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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 income is as follows:

		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 income			(89	)			(44	)			(456	)			(64	)
Non-deductible expenses			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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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