICENSED COPYRIGHTS, NET As of December 31, 2022 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB (In millions) Licensed copyrights —Broadcasting rights 43,217 (35,369 ) (261 ) 7,587 —Sublicensing rights 7,399 (7,399 ) — — 50,616 (42,768 ) (261 ) 7,587 Less: current portion: —Broadcasting rights 8,213 (7,448 ) (19 ) 746 —Sublicensing rights 7,399 (7,399 ) — — 15,612 (14,847 ) (19 ) 746 Licensed copyrights—non-current —Broadcasting rights 35,004 (27,921 ) (242 ) 6,841 —Sublicensing rights — — — — 35,004 (27,921 ) (242 ) 6,841 As of December 31, 2023 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB US$ (In millions) Licensed copyrights —Broadcasting rights 44,838 (37,060 ) (229 ) 7,549 1,063 —Sublicensing rights 7,668 (7,668 ) — — — 52,506 (44,728 ) (229 ) 7,549 1,063 Less: current portion: —Broadcasting rights 7,774 (7,178 ) (14 ) 582 82 —Sublicensing ri 7,668 (7,668 ) — — — 15,442 (14,846 ) (14 ) 582 82 Licens ed copyrights—non-current —Broadcasting rights 37,064 (29,882 ) (215 ) 6,967 981 —Sublicensing rights — — — — — 37,064 (29,882 ) (215 ) 6,967 981 Amortization expense of RMB10.1 billion, RMB7.8 billion and RMB7.1 billion (US$998 million) was recognized as cost of revenues for the years ended December 31, 2021, 2022 and 2023, respectively. Estimated amortization expense relating to the existing licensed copyrights for each of the next three years is as follow: RMB US$ (In millions) Within 1 year 3,087 435 Between 1 and 2 years 1,572 221 Between 2 and 3 years 1,052 148 |
Produced Content, Net
Produced Content, Net | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Produced Content Net [Abstract] | |
Produced Content, Net | 7. PRODUCED CONTENT, NET As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Released, less amortization and impairment — Predominantly monetized with other content 3,725 4,445 626 — Predominantly monetized on its own 90 61 9 3,815 4,506 635 In production, less impairment — Predominantly monetized with other content 7,676 7,630 1,075 — 660 245 34 8,336 7,875 1,109 In development, less impairment — Predominantly monetized with other content 816 947 133 — Predominantly monetized on its own 35 49 7 851 996 140 Total 13,002 13,377 1,884 Amortization expense of RMB 4.6 billion, RMB 4.6 billion and RMB 5.2 billion (US$ 733 million) and RMB 1.3 billion, RMB 735 million and RMB 1.1 billion (US$ 153 million) was recognized as “Cost of revenues” in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, for produced content predominantly monetized with other content assets and for produced content predominantly monetized on its own, respectively. As of December 31, 2023, approximately 286 million (US$ 40 million) of accrued participation cost liabilities will be paid during the upcoming operating cycle. Estimated amortization expense relating to the existing produced content for each of the next three years is as follows: RMB US$ (In millions) Within 1 year 1,390 196 Between 1 and 2 years 738 104 Between 2 and 3 years 557 78 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | 8. ACCOUNTS RECEIVABLE As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Accounts receivable 14,287 14,024 1,975 Allowance for credit losses (2,554 ) (3,176 ) (447 ) 11,733 10,848 1,528 The movements in the allowance for credit losses were as follows: 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Balance as of January 1 1,320 2,069 2,554 360 Amounts charged to expenses 830 555 669 94 Amounts written off (81 ) (70 ) (47 ) (7 ) Balance as of December 31 2,069 2,554 3,176 447 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 9. OTHER ASSETS As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Contract assets, net (i) 3,114 3,085 435 VAT prepayments 1,818 1,738 245 Inventories 1,227 1,396 197 Receivables from online payment agencies 856 1,263 178 Advances to suppliers 769 871 123 Licensed copyrights (Note 6) 746 582 82 Prepaid expenses 582 728 103 Deposits 379 386 54 Others (ii) 869 2,530 355 Total other current assets 10,360 12,579 1,772 Long-term prepaid expenses 16,257 16,536 2,329 Long-term restricted cash (iii) 750 840 118 Others 2,089 1,588 224 Total other non-current 19,096 18,964 2,671 (i) The allowance for credit losses on contract assets was RMB285 million and RMB168 million (US$24 million) as of December 31, 2022 and 2023, respectively. Expenses of RMB58 million, RMB200 million and a net reversal of RMB117 million (US$16 million) were recognized for credit losses on contract assets for the years ended December 31, 2021, 2022 and 2023, respectively. No write-offs were charged against the allowance for the years ended December 31, 2021, 2022 and 2023, respectively. (ii) The balance as of December 31, 2023 includes a non-trade loan and interest receivables due from PAG with the principal of US$200 million (equivalent to RMB1.4 billion) and interest rate of 6%, which will due on July 1, 2024 if iQIYI requires repayment, or otherwise will due on the date which PAG and its affiliates cease to hold any portion of the iQIYI PAG Convertible Convertible Convertible (iii) Long-term restricted cash represents collateral to repayments of the iQIYI PAG Convertible Notes (Note 15). |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | 10. FIXED ASSETS As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Computer equipment 44,246 51,656 7,276 Office building 5,125 5,146 725 Office building related facility, machinery and equipment 4,195 4,217 594 Vehicles 676 883 124 Office equipment 1,237 1,132 159 Leasehold improvements 490 540 76 Construction in progress 291 285 40 56,260 63,859 8,994 Accumulated depreciation and impairment (32,287 ) (35,899 ) (5,056 ) 23,973 27,960 3,938 Depreciation expense for the years ended December 31, 2021, 2022 and 2023, was RMB5.7 billion, RMB6.2 billion and RMB7.1 billion (US$1.0 billion), respectively. Impairment charges on fixed assets for the years ended December 31, 2021, 2022 and 2023 were not material. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 11. GOODWILL AND INTANGIBLE ASSETS Goodwill The Group had three reporting units, consisting of Baidu Core excluding SLG, SLG and iQIYI as of December 31, 2022 and 2023. The changes in the carrying amount of goodwill for each reporting unit from 2021 to 2023 was as follows: Baidu Core excluding SLG SLG iQIYI Total RMB RMB RMB RMB (In millions) Balance at December 31, 2021 16,940 1,777 3,888 22,605 Goodwill disposed (66 ) — (62 ) (128 ) Balance at December 31, 2022 16,874 1,777 3,826 22,477 Goodwill acquired (Note 3) 114 — — 114 Goodwill disposed — — (5 ) (5 ) Balance at December 31, 2023 16,988 1,777 3,821 22,586 Balance at December 31, 2023, in US$ 2,393 250 538 3,181 Intangible Assets As of December 31, 2022 Gross carrying Accumulated Accumulated Net carrying RMB RMB RMB RMB (In millions) Trademarks 966 (238 ) (324 ) 404 Technology 1,059 (52 ) (652 ) 355 Intellectual property right 1,769 (473 ) (924 ) 372 Online literature 141 — (110 ) 31 Others 350 (20 ) (238 ) 92 4,285 (783 ) (2,248 ) 1,254 As of December 31, 2023 Gross carrying Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ (In millions) Trademarks 966 (238 ) (386 ) 342 48 Technology 1,062 (79 ) (791 ) 192 27 Intellectual property right 1,568 (381 ) (931 ) 256 36 Online literature 117 — (93 ) 24 3 Others 329 (20 ) (242 ) 67 10 4,042 (718 ) (2,443 ) 881 124 Amortization expense of intangible assets were RMB471 million, RMB467 million and RMB403 million (US$57 million), for the years ended December 31, 2021, 2022 and 2023, respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follow: RMB US$ (In millions) For the years ending December 31, 2024 275 39 2025 206 29 2026 129 18 2027 113 16 2028 96 14 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 12. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Accrued operating expenses 8,845 8,959 1,262 Content acquisition costs 5,567 5,269 742 Traffic acquisition costs 5,159 3,506 494 Accrued payroll and welfare 3,747 4,144 584 Tax payable 3,640 2,687 378 Bandwidth costs 2,112 2,721 383 Payables for purchasing inventory 1,960 1,971 278 Accruals for purchases of fixed assets 1,445 2,105 296 Payable for investments 703 957 135 Funds collected on behalf of service providers 691 750 106 Users’ and third party agents’ deposits 468 643 91 Interest payable 452 347 49 Payable to merchants 368 590 83 Others 2,857 3,068 431 Total accounts payable and accrued liabilities 38,014 37,717 5,312 |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Loans Payable | 13. LOANS PAYABLE Short-term Loans Short-term loans as of December 31, 2022 and 2023 amounted to RMB5.3 billion and RMB10.3 billion (US$1.4 billion), respectively, which consisted of RMB denominated borrowings made by the Company’s subsidiaries from financial institutions in mainland China and were repayable within one year. The total outstanding balance of iQIYI’s short-term loans as of December 31, 2022 and 2023 amounted to RMB3.3 billion and RMB3.6 billion (US$503 million), respectively. The total outstanding balance of Baidu Core’s short-term loans as of December 31, 2022 and 2023 amounted to RMB2.0 billion and RMB6.7 billion (US$942 million), respectively. As of December 31, 2022 and 2023, the repayments of primarily all of the iQIYI’s short-term loans are guaranteed by subsidiaries of iQIYI and collateralized by an office building of one of iQIYI’s VIEs with a carrying amount of RMB522 million and RMB509 million (US$72 million) respectively. As of December 31, 2022 and 2023, the weighted average interest rates for the outstanding borrowings were approximately 3.42% and 2.82%, respectively, and the aggregate amounts of unused lines of credit for short-term loans were RMB2.6 billion and RMB12.8 billion (US$1.8 billion), respectively. Structured payable arrangements In 2021, 2022 and 2023, iQIYI entered into structured payable arrangements with banks or other financial institutions (“factoring arrangements”). Under the factoring arrangements, the suppliers’ receivables collection process was accelerated through selling its receivables from iQIYI to the banks or other financial institutions at a discount. For the years ended December 31, 2021, 2022 and 2023, iQIYI was legally obligated to pay the banks or other financial institutions in the amount totaling As a result of the factoring arrangements, the payment terms of the iQIYI’s original accounts payables were substantially modified and considered extinguished as the nature of the original liability has changed from accounts payables to loan borrowings from banks or other financial institutions. The proceeds from borrowings from banks or other financial institutions is a financing activity and is reported as “Proceeds from short-term loans” on the consolidated statements of cash flows. As of December 31, 2022 and 2023, the outstanding borrowings from the factoring arrangements were RMB755 million and RMB1.1 billion (US$149 million), respectively, which are repayable within one year and are included in “Short-term loans” on the consolidated balance sheets. Long-term Loans In April 2021, the Company entered into a five-year US$3.0 billion term and revolving facilities agreement with a group of 22 arrangers. The facilities consist of a US$1.5 billion five-year bullet maturity term loan and a US$1.5 billion five-year revolving facility. The facility was priced at 85 basis points over LIBOR and is intended for the general corporate purposes. In June 2021, the Company drew down US$1.5 billion term loan and US$500 million revolving loan under the facility commitment. In June 2023, the facilities were modified and priced at 93 basis points over SOFR (secured overnight financing rate). In connection with the drawdowns and the modification, the Company entered into and restructured the two interest rate swap agreements, pursuant to which each of the loans would be settled with a fixed annual interest rate of 1.71%, during the respective term of the loans. The total outstanding borrowings were RMB13.7 billion and RMB14.2 billion (US$2.0 billion) as of December 31, 2022 and 2023. The interest rate swap agreements met the definition of derivatives in accordance with ASC 815 and designated as cash flow hedge to hedge the variability of cash flows in the interest payments associated with its variable-rate debt. The derivatives related to the interest rate swap agreements are accounted for at fair value and included in “Other non-current |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable | 14. NOTES PAYABLE The Company issued and publicly sold unsecured senior notes, and the details of the tranches are shown below: Issue date Principal (US$ million) Mature date Effective 2022 Ten-year November 28, 2012 750 November 28, 2022 3.59 %* 2025 Ten-year June 30, 2015 500 June 30, 2025 4.22 % 2022 Five-year Notes July 6, 2017 900 July 6, 2022 3.08 %* 2027 Ten-year July 6, 2017 600 July 6, 2027 3.73 % 2023 Notes March 29, 2018 1,000 September 29, 2023 3.99 %* 2028 March Notes March 29, 2018 500 March 29, 2028 4.50 % 2024 Notes November 14, 2018 600 May 14, 2024 4.51 % 2024 Notes December 10, 2018 250 May 14, 2024 4.54 % 2028 November Notes November 14, 2018 400 November 14, 2028 4.99 % 2025 Five-year Notes April 7, 2020 600 April 7, 2025 3.22 % 2030 April Notes April 7, 2020 400 April 7, 2030 3.54 % 2026 Notes October 9, 2020 650 April 9, 2026 1.81 % 2030 October Notes October 9, 2020 300 October 9, 2030 2.43 % 2027 Five-year Notes August 23, 2021 300 February 23,2027 1.73 % 2031 Notes August 23, 2021 700 August 23, 2031 2.49 % * The 2022 Five-year Notes, 2022 Ten-year The notes listed above are collectively referred to as the “Notes”. The 2022 Ten-year The 2025 Ten-year The 2022 Five-year Notes bear interest at the rate of 2.875% per annum and the 2027 Ten-year The 2023 Notes bear interest at the rate of 3.875% per annum and the 2028 March Notes bear interest at the rate of 4.375% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on September 29, 2018. The 2024 Notes including US$600 million issued in November and US$250 million in December 2018, respectively, bear interest at the rate of 4.375% per annum and the 2028 November Notes bear interest at the rate of 4.875% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on May 14, 2019. The 2025 Five-year Notes bear interest at the rate of 3.075% per annum and the 2030 April Notes bear interest at the rate of 3.425% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on October 7, 2020. The 2026 Notes bear interest at the rate of 1.720% per annum and the 2030 October Notes bear interest at the rate of 2.375% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on April 9, 2021. The 2027 Five-year Notes bear interest at the rate of 1.625% per annum and the 2031 Notes bear interest at the rate of 2.375% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on February 23, 2022. At maturity, the Notes are payable at their principal amount plus accrued and unpaid interest thereon. The Notes do not contain any other 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 greater of the principal amount and the make whole amount plus accrued and unpaid interest. In addition, for the 2028 March Notes, 2024 Notes, 2028 November Notes, 2025 Five-year Notes, 2030 April Notes, 2026 Notes, 2030 October Notes, 2027 Five-year Notes and 2031 Notes, the Company may at its discretion, redeem all or any portion of the Notes at one or three months before the maturity date of respective notes, at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest, if any, to (but not including) the redemption date. As of December 31, 2023, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. For certain Notes, the Company has the obligation to redeem the Notes if a change in control occurs as defined in the indenture of the Notes. The outstanding Notes were issued at a discount amounting to US$16 million. The total issuance costs of US$28 million were presented as a direct deduction from the principal amount of the outstanding Notes on the consolidated balance sheets. Both the discount and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the Notes. The principal amount and unamortized discount and debt issuance costs as of December 31, 2022 and 2023 were as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Principal amount 46,983 41,163 5,797 Unamortized discount and debt issuance costs (186 ) (144 ) (20 ) 46,797 41,019 5,777 The following table summarizes the aggregate required repayments of the principal amounts of the Group’s long-term debts (including the notes payable and long-term loans (Note 13) but excluding convertible senior notes (Note 15)), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2024 6,037 850 2025 7,908 1,114 2026 18,815 2,650 2027 6,390 900 2028 6,390 900 Thereafter 9,940 1,400 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Convertible Senior Notes | 15. CONVERTIBLE SENIOR NOTES iQIYI 2023 Convertible Senior Notes On December 4, 2018, iQIYI issued US$750 million convertible senior notes (the “iQIYI 2023 Convertible Notes”). The iQIYI 2023 Convertible Notes are senior, unsecured obligations of iQIYI, and The initial conversion rate of the iQIYI 2023 Convertible Notes is 37.1830 of iQIYI’s ADS per US$1,000 principal amount of the iQIYI 2023 Convertible Notes (which is equivalent to an initial conversion price of approximately US$26.89 per ADS). Prior to June 1, 2023, the iQIYI 2023 Convertible Notes will be convertible at the option of the holders only upon the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2019, if the last reported sale price of ADSs for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price; (2) during the five business day period after any ten consecutive trading day period in which the trading price per US$1,000 principal amount of notes was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if iQIYI calls the notes for a tax redemption; or (4) upon the occurrence of specified corporate events. Thereafter, the iQIYI 2023 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate is subject to adjustment in some events but is not adjusted for any accrued and unpaid interest. In addition, following a make-whole fundamental change that occurs prior to the maturity date or following iQIYI’s delivery of a notice of a tax redemption, iQIYI will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or such tax redemption. Upon conversion, iQIYI will pay or deliver to such converting holders, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The holders may require iQIYI to repurchase all or portion of the iQIYI 2023 Convertible Notes for cash on December 1, 2021, or upon a fundamental change, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest. In connection with the issuance of the iQIYI 2023 Convertible Notes, iQIYI purchased capped call options (the “2023 Capped Call”) on iQIYI’s ADS with certain counterparties at a price of US$68 million. The counterparties agreed to sell to iQIYI up to approximately 28 million of iQIYI’s ADSs upon iQIYI’s exercise of the 2023 Capped Call. The exercise price is equal to the iQIYI 2023 Convertible Notes’ initial conversion price and the cap price is US$38.42 per ADS, subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected to reduce potential dilution to existing holders of the ordinary shares and ADSs of iQIYI upon conversion of the iQIYI 2023 Convertible Notes and/or offset any potential cash payments that iQIYI is required to make in excess of the principal amount of any converted notes, as the case may be, with such reduction and/or offset subject to a cap. iQIYI 2025 Convertible Senior Notes On March 29, 2019, iQIYI issued US$1.2 billion convertible senior notes (the “iQIYI 2025 Convertible Notes”). The iQIYI 2025 Convertible Notes are senior, unsecured obligations of iQIYI, and October 1, 2019 The initial conversion rate of the iQIYI 2025 Convertible Notes is 33.0003 of iQIYI’s ADS per US$1,000 principal amount of the iQIYI 2025 Convertible Notes (which is equivalent to an initial conversion price of approximately US$30.30 per ADS). Prior to October 1, 2024, the iQIYI 2025 Convertible Notes will be convertible at the option of the holders only upon the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2019, if the last reported sale price of ADSs for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price; (2) during the five business day period after any ten consecutive trading day period in which the trading price per US$1,000 principal amount of notes was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if iQIYI calls the notes for a tax redemption; or (4) upon the occurrence of specified corporate events. Thereafter, the iQIYI 2025 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate is subject to adjustment in some events but is not adjusted for any accrued and unpaid interest. In addition, following a make-whole fundamental change that occurs prior to the maturity date or following iQIYI’s delivery of a notice of a tax redemption, iQIYI will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or such tax redemption. Upon conversion, iQIYI will pay or deliver to such converting holders, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The holders may require iQIYI to repurchase all or a portion of the iQIYI 2025 Convertible Notes for cash on April 1, 2023, or upon a fundamental change, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest. In connection with the issuance of the iQIYI 2025 Convertible Notes, iQIYI purchased capped call options (the “2025 Capped Call”) on iQIYI’s ADS with certain counterparties at a price of US$85 million. The counterparties agreed to sell to iQIYI up to approximately 40 million of iQIYI’s ADSs upon iQIYI’s exercise of the 2025 Capped Call. The exercise price is equal to the iQIYI 2025 Convertible Notes’ initial conversion price and the cap price is US$40.02 per ADS, subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected to reduce potential dilution to existing holders of the ordinary shares and ADSs of iQIYI upon conversion of the iQIYI 2025 Convertible Notes and/or offset any potential cash payments that iQIYI is required to make in excess of the principal amount of any converted notes, as the case may be, with such reduction and/or offset subject to a cap. iQIYI 2026 Convertible Senior Notes On December 21, 2020, iQIYI issued US$800 million convertible senior notes and offered an additional US$100 million principal amount simultaneously, pursuant to the underwriters’ option to purchase additional notes. On January 8, 2021, the additional US$100 million principal amount was issued pursuant to the underwriters’ exercise of their option. The convertible senior notes issued on December 21, 2020 and January 8, 2021 (collectively referred to as the “iQIYI 2026 Convertible Notes”) are senior, unsecured obligations of iQIYI, and interest is payable semi-annually in cash at a rate of 4.00% per annum on June 15 and December 15 of each year, beginning on June 15, 2021. The iQIYI 2026 Convertible Notes will mature on December 15, 2026 unless redeemed, repurchased or converted prior to such date. The initial conversion rate of the iQIYI 2026 Convertible Notes is 44.8179 of iQIYI’s ADS per US$1,000 principal amount of the iQIYI 2026 Convertible Notes (which is equivalent to an initial conversion price of approximately US$22.31 per ADS). Prior to June 15, 2026, the iQIYI 2026 Convertible Notes will be convertible at the option of the holders only upon the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021, if the last reported sale price of ADSs for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price; (2) during the five business day period after any ten consecutive trading day period in which the trading price per US$1,000 principal amount of notes was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if iQIYI calls the notes for a tax redemption; or (4) upon the occurrence of specified corporate events. Thereafter, the iQIYI 2026 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate is subject to adjustment in some events but is not adjusted for any accrued and unpaid interest. In addition, following a make-whole fundamental change that occurs prior to the maturity date or following iQIYI’s delivery of a notice of a tax redemption, iQIYI will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or such tax redemption. Upon conversion, iQIYI will pay or deliver to such converting holders, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The holders may require iQIYI to repurchase all or a portion of the iQIYI 2026 Convertible Notes for cash on August 1, 2024, or upon a fundamental change, at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest. iQIYI PAG Convertible Senior Notes On December 30, 2022, iQIYI issued US$500 million convertible senior notes, pursuant to the definitive agreements entered into with PAGAC IV-1 (Cayman) Limited, PAG Pegasus Fund LP and/or their affiliates (collectively, the “Investors”) in August 2022. IQIYI also offered an additional million principal amount was issued pursuant to the Investors’ exercise of their option. The convertible senior notes issued on December 30, 2022 and February 24, 2023 (collectively referred to as the “iQIYI PAG Convertible Notes”) are senior, secured obligations of iQIYI by certain collateral arrangements, and per annum on January 1, April 1, July 1 and October 1 of each year, beginning on April 1, 2023. The iQIYI PAG Convertible Notes will mature on the fifth anniversary of the issuance date unless redeemed, repurchased or converted prior to such date. The iQIYI PAG Convertible Notes will be convertible at the holder’s option at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date and subject to the terms of the iQIYI PAG Convertible Notes, at an initial conversion rate of principal amount of the iQIYI PAG Convertible Notes (which is equivalent to an initial conversion price of approximately Holders of the iQIYI PAG Convertible Notes have the right to require iQIYI to repurchase for cash all or part of their Notes, at a repurchase price equal to of the principal amount of the iQIYI PAG Convertible Notes on or shortly after the third anniversary of the issuance date and the fifth anniversary of the issuance date, respectively. Upon the closing of the transaction, the Investors have appointed the executive chairman of PAG, as a member to the board of directors, a member of the compensation committee and a non-voting member of the audit committee of iQIYI pursuant to their rights in the definitive agreements. For the year ended December 31, 2023, the amount of interest cost recognized of iQIYI PAG Convertible Notes was RMB473 million (US$67 million). The repayments of iQIYI PAG Convertible Notes are guaranteed by equity interests of certain subsidiaries of iQIYI and collateralized by partial cash consideration related to certain contracts for which million) cash consideration has been charged as of December 31, 2023 and recorded as long-term restricted cash. (Note 9). iQIYI 2028 Convertible Senior Notes On March 7, 2023, iQIYI issued US$600 million convertible senior notes (the “iQIYI 2028 Convertible Notes”). The iQIYI 2028 Convertible Notes are senior, unsecured obligations of iQIYI, and The iQIYI 2028 Convertible Notes will mature on The initial conversion rate of the iQIYI 2028 Convertible Notes is principal amount of the iQIYI 2028 Convertible Notes (which is equivalent to an initial conversion price of approximately per ADS). Prior to September 15, 2027, the iQIYI 2028 Convertible Notes will be convertible at the option of the holders only upon the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2023 (and only during such calendar quarter), if the last reported sale price of ADSs for at least of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if iQIYI calls the notes for a tax redemption or an optional redemption; or (4) upon the occurrence of specified corporate events. Thereafter, the iQIYI 2028 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate is subject to adjustment in some events but is not adjusted for any accrued and unpaid interest. In addition, following a make-whole fundamental change that occurs prior to the maturity date or following iQIYI’s delivery of a notice of a tax redemption, iQIYI will increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or such tax redemption. Upon conversion, iQIYI will pay or deliver to such converting holders, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The holders may require iQIYI to repurchase all or a portion of the iQIYI 2028 Convertible Notes for cash on of the principal amount, plus accrued and unpaid interest. On or after March 20, 2026, iQIYI may redeem for cash all or part of the iQIYI 2028 Convertible Notes, at its option, if the last reported sale price of the ADSs has been at least conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the trading day immediately prior to the date iQIYI provides the optional redemption notice and (ii) the trading day immediately preceding the date iQIYI provides the optional redemption notice. If any event of default are to take place, the trustee or the holders of at least 25% in aggregate principal amount may declare the whole principal of (or, in the case of the iQIYI PAG Convertible Notes, of the principal amount for such notes, as the case may be, depending on the date of occurrence of the event of default), and accrued and unpaid interest on, all the outstanding convertible senior notes to be due and payable immediately, subject to certain exceptions and conditions under the respective indenture. IQIYI may also be required to pay additional interest. If any fundamental change are to take place, holders of the notes will have the right, at their option, to require iQIYI to repurchase all of their notes or any portion of the principal amount (or, in the case of the iQIYI PAG Convertible Notes, Accounting for Convertible Senior Notes The Group adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 2020-06”) 2020-06, 470-20. ( % of the principal amount for iQIYI PAG Convertible Notes) on the respective put dates of the iQIYI Notes. For the year ended December 31, 2023, the effective interest rates of the iQIYI 2026 Convertible Notes, the iQIYI PAG Convertible Notes and the iQIYI 2028 Convertible Notes were %, %, %, respectively. The cost of the 2023 Capped Call and 2025 Capped Call of US$68 million and US$85 million were recorded as a reduction of the Company’s additional paid-in capital and non-controlling interests on the consolidated balance sheets with no subsequent changes in fair value recorded. In 2023, the net proceeds from the issuance of the iQIYI 2028 Convertible Notes was In 2021 and 2023, iQIYI repurchased the iQIYI 2023 Convertible Notes and the iQIYI 2025 Convertible Notes with aggregate principal amount of US$ million and US$ billion (equivalent to RMB billion), respectively, as requested by the holders. In 2023, iQIYI repurchased the iQIYI 2026 Convertible Notes and the iQIYI 2028 Convertible Notes with the aggregate principal amount of US$ million (equivalent to RMB billion) and US$ million (equivalent to RMB million), respectively, upon separate and individually privately negotiated agreements with certain holders. Following settlement of the repurchase, a difference between the net carrying amount of the repurchased iQIYI notes and the repurchased price was recognized as extinguishment gain and reported in “Others, net” in the consolidated statements of comprehensive income. The carrying amount of the iQIYI Notes as of December 31, 2022 and 2023 were as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Principal 17,986 10,801 1,522 Less: unamortized discount and debt issuance costs 112 (145 ) (20 ) Net carrying amount 17,874 10,946 1,542 For the years ended December 31, 2021, 2022 and 2023, the amounts of interest cost recognized were as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Contractual interest expense 557 404 644 91 Amortization of the discount and issuance costs 559 66 292 41 Total 1,116 470 936 132 As of December 31, 2023, the iQIYI 2026 Convertible Notes, iQIYI PAG Convertible Notes and iQIYI 2028 Convertible Notes will be accreted up to the principal amount of of the principal amount of iQIYI PAG Convertible Notes) and The aggregate amounts upon scheduled maturities of US$2 million, US$396 million and US$1.3 billion (equivalent to RMB17 million, RMB2.8 billion and RMB9.2 billion, respectively) of the iQIYI Notes will be repaid when they become due in 2025, 2026 and 2028, respectively, assuming there is no conversion of the iQIYI Notes, no redemption of the iQIYI Notes prior to their maturities, the convertible senior notes bondholders hold the iQIYI Notes until their maturities and iQIYI elects to fully settle the iQIYI |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 16. LEASES The Group’s operating leases mainly related to land, offices facilities, IDC facilities and vehicles. For leases with terms greater than months, the Group records the related asset and obligation at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options that are factored into the Group’s determination of lease payments when appropriate. As of December 31, 2023, finance leases were insignificant. As of December 31, 2022 and 2023, the Group’s operating leases had a weighted average remaining lease term of 14.8 years and 13.6 years, respectively. As of December 31, 2022 and 2023, the Group’s operating leases had a weighted average discount rate of 4.30% and 4.07%, respectively. Operating lease costs were RMB3.2 billion, RMB3.5 billion and RMB3.5 billion (US$498 million) for the years ended December 31, 2021, 2022 and 2023, respectively, which excluded short-term lease costs. Short-term lease costs were RMB475 million, RMB424 million and RMB547 million (US$77 million) for the years ended December 31, 2021, 2022 and 2023, respectively. Variable lease cost was immaterial for the years ended December 31, 2021, 2022 and 2023. For the years ended December 31, 2021, 2022 and 2023, no lease costs for operating or finance leases were capitalized. Supplemental cash flow information related to operating leases was as follows: For the years ended 2022 2023 2023 RMB RMB US$ (In millions) Cash payments for operating leases 3,014 3,463 488 ROU assets obtained in exchange for operating lease liabilities 2,559 3,938 555 Future lease payments under operating leases as of December 31, 2023 were as follows: Operating leases RMB US$ (In millions) Year ending December 31, 2024 3,182 448 2025 2,298 324 2026 1,664 234 2027 1,032 145 2028 291 41 Thereafter 324 46 Total future lease payments 8,791 1,238 Less: Imputed interest 643 90 Total lease liability balance 8,148 1,148 As of December 31, 2023, additional operating leases that have not yet commenced were immaterial. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Group is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Group 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%, and foreign-derived income is exempted from income tax. There are no withholding taxes upon payment of dividends by the subsidiaries incorporated in Hong Kong to its shareholders. Mainland China Under the PRC Enterprise Income Tax (“EIT”) Law, which has been effective since January 1, 2008, domestic enterprises and Foreign Investment Enterprises (the “FIE”) are subject to a unified 25% enterprise income tax rate, except for certain entities that are entitled to preferential tax treatments. Preferential EIT rates at 15% is available for qualified “High and New Technology Enterprises” (“HNTEs”). The HNTE certificate is effective for a period of three years. Further, preferential EIT rates are available for qualified Software Enterprises whereby entities are entitled to full exemption from EIT for two years beginning from their first profitable calendar year and a 50% reduction for the subsequent three calendar years. Certain PRC subsidiaries and VIEs, including Baidu Online, Baidu China, Baidu International and Baidu Netcom, etc. are qualified HNTEs and enjoy a reduced tax rate of 15% for the years presented. An entity could re-apply for the HNTE certificate when the prior certificate expires. Historically, all of the Company’s subsidiaries and VIEs successfully re-applied for the certificates when the prior ones expired. Certain subsidiaries enjoyed a reduced tax rate as qualified Software Enterprise from 2021 to 2023. 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, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Mainland China 15,055 18,306 28,449 4,008 Non-Mainland China (4,277 ) (8,194 ) (3,251 ) (458 ) 10,778 10,112 25,198 3,550 Except for the investment related loss recognized, the pre-tax non-Mainland Income taxes consist of: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Current income tax 3,636 3,163 3,812 537 Income tax refund due to reduced tax rate — (468 ) — — Adjustments of deferred tax assets due to change in tax rates 109 119 111 16 Deferred income tax benefit (558 ) (236 ) (274 ) (39 ) 3,187 2,578 3,649 514 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, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 2,694 2,541 6,299 887 Effect of differing tax rates in different jurisdictions 656 1,976 410 58 Non-taxable (89 ) (44 ) (456 ) (64 ) Non-deductible 965 534 1,928 272 Research and development super-deduction (1,645 ) (2,274 ) (3,067 ) (432 ) Effect of PRC preferential tax rates and tax holiday (1,557 ) (1,507 ) (1,833 ) (259 ) Effect of tax rate changes on deferred taxes 109 119 111 16 Reversal of prior year’s income taxes (734 ) (913 ) (156 ) (22 ) PRC withholding tax 615 181 574 81 Change in valuation allowance 2,173 1,965 (161 ) (23 ) Taxation for the year 3,187 2,578 3,649 514 Effective tax rate 29.6% 25.5% 14.5 % 14.5 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share 0.56 0.54 0.65 0.09 The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Deferred tax assets: Allowance for credit losses 616 704 99 Accrued expenses, payroll and others 3,861 3,602 507 Fixed assets depreciation and intangible assets amortization 3,767 3,532 497 Net operating loss carry-forwards 4,176 4,223 595 Less: valuation allowance (10,033 ) (9,872 ) (1,390 ) Deferred tax assets, net 2,387 2,189 308 As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 428 220 31 Withholding tax on PRC subsidiaries’ undistributed earnings 1,685 1,475 207 Tax on capital gains 797 908 128 Others 246 211 30 3,156 2,814 396 As of December 31, 2023, the Group had tax losses of approximately RMB23.7 billion (US$3.3 billion) derived mainly from entities in the PRC and Hong Kong. The tax losses in the PRC can be carried forward for five years to offset future taxable profit, and the period is currently extended to 10 years for entities qualified as HNTE. The tax losses of entities in the PRC will expire from 2024 to 2033, if not utilized. The tax losses in Hong Kong can be carried forward with no expiration date. As of December 31, 2023, dividend distribution withholding tax for the potential remittance of earnings from the PRC subsidiaries to offshore entities was RMB1.5 billion (US$207 million). The Group believes that the underlying dividends will be distributed in the future for offshore use, such as merger and acquisition activities. The Group 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 current intent to permanently reinvest its foreign subsidiaries’ earnings. As of December 31, 2023, the total amount of undistributed earnings from the PRC subsidiaries and the VIEs for which no withholding tax has been accrued was RMB171.8 billion (US$24.2 billion). Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. As of December 31, 2022 and 2023, the Group has unrecognized tax benefits of RMB670 million and RMB670 million (US$94 million), respectively, primarily related to the tax-deduction of accrued expenses which were presented in “Other non-current liabilities” in the consolidated balance sheets, if ultimately recognized would impact the annual effective tax rate. It is possible that the amount of unrecognized benefits will change in the next 12 months, however, an estimate of the range of the possible change cannot be made at this moment. |
Employee Defined Contribution P
Employee Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Defined Contribution Plan | 18. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Group in the PRC participate in a government mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. COMMITMENTS AND CONTINGENCIES Capital Commitments The Group’s capital commitments primarily relate to commitments in connection with the expansion and Commitments for bandwidth and property management fees Future minimum payments under non-cancelable RMB US$ (In millions) 2024 653 92 2025 87 12 2026 35 5 2027 6 1 2028 5 1 Thereafter 21 3 807 114 Licensed Copyrights and Produced Content Commitments Future minimum payments under non-cancelable RMB US$ (In millions) 2024 8,627 1,215 2025 3,787 533 2026 1,330 187 2027 731 103 2028 102 14 Thereafter 201 28 14,778 2,080 Investment Commitments The Group’s investment commitments primarily relate to capital contribution obligations under certain arrangements which do not have specified contractual maturity dates. The total investment commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB1.4 billion (US$197 million). Guarantees The Group accounts for guarantees in accordance with ASC Topic 460, Guarantees . The corporate by-laws and other amounts actually and reasonably incurred in connection with any proceedings arising out of their services to the Company. In addition, the Company entered into separate indemnification agreements with each director and each executive officer of the Company that provide for indemnification of these directors and officers under similar circumstances and under additional circumstances. The indemnification obligations are more fully described in the by-laws by-laws Historically, the Group was not required to make payments related to these obligations, and the fair value for these obligations was immaterial on the consolidated balance sheets as of December 31, 2023. Litigation The Group was involved in certain cases pending in various PRC, U.S. and Brazil courts and arbitration as of December 31, 2023. 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 Group’s business practices, which could result in a loss of revenue or otherwise harm the business of the Group. Baidu and iQIYI have been named as defendants in several putative federal securities class actions alleging that defendants made material misstatements and omissions regarding certain reported financial and operational results. Starting in April 2020, iQIYI and certain of its current and former officers and directors were named as defendants in several putative securities class actions filed in federal court, which were purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of alleged misstatements and omissions in iQIYI’s public disclosure documents. In light of the common questions of law and fact at issue in this case and a related action against Baidu, the Court terminated the motion to dismiss without prejudice, and ordered a motion-to-dismiss For many proceedings, the Group 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 Group believes that such matters, individually and in the aggregate, when finally resolved, are not reasonably likely to have a material adverse effect on the Group’s consolidated results of operations, financial position and cash flows. With respect to the limited number of proceedings for which the Group was able to estimate the reasonably possible losses or the range of reasonably possible losses, such loss estimates were insignificant. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interests | 20. REDEEMABLE NONCONTROLLING INTERESTS 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Balance as of January 1 3,102 7,148 8,393 1,182 Issuance of subsidiary shares 4,722 1,208 351 49 Accretion of redeemable noncontrolling interests 391 593 721 102 Disposal of subsidiaries’ shares — (556 ) — — Reclassification of ordinary shares from mezzanine equity to ordinary shares (153 ) — — — Repurchase of redeemable noncontrolling interests (914 ) — — — Balance as of December 31 7,148 8,393 9,465 1,333 In 2021 and 2022, SLG issued 62,697,683 and 5,639,407, respectively, preferred shares to certain non-controlling In 2021, 2022 and 2023, Baidu Kunlun issued 1,897,800, 1,068,363 and 407,103, respectively, preferred shares to certain non-controlling The Company also have other subsidiaries or VIEs that have issued preferred shares which were accounted for as redeemable noncontrolling interests. As of December 31, 2023, those redeemable noncontrolling interests were insignificant. The Company accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480, Distinguishing Liabilities from Equity. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity Abstract | |
Shareholders' Equity | 21. SHAREHOLDERS’ EQUITY Shares The authorized share capital consisted of 69,632,000,000 shares at a par value of US$0.000000625 per share (previously US$0.00005 per share before the Share Subdivision as detailed in Note 1), of which 66,000,000,000 shares were designated as Class A ordinary shares, 2,832,000,000 as Class B ordinary shares, and 800,000,000 shares designated as preferred shares (previously 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 before the Share Subdivision as detailed in Note 1). 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 a 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 were 12,600,000, 17,200,000 and 17,320,000 during the years ended December 31, 2021, 2022 and 2023, respectively. On May 13, 2020, the Company announced a share repurchase program (“2020 share repurchase program”) under which the Company proposed to acquire up to an aggregate of US$1.0 billion of its ordinary shares, effective until July 1, 2021 in the open market or through privately negotiated transactions, depending on market conditions and in accordance with applicable rules and regulations. In August 2020, the board of directors approved a change to the 2020 share repurchase program, increasing the repurchase authorization from US$1.0 billion to US$3.0 billion, and in December 2020, the repurchase authorization was further increased from US$3.0 billion to US$4.5 billion, which is effective through December 31, 2022. In February 2023, the board of directors authorized a share repurchase program, under which the Company may repurchase up to US$5.0 billion of its ADSs or shares, effective until December 31, 2025. The Company repurchased 57,343,528, 17,307,400 and 42,661,000 Class A ordinary shares from the open market with an aggregate purchase price of RMB7.6 billion, RMB1.9 billion and RMB4.8 billion (US$669 million) during the years ended December 31, 2021, 2022 and 2023, respectively, which has been approved by the Company’s board of directors. The repurchased shares were recorded in the treasury stock account. Treasury stock The treasury stock account includes 49,408,840 and 41,182,672 ordinary shares repurchased from the open market as of December 31, 2022 and 2023, respectively. Such treasury stock is reserved for future issuance upon the exercise of the vested share options and the vesting of restricted shares. During the year ended December 31, 2023, 50,887,168 ordinary shares had been reissued to employees and directors upon the exercise of share options and vesting of restricted shares. Retained Earnings In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s PRC subsidiaries, being foreign invested enterprises established in China, are required to make appropriations to certain statutory reserves, namely a general reserve fund, an enterprise expansion fund, a staff welfare fund and a bonus fund, all of which are appropriated from net profit as reported in their PRC statutory accounts. Each of the Company’s PRC subsidiaries is required to allocate at least 10% of its after-tax In accordance with the China Company Laws, the Company’s VIEs must make appropriations from their after-tax non-distributable after-tax General reserve and statutory surplus funds are restricted to set-off public welfare funds are restricted to capital expenditures for the collective welfare of employees. The reserves are not allowed to be transferred to the Company in the form of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) PRC statutory reserve funds 1,218 1,567 221 Unreserved retained earnings 147,123 159,673 22,489 Total retained earnings 148,341 161,240 22,710 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 RMB47.3 billion and RMB48.0 billion (US$6.8 billion) as of December 31, 2022 and 2023, respectively. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and variable interest entities and their subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Foreign Unrealized available-for-sale Unrealized Total RMB RMB RMB RMB (In millions) Balance at December 31, 2020 (840 ) 1,039 — 199 Other comprehensive (loss) income before reclassification (88 ) (190 ) 149 (129 ) Net current-period other comprehensive (loss) income (88 ) (190 ) 149 (129 ) Other comprehensive (loss) income attribute to noncontrolling interests and redeemable noncontrolling interests (79 ) 1 — (78 ) Balance at December 31, 2021 (1,007 ) 850 149 (8 ) Cumulative effect of accounting change 13 — — 13 Other comprehensive (loss) income before reclassification (764 ) (392 ) 1,266 110 Net current-period other comprehensive (loss) income (751 ) (392 ) 1,266 123 Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests 432 (1 ) — 431 Balance at December 31, 2022 (1,326 ) 457 1,415 546 Other comprehensive loss before reclassification (626 ) (188 ) (422 ) (1,236 ) Amounts reclassified from accumulated other comprehensive income (287 ) (13 ) — (300 ) Net current-period other comprehensive loss (913 ) (201 ) (422 ) (1,536 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests 88 7 — 95 Balance at December 31, 2023 (2,151 ) 263 993 (895 ) Balance at December 31, 2023, in US$ (303 ) 37 140 (126 ) The amounts reclassified out of accumulated other comprehensive income (loss) represent realized foreign currency translation adjustments, which mainly arose from the disposal of the Group’s partial interests in Trip and realized gains (losses) on the sales of available-for-sale The following table sets forth the tax benefit (expense) allocated to each component of other comprehensive (loss) income for the years ended December 31, 2021, 2022 and 2023: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Unrealized (losses) gains on available-for-sale Other comprehensive (loss) income before reclassification (3 ) 28 (13 ) (2 ) Net current-period other comprehensive (loss) income (3 ) 28 (13 ) (2 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. EARNINGS PER SHARE Following the Share Subdivision as detailed in Notes 1, each ordinary share was subdivided into eighty ordinary shares and each ADS represents eight Class A ordinary shares. 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 earnings per share for the years ended December 31, 2021, 2022 and 2023 is as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions, including number of shares, except for per share data) Net income attributable to Baidu, Inc. 10,226 7,559 20,315 2,861 Accretion of the redeemable noncontrolling interests (350 ) (591 ) (717 ) (101 ) Numerator for basic EPS computation 9,876 6,968 19,598 2,760 Impact of diluted securities of subsidiaries and equity method investees — — (44 ) (6 ) Numerator for diluted EPS computation 9,876 6,968 19,554 2,754 The following table sets forth the computation of basic and diluted earnings per Class A and Class B ordinary share and basic and diluted earnings per ADS: For the years ended December 31, 2021 2022 2023 2023 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, including number of shares and ADS, except for per share and per ADS data) Earnings per share—basic: Numerator Allocation of net income attributable to Baidu, Inc. 7,871 2,005 5,590 1,378 15,905 2,240 3,693 520 Denominator Weighted average ordinary shares outstanding 2,198 560 2,232 550 2,278 2,278 529 529 Denominator used for basic EPS 2,198 560 2,232 550 2,278 2,278 529 529 Earnings per share—basic 3.58 3.58 2.50 2.50 6.98 0.98 6.98 0.98 Earnings per share—diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 7,910 1,966 5,604 1,364 15,909 2,241 3,645 513 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 1,966 — 1,364 — 3,645 513 — — Numerator for diluted EPS calculation 9,876 1,966 6,968 1,364 19,554 2,754 3,645 513 Denominator Weighted average ordinary shares outstanding 2,198 560 2,232 550 2,278 2,278 529 529 Conversion of Class B to Class A ordinary shares 560 — 550 — 529 529 — — Share-based awards 56 — 27 — 30 30 — — Denominator used for diluted EPS 2,814 560 2,809 550 2,837 2,837 529 529 Earnings per share—diluted 3.51 3.51 2.48 2.48 6.89 0.97 6.89 0.97 Earnings per ADS (1 ADS equals 8 Class A ordinary shares): Denominator used for earnings per ADS—basic 275 279 285 285 Denominator used for earnings per ADS—diluted 352 351 355 355 Earnings per ADS—basic 28.64 20.02 55.83 7.86 Earnings per ADS—diluted 28.07 19.85 55.08 7.76 The Company did not include the effect of convertible senior notes issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the years ended December 31, 2021, 2022 and 2023, as its effect would be anti-dilutive. The Company did not include the effect of certain share options issued by iQIYI, other subsidiaries and investees in the computation of diluted earnings per share for the years ended December 31, 2021 and 2022, as its effect would be anti-dilutive. |
Share-Based Awards Plan
Share-Based Awards Plan | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Awards Plan | 23. SHARE-BASED AWARDS PLAN Baidu, Inc. 2008 Share Incentive plan 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, consultants and non-employees ten years 2018 Share Incentive Plan In July 2018, the Company adopted a share incentive plan (the “2018 Plan”), which provides for the granting of share incentives, including ISOs, restricted shares and any other form of award pursuant to the 2018 Plan, to members of the board, employees, consultants, and non-employees ten-year 2023 Share Incentive Plan In August 2023, the Company adopted a share incentive plan (the “2023 Plan”), which provides for the granting of ISOs, restricted shares, restricted share units; and any other form of awards granted to a participant pursuant to the 2023 plan to members of the board, employees, and consultants of the Company. The 2023 Plan has a maximum number of Under the 2008 Plan, the 2018 Plan and the 2023 Plan, 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. Following the Share Subdivision that took effect on March 1, 2021 as detailed in Notes 1, each Class A ordinary share was subdivided into eighty Class A ordinary shares and each ADS represents eight Class A ordinary shares. Prior and subsequent to March 1, 2021, one ordinary share was and will be issuable upon the vesting of one outstanding restricted share or the exercise of one outstanding share option, respectively. Therefore, following the Share Subdivision, each share option and restricted share is subdivided into eighty share options and eighty restricted shares, the weighted average grant date fair value per restricted share and the weighted average exercise price per share option is diluted by eighty times. The number of restricted shares and share options, the weighted average grant date fair value per restricted share and the weighted average exercise price per share option has been retrospectively adjusted for the Share Subdivision in the following tables. Incentive share options The following table summarizes the option activity for the year ended December 31, 2023: Number of share options Weighted average exercise price (US$) Weighted average remaining contractual life (Years) Aggregate intrinsic value (US$ in millions) Incentive share options Outstanding, December 31, 2022 19,669,296 19 5.6 20 Granted — — Exercised (1,388,560 ) 11 Forfeited/Cancelled (497,616 ) 14 Outstanding, December 31, 2023 17,783,120 19 4.4 17 Vested and expected to vest at December 31, 2023 17,149,656 19 4.3 17 Exercisable at December 31, 2023 16,017,392 19 4.0 17 Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB210 million, RMB124 million and RMB64 million (US$9 million), respectively. The total fair value of options vested during the years ended December 31, 2021, 2022 and 2023 was RMB217 million, RMB193 million and RMB85 million (US$12 million), respectively. Share options are usually subject to vesting schedules ranging from two 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, 2021 2022 Risk-free interest rate 0.63~1.23% 1.92~2.96% Dividend yield — — Expected volatility range 38.12%~39.82% 40.66%~47.03% Expected life (in years) 5.80~5.86 5.26~5.49 Note: The company didn’t grant share options in 2023. In addition, the Company recognizes share-based compensation expense net of estimated forfeiture for shares expected to vest over the service period of the award. Estimated forfeiture rates are primarily based on historical experience of employee turnover. To the extent the Company revises this estimate in the future, share-based compensation expense 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, 2021 and 2022 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, 2021 and 2022 was US$12 and US$8, respectively. Restricted Shares Restricted Shares activity for the year ended December 31, 2023 was as follow: Number of shares Weighted average grant date fair value (US$) Restricted Shares Unvested, December 31, 2022 126,250,360 17 Granted 35,125,120 17 Vested (49,878,448 ) 17 Forfeited/Cancelled (15,334,944 ) 17 Unvested, December 31, 2023 96,162,088 17 The total fair value of the restricted shares vested during the years ended December 31, 2021, 2022 and 2023 was RMB5.0 billion, RMB6.2 billion and RMB6.1 billion (US$861 million), respectively. The weighted-average grant-date fair value of the Restricted Shares granted during the years ended December 31, 2021, 2022 and 2023 was US$23, US$15 and US$17, respectively. As of December 31, 2023, there was RMB4.9 billion (US$686 million) of unrecognized share-based compensation cost related to restricted shares, which is expected to be recognized over a weighted-average vesting period of 2.6 years. To the extent the actual forfeiture rate is different from the original estimate, the actual share-based compensation costs related to these awards may be different from expectation. To the extent the Company revises this estimate in the future, share-based compensation expense could be materially impacted in the year of revision, as well as in the following years. Subsidiaries-iQIYI 2010 Equity Incentive Plan In October 2010, iQIYI adopted its 2010 Equity Incentive Plan (the “iQIYI 2010 Plan”), which permits the grant of restricted shares, options and share appreciation rights to the employees, directors, officers and consultants to purchase iQIYI’s ordinary shares. The 2010 Plan is valid and effective for an original term of ten years, and further extended to twenty years on September 15, 2020 commencing from its adoption. Except for service conditions, there were no other vesting conditions for all the awards under the 2010 Plan. As of December 31, 2023, the share option pool under the iQIYI 2010 Plan approved by the Board of Directors of iQIYI was 589,729,714 iQIYI’s ordinary shares. All options granted vest over a four-year period. 2021 Equity Incentive Plan On December 2, 2021, iQIYI adopted its 2021 Equity Incentive Plan (the “iQIYI 2021 Plan”), which permits the grant of restricted shares units and options to the directors, employees, consultants and other individuals of iQIYI. Under the 2021 Plan, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards shall initially be 364,000,000 iQIYI’s ordinary shares, provided that if restricted share units or options with US$0 exercise price are granted, each restricted share unit and option with US$0 exercise price (that entitles the holder to one ordinary share) granted shall reduce the number of ordinary shares under the 2021 Plan available for future grants by 1.3 ordinary shares. The 2021 Plan is valid and effective for a term of ten The following table sets forth the summary of employee option activity for the year ended December 31, 2023: Number of share options Weighted (US$) Weighted (Years) Aggregate Outstanding, December 31, 2022 479,471,102 0.35 6.8 193 Granted 90,174,000 0.08 Forfeited/Expired (15,212,381 ) 0.22 Exercised (22,145,907 ) 0.35 Outstanding, December 31, 2023 532,286,814 0.31 6.3 205 Vested and expected to vest at December 31, 2023 512,532,464 0.32 6.2 193 Exercisable at December 31, 2023 321,994,786 0.44 4.8 82 As of December 31, 2023, there was RMB878 million (US$124 million) of unrecognized share-based compensation cost related to share options granted by iQIYI which is expected to be recognized over a weighted-average period of 2.5 years. The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Cost of revenues 173 148 133 19 Selling, general and administrative 718 424 315 44 Research and development 328 239 189 27 1,219 811 637 90 Other Subsidiaries In fiscal year 2023, several subsidiaries of the Company have granted restricted shares and share options tied to the valuation of the subsidiaries to the employees of the Company, of which will be settled by the subsidiaries upon vesting or exercise of these awards. These awards are generally subject to a four-year vesting schedule as determined by the administrator of the plan. During the year ended December 31, 2023, the expenses recognized in respect of the share-based awards relating to these subsidiaries are insignificant. The following table summarizes the total share-based compensation cost recognized by the Group: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Cost of revenues 399 409 590 83 Selling, general and administrative 1,840 1,750 1,678 236 Research and development 4,817 4,629 4,077 575 7,056 6,788 6,345 894 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 24. RELATED PARTY TRANSACTIONS Related party transactions with investees Related party transactions provided by the Company primarily related to online marketing services, cloud services and other services. The following table summarizes the revenue recognized from transactions with investees for the years ended December 31, 2021, 2022 and 2023. For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Revenues: Related Party A 315 158 540 76 Related Party B 888 889 924 130 Related Party D 123 257 338 48 Related Party E (i) 126 — — — Other Investees 915 939 897 126 Total 2,367 2,243 2,699 380 (i) The transactions mainly represent revenues arising from services including online marketing services and cloud services the Company provided to Related Party E. Related Party E ceases to be a related party from February 2021 as the Company does not have significant influence over Related Party E after its public listing. The Group purchased content, traffic acquisition and other services from equity investees in an amount of RMB3.0 billion, RMB2.2 billion and RMB2.6 billion (US$361 million) for the years ended December 31, 2021, 2022 and 2023, respectively. Related party transactions with others In 2021, 2022 and 2023, related party transactions with Related Party C, over which the Company can significantly influence its management or operating policies, were in the total amount of RMB2.0 billion, RMB2.2 billion and RMB1.8 billion (US$256 million), respectively, and mainly comprised online marketing services provided to Related Party C. In addition, other related party transactions were insignificant for each of the years presented, which included reimbursements to Robin Li’s use of an aircraft beneficially owned by his family member used for the Company’s business purposes. Balances of due from/due to related parties As of December 31, 2022 and 2023, amounts due from/due to related parties were as follows: Except for the non-trade As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Amounts due from related parties, current: Related Party B (i) 3,730 341 48 Related Party C (ii) 337 229 32 Related Party D (iii) 1,059 499 70 Other related parties (iv) 306 355 51 Total 5,432 1,424 201 Amounts due from related parties, non-current: Related Party B (i) — 36 5 Other related parties (v) 60 159 22 Total 60 195 27 Amounts due to related parties, current: Related Party B (vi) 3,912 517 73 Related Party F (vii) 66 76 11 Other related parties (viii) 1,089 1,010 142 Total 5,067 1,603 226 Amounts due to related parties, non-current: Related Party F (vii) 98 76 11 Other related parties (ix) 1 1 — Total 99 77 11 (i) The balance represents non-trade (ii) The balance mainly represents receivables arising from providing online marketing services to Related Party C. (iii) The balance mainly represents non-trade (iv) The balance mainly represents amounts arising from content distribution services, cloud services and other services the Company provided to its investees in ordinary course of business. (v) The balance mainly represents prepayments for licensed copyrights to be received from the Company’s equity investees. (vi) The balance represents non-trade loans due to Related Party B with interest rates of nil, which were fully settled in December 2023, and amounts arising from purchasing services from Related Party B in the ordinary course of business. (vii) The balance mainly represents deferred revenue in relation to licenses of intellectual property to be provided to Related Party F. (viii) The balance mainly represents amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade (ix) The balance mainly represents deferred revenue relating to the future services to be provided by the Company to investees. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 25. SEGMENT REPORTING The Company’s operations are organized into two segments, consisting of Baidu Core and iQIYI. Baidu Core mainly provides search-based, feed-based and other online marketing services, cloud services, products and other services from its new AI initiatives. iQIYI is an online entertainment service provider that offers original, professionally produced and partner-generated content on its platform. 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 Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2021. For the year ended December 31, 2021 Baidu iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 95,163 30,554 (1,224 ) 124,493 Operating costs and expenses: Cost of revenues 37,838 27,513 (1,037 ) 64,314 Selling, general and administrative 20,040 4,725 (42 ) 24,723 Research and development 22,143 2,795 — 24,938 Total operating costs and expenses 80,021 35,033 (1,079 ) 113,975 Operating profit (loss) 15,142 (4,479 ) (145 ) 10,518 Total other income (loss), net 1,793 (1,533 ) — 260 Income (loss) before income taxes 16,935 (6,012 ) (145 ) 10,778 Income taxes 3,090 97 — 3,187 Net income (loss) 13,845 (6,109 ) (145 ) 7,591 Less: net income (loss) attributable to noncontrolling interests 288 61 (2,984 ) (2,635 ) Net income (loss) attributable to Baidu, Inc. 13,557 (6,170 ) 2,839 10,226 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2022. For the year ended December 31, 2022 Baidu iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 95,431 28,998 (754 ) 123,675 Operating costs and expenses: Cost of revenues 42,378 22,321 (764 ) 63,935 Selling, general and administrative 17,103 3,466 (55 ) 20,514 Research and development 21,416 1,899 — 23,315 Total operating costs and expenses 80,897 27,686 (819 ) 107,764 Operating profit 14,534 1,312 65 15,911 Total other loss, net (4,453 ) (1,346 ) — (5,799 ) Income (loss) before income taxes 10,081 (34 ) 65 10,112 Income taxes 2,494 84 — 2,578 Net income (loss) 7,587 (118 ) 65 7,534 Less: net income (loss) attributable to noncontrolling interests 36 18 (79 ) (25 ) Net income (loss) attributable to Baidu, Inc. 7,551 (136 ) 144 7,559 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2023. For the year ended December 31, 2023 Baidu Core iQIYI Intersegment Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Total revenues 103,465 14,573 31,873 4,489 (740 ) (104 ) 134,598 18,958 Operating costs and expenses: Cost of revenues 42,592 5,999 23,103 3,254 (664 ) (94 ) 65,031 9,159 Selling, general and administrative 19,623 2,765 4,014 565 (118 ) (16 ) 23,519 3,314 Research and development 22,425 3,158 1,767 249 — — 24,192 3,407 Total operating costs and expenses 84,640 11,922 28,884 4,068 (782 ) (110 ) 112,742 15,880 Operating profit 18,825 2,651 2,989 421 42 6 21,856 3,078 Total other income (loss), net 4,298 607 (956 ) (135 ) — — 3,342 472 Income before income taxes 23,123 3,258 2,033 286 42 6 25,198 3,550 Income taxes 3,568 503 81 11 — — 3,649 514 Net income 19,555 2,755 1,952 275 42 6 21,549 3,036 Less: net income attributable to noncontrolling interests 154 22 27 4 1,053 149 1,234 175 Net income (loss) attributable to Baidu, Inc. 19,401 2,733 1,925 271 (1,011 ) (143 ) 20,315 2,861 The following table presents the Group’s revenues disaggregated by segment and by types of products or services: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Online marketing services 73,919 69,522 75,112 10,579 Cloud services (i) 15,070 17,721 18,718 2,636 Others (i) 6,174 8,188 9,635 1,358 Baidu Core Subtotal 95,163 95,431 103,465 14,573 Membership services (i) 16,714 17,711 20,314 2,861 Online advertising services (ii) 7,067 5,332 6,224 877 Content distribution (i) 3,007 2,562 2,459 346 Others (i) 3,766 3,393 2,876 405 iQIYI Subtotal 30,554 28,998 31,873 4,489 Intersegment eliminations (1,224 ) (754 ) (740 ) (104 ) Total revenues 124,493 123,675 134,598 18,958 (i) The revenues were presented as “Others” in the consolidated statements of comprehensive income. (ii) The revenues were presented as “Online marketing services” in the consolidated statements of comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 26. FAIR VALUE MEASUREMENTS 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 on a recurring basis In accordance with ASC 820, the Group measures equity investments with readily determinable fair value, investments accounted for at fair value, available-for-sale held-to-maturity available-for-sale available-for-sale The fair values of the Group’s notes payable are extracted directly from their quoted market prices. The fair values of the convertible senior notes are classified as Level 2 or Level 3 in the fair value hierarchy. The Group carries the convertible senior notes at face value less unamortized debt discount and issuance costs on its consolidated balance sheets and presents the fair value for disclosure purposes only. For further information on the convertible senior notes, see Note 15. Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Fair value measurement or disclosure at December 31, 2022 using Total fair value at December 31, 2022 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant (Level 3) RMB RMB RMB RMB (In millions) Fair value disclosure (i) Cash equivalents: Time deposits 12,968 12,968 Money market funds 3 3 Short-term investments: Held-to-maturity 120,464 120,464 Long-term investments: Long-term time deposits and held-to-maturity 23,688 23,688 Notes payable, current portion 6,812 6,812 Convertible senior notes, current portion 6,756 6,756 Notes payable, non-current 36,268 36,268 Convertible senior notes, non-current 7,253 7,253 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 855 855 Long-term investments: Equity investments at fair value with readily determinable fair value 12,100 12,100 Equity investments without readily determinable fair value using NAV practical expedient (ii) 945 Investments accounted for at fair value 4,616 97 4,519 Available-for-sale 2,447 2,447 Other non-current Derivative instruments 1,416 1,416 Total assets measured at fair value 22,379 12,197 2,271 6,966 Amounts due to related parties, current: Financial liability 328 328 Total liabilities measured at fair value 328 328 Fair value measurement or disclosure at December 31, 2023 using Total fair value at December 31, 2023 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB US$ RMB RMB RMB (In millions) Fair value disclosure (i) Cash equivalents: Time deposits 6,266 883 6,266 Short-term investments: Held-to-maturity 167,740 23,626 167,740 Long-term investments: Long-term time deposits and held-to-maturity 24,872 3,503 24,872 Notes payable, current portion 5,999 845 5,999 Convertible senior notes, current portion 2,727 384 2,727 Notes payable, non-current portion 32,742 4,612 32,742 Convertible senior notes, non-current 8,881 1,251 3,757 5,124 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 1,671 235 1,671 Long-term investments: Equity investments at fair value with readily determinable fair value 9,610 1,354 9,610 Equity investments without readily determinable fair value using NAV practical expedient (ii) 942 133 Investments accounted for at fair value 4,841 682 66 4,775 Available-for-sale 3,682 519 423 3,259 Other non-current Derivative instruments 994 140 994 Total assets measured at fair value 21,740 3,063 9,676 3,088 8,034 Amounts due to related parties, current: Financial liability 321 45 321 Total liabilities measured at fair value 321 45 321 (i) Fair value disclosure shows financial instruments which are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. (ii) Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Investments accounted for at fair value: Amounts RMB (In millions) Balance at December 31, 2021 3,771 Additions 343 Disposals (212 ) Net unrealized fair value increase recognized in earnings 502 Foreign currency translation adjustments 115 Balance at December 31, 2022 4,519 Additions 250 Disposals (90 ) Net unrealized fair value increase recognized in earnings 55 Foreign currency translation adjustments 41 Balance at December 31, 2023 4,775 Balance at December 31, 2023, in US$ 673 Available-for-sale Amounts RMB (In millions) Balance at December 31, 2021 2,262 Additions 10 Conversion from equity investment 657 Share of losses in excess of equity method investment in ordinary shares (161 ) Net unrealized fair value change recognized in other comprehensive (loss) income (432 ) Accrued interest 78 Foreign currency translation adjustments 33 Balance at December 31, 2022 2,447 Additions 313 Disposals (332 ) Conversion 838 Share of losses in excess of equity method investment in ordinary shares (7 ) Net unrealized fair value change recognized in other comprehensive (loss) income (71 ) Accrued interest 76 Foreign currency translation adjustments (5 ) Balance at December 31, 2023 3,259 Balance at December 31, 2023, in US$ 459 Assets measured at fair value on a non-recurring The Group measures certain non-financial For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured non-recurring non-recurring non-recurring exit events as it relates to liquidation and redemption preferences, when applicable. These unobservable inputs and resulting fair value estimates may be affected by unexpected changes in future market or economic conditions. Other non-financial non-financial The following table summarizes the Group’s financial assets held as of December 31, 2022 and 2023 for which a non-recurring Total Balance Quoted Prices (Level 1) Significant Significant Inputs (Level 3) Fair Value Impairment RMB US$ RMB RMB RMB RMB US$ RMB US$ (In millions) Fair value measurements on a non-recurring As of December 31, 2022 Long-term investments (i) 3,466 99 29 3,338 256 (3,025 ) Produced content monetized on its own (ii) 85 85 (68 ) As of December 31, 2023 Long-term investments (i) 5,383 758 43 — 5,340 580 82 (815 ) (115 ) Produced content monetized on its own (ii) 25 4 25 (253 ) (36 ) (i) Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2022 and 2023. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured (ii) Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, respectively. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Line Items] | |
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 have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective da tes |
Comparative Information | Comparative Information Certain financial information of the Group’s equity method investees in Note 4, certain produced content related disclosures presented in Note 7 and certain iQIYI’s segment revenue related disclosures presented in Note 25 have been adjusted to conform with the current year’s presentation to facilitate comparison. |
Use of Estimates | Use of Estimates The preparation of the 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 standalone selling prices of performance obligations and amounts of variable considerations of revenue contracts, the allowance for credit losses of accounts receivable, contract assets, receivables from online payment agencies, amounts due from related parties and debt securities, fair values of certain debt and equity investments, future viewership consumption patterns and useful lives of licensed copyrights and produced content, future revenues generated by the broadcasting and sublicensing rights of content assets (licensed and produced), ultimate revenue of produced content predominantly monetized on its own, fair values of licensed copyrights and produced contents monetized as a film group or individually, fair value of nonmonetary content exchanges, the useful lives of long-lived assets, impairment of long-lived assets, long-term investments and goodwill, the purchase price allocation, deferred tax valuation allowance, the fair value of share-based awards and estimated forfeitures for share-based awards 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. |
Change in Accounting Estimate | Change in Accounting Estimate In 2021, the Group reviewed and revised the estimated useful life of its servers from four years to five years. As a result of these revisions, depreciation expense decreased by RMB982 million, net income increased by RMB814 million, and basic and diluted net earnings per Class A and Class B ordinary share increased by RMB0.28 and RMB0.28, respectively, for the year ended December 31, 2021. |
Currency Translation For Financial Statements Presentation | Currency Translation for Financial Statements Presentation Translations of amounts from RMB into U.S. dollars (US$) for the convenience of the reader have been calculated at the exchange rate of RMB7.0999 per US$1.00 on December 29, 2023, the last business day in fiscal year 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate. |
Foreign Currency | Foreign Currency The Company’s functional currency is the US$. 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 income. Transactions denominated in foreign currencies are measured and recorded into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies other than functional currency are remeasured into the functional currency at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included in earnings as a component of “Other income, net.” |
Segment Reporting | Segment Reporting As of December 31, 2022 and 2023, the Group had two reportable segments, Baidu Core and iQIYI. Baidu Core mainly provides search-based, feed-based and other online marketing services, cloud services, products and other services from its new AI initiatives. iQIYI is an online entertainment service provider that offers original, professionally produced and partner-generated content on its platform. The Group’s chief executive officer, who has been identified as the chief operating decision maker (“CODM”), reviews the operating results of Baidu Core and iQIYI, to allocate resources and assess the Group’s performance. Accordingly, the financial statements include segment information which reflects the current composition of the reportable segments in accordance with ASC Topic 280, Segment Reporting. |
Business Combinations | Business Combinations The Group accounts for its business combinations using the acquisition method in accordance with ASC Topic 805, Business Combinations In a business combination achieved in stages, the Group 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 are based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, 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 Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. |
Cash and Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash 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 represents amounts deposited and held in escrow for the acquisition of YY Live, the share purchase agreement for which has been terminated on January 1, 2024, and restricted deposits used as security against convertible senior notes. In the event that the obligation to maintain such restricted deposits is expected to be terminated within the next twelve months, these deposits will be classified as current assets, included in “Restricted cash” in the consolidated balance sheets. Otherwise, they will be classified as non-current non-current |
Accounts Receivable and Contract Asset, net | Accounts Receivable and Contract Assets, net Accounts receivable are recognized and carried at the original invoiced amount less an allowance for credit losses. The Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer is recognized as a contract asset. The Group maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses |
Receivables from Online Payment Agencies, net | Receivables from Online Payment Agencies, net Receivables from online payment agencies are funds due from the third-party online payment service providers for clearing transactions and are included in “Other current assets, net” on the consolidated balance sheets. The cash was paid or deposited by customers or users through these online payment agencies for services provided by the Group. The Group considers and monitors the credit worthiness of the third-party payment service providers and recognizes credit losses based on ongoing credit evaluations. Receivable balances are written off when they are deemed uncollectible. As of December 31, 2022 and 2023, allowance for credit losses provided for the receivables from online payment agencies were insignificant. |
Investments | Investments Short-term All highly liquid investments with original maturities 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 Group accounts for short-term debt investments in accordance with ASC Topic 320, Investments – Debt Securitie . held-to-maturity, available-for-sale, acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the short-term investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains or losses are realized. Securities that the Group has the positive intent and ability to hold to maturity are classified as held-to-maturity Securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities, in accordance with ASC 320. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity available-for-sale The allowance for credit losses of the held-to-maturity held-to-maturity held-to-maturity Long-term investments The Group’s long-term investments consist of equity method investments, equity investments with readily determinable fair value, equity investments without readily determinable fair value, equity investments in private equity funds, other investments accounted for at fair value and available-for-sale Investments in entities in which the Group 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, Investments-Equity Method and Joint Ventures one-quarter The Group evaluates its equity method investments for impairment at each reporting date, or more frequently if events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Group when determining whether an investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which the market value has been less than cost, the financial condition and near-term prospects of the investee, and the Group’s intent and ability to retain the investment until the recovery of its cost. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary and is allocated to the individual net assets underlying equity method investments in the following order: 1) reduce any equity method goodwill to zero; 2) reduce the individual basis differences related to the investee’s long-lived assets pro rata based on their amounts relative to the overall basis difference at the impairment date; and 3) reduce the individual basis difference of the investee’s remaining assets in a systematic and rational manner. For equity investments in private equity funds, over which the Group does not have the ability to exercise significant influence, are measured using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures For equity securities without readily determinable fair value and do not qualify for the NAV practical expedient, the Group elects to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Significant judgments are required to determine (i) whether observable price changes are orderly transactions and identical or similar to an investment held by the Group; and (ii) the selection of appropriate valuation methodologies and underlying assumptions, including expected volatility and the probability of exit events as it relates to liquidation and redemption features used to measure the price adjustments for the difference in rights and obligations between instruments. Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in “Others, net” in the consolidated statements of comprehensive income. For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment considering impairment indicators to evaluate whether investments are impaired at each reporting date. Impairment indicators considered include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, including factors that raise significant concerns about the investee’s ability to continue as a going concern, a significant adverse change in the regulatory, economic, or technologic environment of the investee and a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. In accordance with ASC Subtopic 946-320, Financial Services—Investment Companies, Investments—Debt and Equity Securities 946-320”) , re-measured Available-for-sale value. Interest income is recognized in earnings. All other changes in the carrying amount of these debt investments are recognized in other comprehensive (loss) income. Long-term time deposits and held-to-maturity Long-term time deposits and held-to-maturity Investments in debt securities with maturities of greater than one year that the Group has positive intent and ability to hold to maturity are classified as long-term held-to-maturity |
Fair Value Measurements of Financial Instruments | Fair Value Measurements of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, short-term investments, amounts due from and due to related parties, other receivables and long-term investments. The carrying values of the aforementioned financial instruments included in current assets and liabilities approximate their respective fair values because of their general short maturities. The carrying amounts of long-term loans approximate fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of long-term investments, notes payable and convertible senior notes that are not reported at fair value are disclosed in Note 26. |
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 – 43 to 45 years Office building related facility, machinery and equipment – 10 to 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 mainly 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, 2021, 2022 and 2023 were insignificant. |
Licensed Copyrights, net | Licensed Copyrights, net Licensed copyrights consist of professionally-produced content such as films, drama series, variety shows and other video content acquired from external parties. The license fees are capitalized and, unless prepaid, a corresponding liability is recorded when the cost of the content is known, the content is accepted by the Group in accordance with the conditions of the license agreement and the content is available for its first showing on the Group’s platforms. Licensed copyrights are presented on the consolidated balance sheets as current and non-current The Group’s licensed copyrights include the right to broadcast and, in some instances, the right to sublicense. The broadcasting right, refers to the right to broadcast the content on its own platforms and the sublicensing right, refers to the right to sublicense the underlying content to external parties. When licensed copyrights include both broadcasting and sublicensing rights, the content costs are allocated to these two rights upon initial recognition, based on the relative proportion of the estimated total revenues that will be generated from each right over its estimated useful lives. For the right to broadcast the contents on its own platforms that generates online advertising and membership services revenues, the content costs are amortized based on factors including historical and estimated future viewership patterns, using an accelerated method by content categories over the shorter of each content’s contractual period or estimated useful lives within ten years, beginning with the month of first availability. Content categories accounting for most of the Group’s content include newly released drama series, newly released films, animations, library drama series and library films. Estimates of future viewership consumption patterns and estimated useful lives are reviewed periodically, at least on an annual basis and revised, if necessary. Revisions to the amortization patterns are accounted for as a change in accounting estimate prospectively in accordance with ASC Topic 250, Accounting Changes and Error Corrections |
Produced Content, net | Produced Content, net The Group produces original content in-house ultimate revenue to be earned during the estimated useful lives of produced content based on anticipated release patterns and historical results of similar produced content, which are identified based on various factors, including cast and crew, target audience and popularity. The capitalized production costs are reported separately as noncurrent assets with caption of “Produced content, net” on the consolidated balance sheets. Based on factors including historical and estimated future viewership consumption patterns, the Group amortizes produced content that is predominantly monetized in a film group. For produced content that is monetized on its own, the Group considers historical and estimated usage patterns to determine the pattern of amortization. Based on the estimated patterns, the Group amortizes produced content using an accelerated method over its estimated useful lives within ten years, beginning with the month of first availability and such costs are included in “Cost of revenues” in the consolidated statements of comprehensive income. |
Impairment of licensed copyrights and produced contents | Impairment of licensed copyrights and produced content The Group’s business model is mainly subscription and advertising based, as such the majority of the Group’s content assets (licensed copyrights and produced content) are predominantly monetized with other content assets, whereas a smaller portion of the Group’s content assets are predominantly monetized at a specific title level such as variety shows and investments in a proportionate share of certain film rights including profit sharing, distribution and/or other rights. Because the identifiable cash flows related to content launched on the Group’s Mainland China platform are largely independent of the cash flows of other content launched on the Group’s overseas platform, the Group has identified two separate film groups. The Group reviews its film groups and individual content for impairment when there are events or changes in circumstances that indicate the fair value of a film group or individual content may be less than its unamortized costs. Examples of such events or changes in circumstances include, a significant adverse change in technological, regulatory, legal, economic, or social factors that could affect the fair value of the film group or the public’s perception of a film or the availability of a film for future showings, a significant decrease in the number of subscribers or forecasted subscribers, or the loss of a major distributor, a change in the predominant monetization strategy of a film that is currently monetized on its own, actual costs substantially in excess of budgeted costs, substantial delays in completion or release schedules, or actual performance subsequent to release failing to meet expectations set before release such as a significant decrease in the amount of ultimate revenue expected to be recognized. When such events or changes in circumstances are identified, the Group assesses whether the fair value of an individual content (or film group) is less than its unamortized film costs, determines the fair value of an individual content (or film group) and recognizes an impairment charge for the amount by which the unamortized capitalized costs exceed the individual content’s (or film group’s) fair value. The Group mainly uses a discounted cash flow approach to determine the fair value of an individual content or film group, of which the most significant inputs include the forecasted future revenues, costs and operating expenses attributable to an individual content or the film group and the discount rate. An impairment loss attributable to a film group is allocated to individual licensed copyrights and produced content within the film group on a pro rata basis using the relative carrying values of those assets as the Group cannot estimate the fair value of individual contents in the film group without undue cost and effort. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business combination. The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill 350-20”), impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20. The Group has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. more-likely-than-not The Group performed qualitative assessments for the reporting unit of Baidu Core excluding SLG in 2022 and 2023. Based on the requirements of ASC 350-20, Due to the changing market conditions and fluctuations in the share price of the Group, the Group performed quantitative assessment for the reporting unit of Baidu Core excluding SLG in 2022 and 2023. The Group estimated fair value using the income approach and the market approach. The fair value determined using the income approach was compared with comparable market data and reconciled, as necessary. No impairment loss of goodwill related to the reporting unit of Baidu Core excluding SLG was recorded for the years ended December 31, 2022 and 2023. The Group performed qualitative assessments for the reporting unit of SLG in 2022 and 2023. Based on the requirements of ASC 350-20, more-likely-than-not The Group elected to bypass the qualitative assessment and proceeded directly to perform a quantitative test for the reporting unit of iQIYI. The Group primarily considers the quoted market price of iQIYI’s ordinary shares to determine the fair value of the reporting unit. As of December 31, 2022 and 2023, the fair value of iQIYI exceeded its carrying amount, therefore, goodwill related to the iQIYI reporting unit was not impaired and the Group was not required to perform further testing. Application of a goodwill impairment test requires significant management judgment and estimation, such as identification of reporting units, estimating the fair value of each reporting unit. Estimating the fair value of reporting units using income approach and market approach involved significant assumptions, such as revenue growth rates, profitability in estimating future cash flows, discount rates, earnings multipliers based on market data of comparable companies engaged in a similar business. Changes in these assumptions could materially affect the determination of fair value for each reporting unit. On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of gain or loss recognized upon disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured on the basis of the relative fair value of the business disposed and the portion of the reporting unit retained. Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives. Intangible assets have weighted average useful lives from the date of purchase as follows: Trademarks – 11 years Technology – 5 years Intellectual property right – 8 years Online literature – 9 years Others – 13 years Intangible assets with 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, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill 350-30”). |
Impairment of Long-Lived Assets Other Than Goodwill | Impairment of Long-Lived Assets Other Than Goodwill The Group evaluates long-lived assets, such as fixed assets and purchased or internally developed intangible assets with finite lives other than licensed copyrights and produced content, 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 |
Leases | Leases The Group has lease agreements with lease and non-lease The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes an ROU asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. For finance leases, assets are included in “Other non-current |
Revenue Recognition | Revenue Recognition The Group’s revenues are derived principally from online marketing service and others. Revenue is recognized when control of promised goods or services is transferred to the Group’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Revenue is recorded net of valued added taxes (“VAT”). For arrangements that include multiple promised goods or services, the Group would evaluate all of the performance obligations in the arrangement to determine whether each performance obligation is distinct. For arrangements with multiple distinct performance obligations, each distinct performance obligation is separately accounted for and the total consideration is allocated to each performance obligation based on their relative standalone selling price at contract inception. The Group generally determines standalone selling prices based on the prices charged to customers on a standalone basis or estimates it using an expected cost plus margin approach. For arrangement with multiple components that are not distinct within the context of the contract because they have significant integration and the customer can only benefit from these promised goods or services in conjunction with one another, the Group accounts for them as one performance obligation. The Group’s revenue recognition policies by types are as follows: Online marketing services Performance-based online marketing services The Group’s pay-for-performance To the extent the Group provides online marketing services based on performance criteria other than cost-per-click Baidu Union online marketing services Baidu Union is a program through which the Group expands distribution of its customers’ sponsored links or advertisements by leveraging the traffic of Baidu Union partners’ online properties. The Group acquires traffic from Baidu Union partners and is responsible for service fulfillment and pricing. The services which the Group provided to customers through Baidu Union partners’ online properties include CPC, other performance-based online marketing services and online display advertising services. These services are provided in the same way to customers as those through Baidu’s own platforms or properties. As the principal, the Group recognizes revenue from Baidu Union on a gross basis. Payments made to Baidu Union partners are recorded as traffic acquisition costs, which are included in “Cost of revenues” in the consolidated statements of comprehensive income. Online display advertising services The Group provides online display advertising services to its customers by integrating text description, image and/or video, and displaying the advertisement in the search result, in Baidu Feed or on other properties. The Group recognizes revenue on a pro-rata Collection Certain customers of online marketing services are required to pay a deposit before using the Group’s services and are sent automated reminders to replenish their accounts when the balance falls below a designated amount. The deposits received are recorded as “Customer deposits and deferred revenue” on the consolidated balance sheets. The amounts due to the Group are deducted from the deposited amounts when users click on the paid sponsored links in the search results or other performance criteria have been satisfied. In addition, the Group offers payment terms to third-party agents and advertisers based on their historical marketing placements and credibility, consistently with industry practice. Payment terms and conditions vary by customer and are based on the billing schedule established in the Group’s contracts or purchase orders with customers, but the Group generally provides credit terms to customers within one year; therefore, the Group has determined that its contracts do not include a significant financing component. Sales incentives The Group provides major sales incentives to third-party agents, which are identified as customers, that entitle them to receive price reductions on the online marketing services by meeting certain cumulative consumption requirements. The Group accounts for these incentives granted to customers as variable consideration and net them against revenue. The amount of variable consideration is measured based on the expected value of incentives to be provided to customers. Others Video Membership services The Group offers membership services to subscribing members with various privileges, which primarily include access to exclusive and ad-free on-demand manufacturers (TVs and cell phones), mobile operators, internet service providers and online payment agencies, provide access to the membership services or payment processing services as the Group retains control over its service delivery to its subscribing members. Typically, payments made to the partners, are recorded as cost of revenues. For the sale of the right to other membership services through strategic cooperation with other parties, the Group recognizes revenue on a net basis when the Group does not control the specified services before they are transferred to the customer. Content distribution The Group generates revenues from sub-licensing sub-licensing sub-license sub-licensing sub-licensee sub-license sub-licensing The Group also enters into nonmonetary transactions to exchange online broadcasting rights of content assets with other online video broadcasting companies from time to time. The exchanged content assets provide rights for each party to broadcast the content assets received on its own platform only. Each transferring party retains the right to continue broadcasting the exclusive content on its own platform and/or sublicense the rights to the content it surrendered in the exchange. The Group accounts for these nonmonetary exchanges based on the fair value of the asset received. Barter revenues are recognized in accordance with the same revenue recognition criteria above. The Group estimates the fair value of the content assets received using a market approach based on various factors, including the purchase price of similar non-exclusive Cloud service The Group provides enterprise and public sector cloud services and personal cloud services, generally on either a subscription or consumption basis. For enterprise and public sector cloud services, the Group offers a full suite of cloud services and solutions, including IaaS (infrastructure as a service), PaaS (platform as a service), and SaaS (software as a service). For personal cloud services, the Group offers Baidu Drive membership services provided to individual customers. Revenue related to enterprise and public sector cloud services provided on a subscription basis is recognized ratably over the contract period. Revenue related to enterprise and public sector cloud services provided on a consumption basis, such as the amount of storage used in a period, is recognized based on the customer’s utilization of such resources. Revenue related to personal cloud services is recognized ratably over the membership period as services are rendered, and the receipt of membership fees for services to be delivered over a period of time is initially recorded as “Customer deposits and deferred revenue”. The Group provides cloud solutions for customers in specific industries, such as smart transportation, finance, manufacturing, energy, telecom and media. Revenue related to cloud solutions, which mainly include significant integrated hardware, software licensing and installation service, is recognized over time if one of the following criteria is met: (i) the customer simultaneously receives and consumes the benefits as the Group performs; (ii) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or (iii) the asset delivered has no alternative use and the Group has an enforceable right to payment for performance completed to date. For performance obligations satisfied over time, the Group recognizes revenue over time by measuring the progress toward complete satisfaction of a performance obligation. Otherwise, revenue is recognized at a point in time when a customer obtains control of a promised asset or service and the Group satisfies its performance obligation. Baidu Apollo auto solutions Revenue related to Baidu Apollo auto solutions (Apollo Self-Driving services and DuerOS for Auto), which mainly includes software licensing, are recognized when earned in accordance with the terms of the underlying agreement. Generally, revenue is recognized at a point in time when the intellectual property is made available for the customer’s use and benefit. Sales of hardware The Group mainly sells Xiaodu smart device hardware products via third-party agents or directly to end customers. Revenue from the sales of hardware is recognized when control of the goods is transferred to customers, which generally occurs when the products are delivered and accepted by the customers. Revenue is recorded net of sales incentives and return allowance. Contract assets and contract liabilities Payment terms and conditions vary by customer and are based on the billing schedule established in the Group’s contracts or purchase orders with customers, although terms generally include a requirement of payment within one year. Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered to the customer. When either party to a revenue contract has performed, the Group recognizes a contract asset or a contract liability on the consolidated balance sheets, depending on the relationship between the entity’s performance and the customer’s payment. Contract liabilities were mainly related to fees for membership services to be provided over the membership period, which were included in “Customer deposits and deferred revenue” on the consolidated balance sheets. Balances of contract liabilities were RMB6.8 billion and RMB7.9 billion (US$1.1 billion) as of December 31, 2022 and 2023, respectively. Revenue recognized for the year ended December 31, 2023 that was included in contract liabilities as of January 1, 2023 was RMB5.9 billion (US$832 million). As of December 31, 2023, the increase in the balance of contract liabilities was primarily due to more consideration received from membership services compared to the prior year. Contract assets mainly represent unbilled amounts related to the Group’s rights to consideration for advertising services and cloud services delivered and are included in “Other current assets, net” on the consolidated balance sheets. As of December 31, 2022 and 2023, contract assets were RMB3.4 billion and RMB3.3 billion (US$459 million), net of an allowance for credit losses of RMB285 million and RMB168 million (US$24 million), respectively. As of December 31, 2023, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was RMB2.3 billion (US$319 million), which is expected to be recognized over the next two years. The Group does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Group recognizes revenue at the amount to which it has the right to invoice for services performed. The Group’s disaggregated revenue disclosures are presented in Note 25. |
Cost of Revenues | Cost of Revenues Cost of revenues consists primarily of traffic acquisition costs, bandwidth costs, depreciation, content costs, payroll, cost of hardware sold and other operational costs. Traffic acquisition costs mainly represent the amounts paid or payable to Baidu Union partners who direct search queries to the Group’s websites or distribute the Group’s customers’ paid links through their properties. These payments are primarily based on revenue sharing arrangements under which the Group pays its Baidu Union partners and other business partners a percentage of the fees it earns from its online marketing customers. |
Advertising, Marketing and Promotional Expenses | Advertising, Marketing and Promotional Expenses Advertising, marketing and promotional expenses, including advertisements through various forms of media and kinds of marketing and promotional activities, are included in “Selling, general and administrative” in the consolidated statements of comprehensive income and are expensed when incurred. Advertising, marketing and promotional expenses for the years ended December 31, 2021, 2022 and 2023 were RMB12.2 billion, RMB10.2 billion and RMB13.2 billion (US$1.9 billion), respectively. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist primarily of personnel-related costs. The Group expenses research and development costs as they are incurred, except for (i) costs to develop internal-use internal-use 350-40, Intangibles-Goodwill and Other, Internal-Use 950-20, Costs of Software to be Sold, Leased or Marketed |
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. The government subsidies of operating nature with no further conditions to be met are recorded as a reduction of operating expenses in “Selling, general and administrative” in the consolidated statements of comprehensive income when received. The government subsidies with certain conditions are recorded as “Deferred income” when received and is recognized as income in “Others, net” or as a reduction of specific operating costs and expenses when the conditions are met for which the grants are intended to compensate. If the government subsidies are related to an asset, it is recognized as a deduction of the carrying amount of the asset when the conditions are met and then recognized ratably over the expected useful life of the related asset as a reduction to the related amortization or depreciation in the consolidated statements of comprehensive income. For the years ended December 31, 2021, 2022 and 2023, government subsidies recorded as a reduction of operating costs and expenses As of December 31, 2022 and 2023, government subsidies recorded as deferred income were RMB231 million and RMB506 million (US$71 million), respectively. |
Income Taxes | Income Taxes The Group 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 Group records a valuation allowance against the amount of deferred tax assets that it determines is not more-likely-than-not Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The Group applies the provisions of ASC Topic 740, Income Taxes |
Share-based Compensation | Share-based Compensation The Group accounts for share-based compensation in accordance with ASC Topic 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 Group 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. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) The Group computes earnings per Class A and Class B ordinary shares in accordance with ASC Topic 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 such as share options, restricted shares and convertible senior notes have been excluded from the computation of diluted net earnings per share if their inclusion is anti-dilutive. Potential ordinary shares consist of the incremental ordinary shares issuable upon the exercise of nonvested share options and restricted shares and contracts that may be settled in the Group’s stock or cash. The dilutive effect of outstanding share options, 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 Group adjusts for the securities issued by subsidiaries and equity method investees in the calculation of income available to ordinary shareholders of the Company used in the diluted earnings per share calculation. 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 Group’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. |
Treasury stock | Treasury stock The Company accounts for treasury stock using the cost method. Under this method, the cost incurred to purchase the shares is recorded in “Treasury stock” on the consolidated balance sheets. At retirement of the treasury stock, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury stock over the aggregate par value is charged to retained earnings. |
Contingencies | Contingencies The Group 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 Group 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 Group discloses the amount of the accrual if it is material. When a loss contingency is not both probable and estimable, the Group 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 Group discloses an estimate of the loss or range of loss, unless it is immaterial or 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 are potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, debt securities, accounts receivable, contract assets, receivables from online payment agencies, amounts due from related parties, long-term time deposits and held-to-maturity non-current 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 Group 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. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the Chinese government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB0.5 million . Hong Kong has an official Deposit Protection Scheme (“DPS”). Deposits in the licensed banks in Hong Kong are protected by DPS, up to a limit of HK$ million . In the event of bankruptcy of one of the financial institutions in which the Group has deposits or investments, it may be unlikely to claim its deposits or investments back in full. The Group selected reputable international financial institutions with high rating rates to place its foreign currencies. The Group 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, contract assets and receivables from online payment agencies are typically unsecured and derived from revenue earned from customers and agencies in the PRC, which are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. The Group maintains an allowance for credit losses and actual losses have generally been within management’s expectations. As of December 31, 2023, the Group had no single customer with a balance exceeding 10% of the total accounts receivable, contract assets, and receivables from online payment agencies. No customer generated greater than 10% of total revenues during the years presented. Amounts due from related parties are typically unsecured. In evaluating the collectability of the amounts due from related parties, the Group considers many factors, including the related parties’ repayment history and their credit-worthiness. The Group maintains reserves for estimated credit losses and these losses have generally been within its expectations. Business and economic risks The Group participates in the dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations and cash flows: changes in the overall demand for services and products; changes in business offerings; competitive pressures due to existing and 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; cybersecurity regulations; brand maintenance and enhancement; risks associated with the Group’s ability to anticipate user preferences and provide high-quality content in a cost-effective manner; risks associated with the Group’s ability to attract and retain employees necessary to support its growth and risks related to health epidemics, severe weather conditions and other outbreaks. The Group’s operations could be adversely affected by significant political, economic and social uncertainties and epidemic in mainland China. Currency convertibility risk Substantially all of the Group’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. Foreign exchange transactions, including foreign currency payments, require the approval of the People’s Bank of China and/or regulatory institutions. Foreign currency exchange rate risk The functional currency and the reporting currency of the Group are the U.S. dollars and the RMB, respectively. The Group’s exposure to foreign currency exchange rate risk primarily relates to cash and cash equivalents, restricted cash, short-term investments, long-term investments, long-term time deposits and held-to-maturity held-to-maturity PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future. Any significant fluctuation of the valuation of RMB may materially affect the Group’s cash flows, revenues, earnings and financial position, and the value of, and any dividends payable on, the ADS in U.S. dollars. |
Derivative Instruments | Derivative Instruments ASC Topic 815, Derivatives and Hedging |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2021-01 2022-06 2020-04, In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions 2022-03 on a prospective basis. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Statement Balances and Amounts of VIEs and Subsidiaries Included in Consolidating Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Subsidiaries within Group [Abstract] | |
Summary of Balance Sheet of Variable Interest Entity | The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the consolidating financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Assets Cash and cash equivalents 3,781 4,838 681 Short-term investments, net 4,650 5,055 712 Accounts receivable, net 8,408 7,642 1,076 Others 8,487 8,286 1,167 Total current assets 25,326 25,821 3,636 Fixed assets, net 7,624 9,084 1,279 Intangible assets, net 1,209 835 118 Licensed copyrights, net 1,952 1,951 275 Produced content, net 12,534 12,349 1,739 Long-term investments, net 18,157 17,428 2,455 Long-term time deposits and held-to-maturity 300 330 46 Operating lease right-of-use 5,460 6,241 879 Others 10,829 11,266 1,587 Total non-current 58,065 59,484 8,378 Total 83,391 85,305 12,014 Liabilities Accounts payable and accrued liabilities 15,749 16,385 2,308 Customer deposits and deferred revenue 7,387 8,007 1,128 Operating lease liabilities 2,554 2,883 406 Others 4,678 6,781 955 Total current third-party liabilities 30,368 34,056 4,797 Operating lease liabilities 4,565 4,920 693 Others 2,098 1,833 258 Total non-current 6,663 6,753 951 Amounts due to the other entities within Baidu (1) 18,743 13,985 1,970 Total 55,774 54,794 7,718 Note: (1) It represents the elimination of intercompany balances among Baidu, Inc., its subsidiaries and the VIEs and VIEs’ subsidiaries. |
Summary of Income Statement and Cash Flow of Variable Interest Entity | For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Total revenues 61,380 62,121 67,001 9,437 Net (loss) income (220 ) 212 4,202 592 Net cash provided by operating activities 4,121 2,938 5,328 750 Net cash used in investing activities (7,551 ) (1,898 ) (2,381 ) (335 ) Net cash provided by/(used in) financing activities 3,999 (64 ) (1,998 ) (281 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 – 43 to 45 years Office building related facility, machinery and equipment – 10 to 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 useful lives from the date of purchase as follows: Trademarks – 11 years Technology – 5 years Intellectual property right – 8 years Online literature – 9 years Others – 13 years |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Short-term Investments at Amortized Cost and Fair Value | Short-term investments classification as of December 31, 2022 and 2023 were shown as below: As of December 31, 2022 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB (In millions) Held-to-maturity 119,984 631 (151 ) — — 120,464 Available-for-sale 847 — — 8 — 855 As of December 31, 2023 Cost or Gross Gross Gross Gross Fair value RMB RMB RMB RMB RMB RMB US$ (In millions) Held-to-maturity 166,999 835 (94 ) — — 167,740 23,626 Available-for-sale 1,642 — — 29 — 1,671 235 |
Equity Method Investments | Financial information for the Group’s equity method investments are summarized as a group as follow: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Current assets 230,934 271,407 38,227 Non-current 147,034 154,364 21,742 Current liabilities 179,519 227,894 32,098 Non-current 37,397 30,226 4,257 Noncontrolling interests 2,434 2,461 347 For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Total revenues 41,693 42,123 60,042 8,457 Gross profit 23,540 23,925 40,304 5,677 Income from operations 515 617 8,120 1,144 Net income (loss) 3,263 (1,292 ) 9,544 1,344 Net income (loss) attributable to the investees 3,328 (1,239 ) 9,493 1,337 |
Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments | The following table summarizes the estimated fair value of available-for-sale As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Due in 1 year through 5 years 1,581 2,154 303 Not due at a single maturity date 866 1,528 216 Total 2,447 3,682 519 |
Long Term Investments | |
Schedule of Investments accounted for at fair value | Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2022 and 2023 are shown as below: As of December 31, 2022 Cost or Gross Gross unrealized losses Fair RMB RMB RMB RMB (In millions) Equity investments at fair value with readily determinable fair value 15,835 2,731 (6,466 ) 12,100 Available-for-sale 3,735 283 (1,571 ) 2,447 Investments accounted for at fair value 2,331 2,855 (570 ) 4,616 As of December 31, 2023 Cost or Gross Gross unrealized losses Fair value RMB RMB RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 14,716 1,698 (6,804 ) 9,610 1,354 Available-for-sale 4,360 455 (1,133 ) 3,682 519 Investments accounted for at fair value 2,547 2,942 (648 ) 4,841 682 |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | Total unrealized and realized gains and losses of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient for the years ended December 31, 2021, 2022 and 2023 were as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Gross unrealized gains 1,062 218 571 80 Gross unrealized losses (including impairment) (i) (4,424 ) (2,418 ) (744 ) (105 ) Net unrealized losses on equity securities held (3,362 ) (2,200 ) (173 ) (25 ) Net realized gains on equity securities sold — 90 251 35 Total net (losses) gains recognized (3,362 ) (2,110 ) 78 10 (i) Gross unrealized losses (downward adjustments excluding impairment) were RMB165 million, nil and RMB8 million (US$1 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Summary of Breakdown of Long-term Investments | The following table sets forth a breakdown of the categories of long-term investments held by the Group as of the dates indicated: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Equity investments at fair value with readily determinable fair value 12,100 9,610 1,354 Equity investments without readily determinable fair value using the NAV practical expedient 945 942 133 Equity investments without readily determinable fair value using the measurement alternative 9,249 8,093 1,140 Available-for-sale 2,447 3,682 519 Equity method investments 25,940 20,789 2,927 Investments accounted for at fair value 4,616 4,841 682 Total long-term investments 55,297 47,957 6,755 |
Schedule of the Carrying Amount of Equity Securities Without Readily Determinable Fair Values | The total carrying value of equity investments without readily determinable fair value that do not qualify for the NAV practical expedient held as of December 31, 2022 and 2023 were as follows: As of December 31, As of December 31, As of December 31, RMB RMB US$ (In millions) Initial cost basis 13,741 13,586 1,914 Cumulative unrealized gains 4,026 3,099 436 Cumulative unrealized losses (including impairment) (8,518 ) (8,592 ) (1,210 ) Total carrying value 9,249 8,093 1,140 |
Long-Term Time Deposits and H_2
Long-Term Time Deposits and Held-to-Maturity Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Estimated Amortized Cost of Long Term Time Deposits and Held-to-Maturity Investments | The following table summarizes the amortized cost of long-term held-to-maturity As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Due in 1 year through 2 years 11,089 22,303 3,141 Due in 2 years through 3 years 12,240 2,063 291 Due in 3 years through 5 years 300 300 42 Total 23,629 24,666 3,474 |
Long Term Investments | |
Summary of Estimated Amortized Cost of Long Term Time Deposits and Held-to-Maturity Investments | Long-term time deposits and held-to-maturity As of December 31, 2022 Cost or Gross unrecognized Gross Fair RMB RMB RMB RMB (In millions) Long-term time deposits and held-to-maturity 23,629 170 (111 ) 23,688 As of December 31, 2023 Cost or Gross unrecognized Gross Fair value RMB RMB RMB RMB US$ (In millions) Long-term time deposits and held-to-maturity 24,666 261 (55) 24,872 3,503 |
Licensed Copyrights, Net (Table
Licensed Copyrights, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Licensed Copyrights [Abstract] | |
Summary of Licensed Copyrights | As of December 31, 2022 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB (In millions) Licensed copyrights —Broadcasting rights 43,217 (35,369 ) (261 ) 7,587 —Sublicensing rights 7,399 (7,399 ) — — 50,616 (42,768 ) (261 ) 7,587 Less: current portion: —Broadcasting rights 8,213 (7,448 ) (19 ) 746 —Sublicensing rights 7,399 (7,399 ) — — 15,612 (14,847 ) (19 ) 746 Licensed copyrights—non-current —Broadcasting rights 35,004 (27,921 ) (242 ) 6,841 —Sublicensing rights — — — — 35,004 (27,921 ) (242 ) 6,841 As of December 31, 2023 Gross value Accumulated amortization Impairment amount Net carrying RMB RMB RMB RMB US$ (In millions) Licensed copyrights —Broadcasting rights 44,838 (37,060 ) (229 ) 7,549 1,063 —Sublicensing rights 7,668 (7,668 ) — — — 52,506 (44,728 ) (229 ) 7,549 1,063 Less: current portion: —Broadcasting rights 7,774 (7,178 ) (14 ) 582 82 —Sublicensing ri 7,668 (7,668 ) — — — 15,442 (14,846 ) (14 ) 582 82 Licens ed copyrights—non-current —Broadcasting rights 37,064 (29,882 ) (215 ) 6,967 981 —Sublicensing rights — — — — — 37,064 (29,882 ) (215 ) 6,967 981 |
Summary of Estimated Future Amortisation Expenses For Licensed Copyrights | Estimated amortization expense relating to the existing licensed copyrights for each of the next three years is as follow: RMB US$ (In millions) Within 1 year 3,087 435 Between 1 and 2 years 1,572 221 Between 2 and 3 years 1,052 148 |
Produced Content, Net (Tables)
Produced Content, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Produced Content Net [Abstract] | |
Components of Produced Content, Net | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Released, less amortization and impairment — Predominantly monetized with other content 3,725 4,445 626 — Predominantly monetized on its own 90 61 9 3,815 4,506 635 In production, less impairment — Predominantly monetized with other content 7,676 7,630 1,075 — 660 245 34 8,336 7,875 1,109 In development, less impairment — Predominantly monetized with other content 816 947 133 — Predominantly monetized on its own 35 49 7 851 996 140 Total 13,002 13,377 1,884 |
Summary of estimated amortization expense relating to the existing produced content | Estimated amortization expense relating to the existing produced content for each of the next three years is as follows: RMB US$ (In millions) Within 1 year 1,390 196 Between 1 and 2 years 738 104 Between 2 and 3 years 557 78 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Accounts receivable 14,287 14,024 1,975 Allowance for credit losses (2,554 ) (3,176 ) (447 ) 11,733 10,848 1,528 |
Movements in Allowance for Credit Losses | The movements in the allowance for credit losses were as follows: 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Balance as of January 1 1,320 2,069 2,554 360 Amounts charged to expenses 830 555 669 94 Amounts written off (81 ) (70 ) (47 ) (7 ) Balance as of December 31 2,069 2,554 3,176 447 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Contract assets, net (i) 3,114 3,085 435 VAT prepayments 1,818 1,738 245 Inventories 1,227 1,396 197 Receivables from online payment agencies 856 1,263 178 Advances to suppliers 769 871 123 Licensed copyrights (Note 6) 746 582 82 Prepaid expenses 582 728 103 Deposits 379 386 54 Others (ii) 869 2,530 355 Total other current assets 10,360 12,579 1,772 Long-term prepaid expenses 16,257 16,536 2,329 Long-term restricted cash (iii) 750 840 118 Others 2,089 1,588 224 Total other non-current 19,096 18,964 2,671 (i) The allowance for credit losses on contract assets was RMB285 million and RMB168 million (US$24 million) as of December 31, 2022 and 2023, respectively. Expenses of RMB58 million, RMB200 million and a net reversal of RMB117 million (US$16 million) were recognized for credit losses on contract assets for the years ended December 31, 2021, 2022 and 2023, respectively. No write-offs were charged against the allowance for the years ended December 31, 2021, 2022 and 2023, respectively. (ii) The balance as of December 31, 2023 includes a non-trade loan and interest receivables due from PAG with the principal of US$200 million (equivalent to RMB1.4 billion) and interest rate of 6%, which will due on July 1, 2024 if iQIYI requires repayment, or otherwise will due on the date which PAG and its affiliates cease to hold any portion of the iQIYI PAG Convertible Convertible Convertible (iii) Long-term restricted cash represents collateral to repayments of the iQIYI PAG Convertible Notes (Note 15). |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Computer equipment 44,246 51,656 7,276 Office building 5,125 5,146 725 Office building related facility, machinery and equipment 4,195 4,217 594 Vehicles 676 883 124 Office equipment 1,237 1,132 159 Leasehold improvements 490 540 76 Construction in progress 291 285 40 56,260 63,859 8,994 Accumulated depreciation and impairment (32,287 ) (35,899 ) (5,056 ) 23,973 27,960 3,938 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for each reporting unit from 2021 to 2023 was as follows: Baidu Core excluding SLG SLG iQIYI Total RMB RMB RMB RMB (In millions) Balance at December 31, 2021 16,940 1,777 3,888 22,605 Goodwill disposed (66 ) — (62 ) (128 ) Balance at December 31, 2022 16,874 1,777 3,826 22,477 Goodwill acquired (Note 3) 114 — — 114 Goodwill disposed — — (5 ) (5 ) Balance at December 31, 2023 16,988 1,777 3,821 22,586 Balance at December 31, 2023, in US$ 2,393 250 538 3,181 |
Intangible Assets | As of December 31, 2022 Gross carrying Accumulated Accumulated Net carrying RMB RMB RMB RMB (In millions) Trademarks 966 (238 ) (324 ) 404 Technology 1,059 (52 ) (652 ) 355 Intellectual property right 1,769 (473 ) (924 ) 372 Online literature 141 — (110 ) 31 Others 350 (20 ) (238 ) 92 4,285 (783 ) (2,248 ) 1,254 As of December 31, 2023 Gross carrying Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ (In millions) Trademarks 966 (238 ) (386 ) 342 48 Technology 1,062 (79 ) (791 ) 192 27 Intellectual property right 1,568 (381 ) (931 ) 256 36 Online literature 117 — (93 ) 24 3 Others 329 (20 ) (242 ) 67 10 4,042 (718 ) (2,443 ) 881 124 |
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 follow: RMB US$ (In millions) For the years ending December 31, 2024 275 39 2025 206 29 2026 129 18 2027 113 16 2028 96 14 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Accrued operating expenses 8,845 8,959 1,262 Content acquisition costs 5,567 5,269 742 Traffic acquisition costs 5,159 3,506 494 Accrued payroll and welfare 3,747 4,144 584 Tax payable 3,640 2,687 378 Bandwidth costs 2,112 2,721 383 Payables for purchasing inventory 1,960 1,971 278 Accruals for purchases of fixed assets 1,445 2,105 296 Payable for investments 703 957 135 Funds collected on behalf of service providers 691 750 106 Users’ and third party agents’ deposits 468 643 91 Interest payable 452 347 49 Payable to merchants 368 590 83 Others 2,857 3,068 431 Total accounts payable and accrued liabilities 38,014 37,717 5,312 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Company Issued and Publicly Sold Unsecured Senior Notes | The Company issued and publicly sold unsecured senior notes, and the details of the tranches are shown below: Issue date Principal (US$ million) Mature date Effective 2022 Ten-year November 28, 2012 750 November 28, 2022 3.59 %* 2025 Ten-year June 30, 2015 500 June 30, 2025 4.22 % 2022 Five-year Notes July 6, 2017 900 July 6, 2022 3.08 %* 2027 Ten-year July 6, 2017 600 July 6, 2027 3.73 % 2023 Notes March 29, 2018 1,000 September 29, 2023 3.99 %* 2028 March Notes March 29, 2018 500 March 29, 2028 4.50 % 2024 Notes November 14, 2018 600 May 14, 2024 4.51 % 2024 Notes December 10, 2018 250 May 14, 2024 4.54 % 2028 November Notes November 14, 2018 400 November 14, 2028 4.99 % 2025 Five-year Notes April 7, 2020 600 April 7, 2025 3.22 % 2030 April Notes April 7, 2020 400 April 7, 2030 3.54 % 2026 Notes October 9, 2020 650 April 9, 2026 1.81 % 2030 October Notes October 9, 2020 300 October 9, 2030 2.43 % 2027 Five-year Notes August 23, 2021 300 February 23,2027 1.73 % 2031 Notes August 23, 2021 700 August 23, 2031 2.49 % * The 2022 Five-year Notes, 2022 Ten-year |
Principal Amount and Unamortized Discount and Debt Issuance Costs | The principal amount and unamortized discount and debt issuance costs as of December 31, 2022 and 2023 were as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Principal amount 46,983 41,163 5,797 Unamortized discount and debt issuance costs (186 ) (144 ) (20 ) 46,797 41,019 5,777 |
Long Term Loans Principal Repayments | The following table summarizes the aggregate required repayments of the principal amounts of the Group’s long-term debts (including the notes payable and long-term loans (Note 13) but excluding convertible senior notes (Note 15)), in the succeeding five years and thereafter: RMB US$ (In millions) For the years ending December 31, 2024 6,037 850 2025 7,908 1,114 2026 18,815 2,650 2027 6,390 900 2028 6,390 900 Thereafter 9,940 1,400 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Summary of Carying Amount of the Convertible Notes | The carrying amount of the iQIYI Notes as of December 31, 2022 and 2023 were as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Principal 17,986 10,801 1,522 Less: unamortized discount and debt issuance costs 112 (145 ) (20 ) Net carrying amount 17,874 10,946 1,542 |
Summary of Debt Instruments Interest Cost Recognized | For the years ended December 31, 2021, 2022 and 2023, the amounts of interest cost recognized were as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Contractual interest expense 557 404 644 91 Amortization of the discount and issuance costs 559 66 292 41 Total 1,116 470 936 132 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating lease expense and supplemental cash flow information related to operating leases | Supplemental cash flow information related to operating leases was as follows: For the years ended 2022 2023 2023 RMB RMB US$ (In millions) Cash payments for operating leases 3,014 3,463 488 ROU assets obtained in exchange for operating lease liabilities 2,559 3,938 555 |
Schedule of future lease payments under operating leases | Future lease payments under operating leases as of December 31, 2023 were as follows: Operating leases RMB US$ (In millions) Year ending December 31, 2024 3,182 448 2025 2,298 324 2026 1,664 234 2027 1,032 145 2028 291 41 Thereafter 324 46 Total future lease payments 8,791 1,238 Less: Imputed interest 643 90 Total lease liability balance 8,148 1,148 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Taxes | Income (loss) before income taxes consists of: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Mainland China 15,055 18,306 28,449 4,008 Non-Mainland China (4,277 ) (8,194 ) (3,251 ) (458 ) 10,778 10,112 25,198 3,550 |
Components of Income Tax | Income taxes consist of: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Current income tax 3,636 3,163 3,812 537 Income tax refund due to reduced tax rate — (468 ) — — Adjustments of deferred tax assets due to change in tax rates 109 119 111 16 Deferred income tax benefit (558 ) (236 ) (274 ) (39 ) 3,187 2,578 3,649 514 |
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, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions, except for per share data) Expected taxation at PRC statutory tax rate 2,694 2,541 6,299 887 Effect of differing tax rates in different jurisdictions 656 1,976 410 58 Non-taxable (89 ) (44 ) (456 ) (64 ) Non-deductible 965 534 1,928 272 Research and development super-deduction (1,645 ) (2,274 ) (3,067 ) (432 ) Effect of PRC preferential tax rates and tax holiday (1,557 ) (1,507 ) (1,833 ) (259 ) Effect of tax rate changes on deferred taxes 109 119 111 16 Reversal of prior year’s income taxes (734 ) (913 ) (156 ) (22 ) PRC withholding tax 615 181 574 81 Change in valuation allowance 2,173 1,965 (161 ) (23 ) Taxation for the year 3,187 2,578 3,649 514 Effective tax rate 29.6% 25.5% 14.5 % 14.5 % Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share 0.56 0.54 0.65 0.09 |
Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Deferred tax assets: Allowance for credit losses 616 704 99 Accrued expenses, payroll and others 3,861 3,602 507 Fixed assets depreciation and intangible assets amortization 3,767 3,532 497 Net operating loss carry-forwards 4,176 4,223 595 Less: valuation allowance (10,033 ) (9,872 ) (1,390 ) Deferred tax assets, net 2,387 2,189 308 As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Deferred tax liabilities: Long-lived assets arising from acquisitions 428 220 31 Withholding tax on PRC subsidiaries’ undistributed earnings 1,685 1,475 207 Tax on capital gains 797 908 128 Others 246 211 30 3,156 2,814 396 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments Under Non-cancelable Agreements with Initial Terms of One-Year or More | Future minimum payments under non-cancelable RMB US$ (In millions) 2024 653 92 2025 87 12 2026 35 5 2027 6 1 2028 5 1 Thereafter 21 3 807 114 |
Future Minimum Payments For Non-cancelable Agreements For Licensed Copyrights and Produced Content | Future minimum payments under non-cancelable RMB US$ (In millions) 2024 8,627 1,215 2025 3,787 533 2026 1,330 187 2027 731 103 2028 102 14 Thereafter 201 28 14,778 2,080 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Noncontrolling Interest | 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Balance as of January 1 3,102 7,148 8,393 1,182 Issuance of subsidiary shares 4,722 1,208 351 49 Accretion of redeemable noncontrolling interests 391 593 721 102 Disposal of subsidiaries’ shares — (556 ) — — Reclassification of ordinary shares from mezzanine equity to ordinary shares (153 ) — — — Repurchase of redeemable noncontrolling interests (914 ) — — — Balance as of December 31 7,148 8,393 9,465 1,333 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Abstract | |
Retained Earning | As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) PRC statutory reserve funds 1,218 1,567 221 Unreserved retained earnings 147,123 159,673 22,489 Total retained earnings 148,341 161,240 22,710 |
Changes in Accumulated Other Comprehensive (Loss) Income by Component, Net of Tax | The changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows: Foreign Unrealized available-for-sale Unrealized Total RMB RMB RMB RMB (In millions) Balance at December 31, 2020 (840 ) 1,039 — 199 Other comprehensive (loss) income before reclassification (88 ) (190 ) 149 (129 ) Net current-period other comprehensive (loss) income (88 ) (190 ) 149 (129 ) Other comprehensive (loss) income attribute to noncontrolling interests and redeemable noncontrolling interests (79 ) 1 — (78 ) Balance at December 31, 2021 (1,007 ) 850 149 (8 ) Cumulative effect of accounting change 13 — — 13 Other comprehensive (loss) income before reclassification (764 ) (392 ) 1,266 110 Net current-period other comprehensive (loss) income (751 ) (392 ) 1,266 123 Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests 432 (1 ) — 431 Balance at December 31, 2022 (1,326 ) 457 1,415 546 Other comprehensive loss before reclassification (626 ) (188 ) (422 ) (1,236 ) Amounts reclassified from accumulated other comprehensive income (287 ) (13 ) — (300 ) Net current-period other comprehensive loss (913 ) (201 ) (422 ) (1,536 ) Other comprehensive income attribute to noncontrolling interests and redeemable noncontrolling interests 88 7 — 95 Balance at December 31, 2023 (2,151 ) 263 993 (895 ) Balance at December 31, 2023, in US$ (303 ) 37 140 (126 ) |
Tax Effect Allocated to Each Component of Other Comprehensive Income (loss) | The following table sets forth the tax benefit (expense) allocated to each component of other comprehensive (loss) income for the years ended December 31, 2021, 2022 and 2023: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Unrealized (losses) gains on available-for-sale Other comprehensive (loss) income before reclassification (3 ) 28 (13 ) (2 ) Net current-period other comprehensive (loss) income (3 ) 28 (13 ) (2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted earnings 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 earnings per share for the years ended December 31, 2021, 2022 and 2023 is as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions, including number of shares, except for per share data) Net income attributable to Baidu, Inc. 10,226 7,559 20,315 2,861 Accretion of the redeemable noncontrolling interests (350 ) (591 ) (717 ) (101 ) Numerator for basic EPS computation 9,876 6,968 19,598 2,760 Impact of diluted securities of subsidiaries and equity method investees — — (44 ) (6 ) Numerator for diluted EPS computation 9,876 6,968 19,554 2,754 |
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 and basic and diluted earnings per ADS: For the years ended December 31, 2021 2022 2023 2023 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, including number of shares and ADS, except for per share and per ADS data) Earnings per share—basic: Numerator Allocation of net income attributable to Baidu, Inc. 7,871 2,005 5,590 1,378 15,905 2,240 3,693 520 Denominator Weighted average ordinary shares outstanding 2,198 560 2,232 550 2,278 2,278 529 529 Denominator used for basic EPS 2,198 560 2,232 550 2,278 2,278 529 529 Earnings per share—basic 3.58 3.58 2.50 2.50 6.98 0.98 6.98 0.98 Earnings per share—diluted: Numerator Allocation of net income attributable to Baidu, Inc. for diluted computation 7,910 1,966 5,604 1,364 15,909 2,241 3,645 513 Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares 1,966 — 1,364 — 3,645 513 — — Numerator for diluted EPS calculation 9,876 1,966 6,968 1,364 19,554 2,754 3,645 513 Denominator Weighted average ordinary shares outstanding 2,198 560 2,232 550 2,278 2,278 529 529 Conversion of Class B to Class A ordinary shares 560 — 550 — 529 529 — — Share-based awards 56 — 27 — 30 30 — — Denominator used for diluted EPS 2,814 560 2,809 550 2,837 2,837 529 529 Earnings per share—diluted 3.51 3.51 2.48 2.48 6.89 0.97 6.89 0.97 Earnings per ADS (1 ADS equals 8 Class A ordinary shares): Denominator used for earnings per ADS—basic 275 279 285 285 Denominator used for earnings per ADS—diluted 352 351 355 355 Earnings per ADS—basic 28.64 20.02 55.83 7.86 Earnings per ADS—diluted 28.07 19.85 55.08 7.76 |
Share-Based Awards Plan (Tables
Share-Based Awards Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Baidu | |
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, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Cost of revenues 399 409 590 83 Selling, general and administrative 1,840 1,750 1,678 236 Research and development 4,817 4,629 4,077 575 7,056 6,788 6,345 894 |
Option Activity | The following table summarizes the option activity for the year ended December 31, 2023: Number of share options Weighted average exercise price (US$) Weighted average remaining contractual life (Years) Aggregate intrinsic value (US$ in millions) Incentive share options Outstanding, December 31, 2022 19,669,296 19 5.6 20 Granted — — Exercised (1,388,560 ) 11 Forfeited/Cancelled (497,616 ) 14 Outstanding, December 31, 2023 17,783,120 19 4.4 17 Vested and expected to vest at December 31, 2023 17,149,656 19 4.3 17 Exercisable at December 31, 2023 16,017,392 19 4.0 17 |
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, 2021 2022 Risk-free interest rate 0.63~1.23% 1.92~2.96% Dividend yield — — Expected volatility range 38.12%~39.82% 40.66%~47.03% Expected life (in years) 5.80~5.86 5.26~5.49 |
Restricted Shares Activity | Restricted Shares activity for the year ended December 31, 2023 was as follow: Number of shares Weighted average grant date fair value (US$) Restricted Shares Unvested, December 31, 2022 126,250,360 17 Granted 35,125,120 17 Vested (49,878,448 ) 17 Forfeited/Cancelled (15,334,944 ) 17 Unvested, December 31, 2023 96,162,088 17 |
iQIYI | |
Total Share-Based Compensation Cost Recognized | The following table summarizes the share-based compensation cost recognized by iQIYI: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Cost of revenues 173 148 133 19 Selling, general and administrative 718 424 315 44 Research and development 328 239 189 27 1,219 811 637 90 |
Option Activity | The following table sets forth the summary of employee option activity for the year ended December 31, 2023: Number of share options Weighted (US$) Weighted (Years) Aggregate Outstanding, December 31, 2022 479,471,102 0.35 6.8 193 Granted 90,174,000 0.08 Forfeited/Expired (15,212,381 ) 0.22 Exercised (22,145,907 ) 0.35 Outstanding, December 31, 2023 532,286,814 0.31 6.3 205 Vested and expected to vest at December 31, 2023 512,532,464 0.32 6.2 193 Exercisable at December 31, 2023 321,994,786 0.44 4.8 82 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Revenue received from major related parties | The following table summarizes the revenue recognized from transactions with investees for the years ended December 31, 2021, 2022 and 2023. For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Revenues: Related Party A 315 158 540 76 Related Party B 888 889 924 130 Related Party D 123 257 338 48 Related Party E (i) 126 — — — Other Investees 915 939 897 126 Total 2,367 2,243 2,699 380 (i) The transactions mainly represent revenues arising from services including online marketing services and cloud services the Company provided to Related Party E. Related Party E ceases to be a related party from February 2021 as the Company does not have significant influence over Related Party E after its public listing. |
Amounts due from/due to related parties | Except for the non-trade As of December 31, 2022 2023 2023 RMB RMB US$ (In millions) Amounts due from related parties, current: Related Party B (i) 3,730 341 48 Related Party C (ii) 337 229 32 Related Party D (iii) 1,059 499 70 Other related parties (iv) 306 355 51 Total 5,432 1,424 201 Amounts due from related parties, non-current: Related Party B (i) — 36 5 Other related parties (v) 60 159 22 Total 60 195 27 Amounts due to related parties, current: Related Party B (vi) 3,912 517 73 Related Party F (vii) 66 76 11 Other related parties (viii) 1,089 1,010 142 Total 5,067 1,603 226 Amounts due to related parties, non-current: Related Party F (vii) 98 76 11 Other related parties (ix) 1 1 — Total 99 77 11 (i) The balance represents non-trade (ii) The balance mainly represents receivables arising from providing online marketing services to Related Party C. (iii) The balance mainly represents non-trade (iv) The balance mainly represents amounts arising from content distribution services, cloud services and other services the Company provided to its investees in ordinary course of business. (v) The balance mainly represents prepayments for licensed copyrights to be received from the Company’s equity investees. (vi) The balance represents non-trade loans due to Related Party B with interest rates of nil, which were fully settled in December 2023, and amounts arising from purchasing services from Related Party B in the ordinary course of business. (vii) The balance mainly represents deferred revenue in relation to licenses of intellectual property to be provided to Related Party F. (viii) The balance mainly represents amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade (ix) The balance mainly represents deferred revenue relating to the future services to be provided by the Company to investees. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Line Items] | |
Summary of Group's Operating Segment Results | The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2021. For the year ended December 31, 2021 Baidu iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 95,163 30,554 (1,224 ) 124,493 Operating costs and expenses: Cost of revenues 37,838 27,513 (1,037 ) 64,314 Selling, general and administrative 20,040 4,725 (42 ) 24,723 Research and development 22,143 2,795 — 24,938 Total operating costs and expenses 80,021 35,033 (1,079 ) 113,975 Operating profit (loss) 15,142 (4,479 ) (145 ) 10,518 Total other income (loss), net 1,793 (1,533 ) — 260 Income (loss) before income taxes 16,935 (6,012 ) (145 ) 10,778 Income taxes 3,090 97 — 3,187 Net income (loss) 13,845 (6,109 ) (145 ) 7,591 Less: net income (loss) attributable to noncontrolling interests 288 61 (2,984 ) (2,635 ) Net income (loss) attributable to Baidu, Inc. 13,557 (6,170 ) 2,839 10,226 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2022. For the year ended December 31, 2022 Baidu iQIYI Intersegment Consolidated RMB RMB RMB RMB (In millions) Total revenues 95,431 28,998 (754 ) 123,675 Operating costs and expenses: Cost of revenues 42,378 22,321 (764 ) 63,935 Selling, general and administrative 17,103 3,466 (55 ) 20,514 Research and development 21,416 1,899 — 23,315 Total operating costs and expenses 80,897 27,686 (819 ) 107,764 Operating profit 14,534 1,312 65 15,911 Total other loss, net (4,453 ) (1,346 ) — (5,799 ) Income (loss) before income taxes 10,081 (34 ) 65 10,112 Income taxes 2,494 84 — 2,578 Net income (loss) 7,587 (118 ) 65 7,534 Less: net income (loss) attributable to noncontrolling interests 36 18 (79 ) (25 ) Net income (loss) attributable to Baidu, Inc. 7,551 (136 ) 144 7,559 The table below provides a summary of the Group’s operating segment operating results for the year ended December 31, 2023. For the year ended December 31, 2023 Baidu Core iQIYI Intersegment Consolidated RMB US$ RMB US$ RMB US$ RMB US$ (In millions) Total revenues 103,465 14,573 31,873 4,489 (740 ) (104 ) 134,598 18,958 Operating costs and expenses: Cost of revenues 42,592 5,999 23,103 3,254 (664 ) (94 ) 65,031 9,159 Selling, general and administrative 19,623 2,765 4,014 565 (118 ) (16 ) 23,519 3,314 Research and development 22,425 3,158 1,767 249 — — 24,192 3,407 Total operating costs and expenses 84,640 11,922 28,884 4,068 (782 ) (110 ) 112,742 15,880 Operating profit 18,825 2,651 2,989 421 42 6 21,856 3,078 Total other income (loss), net 4,298 607 (956 ) (135 ) — — 3,342 472 Income before income taxes 23,123 3,258 2,033 286 42 6 25,198 3,550 Income taxes 3,568 503 81 11 — — 3,649 514 Net income 19,555 2,755 1,952 275 42 6 21,549 3,036 Less: net income attributable to noncontrolling interests 154 22 27 4 1,053 149 1,234 175 Net income (loss) attributable to Baidu, Inc. 19,401 2,733 1,925 271 (1,011 ) (143 ) 20,315 2,861 |
Summary of Revenues Disaggregated by Segment And By Types of Products or Services | The following table presents the Group’s revenues disaggregated by segment and by types of products or services: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ (In millions) Online marketing services 73,919 69,522 75,112 10,579 Cloud services (i) 15,070 17,721 18,718 2,636 Others (i) 6,174 8,188 9,635 1,358 Baidu Core Subtotal 95,163 95,431 103,465 14,573 Membership services (i) 16,714 17,711 20,314 2,861 Online advertising services (ii) 7,067 5,332 6,224 877 Content distribution (i) 3,007 2,562 2,459 346 Others (i) 3,766 3,393 2,876 405 iQIYI Subtotal 30,554 28,998 31,873 4,489 Intersegment eliminations (1,224 ) (754 ) (740 ) (104 ) Total revenues 124,493 123,675 134,598 18,958 (i) The revenues were presented as “Others” in the consolidated statements of comprehensive income. (ii) The revenues were presented as “Online marketing services” in the consolidated statements of comprehensive income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Disclosure and Measurement on Recurring Basis | Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Fair value measurement or disclosure at December 31, 2022 using Total fair value at December 31, 2022 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant (Level 3) RMB RMB RMB RMB (In millions) Fair value disclosure (i) Cash equivalents: Time deposits 12,968 12,968 Money market funds 3 3 Short-term investments: Held-to-maturity 120,464 120,464 Long-term investments: Long-term time deposits and held-to-maturity 23,688 23,688 Notes payable, current portion 6,812 6,812 Convertible senior notes, current portion 6,756 6,756 Notes payable, non-current 36,268 36,268 Convertible senior notes, non-current 7,253 7,253 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 855 855 Long-term investments: Equity investments at fair value with readily determinable fair value 12,100 12,100 Equity investments without readily determinable fair value using NAV practical expedient (ii) 945 Investments accounted for at fair value 4,616 97 4,519 Available-for-sale 2,447 2,447 Other non-current Derivative instruments 1,416 1,416 Total assets measured at fair value 22,379 12,197 2,271 6,966 Amounts due to related parties, current: Financial liability 328 328 Total liabilities measured at fair value 328 328 Fair value measurement or disclosure at December 31, 2023 using Total fair value at December 31, 2023 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB US$ RMB RMB RMB (In millions) Fair value disclosure (i) Cash equivalents: Time deposits 6,266 883 6,266 Short-term investments: Held-to-maturity 167,740 23,626 167,740 Long-term investments: Long-term time deposits and held-to-maturity 24,872 3,503 24,872 Notes payable, current portion 5,999 845 5,999 Convertible senior notes, current portion 2,727 384 2,727 Notes payable, non-current portion 32,742 4,612 32,742 Convertible senior notes, non-current 8,881 1,251 3,757 5,124 Fair value measurements on a recurring basis Short-term investments: Available-for-sale 1,671 235 1,671 Long-term investments: Equity investments at fair value with readily determinable fair value 9,610 1,354 9,610 Equity investments without readily determinable fair value using NAV practical expedient (ii) 942 133 Investments accounted for at fair value 4,841 682 66 4,775 Available-for-sale 3,682 519 423 3,259 Other non-current Derivative instruments 994 140 994 Total assets measured at fair value 21,740 3,063 9,676 3,088 8,034 Amounts due to related parties, current: Financial liability 321 45 321 Total liabilities measured at fair value 321 45 321 (i) Fair value disclosure shows financial instruments which are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. (ii) Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Schedule of rolling forward of Investments accounted for at fair value categorized within Level 3 under the fair value hierarchy | Investments accounted for at fair value: Amounts RMB (In millions) Balance at December 31, 2021 3,771 Additions 343 Disposals (212 ) Net unrealized fair value increase recognized in earnings 502 Foreign currency translation adjustments 115 Balance at December 31, 2022 4,519 Additions 250 Disposals (90 ) Net unrealized fair value increase recognized in earnings 55 Foreign currency translation adjustments 41 Balance at December 31, 2023 4,775 Balance at December 31, 2023, in US$ 673 |
Schedule of rolling forward of available-for-sale debt investments categorized within Level 3 under the fair value hierarchy | Available-for-sale Amounts RMB (In millions) Balance at December 31, 2021 2,262 Additions 10 Conversion from equity investment 657 Share of losses in excess of equity method investment in ordinary shares (161 ) Net unrealized fair value change recognized in other comprehensive (loss) income (432 ) Accrued interest 78 Foreign currency translation adjustments 33 Balance at December 31, 2022 2,447 Additions 313 Disposals (332 ) Conversion 838 Share of losses in excess of equity method investment in ordinary shares (7 ) Net unrealized fair value change recognized in other comprehensive (loss) income (71 ) Accrued interest 76 Foreign currency translation adjustments (5 ) Balance at December 31, 2023 3,259 Balance at December 31, 2023, in US$ 459 |
Summary of Assets Measured at Fair Value on a Non-Recurring Basis | The following table summarizes the Group’s financial assets held as of December 31, 2022 and 2023 for which a non-recurring Total Balance Quoted Prices (Level 1) Significant Significant Inputs (Level 3) Fair Value Impairment RMB US$ RMB RMB RMB RMB US$ RMB US$ (In millions) Fair value measurements on a non-recurring As of December 31, 2022 Long-term investments (i) 3,466 99 29 3,338 256 (3,025 ) Produced content monetized on its own (ii) 85 85 (68 ) As of December 31, 2023 Long-term investments (i) 5,383 758 43 — 5,340 580 82 (815 ) (115 ) Produced content monetized on its own (ii) 25 4 25 (253 ) (36 ) (i) Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2022 and 2023. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured (ii) Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, respectively. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, ¥ in Billions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Mar. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | |
Organization [Line Items] | |||||
Total authorized share capital (US$) | $ | $ 43,520 | ||||
Stock holders equity note stock split | each ADS now represents eight Class A ordinary shares | ||||
Class A Ordinary Shares | |||||
Organization [Line Items] | |||||
Par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | |||
Common stock, shares authorized | shares | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | ||
Class A Ordinary Shares | Previously Reported | |||||
Organization [Line Items] | |||||
Par value per share (US$) | $ / shares | $ 0.00005 | $ 0.00005 | |||
Common stock, shares authorized | shares | 825,000,000 | ||||
Class B Ordinary Shares | |||||
Organization [Line Items] | |||||
Par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | |||
Common stock, shares authorized | shares | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | ||
Class B Ordinary Shares | Previously Reported | |||||
Organization [Line Items] | |||||
Par value per share (US$) | $ / shares | $ 0.00005 | $ 0.00005 | |||
Common stock, shares authorized | shares | 35,400,000 | ||||
Preferred Stock | |||||
Organization [Line Items] | |||||
Preferred Stock , par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | |||
Preferred stock, shares authorized | shares | 800,000,000 | 800,000,000 | |||
Preferred Stock | Previously Reported | |||||
Organization [Line Items] | |||||
Preferred Stock , par value per share (US$) | $ / shares | $ 0.00005 | ||||
Preferred stock, shares authorized | shares | 10,000,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Organization [Line Items] | |||||
Net assets of VIEs | ¥ 30.5 | $ 4,300,000,000 | |||
Beijing Perusal | |||||
Organization [Line Items] | |||||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | ¥ 3.2 | 450,000,000 | |||
Equity pledge agreement expiration period | 2 years | ||||
Baidu Netcom | |||||
Organization [Line Items] | |||||
Interest-free loans provided by a subsidiary of the entity to the shareholders of its variable interest entities | ¥ 13.4 | $ 1,900,000,000 |
Financial Statement Balances an
Financial Statement Balances and Amounts of VIEs and Subsidiaries Included in Consolidating Financial Statements After Elimination of Intercompany Balances and Transactions Among VIEs and Subsidiaries within Group (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | ¥ 25,231 | ¥ 53,156 | ¥ 36,850 | $ 3,554 | ||
Short-term investments, net | 168,670 | 120,839 | 23,757 | |||
Accounts receivable, net | 10,848 | 11,733 | 1,528 | |||
Total current assets | 230,255 | 212,850 | 32,432 | |||
Fixed assets, net | 27,960 | 23,973 | 3,938 | |||
Intangible assets, net | 881 | 1,254 | 124 | |||
Licensed copyrights, net | 6,967 | 6,841 | 981 | |||
Produced content, net | 13,377 | 13,002 | 1,884 | |||
Long-term investments, net | 47,957 | 55,297 | 6,755 | |||
Long-term time deposits and held-to-maturity investments | 24,666 | 23,629 | 3,474 | |||
Operating lease right-of-use assets | 10,851 | 10,365 | 1,528 | |||
Total non-current assets | 176,504 | 178,123 | 24,859 | |||
Total | 406,759 | 390,973 | 57,291 | |||
Accounts payable and accrued liabilities | 37,717 | 38,014 | 5,312 | |||
Customer deposits and deferred revenue | 14,627 | 13,116 | 2,060 | |||
Operating lease liabilities | 3,108 | 2,809 | 438 | |||
Total current third-party liabilities | 76,451 | 79,630 | 10,768 | |||
Operating lease liabilities | 5,040 | 4,810 | 710 | |||
Total non-current third-party liabilities | 67,700 | 73,538 | 9,536 | |||
Total revenues | 134,598 | $ 18,958 | 123,675 | 124,493 | ||
Net (loss) income | 21,549 | 3,036 | 7,534 | 7,591 | ||
Net cash provided by operating activities | 36,615 | 5,157 | 26,170 | 20,122 | ||
Net cash used in investing activities | (50,397) | (7,098) | (3,944) | (31,444) | ||
Net cash provided/(used in) by financing activities | (14,162) | (1,995) | (6,390) | 23,396 | ||
Variable Interest Entity, Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 4,838 | 3,781 | 681 | |||
Short-term investments, net | 5,055 | 4,650 | 712 | |||
Accounts receivable, net | 7,642 | 8,408 | 1,076 | |||
Others | 8,286 | 8,487 | 1,167 | |||
Total current assets | 25,821 | 25,326 | 3,636 | |||
Fixed assets, net | 9,084 | 7,624 | 1,279 | |||
Intangible assets, net | 835 | 1,209 | 118 | |||
Licensed copyrights, net | 1,951 | 1,952 | 275 | |||
Produced content, net | 12,349 | 12,534 | 1,739 | |||
Long-term investments, net | 17,428 | 18,157 | 2,455 | |||
Long-term time deposits and held-to-maturity investments | 330 | 300 | 46 | |||
Operating lease right-of-use assets | 6,241 | 5,460 | 879 | |||
Others | 11,266 | 10,829 | 1,587 | |||
Total non-current assets | 59,484 | 58,065 | 8,378 | |||
Total | 85,305 | 83,391 | 12,014 | |||
Total current third-party liabilities | 34,056 | 30,368 | 4,797 | |||
Total non-current third-party liabilities | 6,753 | 6,663 | 951 | |||
Total | 54,794 | 55,774 | 7,718 | |||
Total revenues | 67,001 | 9,437 | 62,121 | 61,380 | ||
Net (loss) income | 4,202 | 592 | 212 | (220) | ||
Net cash provided by operating activities | 5,328 | 750 | 2,938 | 4,121 | ||
Net cash used in investing activities | (2,381) | (335) | (1,898) | (7,551) | ||
Net cash provided/(used in) by financing activities | (1,998) | $ (281) | (64) | ¥ 3,999 | ||
Variable Interest Entity, Primary Beneficiary | Third-party Liabilities | ||||||
Variable Interest Entity [Line Items] | ||||||
Accounts payable and accrued liabilities | 16,385 | 15,749 | 2,308 | |||
Customer deposits and deferred revenue | 8,007 | 7,387 | 1,128 | |||
Operating lease liabilities | 2,883 | 2,554 | 406 | |||
Others | 6,781 | 4,678 | 955 | |||
Total current third-party liabilities | 34,056 | 30,368 | 4,797 | |||
Operating lease liabilities | 4,920 | 4,565 | 693 | |||
Others | 1,833 | 2,098 | 258 | |||
Total non-current third-party liabilities | 6,753 | 6,663 | 951 | |||
Variable Interest Entity, Primary Beneficiary | Amounts due to the entities within Baidu | ||||||
Variable Interest Entity [Line Items] | ||||||
Amounts due to the other entities within Baidu | [1] | ¥ 13,985 | ¥ 18,743 | $ 1,970 | ||
[1]It represents the elimination of intercompany balances among Baidu, Inc., its subsidiaries and the VIEs and VIEs’ subsidiaries. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 CNY (¥) Customer Segment Unit ¥ / shares | Dec. 31, 2023 USD ($) Customer Segment Unit $ / shares | Dec. 31, 2022 CNY (¥) Segment Unit ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) Customer | May 31, 2015 CNY (¥) | May 31, 2015 HKD ($) | |
Accounting Policies [Abstract] | |||||||
Exchange rate used for conversion of financial statements from RMB to US dollar | 7.0999 | 7.0999 | |||||
Number of reportable segments | Segment | 2 | 2 | 2 | ||||
Number of reporting units | Unit | 3 | 3 | 3 | ||||
Allowance for contract asset | ¥ 168 | ¥ 285 | $ 24 | ||||
Advertising, marketing and promotional expenses | ¥ 13,200 | $ 1,900 | 10,200 | ¥ 12,200 | |||
Number of customers with receivable balance exceeding 10% | Customer | 0 | 0 | |||||
Number of customer or any Baidu Union partner with revenue greater than 10% | Customer | 0 | 0 | |||||
Appreciation or depreciation of US$ against RMB, as a percentage | 2.94% | 2.94% | |||||
Net (loss) income | ¥ 21,549 | $ 3,036 | 7,534 | 7,591 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 385 | 277 | $ 54 | ||||
Cash and cash equivalents, restricted cash, debt investments and long-term restricted cash | 230,900 | 32,500 | |||||
Revenue, Remaining Performance Obligation, Amount | ¥ 2,300 | 319 | |||||
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Income (Loss) | Operating Income (Loss) | |||||
Impairment of goodwill | ¥ 0 | 0 | |||||
Income from government subsidies | 768 | $ 108 | 728 | ¥ 520 | |||
Deferred income government subsidies | ¥ 506 | ¥ 231 | 71 | ||||
Common Class A and Class B [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Earnings per share - diluted | (per share) | ¥ 6.89 | $ 0.97 | ¥ 2.48 | ¥ 3.51 | |||
Earnings per share - basic | (per share) | ¥ 6.98 | $ 0.98 | ¥ 2.5 | ¥ 3.58 | |||
Maximum | State Administration of Taxation, China [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Deposit insurance system amount | ¥ 0.5 | ||||||
Maximum | Inland Revenue, Hong Kong [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Deposit insurance system amount | $ | $ 0.5 | ||||||
Short-term Investments [Member] | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Maturity period used to classify short-term investments | 12 months | 12 months | |||||
Cash and cash equivalents | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Maturity period used to classify cash and cash equivalents | 3 months | 3 months | |||||
Other Current Assets, net | |||||||
Accounting Policies [Abstract] | |||||||
Contract assets | ¥ 3,300 | ¥ 3,400 | 459 | ||||
Allowance for contract asset | 168 | 285 | 24 | ||||
Deferred revenue | |||||||
Accounting Policies [Abstract] | |||||||
Contract with Customer, Liability, Revenue Recognized | 5,900 | $ 832 | |||||
Customer deposits and deferred revenue | |||||||
Accounting Policies [Abstract] | |||||||
Contract liabilities | ¥ 7,900 | ¥ 6,800 | $ 1,100 | ||||
Credit Concentration Risk | Onshore China | Financial Instruments | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 82% | 82% | |||||
Credit Concentration Risk | Onshore China | Financial Institution One [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 17% | 17% | |||||
Credit Concentration Risk | Onshore China | Financial Institution Two [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 16% | 16% | |||||
Credit Concentration Risk | Onshore China | Financial Institution Three [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 13% | 13% | |||||
Credit Concentration Risk | Offshore China | Financial Instruments | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 18% | 18% | |||||
Customer Concentration Risk | Sales Revenue, Net | Maximum | |||||||
Accounting Policies [Abstract] | |||||||
Concentration risk by percentage | 10% | 10% | |||||
Office building and its related facility | |||||||
Accounting Policies [Abstract] | |||||||
Property, plant and equipment, salvage value, percentage | 4% | 4% | |||||
Change In Accounting Estimate [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Depreciation expense | ¥ 982 | ||||||
Net (loss) income | ¥ 814 | ||||||
Change In Accounting Estimate [Member] | Common Class A and Class B [Member] | |||||||
Accounting Policies [Abstract] | |||||||
Earnings per share - diluted | ¥ / shares | ¥ 0.28 | ||||||
Earnings per share - basic | ¥ / shares | ¥ 0.28 |
Estimated Useful Lives of Fixed
Estimated Useful Lives of Fixed Assets (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Office building | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 43 years |
Office building | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 45 years |
Office building related facility, machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Office building related facility, machinery and equipment | Maximum | |
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, 2023 | |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 11 years |
Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 5 years |
Intellectual property right | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 8 years |
Online literature | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 9 years |
Others | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset weighted average economic life | 13 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2023 CNY (¥) | Feb. 28, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Feb. 28, 2021 CNY (¥) | Feb. 28, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Purchase consideration | ¥ | ¥ 326 | |||||||
Goodwill | 22,605 | ¥ 22,586 | $ 3,181 | ¥ 22,477 | ||||
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] | Restricted Cash and Cash Equivalents, Current | Restricted Cash and Cash Equivalents, Current | ||||||
JOYY [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Restricted cash | $ | $ 1,600 | |||||||
Business Combinations 2023 | JOYY [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase consideration | $ | $ 1,900 | |||||||
Working capital adjustment of purchase price | $ | $ 100 | |||||||
Restricted cash | ¥ | ¥ 1,600 | |||||||
Business Combinations 2023 | JOYY [Member] | Other Noncurrent Assets [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Other assets, noncurrent | $ | $ 1,900 | |||||||
Business Combinations | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | ¥ | ¥ 114 | ¥ 357 | ||||||
Percentage of voting equity interests acquired at the acquisition date | 100% | |||||||
Total cash consideration | ¥ | ¥ 130 |
Investments - Short-term Invest
Investments - Short-term Investments - Additional information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 8,009 | $ 1,128 | ¥ 6,245 | ¥ 5,551 |
Short-term Investments | ||||
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 5,100 | $ 721 | ¥ 4,500 | ¥ 4,500 |
Investment - Schedule of Short-
Investment - Schedule of Short-term Investments at Amortized Cost and Fair Value (Detail) - Short-term Investments ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Held-to-maturity debt investments, fair value | ¥ 167,740 | $ 23,626 | ¥ 120,464 |
Available-for-sale debt investments, fair value | 1,671 | 235 | 855 |
Corporate Debt Securities | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Held-to-maturity debt investments, Cost or Amortized cost less allowance for credit losses | 166,999 | 119,984 | |
Held-to-maturity debt investments, gross unrecognized holding gains | 835 | 631 | |
Held-to-maturity debt investments, fair value | 167,740 | 23,626 | 120,464 |
Available-for-sale debt investments, Cost or Amortized cost less allowance for credit losses | 1,642 | 847 | |
Gross unrecognized holding losses | (94) | (151) | |
Available-for-sale debt investments, gross unrealized gains | 29 | 8 | |
Available-for-sale debt investments, fair value | ¥ 1,671 | $ 235 | ¥ 855 |
Investments - Long-term Investm
Investments - Long-term Investments - Additional information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2018 | Dec. 31, 2023 CNY (¥) Directors shares | Dec. 31, 2023 USD ($) Directors shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) shares | |
Schedule of Investments [Line Items] | |||||||
Impairment charges recognized on equity investments measured at fair value using the measurement alternative | ¥ 753 | $ 106 | ¥ 2,456 | ¥ 4,259 | |||
Impairment recognized for equity method investments | 62 | 9 | 569 | 57 | |||
Carrying amount of equity method investments | 20,800 | 25,900 | $ 2,900 | ||||
Share of losses from equity method investments after modification | ¥ | 3,000 | ||||||
Share of losses from equity method investments | (3,799) | (535) | (1,910) | (932) | |||
Payment to acquire equity investments without readily determinable fair value | ¥ 1,487 | $ 209 | ¥ 3,628 | ¥ 3,395 | |||
Trip.com International, Ltd | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage Of equity interest held by company | 9% | 12% | 9% | ||||
Fair value of equity investment | ¥ 15,100 | $ 2,100 | |||||
Gains on equity method investments | ¥ | ¥ 1,400 | ||||||
Equity method investment, disposal of ADS | shares | 10,000,000 | 10,000,000 | |||||
Number of directors | Directors | 8 | 8 | |||||
Trip.com International, Ltd | Active directors | |||||||
Schedule of Investments [Line Items] | |||||||
Number of directors | Directors | 1 | 1 | |||||
Jidu Auto Inc [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Payment to acquire equity method investments | $ 371 | ||||||
Payment to acquire equity investments without readily determinable fair value | $ 193 | ||||||
Jidu Auto Inc [Member] | Series C Warrant [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Payments for purchase of warrants | ¥ | ¥ 650 | ||||||
Jidu Auto Inc [Member] | Series C Preferred Stock [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Class of warrant or right | shares | 14,443,320 | 14,443,320 | |||||
Jidu Auto Inc [Member] | Common Stock [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Payment to acquire equity method investments | 171 | ||||||
Jidu Auto Inc [Member] | In Substance Common Stock [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Payment to acquire equity method investments | $ 200 | ||||||
Jidu Auto Inc [Member] | Equity Investment | |||||||
Schedule of Investments [Line Items] | |||||||
Percentage Of equity interest held by company | 51.14% | 51.14% | |||||
Du Xiaoman Financial | |||||||
Schedule of Investments [Line Items] | |||||||
Equity interest percentage | 41% |
Investments - Summary of Breakd
Investments - Summary of Breakdown of Long-term Investments (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Schedule of Investments [Line Items] | |||
Equity investments without readily determinable fair value using the measurement alternative | ¥ 8,093 | $ 1,140 | ¥ 9,249 |
Equity method investments | 20,800 | 2,900 | 25,900 |
Total long-term investments | 47,957 | 6,755 | 55,297 |
Long Term Investments | |||
Schedule of Investments [Line Items] | |||
Equity investments at fair value with readily determinable fair value | 9,610 | 1,354 | 12,100 |
Equity investments without readily determinable fair value using the NAV practical expedient | 942 | 133 | 945 |
Equity investments without readily determinable fair value using the measurement alternative | 8,093 | 1,140 | 9,249 |
Available-for-sale debt investment | 3,682 | 519 | 2,447 |
Equity method investments | 20,789 | 2,927 | 25,940 |
Investments accounted for at fair value | 4,841 | 682 | 4,616 |
Total long-term investments | ¥ 47,957 | $ 6,755 | ¥ 55,297 |
Schedule of Unrealized and Real
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract] | ||||||
Initial cost basis | ¥ 13,586 | ¥ 13,741 | $ 1,914 | |||
Cumulative unrealized gains | 3,099 | 4,026 | 436 | |||
Cumulative unrealized losses (including impairment) | (8,592) | (8,518) | (1,210) | |||
Total carrying value | 8,093 | 9,249 | $ 1,140 | |||
Gross unrealized gains | 571 | $ 80 | 218 | ¥ 1,062 | ||
Gross unrealized losses (including impairment) | [1] | (744) | (105) | (2,418) | (4,424) | |
Net unrealized losses on equity securities held | (173) | (25) | (2,200) | (3,362) | ||
Net realized gains on equity securities sold | 251 | 35 | 90 | |||
Total net (losses) gains recognized | ¥ 78 | $ 10 | ¥ (2,110) | ¥ (3,362) | ||
[1]Gross unrealized losses (downward adjustments excluding impairment) were RMB165 million, nil and RMB8 million (US$1 million) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Schedule of Unrealized and Re_2
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Equity Securities, FV-NI and without Readily Determinable Fair Value [Abstract] | ||||
Equity securities gross unrealized loss excluding impairment | ¥ 8 | $ 1 | ¥ 0 | ¥ 165 |
Summarized Financial Informatio
Summarized Financial Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Current assets | ¥ 230,255 | ¥ 212,850 | $ 32,432 | ||
Non-current assets | 176,504 | 178,123 | 24,859 | ||
Current liabilities | 76,451 | 79,630 | 10,768 | ||
Non-current liabilities | 67,700 | 73,538 | 9,536 | ||
Noncontrolling interests | 9,517 | 5,934 | 1,340 | ||
Equity Method Investment Nonconsolidated Investee | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Current assets | 271,407 | 230,934 | 38,227 | ||
Non-current assets | 154,364 | 147,034 | 21,742 | ||
Current liabilities | 227,894 | 179,519 | 32,098 | ||
Non-current liabilities | 30,226 | 37,397 | 4,257 | ||
Noncontrolling interests | 2,461 | 2,434 | $ 347 | ||
Total revenues | 60,042 | $ 8,457 | 42,123 | ¥ 41,693 | |
Gross profit | 40,304 | 5,677 | 23,925 | 23,540 | |
Income from operations | 8,120 | 1,144 | 617 | 515 | |
Net income (loss) | 9,544 | 1,344 | (1,292) | 3,263 | |
Net income (loss) attributable to the investees | ¥ 9,493 | $ 1,337 | ¥ (1,239) | ¥ 3,328 |
Investment - Schedule of Invest
Investment - Schedule of Investments Accounted for at Fair Value (Detail) - Long-term investments ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Available-for-sale debt investments, fair value | ¥ 3,682 | $ 519 | ¥ 2,447 |
Investments accounted for at fair value, fair value | 4,841 | 682 | 4,616 |
Corporate Debt Securities | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Available-for-sale debt investments, Cost or Amortized cost less allowance for credit losses | 4,360 | 3,735 | |
Available-for-sale debt investments, gross unrealized gains | 455 | 283 | |
Available-for-sale debt investments, gross unrealized losses | (1,133) | (1,571) | |
Available-for-sale debt investments, fair value | 3,682 | 519 | 2,447 |
Investments accounted for at fair value, cost or amortized cost | 2,547 | 2,331 | |
Investments accounted for at fair value, gross unrealized gains | 2,942 | 2,855 | |
Investments accounted for at fair value, gross unrealized Losses | (648) | (570) | |
Investments accounted for at fair value, fair value | 4,841 | 682 | 4,616 |
Ordinary Shares | |||
Amortized cost, Gain (loss) and Fair value on Investments [Line Items] | |||
Equity investments at fair value with readily determinable fair value, cost or amortized cost | 14,716 | 15,835 | |
Equity investments at fair value with readily determinable fair value, gross unrealized gains | 1,698 | 2,731 | |
Equity investments at fair value with readily determinable fair value, gross unrealized loss | (6,804) | (6,466) | |
Equity investments at fair value with readily determinable fair value, fair value | ¥ 9,610 | $ 1,354 | ¥ 12,100 |
Summary of Estimated Fair Value
Summary of Estimated Fair Value of Available-For-Sale Debt Investments (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Investments, Debt and Equity Securities [Abstract] | |||
Due in 1 year through 5 years | ¥ 2,154 | $ 303 | ¥ 1,581 |
Not due at a single maturity date | 1,528 | 216 | 866 |
Total | ¥ 3,682 | $ 519 | ¥ 2,447 |
Long-Term Time Deposits and H_3
Long-Term Time Deposits and Held-to-Maturity Investments - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 8,009 | $ 1,128 | ¥ 6,245 | ¥ 5,551 |
Long Term Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment interest income | ¥ 1,300 | $ 177 | ¥ 585 | ¥ 326 |
Long-Term Time Deposits and H_4
Long-Term Time Deposits and Held-to-Maturity Investments - Summary of Classification of Long Term Time Deposits and Held-to-Maturity Investments (Detail) - Long Term Investments - Corporate Debt Securities ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Schedule of Held-to-maturity Securities [Line Items] | |||
Cost or Amortized cost | ¥ 24,666 | ¥ 23,629 | |
Gross unrecognized holding gains | 261 | 170 | |
Gross unrecognized holding losses | (55) | (111) | |
Fair value | ¥ 24,872 | $ 3,503 | ¥ 23,688 |
Long-Term Time Deposits and H_5
Long-Term Time Deposits and Held-to-Maturity Investments - Summary of Estimated Amortized Cost of Long Term Time Deposits and Held-to-Maturity Investments (Detail) - Long Term Investments - Corporate Debt Securities ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Due in 1 year through 2 years | ¥ 22,303 | $ 3,141 | ¥ 11,089 |
Due in 2 years through 3 years | 2,063 | 291 | 12,240 |
Due in 3 years through 5 years | 300 | 42 | 300 |
Total | ¥ 24,666 | $ 3,474 | ¥ 23,629 |
Licensed Copyrights, Net - Disc
Licensed Copyrights, Net - Disclosure of Licensed Copyrights (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | ¥ 52,506 | ¥ 50,616 | |
Licensed copyrights, accumulated amortisation | (44,728) | (42,768) | |
Licensed copyrights, accumulated impairment | (229) | (261) | |
Licensed copyrights, net carrying value | 7,549 | $ 1,063 | 7,587 |
Licensed copyrights, gross carrying value current | 15,442 | 15,612 | |
Licensed copyrights, accumulated amortisation current | (14,846) | (14,847) | |
Licensed copyrights, accumulated impairment current | (14) | (19) | |
Licensed copyrights, net carrying value current | 582 | 82 | 746 |
Licensed copyrights, gross carrying value non current | 37,064 | 35,004 | |
Licensed copyrights, accumulated amortisation non current | (29,882) | (27,921) | |
Licensed copyrights, accumulated impairment non current | (215) | (242) | |
Licensed copyrights, net carrying value non current | 6,967 | 981 | 6,841 |
Broadcasting Rights | |||
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | 44,838 | 43,217 | |
Licensed copyrights, accumulated amortisation | (37,060) | (35,369) | |
Licensed copyrights, accumulated impairment | (229) | (261) | |
Licensed copyrights, net carrying value | 7,549 | 1,063 | 7,587 |
Licensed copyrights, gross carrying value current | 7,774 | 8,213 | |
Licensed copyrights, accumulated amortisation current | (7,178) | (7,448) | |
Licensed copyrights, accumulated impairment current | (14) | (19) | |
Licensed copyrights, net carrying value current | 582 | 82 | 746 |
Licensed copyrights, gross carrying value non current | 37,064 | 35,004 | |
Licensed copyrights, accumulated amortisation non current | (29,882) | (27,921) | |
Licensed copyrights, accumulated impairment non current | (215) | (242) | |
Licensed copyrights, net carrying value non current | 6,967 | 981 | 6,841 |
Sublicensing Rights | |||
Disclosure of Licensed Copyrights [Line Items] | |||
Licensed copyrights, gross carrying value | 7,668 | 7,399 | |
Licensed copyrights, accumulated amortisation | (7,668) | (7,399) | |
Licensed copyrights, accumulated impairment | 0 | 0 | |
Licensed copyrights, net carrying value | 0 | 0 | 0 |
Licensed copyrights, gross carrying value current | 7,668 | 7,399 | |
Licensed copyrights, accumulated amortisation current | (7,668) | (7,399) | |
Licensed copyrights, accumulated impairment current | 0 | 0 | |
Licensed copyrights, net carrying value current | 0 | 0 | 0 |
Licensed copyrights, gross carrying value non current | 0 | 0 | |
Licensed copyrights, accumulated amortisation non current | 0 | 0 | |
Licensed copyrights, accumulated impairment non current | 0 | 0 | |
Licensed copyrights, net carrying value non current | ¥ 0 | $ 0 | ¥ 0 |
Licensed Copyrights, Net - Sche
Licensed Copyrights, Net - Schedule of Estimated Future Amortisation Expenses For Licensed Copyrights (Detail) - 12 months ended Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Licensed Copyrights [Abstract] | ||
Within 1 year | ¥ 3,087 | $ 435 |
Between 1 and 2 years | 1,572 | 221 |
Between 2 and 3 years | ¥ 1,052 | $ 148 |
Licensed Copyrights, Net - Addi
Licensed Copyrights, Net - Additional information (Detail) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Licensed Copyrights | ||||
Disclosure of Licensed Copyrights [Line Items] | ||||
Amortisation expenses of licensed copyrights | ¥ 7.1 | $ 998 | ¥ 7.8 | ¥ 10.1 |
Produced Content, Net - Additio
Produced Content, Net - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Disclosure Of Produced Content Net [Line Items] | |||||
Accrued participation cost liabilities | ¥ 286 | $ 40 | |||
Film, Monetized in Film Group, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | |
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | |
Cost of Revenue | |||||
Disclosure Of Produced Content Net [Line Items] | |||||
Amortization expense for produced content predominantly monetized with other content assets | ¥ 5,200 | $ 733 | ¥ 4,600 | ¥ 4,600 | |
Amortization expense for produced content predominantly monetized on its own | ¥ 1,100 | $ 153 | ¥ 735 | ¥ 1,300 |
Produced Content, Net - Summary
Produced Content, Net - Summary of Released, Less Amortization And Impairment (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Disclosure Of Produced Content Net [Line Items] | |||
Released, less amortization and impairment | ¥ 4,506 | $ 635 | ¥ 3,815 |
In production, less impairment | 7,875 | 1,109 | 8,336 |
In development, less impairment | 996 | 140 | 851 |
Total | 13,377 | 1,884 | 13,002 |
Released, less amortization and impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
— Predominantly monetized with other content | 4,445 | 626 | 3,725 |
—Predominantly monetized on its own | 61 | 9 | 90 |
In production, less impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
— Predominantly monetized with other content | 7,630 | 1,075 | 7,676 |
—Predominantly monetized on its own | 245 | 34 | 660 |
In development, less impairment [Member] | |||
Disclosure Of Produced Content Net [Line Items] | |||
— Predominantly monetized with other content | 947 | 133 | 816 |
— Predominantly monetized on its own | ¥ 49 | $ 7 | ¥ 35 |
Produced Content, Net - Summa_2
Produced Content, Net - Summary of Estimated Future Amortization Expenses For Product Content (Detail) - Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Schedule Of Estimated Future Amortization Expenses For Licensed Copyrights [Abstract] | ||
Within 1 year | ¥ 1,390 | $ 196 |
Between 1 and 2 years | 738 | 104 |
Between 2 and 3 years | ¥ 557 | $ 78 |
Accounts Receivable (Detail)
Accounts Receivable (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Receivables [Abstract] | ||||||
Accounts receivable | ¥ 14,024 | $ 1,975 | ¥ 14,287 | |||
Allowance for credit losses | (3,176) | (447) | (2,554) | $ (360) | ¥ (2,069) | ¥ (1,320) |
Accounts receivable, net | ¥ 10,848 | $ 1,528 | ¥ 11,733 |
Movement in Allowance for credi
Movement in Allowance for credit losses (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Allowance for credit losses | ||||
Balance as of January 1 | ¥ 2,554 | $ 360 | ¥ 2,069 | ¥ 1,320 |
Amounts charged to expenses | 669 | 94 | 555 | 830 |
Amounts written off | (47) | (7) | (70) | (81) |
Balance as of December 31 | ¥ 3,176 | $ 447 | ¥ 2,554 | ¥ 2,069 |
Other Assets (Detail)
Other Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Prepaid Expense and Other Assets [Abstract] | ||||
Contract assets, net | [1] | ¥ 3,085 | $ 435 | ¥ 3,114 |
VAT prepayments | 1,738 | 245 | 1,818 | |
Inventories | 1,396 | 197 | 1,227 | |
Receivables from online payment agencies | 1,263 | 178 | 856 | |
Advances to suppliers | 871 | 123 | 769 | |
Licensed copyrights (Note 6) | 582 | 82 | 746 | |
Prepaid expenses | 728 | 103 | 582 | |
Deposits | 386 | 54 | 379 | |
Others | [2] | 2,530 | 355 | 869 |
Total other current assets | 12,579 | 1,772 | 10,360 | |
Long-term prepaid expenses | 16,536 | 2,329 | 16,257 | |
Long-term restricted cash | [3] | 840 | 118 | 750 |
Others | 1,588 | 224 | 2,089 | |
Total other non-current assets | ¥ 18,964 | $ 2,671 | ¥ 19,096 | |
[1]The allowance for credit losses on contract assets was RMB285 million and RMB168 million (US$24 million) as of December 31, 2022 and 2023, respectively. Expenses of RMB58 million, RMB200 million and a net reversal of RMB117 million (US$16 million) were recognized for credit losses on contract assets for the years ended December 31, 2021, 2022 and 2023, respectively. No write-offs were charged against the allowance for the years ended December 31, 2021, 2022 and 2023, respectively.[2]The balance as of December 31, 2023 includes a non-trade loan and interest receivables due from PAG with the principal of US$200 million (equivalent to RMB1.4 billion) and interest rate of 6%, which will due on July 1, 2024 if iQIYI requires repayment, or otherwise will due on the date which PAG and its affiliates cease to hold any portion of the iQIYI PAG Convertible Notes. PAG released certain collateral secured by iQIYI under the iQIYI PAG Convertible Notes (Note 15) and pledged to iQIYI a portion of the iQIYI PAG Convertible Notes, each in an amount equivalent to the amount of this non-trade loan.[3]Long-term restricted cash represents collateral to repayments of the iQIYI PAG Convertible Notes (Note 15). |
Other Assets (Parenthetical) (D
Other Assets (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Prepaid Expense And Other Assets [Line Items] | |||||
Contract with customer, asset, allowance for credit loss | ¥ 168 | ¥ 285 | $ 24 | ||
Contract with customer, asset, credit loss expense (reversal) | (117) | $ (16) | 200 | ¥ 58 | |
Contract with customer, asset, allowance for credit loss, writeoff | 0 | ¥ 0 | ¥ 0 | ||
iQIYI Member | |||||
Prepaid Expense And Other Assets [Line Items] | |||||
Non trade loan and interest receivable included in asset | ¥ 1,400 | $ 200 | |||
Loan receivable fixed interest rate percentage | 6% | 6% |
Fixed Assets (Detail)
Fixed Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | ¥ 63,859 | $ 8,994 | ¥ 56,260 |
Accumulated depreciation and impairment | (35,899) | (5,056) | (32,287) |
Fixed assets, net | 27,960 | 3,938 | 23,973 |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 51,656 | 7,276 | 44,246 |
Office building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,146 | 725 | 5,125 |
Office building related facility, machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,217 | 594 | 4,195 |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 883 | 124 | 676 |
Office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,132 | 159 | 1,237 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 540 | 76 | 490 |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | ¥ 285 | $ 40 | ¥ 291 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) ¥ in Billions, $ in Billions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Fixed assets, depreciation expense | ¥ 7.1 | $ 1 | ¥ 6.2 | ¥ 5.7 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) Unit | Dec. 31, 2023 USD ($) Unit | Dec. 31, 2022 CNY (¥) Unit | Dec. 31, 2021 CNY (¥) | |
Amortization Of Intangible Assets Disclosure [Abstract] | ||||
Number of reporting units the company | 3 | 3 | 3 | |
Amortization expense of intangible assets | ¥ 403 | $ 57 | ¥ 467 | ¥ 471 |
Changes in the Carrying Amount
Changes in the Carrying Amount of Goodwill (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Goodwill [Line Items] | |||
Beginning Balance | ¥ 22,477 | ¥ 22,605 | |
Goodwill disposed | (5) | (128) | |
Goodwill acquired | 114 | ||
Ending Balance | 22,586 | $ 3,181 | 22,477 |
Baidu Core excluding SLG | |||
Goodwill [Line Items] | |||
Beginning Balance | 16,874 | 16,940 | |
Goodwill disposed | 0 | (66) | |
Goodwill acquired | 114 | ||
Ending Balance | 16,988 | 2,393 | 16,874 |
SLG | |||
Goodwill [Line Items] | |||
Beginning Balance | 1,777 | 1,777 | |
Goodwill disposed | 0 | 0 | |
Goodwill acquired | 0 | ||
Ending Balance | 1,777 | 250 | 1,777 |
iQIYI | |||
Goodwill [Line Items] | |||
Beginning Balance | 3,826 | 3,888 | |
Goodwill disposed | (5) | (62) | |
Goodwill acquired | 0 | ||
Ending Balance | ¥ 3,821 | $ 538 | ¥ 3,826 |
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | ¥ 4,042 | ¥ 4,285 | |
Finite lived intangible assets accumulated impairment | (718) | (783) | |
Finite-lived intangible assets, accumulated amortization | (2,443) | (2,248) | |
Finite-lived intangible assets, net carrying value | 881 | $ 124 | 1,254 |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 966 | 966 | |
Finite lived intangible assets accumulated impairment | (238) | (238) | |
Finite-lived intangible assets, accumulated amortization | (386) | (324) | |
Finite-lived intangible assets, net carrying value | 342 | 48 | 404 |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,062 | 1,059 | |
Finite lived intangible assets accumulated impairment | (79) | (52) | |
Finite-lived intangible assets, accumulated amortization | (791) | (652) | |
Finite-lived intangible assets, net carrying value | 192 | 27 | 355 |
Intellectual property right | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 1,568 | 1,769 | |
Finite lived intangible assets accumulated impairment | (381) | (473) | |
Finite-lived intangible assets, accumulated amortization | (931) | (924) | |
Finite-lived intangible assets, net carrying value | 256 | 36 | 372 |
Online literature | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 117 | 141 | |
Finite lived intangible assets accumulated impairment | 0 | 0 | |
Finite-lived intangible assets, accumulated amortization | (93) | (110) | |
Finite-lived intangible assets, net carrying value | 24 | 3 | 31 |
Others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross carrying value | 329 | 350 | |
Finite lived intangible assets accumulated impairment | (20) | (20) | |
Finite-lived intangible assets, accumulated amortization | (242) | (238) | |
Finite-lived intangible assets, net carrying value | ¥ 67 | $ 10 | ¥ 92 |
Estimated Amortization Expense
Estimated Amortization Expense Relating to Existing Intangible Assets with Finite Lives (Detail) - Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Estimated amortization expense | ||
2024 | ¥ 275 | $ 39 |
2025 | 206 | 29 |
2026 | 129 | 18 |
2027 | 113 | 16 |
2028 | ¥ 96 | $ 14 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued operating expenses | ¥ 8,959 | $ 1,262 | ¥ 8,845 |
Content acquisition costs | 5,269 | 742 | 5,567 |
Traffic acquisition costs | 3,506 | 494 | 5,159 |
Accrued payroll and welfare | 4,144 | 584 | 3,747 |
Tax payable | 2,687 | 378 | 3,640 |
Bandwidth costs | 2,721 | 383 | 2,112 |
Payables for purchasing inventory | 1,971 | 278 | 1,960 |
Accruals for purchases of fixed assets | 2,105 | 296 | 1,445 |
Payable for investments | 957 | 135 | 703 |
Funds collected on behalf of service providers | 750 | 106 | 691 |
Users' and third party agents' deposits | 643 | 91 | 468 |
Interest payable | 347 | 49 | 452 |
Payable to merchants | 590 | 83 | 368 |
Others | 3,068 | 431 | 2,857 |
Total accounts payable and accrued liabilities | ¥ 37,717 | $ 5,312 | ¥ 38,014 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Debt Instrument [Line Items] | ||||||||
Short-term loans | ¥ 10,300 | $ 1,445 | ¥ 5,343 | |||||
Weighted average interest rates for outstanding borrowings | 2.82% | 2.82% | 3.42% | 3.42% | ||||
Unused line of credit for short term loans | ¥ 12,800 | $ 1,800 | ¥ 2,600 | |||||
Outstanding borrowings from third party investors | 14,200 | 2,000 | 13,700 | |||||
London Interbank Offered Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 0.85% | |||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument basis spread on variable rate | 0.93% | |||||||
Interest Rate Swap | Designated as Hedging Instrument | ||||||||
Debt Instrument [Line Items] | ||||||||
Gross notional amounts of derivatives | 2,000 | $ 2,000 | ||||||
iQIYI | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term loans | 3,600 | 503 | 3,300 | |||||
Carrying amount of real estate used as collateral | 509 | 72 | 522 | |||||
Baidu Core Business [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term loans | 6,700 | 942 | 2,000 | |||||
Factoring Arrangements | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term loans | 1,100 | 149 | 755 | |||||
Factoring Arrangements | iQIYI | ||||||||
Debt Instrument [Line Items] | ||||||||
Structured payable arrangement amount | ¥ 1,800 | $ 249 | ¥ 1,500 | ¥ 1,100 | ||||
A Group Of 22 Arrangers | ||||||||
Debt Instrument [Line Items] | ||||||||
Bank loan maturity period | 5 years | |||||||
Debt face amount | $ 3,000 | |||||||
A Group Of 22 Arrangers | Five-year bullet maturity term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Bank loan maturity period | 5 years | |||||||
Interest rate | 1.71% | |||||||
Debt face amount | $ 1,500 | |||||||
Proceeds from Issuance of Debt | $ 1,500 | |||||||
A Group Of 22 Arrangers | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Bank loan maturity period | 5 years | |||||||
Interest rate | 1.71% | |||||||
Debt face amount | $ 1,500 | |||||||
Proceeds from Issuance of Debt | $ 500 |
Notes Payable - Summary of Comp
Notes Payable - Summary of Company Issued and Publicly Sold Unsecured Senior Notes (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
2024 Notes Issued On November 2018 | |
Debt and Financial Instruments [Line Items] | |
Principal amount | $ 600 |
2024 Notes Issued On December 2018 | |
Debt and Financial Instruments [Line Items] | |
Principal amount | $ 250 |
2022 Ten-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 28, 2012 |
Principal amount | $ 750 |
Mature date | Nov. 28, 2022 |
Effective interest rate | 3.59% |
2025 Ten-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jun. 30, 2015 |
Principal amount | $ 500 |
Mature date | Jun. 30, 2025 |
Effective interest rate | 4.22% |
2022 Five-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jul. 06, 2017 |
Principal amount | $ 900 |
Mature date | Jul. 06, 2022 |
Effective interest rate | 3.08% |
2027 Ten-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Jul. 06, 2017 |
Principal amount | $ 600 |
Mature date | Jul. 06, 2027 |
Effective interest rate | 3.73% |
2023 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Mar. 29, 2018 |
Principal amount | $ 1,000 |
Mature date | Sep. 29, 2023 |
Effective interest rate | 3.99% |
2028 March Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Mar. 29, 2018 |
Principal amount | $ 500 |
Mature date | Mar. 29, 2028 |
Effective interest rate | 4.50% |
2024 Notes | 2024 Notes Issued On November 2018 | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 14, 2018 |
Principal amount | $ 600 |
Mature date | May 14, 2024 |
Effective interest rate | 4.51% |
2028 November Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Nov. 14, 2018 |
Principal amount | $ 400 |
Mature date | Nov. 14, 2028 |
Effective interest rate | 4.99% |
2025 Five-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Apr. 07, 2020 |
Principal amount | $ 600 |
Mature date | Apr. 07, 2025 |
Effective interest rate | 3.22% |
2030 April Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Apr. 07, 2020 |
Principal amount | $ 400 |
Mature date | Apr. 07, 2030 |
Effective interest rate | 3.54% |
2026 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Oct. 09, 2020 |
Principal amount | $ 650 |
Mature date | Apr. 09, 2026 |
Effective interest rate | 1.81% |
2030 October Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Oct. 09, 2020 |
Principal amount | $ 300 |
Mature date | Oct. 09, 2030 |
Effective interest rate | 2.43% |
2024 Notes | 2024 Notes Issued On December 2018 | |
Debt and Financial Instruments [Line Items] | |
Issue date | Dec. 10, 2018 |
Principal amount | $ 250 |
Mature date | May 14, 2024 |
Effective interest rate | 4.54% |
2027 Five-year Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Aug. 23, 2021 |
Principal amount | $ 300 |
Mature date | Feb. 23, 2027 |
Effective interest rate | 1.73% |
2031 Notes | |
Debt and Financial Instruments [Line Items] | |
Issue date | Aug. 23, 2021 |
Principal amount | $ 700 |
Mature date | Aug. 23, 2031 |
Effective interest rate | 2.49% |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument redemption price percentage | 100% |
2024 Notes Issued On November 2018 | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2024 Notes Issued On December 2018 | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 250 |
2022 Ten-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.50% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 750 |
2022 Five-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 900 |
2027 Ten-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.625% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2023 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 1,000 |
2028 March Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 500 |
2028 November Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.875% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 400 |
2025 Ten-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 4.125% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 500 |
2025 Five-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.075% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 600 |
2030 April Notes | |
Debt Instrument [Line Items] | |
Interest rate | 3.425% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 400 |
2026 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 1.72% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 650 |
2030 October Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 300 |
Outstanding Notes [Member] | |
Debt Instrument [Line Items] | |
Discount on debt issued | 16 |
Debt issuance cost | $ 28 |
2031 Notes | |
Debt Instrument [Line Items] | |
Interest rate | 2.375% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 700 |
2027 Five-year Notes | |
Debt Instrument [Line Items] | |
Interest rate | 1.625% |
Payment frequency of debt interest | semi-annually |
Principal amount | $ 300 |
Principal Amount and Unamortize
Principal Amount and Unamortized Discount and Debt Issuance Costs (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Debt Disclosure [Abstract] | |||
Principal amount | ¥ 41,163 | $ 5,797 | ¥ 46,983 |
Unamortized discount and debt issuance costs | (144) | (20) | (186) |
Long-term Debt, Total | ¥ 41,019 | $ 5,777 | ¥ 46,797 |
Repayment of Principal Amount o
Repayment of Principal Amount of Long Term Debts (Detail) - Dec. 31, 2023 - Long Term Debt ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
For the years ending December 31 | ||
2024 | ¥ 6,037 | $ 850 |
2025 | 7,908 | 1,114 |
2026 | 18,815 | 2,650 |
2027 | 6,390 | 900 |
2028 | 6,390 | 900 |
Thereafter | ¥ 9,940 | $ 1,400 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) $ / shares in Units, ¥ in Millions | 12 Months Ended | |||||||||||||||
Mar. 07, 2023 USD ($) Day $ / shares | Dec. 30, 2022 USD ($) $ / shares | Jan. 08, 2021 USD ($) | Dec. 21, 2020 USD ($) Day $ / shares | Mar. 29, 2019 CNY (¥) Day $ / A | Dec. 04, 2018 CNY (¥) Day $ / A | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Feb. 24, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Mar. 29, 2019 USD ($) $ / shares $ / A | Dec. 04, 2018 USD ($) $ / shares $ / A | ||
Debt Instrument [Line Items] | ||||||||||||||||
Debt maturities repayments in 2025 | ¥ 17 | $ 2,000,000 | ||||||||||||||
Debt maturities repayments in 2026 | 2,800 | 396,000,000 | ||||||||||||||
Debt maturities repayments in 2028 | 9,200 | 1,300,000,000 | ||||||||||||||
Restricted cash | [1] | 840 | 118,000,000 | ¥ 750 | ||||||||||||
iQIYI 2023 Convertible Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 750,000,000 | |||||||||||||||
Interest rate | 3.75% | 3.75% | ||||||||||||||
Debt, maturity date | Dec. 01, 2023 | |||||||||||||||
Debt, put date | Dec. 01, 2021 | |||||||||||||||
Conversion rate of convertible notes, ADS per US$1,000 | 37.183 | |||||||||||||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | |||||||||||||||
Percentage of principal amount of debt redeemed | 100% | |||||||||||||||
Price of call options on iQIYI's ADS | $ 68,000,000 | |||||||||||||||
Debt Instrument, convertible, conversion price | $ / shares | $ 26.89 | |||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
Payments for repurchase of Convertible Notes | ¥ 8,500 | $ 747,000,000 | ||||||||||||||
iQIYI 2023 Convertible Senior Notes | ADR [Member] | Prior To June 1 2023 Debt Conversion Condition One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 20 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 30 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 130% | |||||||||||||||
iQIYI 2023 Convertible Senior Notes | ADR [Member] | Prior To June 1 2023 Debt Conversion Condition Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 5 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 10 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 98% | |||||||||||||||
iQIYI 2023 Convertible Senior Notes | Call Option [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Price of call options on iQIYI's ADS | $ 68,000,000 | |||||||||||||||
Cap exercise price of capped call options | $ / A | 38.42 | 38.42 | ||||||||||||||
Settlement Shares Of Capped Call Options | ¥ | ¥ 28 | |||||||||||||||
iQIYI 2025 Convertible Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 1,200,000,000 | |||||||||||||||
Interest rate | 2% | 2% | ||||||||||||||
Debt, maturity date | Apr. 01, 2025 | |||||||||||||||
Debt, put date | Apr. 01, 2023 | |||||||||||||||
Conversion rate of convertible notes, ADS per US$1,000 | 33.0003 | |||||||||||||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | |||||||||||||||
Percentage of principal amount of debt redeemed | 100% | |||||||||||||||
Price of call options on iQIYI's ADS | $ 85,000,000 | |||||||||||||||
Settlement Shares Of Capped Call Options | ¥ | ¥ 40 | |||||||||||||||
Debt instrument, date of first required payment | Oct. 01, 2019 | |||||||||||||||
Debt instrument, payment terms | October 1 and April 1 of each year, beginning on October 1, 2019 | |||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
Payments for repurchase of Convertible Notes | ¥ 8,500 | 1,200,000,000 | ||||||||||||||
iQIYI 2025 Convertible Senior Notes | ADR [Member] | Prior To October 1 2024 Debt Conversion Condition One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, conversion price | $ / shares | $ 30.3 | |||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 20 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 30 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 130% | |||||||||||||||
iQIYI 2025 Convertible Senior Notes | ADR [Member] | Prior To October 1 2024 Debt Conversion Condition Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 5 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 10 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 98% | |||||||||||||||
iQIYI 2025 Convertible Senior Notes | Call Option [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Price of call options on iQIYI's ADS | $ 85,000,000 | |||||||||||||||
Cap exercise price of capped call options | $ / A | 40.02 | 40.02 | ||||||||||||||
IQIYI 2026 Convertible Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 800,000,000 | |||||||||||||||
Interest rate | 4% | |||||||||||||||
Debt, maturity date | Dec. 15, 2026 | |||||||||||||||
Debt, put date | Aug. 01, 2024 | |||||||||||||||
Conversion rate of convertible notes, ADS per US$1,000 | 44.8179 | |||||||||||||||
Principal amount of liability component | 396,000,000 | |||||||||||||||
Remaining Accretion Period | 7 months 2 days | 7 months 2 days | ||||||||||||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable semi-annually | |||||||||||||||
Percentage of principal amount of debt redeemed | 100% | |||||||||||||||
Debt instrument, date of first required payment | Jun. 15, 2021 | |||||||||||||||
Debt instrument, payment terms | June 15 and December 15 of each year, beginning on June 15, 2021 | |||||||||||||||
Grosss Proceeds from issuance of debt | $ 100,000,000 | |||||||||||||||
Additional Debt Principal Amount Offered | $ 100,000,000 | |||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
Payments for repurchase of Convertible Notes | ¥ 3,600 | $ 504,000,000 | ||||||||||||||
IQIYI 2026 Convertible Notes | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 4.53% | 4.53% | ||||||||||||||
IQIYI 2026 Convertible Notes | ADR [Member] | Prior To June 15 2026 Debt Conversion Condition One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, conversion price | $ / shares | $ 22.31 | |||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 20 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 30 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 130% | |||||||||||||||
IQIYI 2026 Convertible Notes | ADR [Member] | Prior To June 15 2026 Debt Conversion Condition Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 5 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 10 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 98% | |||||||||||||||
iQIYI PAG Convertible Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 500,000,000 | |||||||||||||||
Convertible senior notes rate stated percentage | 6% | |||||||||||||||
Conversion rate of convertible notes, ADS per US$1,000 | 216.9668 | |||||||||||||||
Principal amount of liability component | $ 660,000,000 | |||||||||||||||
Remaining Accretion Period | 2 years | 2 years | ||||||||||||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable quarterly | |||||||||||||||
Debt Instrument, convertible, conversion price | $ / shares | $ 4.61 | |||||||||||||||
Additional Debt Principal Amount Offered | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
Interest cost recognized during the period | ¥ 473 | $ 67,000,000 | ||||||||||||||
Restricted cash | ¥ 840 | $ 118,000,000 | ||||||||||||||
iQIYI PAG Convertible Senior Notes | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 12.05% | 12.05% | ||||||||||||||
Percentage of principal amount of debt redeemed | 120% | 120% | ||||||||||||||
iQIYI PAG Convertible Senior Notes | On or After Third Anniversary [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument repurchase price rate | 120% | |||||||||||||||
iQIYI PAG Convertible Senior Notes | On or After Fifth Anniversary [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument repurchase price rate | 130% | |||||||||||||||
iQIYI PAG Convertible Senior Notes | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage of principal amount of debt redeemed | 120% | |||||||||||||||
iQIYI PAG Convertible Senior Notes | Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage of principal amount of debt redeemed | 130% | |||||||||||||||
iQIYI 2028 Convertible Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt face amount | $ 600,000,000 | |||||||||||||||
Interest rate | 6.50% | |||||||||||||||
Debt, maturity date | Mar. 15, 2028 | |||||||||||||||
Debt, put date | Mar. 16, 2026 | |||||||||||||||
Conversion rate of convertible notes, ADS per US$1,000 | 101.4636 | |||||||||||||||
Principal amount of liability component | $ 574,000,000 | |||||||||||||||
Remaining Accretion Period | 2 years 2 months 15 days | 2 years 2 months 15 days | ||||||||||||||
Debt Instrument Frequency Of Periodic Interest Payment | interest is payable quarterly | |||||||||||||||
Percentage of principal amount of debt redeemed | 100% | |||||||||||||||
Debt instrument, date of first required payment | Jun. 15, 2023 | |||||||||||||||
Debt instrument, payment terms | March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2023 | |||||||||||||||
Proceeds from Debt, Net ofunderwriting discounts and offering expenses | $ 590,000,000 | |||||||||||||||
Payment of underwriting discounts and offering expenses | 10,000,000 | |||||||||||||||
Grosss Proceeds from issuance of debt | 600,000,000 | |||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
Payments for repurchase of Convertible Notes | ¥ 185 | $ 26,000,000 | ||||||||||||||
Debt instrument repurchase price rate | 25% | |||||||||||||||
iQIYI 2028 Convertible Notes | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 7.15% | 7.15% | ||||||||||||||
iQIYI 2028 Convertible Notes | ADR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, conversion price | $ / shares | $ 9.86 | |||||||||||||||
iQIYI 2028 Convertible Notes | ADR [Member] | Prior To September 15 2027 Debt Conversion Condition Two [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 5 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 10 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 98% | |||||||||||||||
Debt Instrument Convertible Conversion Ratio Basis Amount US$1,000 | $ 1,000 | |||||||||||||||
iQIYI 2028 Convertible Notes | ADR [Member] | Prior to On or after March 20 2026 Debt Conversion Condition One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 20 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 30 | |||||||||||||||
iQIYI 2028 Convertible Notes | ADR [Member] | Prior to On or after March 20 2026 Debt Conversion Condition [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 130% | |||||||||||||||
iQIYI 2028 Convertible Notes | ADR [Member] | Prior To September 15 2027 Debt Conversion Condition One [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, convertible, threshold trading days | Day | 20 | |||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | Day | 30 | |||||||||||||||
Debt instrument convertible threshold percentage of stock price trigger | 130% | |||||||||||||||
[1]Long-term restricted cash represents collateral to repayments of the iQIYI PAG Convertible Notes (Note 15). |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Carying Amount of the Convertible Notes (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Liability component: | |||
Principal | ¥ 41,163 | $ 5,797 | ¥ 46,983 |
Net carrying amount | 41,019 | 5,777 | 46,797 |
Lqiyi Two Thousand Twenty Three Convertible Notes And Two Thousand Twenty Five Convertible Notes And Two Thousand Twenty Six Convertible Notes Collectively [Member] | |||
Liability component: | |||
Principal | 10,801 | 1,522 | 17,986 |
Less: unamortized discount and debt issuance costs | (145) | (20) | 112 |
Net carrying amount | ¥ 10,946 | $ 1,542 | ¥ 17,874 |
Convertible Senior Notes - Su_2
Convertible Senior Notes - Summary of Debt Instruments Interest Cost Recognized (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | ¥ 3,248 | $ 457 | ¥ 2,913 | ¥ 3,421 |
Senior Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 644 | 91 | 404 | 557 |
Amortization of the discount and issuance costs | 292 | 41 | 66 | 559 |
Total | ¥ 936 | $ 132 | ¥ 470 | ¥ 1,116 |
Leases -Summary of Supplemental
Leases -Summary of Supplemental cash flow information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Leases [Abstract] | |||
Cash payments for operating leases | ¥ 3,463 | $ 488 | ¥ 3,014 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 3,938 | $ 555 | ¥ 2,559 |
Leases -Summary of Future lease
Leases -Summary of Future lease payments (Detail) - Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Leases [Abstract] | ||
2024 | ¥ 3,182 | $ 448 |
2025 | 2,298 | 324 |
2026 | 1,664 | 234 |
2027 | 1,032 | 145 |
2028 | 291 | 41 |
Thereafter | 324 | 46 |
Total future lease payments | 8,791 | 1,238 |
Less: Imputed interest | 643 | 90 |
Total lease liability balance | ¥ 8,148 | $ 1,148 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Leases [Abstract] | ||||
Operating lease, weighted average remaining lease term | 13 years 7 months 6 days | 13 years 7 months 6 days | 14 years 9 months 18 days | |
Operating lease, weighted average discount rate | 4.07% | 4.07% | 4.30% | |
Short-term lease cost | ¥ 547 | $ 77 | ¥ 424 | ¥ 475 |
Lease Term Of Contract | 12 months | 12 months | ||
Operating lease cost | ¥ 3,500 | $ 498 | ¥ 3,500 | ¥ 3,200 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Income Taxes [Line Items] | ||||
Unified statutory income tax rate under current EIT law | 25% | 25% | ||
PRC statutory withholding tax rate to which dividends paid by a FIE to any of its foreign non-resident enterprise investors | 10% | 10% | ||
PRC special withholding tax rate to which dividends paid by a FIE to its foreign non-resident enterprise investors in Hong Kong | 5% | 5% | ||
Statutory withholding tax rate for capital gains | 10% | 10% | ||
Net losses deriving from entities in the PRC, Hong Kong and Japan | ¥ 23,700 | $ 3,300 | ||
Accrued withholding tax | 1,500 | $ 207 | ||
Undistributed earnings no withholding tax has accrued | ¥ 171,800 | 24,200 | ||
High And New Technology Enterprise | ||||
Income Taxes [Line Items] | ||||
A preferential enterprise income tax rate | 15% | 15% | ||
Net operating loss carryforward period | 10 years | 10 years | ||
PRC | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward period | 5 years | 5 years | ||
Net operating loss carryforwards begins to expire | 2024 | 2024 | ||
Baidu HK | ||||
Income Taxes [Line Items] | ||||
Income tax rate | 16.50% | 16.50% | ||
Certain PRC Subsidiaries and VIEs | High And New Technology Enterprise | ||||
Income Taxes [Line Items] | ||||
A preferential enterprise income tax rate | 15% | 15% | ||
Other non-current liabilities | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | ¥ 670 | $ 94 | ¥ 670 |
Income (Loss) Before Income Tax
Income (Loss) Before Income Taxes (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest By Jurisdiction [Abstract] | ||||
Mainland China | ¥ 28,449 | $ 4,008 | ¥ 18,306 | ¥ 15,055 |
Non-Mainland China | (3,251) | (458) | (8,194) | (4,277) |
Income before income taxes | ¥ 25,198 | $ 3,550 | ¥ 10,112 | ¥ 10,778 |
Components of Income Tax (Detai
Components of Income Tax (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | ¥ 3,812 | $ 537 | ¥ 3,163 | ¥ 3,636 |
Income tax refund due to reduced tax rate | (468) | 0 | ||
Adjustments of deferred tax assets due to change in tax rates | 111 | 16 | 119 | 109 |
Deferred income tax benefit | (274) | (39) | (236) | (558) |
Taxation for the year | ¥ 3,649 | $ 514 | ¥ 2,578 | ¥ 3,187 |
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, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | |
Income Tax Disclosure [Abstract] | ||||
Expected taxation at PRC statutory tax rate | ¥ 6,299 | $ 887 | ¥ 2,541 | ¥ 2,694 |
Effect of differing tax rates in different jurisdictions | 410 | 58 | 1,976 | 656 |
Non-taxable income | (456) | (64) | (44) | (89) |
Non-deductible expenses | 1,928 | 272 | 534 | 965 |
Research and development super-deduction | (3,067) | (432) | (2,274) | (1,645) |
Effect of PRC preferential tax rates and tax holiday | (1,833) | (259) | (1,507) | (1,557) |
Effect of tax rate changes on deferred taxes | 111 | 16 | 119 | 109 |
Reversal of prior year's income taxes | (156) | (22) | (913) | (734) |
PRC withholding tax | 574 | 81 | 181 | 615 |
Change in valuation allowance | (161) | (23) | 1,965 | 2,173 |
Taxation for the year | ¥ 3,649 | $ 514 | ¥ 2,578 | ¥ 3,187 |
Effective tax rate | 14.50% | 14.50% | 25.50% | 29.60% |
Effect of preferential tax rates inside the PRC on basic earnings per Class A and Class B ordinary share | (per share) | ¥ 0.65 | $ 0.09 | ¥ 0.54 | ¥ 0.56 |
Tax Effects of Temporary Differ
Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Deferred tax assets: | |||
Allowance for credit losses | ¥ 704 | $ 99 | ¥ 616 |
Accrued expenses, payroll and others | 3,602 | 507 | 3,861 |
Fixed assets depreciation and intangible assets amortization | 3,532 | 497 | 3,767 |
Net operating loss carry-forwards | 4,223 | 595 | 4,176 |
Less: valuation allowance | (9,872) | (1,390) | (10,033) |
Deferred tax assets, net | 2,189 | 308 | 2,387 |
Deferred tax liabilities: | |||
Long-lived assets arising from acquisitions | 220 | 31 | 428 |
Withholding tax on PRC subsidiaries' undistributed earnings | 1,475 | 207 | 1,685 |
Tax on capital gains | 908 | 128 | 797 |
Others | 211 | 30 | 246 |
Deferred tax liabilities | ¥ 2,814 | $ 396 | ¥ 3,156 |
Employee Defined Combination Pl
Employee Defined Combination Plan - Additional Information (Detail) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Retirement Benefits [Abstract] | ||||
Amounts incurred for employee defined contribution plan | ¥ 4.6 | $ 647 | ¥ 4.3 | ¥ 4.1 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) - Dec. 31, 2023 $ in Millions, ¥ in Billions | CNY (¥) | USD ($) |
Network Infrastructure and Buildings | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Capital commitments contracted not yet reflected in financial statements | ¥ 5.2 | $ 729 |
Obligations related to the entity's directors and officers | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Investment commitments | ¥ 1.4 | $ 197 |
Future Minimum Payments Under N
Future Minimum Payments Under Non-cancelable Leases with Initial Terms of One-Year or More (Detail) - Dec. 31, 2023 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Future Minimum Payments Under Noncancelable Agreements For Bandwidth And Property Management Fees [Abstract] | ||
2024 | ¥ 653 | $ 92 |
2025 | 87 | 12 |
2026 | 35 | 5 |
2027 | 6 | 1 |
2028 | 5 | 1 |
Thereafter | 21 | 3 |
Total Future minimum payments under non-cancelable agreements for bandwidth and property management fees | ¥ 807 | $ 114 |
Future Minimum Lease Payments F
Future Minimum Lease Payments For Non-Cancelable Agreements For Licensed Copyrights and Produced Content (Detail) - Dec. 31, 2023 - Licensed copyrights ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
Commitment And Contingencies [Line Items] | ||
2024 | ¥ 8,627 | $ 1,215 |
2025 | 3,787 | 533 |
2026 | 1,330 | 187 |
2027 | 731 | 103 |
2028 | 102 | 14 |
Thereafter | 201 | 28 |
Future Minimum Payments For Noncancelable Licensed Copyrights and Produced Content fees | ¥ 14,778 | $ 2,080 |
Summary of Redeemable Noncontro
Summary of Redeemable Noncontrolling Interest (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Temporary Equity Disclosure [Abstract] | ||||
Balance as of January 1 | ¥ 8,393 | $ 1,182 | ¥ 7,148 | ¥ 3,102 |
Issuance of subsidiary shares | 351 | 49 | 1,208 | 4,722 |
Accretion of redeemable noncontrolling interests | 721 | 102 | 593 | 391 |
Disposal of subsidiaries' shares | 0 | 0 | (556) | |
Reclassification of ordinary shares from mezzanine equity to ordinary shares | 0 | 0 | 0 | (153) |
Repurchase of redeemable noncontrolling interests | 0 | 0 | 0 | (914) |
Balance as of December 31 | ¥ 9,465 | $ 1,333 | ¥ 8,393 | ¥ 7,148 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Additional Information (Detail) - Preferred Stock - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Smart Living Group [Member] | |||
Temporary Equity Disclosure [Abstract] | |||
Preferred stock shares issued during the period | 5,639,407 | 62,697,683 | |
Baidu Kunlun [Member] | |||
Temporary Equity Disclosure [Abstract] | |||
Preferred stock shares issued during the period | 407,103 | 1,068,363 | 1,897,800 |
Shareholder's Equity - Addition
Shareholder's Equity - Additional Information (Detail) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 CNY (¥) shares | Feb. 28, 2023 USD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2020 USD ($) | Aug. 31, 2020 USD ($) | May 13, 2020 USD ($) | |
Stockholders Equity Note [Line Items] | |||||||||||
Shares authorized | 69,632,000,000 | 69,632,000,000 | |||||||||
Transfer of Class B ordinary shares to Class A Ordinary shares | 17,320,000 | 17,320,000 | 17,200,000 | 12,600,000 | |||||||
Number of Class A ordinary shares repurchased and retired | 42,661,000 | 42,661,000 | 17,307,400 | 57,343,528 | |||||||
Allocation of after-tax profits to statutory surplus fund, percentage | 10% | 10% | |||||||||
Limit of statutory surplus fund as a percentage of registered capital, after which allocations to statutory surplus fund are no longer required | 50% | 50% | |||||||||
Amounts of restricted paid up capital and statutory reserve funds of PRC subsidiaries and net assets of VIEs | $ 6,800 | ¥ 48,000 | ¥ 47,300 | ||||||||
Foreign currency translation adjustment | $ 97 | ¥ 687 | ¥ 2,100 | ¥ 537 | |||||||
Balance number of Treasury stock, shares | 41,182,672 | 41,182,672 | 49,408,840 | ||||||||
Stock Issued During Period exercise of share options and vesting of restricted shares | 50,887,168 | 50,887,168 | |||||||||
2020 Shares Repurchase Program | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Stock repurchase program, proposed aggregate value | $ | $ 4,500 | $ 3,000 | $ 1,000 | ||||||||
2023 Shares Repurchase Program | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Stock repurchase program, proposed aggregate value | $ | $ 5,000 | ||||||||||
Preferred Stock | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Preferred stock, shares authorized | 800,000,000 | 800,000,000 | |||||||||
Preferred Stock | Previously Reported [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||
Class A Ordinary Shares | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Common stock, shares authorized | 66,000,000,000 | 66,000,000,000 | 66,000,000,000 | ||||||||
Par value per share (US$) | $ / shares | $ 0.00000 | $ 0.00000 | |||||||||
Aggregate purchase price | $ 669 | ¥ 4,800 | ¥ 1,900 | ¥ 7,600 | |||||||
Class A Ordinary Shares | Previously Reported [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Common stock, shares authorized | 825,000,000 | ||||||||||
Par value per share (US$) | $ / shares | $ 0.00005 | 0.00005 | |||||||||
Class B Ordinary Shares | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Common stock, shares authorized | 2,832,000,000 | 2,832,000,000 | 2,832,000,000 | ||||||||
Par value per share (US$) | $ / shares | $ 0.00000 | 0.00000 | |||||||||
Number of votes per share | ten | ten | |||||||||
Class B Ordinary Shares | Previously Reported [Member] | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Common stock, shares authorized | 35,400,000 | ||||||||||
Par value per share (US$) | $ / shares | $ 0.00005 | $ 0.00005 |
Shareholders' Equity (Detail)
Shareholders' Equity (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Retained Earnings (Accumulated Deficit) [Abstract] | |||
PRC statutory reserve funds | ¥ 1,567 | $ 221 | ¥ 1,218 |
Unreserved retained earnings | 159,673 | 22,489 | 147,123 |
Total retained earnings | ¥ 161,240 | $ 22,710 | ¥ 148,341 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive (Loss) Income by Component, Net of Tax (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | ¥ 229,412 | ¥ 216,804 | ¥ 188,741 | |
Net current-period other comprehensive (loss) income | (1,536) | $ (216) | 123 | (129) |
Balances | 253,143 | 35,654 | 229,412 | 216,804 |
Foreign currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | (1,326) | (1,007) | (840) | |
Cumulative effect of accounting change | 13 | |||
Other comprehensive (loss) income before reclassification | (626) | (764) | (88) | |
Amounts reclassified from accumulated other comprehensive income | (287) | |||
Net current-period other comprehensive (loss) income | (913) | (751) | (88) | |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 88 | 432 | (79) | |
Balances | (2,151) | (303) | (1,326) | (1,007) |
Unrealized gains (losses) on available- for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | 457 | 850 | 1,039 | |
Other comprehensive (loss) income before reclassification | (188) | (392) | (190) | |
Amounts reclassified from accumulated other comprehensive income | (13) | |||
Net current-period other comprehensive (loss) income | (201) | (392) | (190) | |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 7 | (1) | 1 | |
Balances | 263 | 37 | 457 | 850 |
Unrealized gains (losses) on derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | 1,415 | 149 | ||
Other comprehensive (loss) income before reclassification | (422) | 1,266 | 149 | |
Net current-period other comprehensive (loss) income | (422) | 1,266 | 149 | |
Balances | 993 | 140 | 1,415 | 149 |
Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balances | 546 | (8) | 199 | |
Cumulative effect of accounting change | 13 | |||
Other comprehensive (loss) income before reclassification | (1,236) | 110 | (129) | |
Amounts reclassified from accumulated other comprehensive income | (300) | |||
Net current-period other comprehensive (loss) income | (1,536) | 123 | (129) | |
Other comprehensive income (loss) attribute to noncontrolling interests and redeemable noncontrolling interests | 95 | 431 | (78) | |
Balances | ¥ (895) | $ (126) | ¥ 546 | ¥ (8) |
Tax Benefit (expense) Allocated
Tax Benefit (expense) Allocated to each Component of Other Comprehensive Income (loss) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Unrealized (losses) gains on available-for-sale investments | ¥ (13) | $ (2) | ¥ 28 | ¥ (3) |
Net current-period other comprehensive (loss) income | ¥ (13) | $ (2) | ¥ 28 | ¥ (3) |
Reconciliation of Net Income to
Reconciliation of Net Income to Numerator for Computation of Basic and Diluted earnings Per Share (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||||
Net income attributable to Baidu, Inc. | ¥ 20,315 | $ 2,861 | ¥ 7,559 | ¥ 10,226 |
Accretion of the redeemable noncontrolling interests | (717) | (101) | (591) | (350) |
Numerator for basic EPS computation | 19,598 | 2,760 | 6,968 | 9,876 |
Impact of diluted securities of subsidiaries and equity method investees | (44) | (6) | ||
Numerator for diluted EPS calculation | ¥ 19,554 | $ 2,754 | ¥ 6,968 | ¥ 9,876 |
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, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | ¥ 19,598 | $ 2,760 | ¥ 6,968 | ¥ 9,876 |
Numerator | ||||
Numerator for diluted EPS calculation | 19,554 | 2,754 | 6,968 | 9,876 |
Class A Ordinary Shares | ||||
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | ¥ 15,905 | $ 2,240 | ¥ 5,590 | ¥ 7,871 |
Denominator | ||||
Denominator used for basic EPS | 2,278 | 2,278 | 2,232 | 2,198 |
Earnings per share - basic | (per share) | ¥ 6.98 | $ 0.98 | ¥ 2.5 | ¥ 3.58 |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | ¥ 15,909 | $ 2,241 | ¥ 5,604 | ¥ 7,910 |
Reallocation of net income attributable to Baidu, Inc. as a result of conversion of Class B to Class A shares | 3,645 | 513 | 1,364 | 1,966 |
Numerator for diluted EPS calculation | ¥ 19,554 | $ 2,754 | ¥ 6,968 | ¥ 9,876 |
Denominator | ||||
Weighted average ordinary shares outstanding | 2,278 | 2,278 | 2,232 | 2,198 |
Conversion of Class B to Class A ordinary shares | 529 | 529 | 550 | 560 |
Share-based awards | 30 | 30 | 27 | 56 |
Denominator used for diluted EPS | 2,837 | 2,837 | 2,809 | 2,814 |
Earnings per share - diluted | (per share) | ¥ 6.89 | $ 0.97 | ¥ 2.48 | ¥ 3.51 |
Class A Ordinary Shares | American Depositary Shares | ||||
Denominator | ||||
Denominator used for basic EPS | 285 | 285 | 279 | 275 |
Earnings per share - basic | (per share) | ¥ 55.83 | $ 7.86 | ¥ 20.02 | ¥ 28.64 |
Denominator | ||||
Weighted average ordinary shares outstanding | 285 | 285 | 279 | 275 |
Denominator used for diluted EPS | 355 | 355 | 351 | 352 |
Earnings per share - diluted | (per share) | ¥ 55.08 | $ 7.76 | ¥ 19.85 | ¥ 28.07 |
Class B Ordinary Shares | ||||
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. | ¥ 3,693 | $ 520 | ¥ 1,378 | ¥ 2,005 |
Denominator | ||||
Denominator used for basic EPS | 529 | 529 | 550 | 560 |
Earnings per share - basic | (per share) | ¥ 6.98 | $ 0.98 | ¥ 2.5 | ¥ 3.58 |
Numerator | ||||
Allocation of net income attributable to Baidu, Inc. for diluted computation | ¥ 3,645 | $ 513 | ¥ 1,364 | ¥ 1,966 |
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 | ¥ 3,645 | $ 513 | ¥ 1,364 | ¥ 1,966 |
Denominator | ||||
Weighted average ordinary shares outstanding | 529 | 529 | 550 | 560 |
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 | 529 | 529 | 550 | 560 |
Earnings per share - diluted | (per share) | ¥ 6.89 | $ 0.97 | ¥ 2.48 | ¥ 3.51 |
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. 02, 2021 shares $ / shares | Sep. 15, 2020 | Jul. 31, 2018 shares | Oct. 31, 2010 shares | Dec. 31, 2008 shares | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 $ / shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Aug. 31, 2023 shares | |
Parent Company | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 10 years | ||||||||||||
Percentage of voting power | 10% | 10% | |||||||||||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ / shares | $ 17 | ||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0 | ||||||||||||
Parent Company | Stock Options | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total intrinsic value of options exercised | ¥ 64 | $ 9 | ¥ 124 | ¥ 210 | |||||||||
Total fair value of options vested | 85 | $ 12 | 193 | 217 | |||||||||
Unrecognized share-based compensation cost | ¥ 50 | $ 7 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 1 month 6 days | 2 years 1 month 6 days | |||||||||||
The weighted-average grant-date fair value of options granted during respective years | $ / shares | $ 8 | $ 12 | |||||||||||
Parent Company | Stock Options | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares vesting term | 4 years | 4 years | |||||||||||
Parent Company | Stock Options | Minimum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares vesting term | 2 years | 2 years | |||||||||||
Parent Company | Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized share-based compensation cost | ¥ 4,900 | $ 686 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 7 months 6 days | 2 years 7 months 6 days | |||||||||||
Total fair value of shares vested during respective years, restricted shares | ¥ 6,100 | $ 861 | ¥ 6,200 | ¥ 5,000 | |||||||||
The weighted-average grant-date fair value of restricted shares granted during respective years | $ / shares | $ 17 | $ 15 | $ 23 | ||||||||||
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% | 110% | |||||||||||
Parent Company | 2008 Plan | Class A Ordinary Shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 3,428,777 | ||||||||||||
Parent Company | 2008 Plan | Revision of Prior Period, Reclassification, Adjustment [Member] | Class A Ordinary Shares | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 274,302,160 | ||||||||||||
Parent Company | 2008 Plan | 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 | ||||||||||||
Parent Company | 2008 Plan | 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 | ||||||||||||
Parent Company | Stock Incentive Plan 2018 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 3,443,950 | ||||||||||||
Parent Company | Stock Incentive Plan 2018 [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 275,516,000 | ||||||||||||
Parent Company | 2023 Share Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 281,230,346 | ||||||||||||
iQIYI | 2010 Equity Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 589,729,714 | ||||||||||||
Shares vesting term | 4 years | ||||||||||||
iQIYI | 2010 Equity Incentive Plan | Original Term | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 10 years | ||||||||||||
iQIYI | 2010 Equity Incentive Plan | Modified Term | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Contractual term of share-based awards granted | 20 years | ||||||||||||
iQIYI | 2010 and 2021 Equity Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized share-based compensation cost | ¥ 878 | $ 124 | |||||||||||
A weighted-average vesting period over which the deferred cost is expected to be recognized | 2 years 6 months | 2 years 6 months | |||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.08 | ||||||||||||
iQIYI | 2021 Equity Incentive Plan | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized for issuance | 364,000,000 | ||||||||||||
Contractual term of share-based awards granted | 10 years | ||||||||||||
Reduction is ordinary shares for issuance of each restricted stock unit | 1.3 | ||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0 | ||||||||||||
Other Subsidiaries | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares vesting term | 4 years | 4 years |
Option Activity Baidu. Inc (Det
Option Activity Baidu. Inc (Detail) - Parent Company - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of shares options | ||
Outstanding, December 31, 2022 | 19,669,296 | |
Granted | 0 | |
Exercised | (1,388,560) | |
Forfeited/Cancelled | (497,616) | |
Outstanding, December 31, 2023 | 17,783,120 | 19,669,296 |
Vested and expected to vest at December 31, 2023 | 17,149,656 | |
Exercisable at December 31, 2023 | 16,017,392 | |
Weighted average exercise price (US$) | ||
Outstanding, December 31, 2022 | $ 19 | |
Granted | 0 | |
Exercised | 11 | |
Forfeited/Cancelled | 14 | |
Outstanding, December 31, 2023 | 19 | $ 19 |
Vested and expected to vest at December 31, 2023 | 19 | |
Exercisable at December 31, 2023 | $ 19 | |
Weighted average remaining contractual life (Years) | ||
Outstanding | 4 years 4 months 24 days | 5 years 7 months 6 days |
Vested and expected to vest at December 31, 2023 | 4 years 3 months 18 days | |
Exercisable at December 31, 2023 | 4 years | |
Aggregate intrinsic value (US$ in millions) | ||
Outstanding | $ 17 | $ 20 |
Vested and expected to vest at December 31, 2023 | 17 | |
Exercisable at December 31, 2023 | $ 17 |
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, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-free interest rate, minimum | 1.92% | 0.63% |
Risk-free interest rate, maximum | 2.96% | 1.23% |
Dividend yield | 0% | 0% |
Expected volatility range, minimum | 40.66% | 38.12% |
Expected volatility range, maximum | 47.03% | 39.82% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected life | 5 years 3 months 3 days | 5 years 9 months 18 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected life | 5 years 5 months 26 days | 5 years 10 months 9 days |
Restricted Shares Activity (Det
Restricted Shares Activity (Detail) - Parent Company | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Restricted Shares Roll Forward - Number of Shares | |
Unvested, December 31, 2022 | shares | 126,250,360 |
Granted | shares | 35,125,120 |
Vested | shares | (49,878,448) |
Forfeited/Cancelled | shares | (15,334,944) |
Unvested, December 31, 2023 | shares | 96,162,088 |
Restricted Shares Roll Forward - Weighted Average Grant Date Fair Value | |
Unvested, December 31, 2022 | $ / shares | $ 17 |
Granted | $ / shares | 17 |
Vested | $ / shares | 17 |
Forfeited/Cancelled | $ / shares | 17 |
Unvested, December 31, 2023 | $ / shares | $ 17 |
Share-Based Awards Plan - Optio
Share-Based Awards Plan - Option Activity (Detail) - iQIYI - 2010 and 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of shares options | ||
Outstanding, December 31, 2022 | 479,471,102 | |
Granted | 90,174,000 | |
Forfeited / Expired | (15,212,381) | |
Exercised | (22,145,907) | |
Outstanding, December 31, 2023 | 532,286,814 | 479,471,102 |
Vested and expected to vest at December 31, 2023 | 512,532,464 | |
Exercisable at December 31, 2023 | 321,994,786 | |
Weighted average exercise price (US$) | ||
Outstanding, December 31, 2022 | $ 0.35 | |
Granted | 0.08 | |
Forfeited / Expired | 0.22 | |
Exercised | 0.35 | |
Outstanding, December 31, 2023 | 0.31 | $ 0.35 |
Vested and expected to vest at December 31, 2022 | 0.32 | |
Exercisable at December 31, 2022 | $ 0.44 | |
Weighted average remaining contractual life (Years) | ||
Outstanding | 6 years 3 months 18 days | 6 years 9 months 18 days |
Vested and expected to vest at December 31, 2023 | 6 years 2 months 12 days | |
Exercisable at December 31, 2023 | 4 years 9 months 18 days | |
Aggregate intrinsic value (US$ in millions) | ||
Outstanding | $ 205 | $ 193 |
Vested and expected to vest at December 31, 2023 | 193 | |
Exercisable at December 31, 2023 | $ 82 |
Total Share-Based Compensation
Total Share-Based Compensation Cost Recognized (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 6,345 | $ 894 | ¥ 6,788 | ¥ 7,056 |
iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 637 | 90 | 811 | 1,219 |
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 590 | 83 | 409 | 399 |
Cost of revenues | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 133 | 19 | 148 | 173 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 1,678 | 236 | 1,750 | 1,840 |
Selling, general and administrative | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 315 | 44 | 424 | 718 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 4,077 | 575 | 4,629 | 4,817 |
Research and development | iQIYI | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | ¥ 189 | $ 27 | ¥ 239 | ¥ 328 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Purchased from related parties | ¥ 2,600 | $ 361 | ¥ 2,200 | ¥ 3,000 |
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | 2,699 | 380 | 2,243 | 2,367 |
Related Party C | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | ¥ 1,800 | $ 256 | ¥ 2,200 | ¥ 2,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule Of Revenue Received From Major Related Parties (Detail) - Related Party [Member] ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Revenues: | |||||
Revenues | ¥ 2,699 | $ 380 | ¥ 2,243 | ¥ 2,367 | |
Related Party A | |||||
Revenues: | |||||
Revenues | 540 | 76 | 158 | 315 | |
Related Party B | |||||
Revenues: | |||||
Revenues | 924 | 130 | 889 | 888 | |
Related Party D | |||||
Revenues: | |||||
Revenues | 338 | 48 | 257 | 123 | |
Related Party E | |||||
Revenues: | |||||
Revenues | [1] | 0 | 0 | 0 | 126 |
Other Investees | |||||
Revenues: | |||||
Revenues | ¥ 897 | $ 126 | ¥ 939 | ¥ 915 | |
[1]The transactions mainly represent revenues arising from services including online marketing services and cloud services the Company provided to Related Party E. Related Party E ceases to be a related party from February 2021 as the Company does not have significant influence over Related Party E after its public listing. |
Related Party Transactions (Det
Related Party Transactions (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | ¥ 1,820 | $ 257 | ¥ 2,058 | |
Related Party [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | 1,424 | 201 | 5,432 | |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | 195 | 27 | 60 | |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | 1,603 | 226 | 5,067 | |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | 77 | 11 | 99 | |
Related Party B | Related Party [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [1] | 341 | 48 | 3,730 |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | [1] | 36 | 5 | 0 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [2] | 517 | 73 | 3,912 |
Related Party C | Related Party [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [3] | 229 | 32 | 337 |
Related Party D | Related Party [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [4] | 499 | 70 | 1,059 |
Related Party F | Related Party [Member] | ||||
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [5] | 76 | 11 | 66 |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | [5] | 76 | 11 | 98 |
Other Related Parties | Related Party [Member] | ||||
Amounts due from related parties, current: | ||||
Amounts due from related parties, current | [6] | 355 | 51 | 306 |
Amounts due from related parties, non-current: | ||||
Amounts due from related parties, non-current | [7] | 159 | 22 | 60 |
Amounts due to related parties, current: | ||||
Amounts due to related parties, current | [8] | 1,010 | 142 | 1,089 |
Amounts due to related parties, non-current: | ||||
Amounts due to related parties, non-current | [9] | ¥ 1 | $ 0 | ¥ 1 |
[1]The balance represents non-trade loans due from Related Party B with interest rates ranging from 0.00% to 0.50%, which were fully repaid in December 2023, and receivables arising from providing online marketing services, cloud services and other services to Related Party B.[2]The balance represents non-trade loans due to Related Party B with interest rates of nil, which were fully settled in December 2023, and amounts arising from purchasing services from Related Party B in the ordinary course of business.[3]The balance mainly represents receivables arising from providing online marketing services to Related Party C.[4]The balance mainly represents non-trade loans due from Related Party D with interest rates of 3.465%, which were fully repaid in January 2023, unsettled receivables, and account receivables arising from providing technical services to Related Party D.[5]The balance mainly represents deferred revenue in relation to licenses of intellectual property to be provided to Related Party F.[6]The balance mainly represents amounts arising from content distribution services, cloud services and other services the Company provided to its investees in ordinary course of business.[7]The balance mainly represents prepayments for licensed copyrights to be received from the Company’s equity investees.[8]The balance mainly represents amounts arising from services including advertising services and licensing of content assets provided by the Company’s investees and non-trade amounts payable for acquiring the equity interest of the Company’s investees.[9]The balance mainly represents deferred revenue relating to the future services to be provided by the Company to investees. |
Related Party Transactions (Par
Related Party Transactions (Parenthetical) (Detail) | Dec. 31, 2023 | Jan. 31, 2023 |
Service Provided | Related Party D [Member] | ||
Related Party Transaction [Line Items] | ||
Long term loans, interest rate | 3.465% | |
Minimum | Du Xiaoman | ||
Related Party Transaction [Line Items] | ||
Long term loans, interest rate | 0% | |
Maximum | Du Xiaoman | ||
Related Party Transaction [Line Items] | ||
Long term loans, interest rate | 0.50% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Summary of Group's Operating Se
Summary of Group's Operating Segment Results (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Total revenues | ¥ 134,598 | $ 18,958 | ¥ 123,675 | ¥ 124,493 |
Operating costs and expenses: | ||||
Cost of revenues | 65,031 | 9,159 | 63,935 | 64,314 |
Selling, general and administrative | 23,519 | 3,314 | 20,514 | 24,723 |
Research and development | 24,192 | 3,407 | 23,315 | 24,938 |
Total operating costs and expenses | 112,742 | 15,880 | 107,764 | 113,975 |
Operating profit (loss) | 21,856 | 3,078 | 15,911 | 10,518 |
Total other income (loss), net | 3,342 | 472 | (5,799) | 260 |
Income (loss) before income taxes | 25,198 | 3,550 | 10,112 | 10,778 |
Income taxes | 3,649 | 514 | 2,578 | 3,187 |
Net income (loss) | 21,549 | 3,036 | 7,534 | 7,591 |
Less: net income (loss) attributable to noncontrolling interests | 1,234 | 175 | (25) | (2,635) |
Net income (loss) attributable to Baidu, Inc. | 20,315 | 2,861 | 7,559 | 10,226 |
Operating Segments | Baidu Core | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 103,465 | 14,573 | 95,431 | 95,163 |
Operating costs and expenses: | ||||
Cost of revenues | 42,592 | 5,999 | 42,378 | 37,838 |
Selling, general and administrative | 19,623 | 2,765 | 17,103 | 20,040 |
Research and development | 22,425 | 3,158 | 21,416 | 22,143 |
Total operating costs and expenses | 84,640 | 11,922 | 80,897 | 80,021 |
Operating profit (loss) | 18,825 | 2,651 | 14,534 | 15,142 |
Total other income (loss), net | 4,298 | 607 | (4,453) | 1,793 |
Income (loss) before income taxes | 23,123 | 3,258 | 10,081 | 16,935 |
Income taxes | 3,568 | 503 | 2,494 | 3,090 |
Net income (loss) | 19,555 | 2,755 | 7,587 | 13,845 |
Less: net income (loss) attributable to noncontrolling interests | 154 | 22 | 36 | 288 |
Net income (loss) attributable to Baidu, Inc. | 19,401 | 2,733 | 7,551 | 13,557 |
Operating Segments | iQIYI | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 31,873 | 4,489 | 28,998 | 30,554 |
Operating costs and expenses: | ||||
Cost of revenues | 23,103 | 3,254 | 22,321 | 27,513 |
Selling, general and administrative | 4,014 | 565 | 3,466 | 4,725 |
Research and development | 1,767 | 249 | 1,899 | 2,795 |
Total operating costs and expenses | 28,884 | 4,068 | 27,686 | 35,033 |
Operating profit (loss) | 2,989 | 421 | 1,312 | (4,479) |
Total other income (loss), net | (956) | (135) | (1,346) | (1,533) |
Income (loss) before income taxes | 2,033 | 286 | (34) | (6,012) |
Income taxes | 81 | 11 | 84 | 97 |
Net income (loss) | 1,952 | 275 | (118) | (6,109) |
Less: net income (loss) attributable to noncontrolling interests | 27 | 4 | 18 | 61 |
Net income (loss) attributable to Baidu, Inc. | 1,925 | 271 | (136) | (6,170) |
Intersegment Eliminations & Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (740) | (104) | (754) | (1,224) |
Operating costs and expenses: | ||||
Cost of revenues | (664) | (94) | (764) | (1,037) |
Selling, general and administrative | (118) | (16) | (55) | (42) |
Research and development | 0 | 0 | 0 | 0 |
Total operating costs and expenses | (782) | (110) | (819) | (1,079) |
Operating profit (loss) | 42 | 6 | 65 | (145) |
Total other income (loss), net | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 42 | 6 | 65 | (145) |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | 42 | 6 | 65 | (145) |
Less: net income (loss) attributable to noncontrolling interests | 1,053 | 149 | (79) | (2,984) |
Net income (loss) attributable to Baidu, Inc. | ¥ (1,011) | $ (143) | ¥ 144 | ¥ 2,839 |
Segment Reporting - Summary of
Segment Reporting - Summary of Revenue Disaggregated by Revenue (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | ¥ 134,598 | $ 18,958 | ¥ 123,675 | ¥ 124,493 | |
Operating Segments | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 103,465 | 14,573 | 95,431 | 95,163 | |
Operating Segments | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 31,873 | 4,489 | 28,998 | 30,554 | |
Operating Segments | Online marketing services | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 75,112 | 10,579 | 69,522 | 73,919 | |
Operating Segments | Cloud services | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 18,718 | 2,636 | 17,721 | 15,070 |
Operating Segments | Membership services | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 20,314 | 2,861 | 17,711 | 16,714 |
Operating Segments | Online advertising services | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [2] | 6,224 | 877 | 5,332 | 7,067 |
Operating Segments | Content distribution | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 2,459 | 346 | 2,562 | 3,007 |
Operating Segments | Others | Baidu Core | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 9,635 | 1,358 | 8,188 | 6,174 |
Operating Segments | Others | iQIYI | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | [1] | 2,876 | 405 | 3,393 | 3,766 |
Intersegment Eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | ¥ (740) | $ (104) | ¥ (754) | ¥ (1,224) | |
[1]The revenues were presented as “Others” in the consolidated statements of comprehensive income[2]The revenues were presented as “Online marketing services” in the consolidated statements of comprehensive income |
Fair Value Disclosure and Measu
Fair Value Disclosure and Measurement on Recurring Basis (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Fair value disclosure | |||
Long-term time deposits and held-to-maturity investments | ¥ 24,666 | $ 3,474 | ¥ 23,629 |
Notes payable, current portion | 5,999 | 845 | 6,812 |
Convertible senior notes, current portion | 2,727 | 384 | 6,756 |
Notes payable, non-current portion | 32,742 | 4,612 | 36,268 |
Convertible senior notes, non-current portion | 8,881 | 1,251 | 7,253 |
Fair value measurements on a recurring basis | |||
Derivative instruments | ¥ 994 | $ 140 | ¥ 1,416 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred Income Tax Assets, Net | Deferred Income Tax Assets, Net | Deferred Income Tax Assets, Net |
Total assets measured at fair value | ¥ 21,740 | $ 3,063 | ¥ 22,379 |
Total liabilities measured at fair value | 321 | 45 | 328 |
Cash Equivalents | |||
Fair value disclosure | |||
Time deposits | 6,266 | 883 | 12,968 |
Money market funds | 3 | ||
Short-term Investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 167,740 | 23,626 | 120,464 |
Fair value measurements on a recurring basis | |||
Available-for-sale debt investments | 1,671 | 235 | 855 |
Long-term investments | |||
Fair value disclosure | |||
Long-term time deposits and held-to-maturity investments | 24,872 | 3,503 | 23,688 |
Fair value measurements on a recurring basis | |||
Equity investments at fair value with readily determinable fair value | 9,610 | 1,354 | 12,100 |
Equity investments without readily determinable fair value using NAV practical expedient | 942 | 133 | 945 |
Investments accounted for at fair value | 4,841 | 682 | 4,616 |
Available-for-sale debt investments | 3,682 | 519 | 2,447 |
Amounts Due To Related Parties current | |||
Fair value measurements on a recurring basis | |||
Financial liability | 321 | $ 45 | 328 |
Fair Value, Inputs, Level 1 | |||
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 9,676 | 12,197 | |
Fair Value, Inputs, Level 1 | Cash Equivalents | |||
Fair value disclosure | |||
Money market funds | 3 | ||
Fair Value, Inputs, Level 1 | Long-term investments | |||
Fair value measurements on a recurring basis | |||
Equity investments at fair value with readily determinable fair value | 9,610 | 12,100 | |
Investments accounted for at fair value | 66 | 97 | |
Fair Value, Inputs, Level 2 | |||
Fair value disclosure | |||
Notes payable, current portion | 5,999 | 6,812 | |
Convertible senior notes, current portion | 2,727 | 6,756 | |
Notes payable, non-current portion | 32,742 | 36,268 | |
Convertible senior notes, non-current portion | 3,757 | 7,253 | |
Fair value measurements on a recurring basis | |||
Derivative instruments | 994 | 1,416 | |
Total assets measured at fair value | 3,088 | 2,271 | |
Total liabilities measured at fair value | 321 | 328 | |
Fair Value, Inputs, Level 2 | Cash Equivalents | |||
Fair value disclosure | |||
Time deposits | 6,266 | 12,968 | |
Fair Value, Inputs, Level 2 | Short-term Investments | |||
Fair value disclosure | |||
Held-to-maturity debt investments | 167,740 | 120,464 | |
Fair value measurements on a recurring basis | |||
Available-for-sale debt investments | 1,671 | 855 | |
Fair Value, Inputs, Level 2 | Long-term investments | |||
Fair value disclosure | |||
Long-term time deposits and held-to-maturity investments | 24,872 | 23,688 | |
Fair value measurements on a recurring basis | |||
Available-for-sale debt investments | 423 | ||
Fair Value, Inputs, Level 2 | Amounts Due To Related Parties current | |||
Fair value measurements on a recurring basis | |||
Financial liability | 321 | 328 | |
Fair Value, Inputs, Level 3 | |||
Fair value disclosure | |||
Convertible senior notes, non-current portion | 5,124 | ||
Fair value measurements on a recurring basis | |||
Total assets measured at fair value | 8,034 | 6,966 | |
Fair Value, Inputs, Level 3 | Long-term investments | |||
Fair value measurements on a recurring basis | |||
Investments accounted for at fair value | 4,775 | 4,519 | |
Available-for-sale debt investments | ¥ 3,259 | ¥ 2,447 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Investments accounted at Fair Value (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax |
Investment Accounted Fair Value [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | ¥ 4,519 | ¥ 3,771 | |
Additions | 250 | 343 | |
Disposals | (90) | (212) | |
Net unrealized fair value increase recognized in earnings | 55 | 502 | |
Foreign currency translation adjustments | 41 | 115 | |
Ending balance | ¥ 4,775 | $ 673 | ¥ 4,519 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Available-for-sale debt investments (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax |
Available-for-sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Begining Balance | ¥ 2,447 | ¥ 2,262 | |
Additions | 313 | 10 | |
Disposals | (332) | ||
Conversion from equity investment | 657 | ||
Conversion | 838 | ||
Share of losses in excess of equity method investment in ordinary shares | (7) | (161) | |
Net unrealized fair value change recognized in other comprehensive (loss) income | (71) | (432) | |
Accrued interest | 76 | 78 | |
Foreign currency translation adjustments | (5) | 33 | |
Ending balance | ¥ 3,259 | $ 459 | ¥ 2,447 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Non-Recurring Basis (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Produced Content [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Produced contents monetized on its own | [1] | ¥ 25 | ¥ 85 | $ 4 | ||
Produced contents monetized on its own | [1] | (253) | $ (36) | (68) | ¥ (161) | |
Long Term Investments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term investments | [2] | 5,383 | 3,466 | $ 758 | ||
Long-term investments | [2] | 580 | 82 | 256 | ||
Long-term investments | [2] | (815) | $ (115) | (3,025) | ||
Fair Value, Inputs, Level 1 | Long Term Investments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term investments | [2] | 43 | 99 | |||
Fair Value, Inputs, Level 2 | Long Term Investments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term investments | [2] | 29 | ||||
Fair Value, Inputs, Level 3 | Produced Content [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Produced contents monetized on its own | [1] | 25 | 85 | |||
Fair Value, Inputs, Level 3 | Long Term Investments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term investments | [2] | ¥ 5,340 | ¥ 3,338 | |||
[1]Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured to the fair value as of each quarter end. Impairment charges of RMB161 million, RMB68 million and RMB253 million (US$36 million) were recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, respectively.[2]Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2022 and 2023. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Non-Recurring Basis (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Produced Content | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment charges | [1] | ¥ 253 | $ 36 | ¥ 68 | ¥ 161 |
[1]Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured to the fair value as of each quarter end. Impairment charges of RMB161 million, RMB68 million and RMB253 million (US$36 million) were recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023, respectively. |