XML 124 R94.htm IDEA: XBRL DOCUMENT v3.25.1
Convertible Senior Notes - Additional Information (Details)
$ / shares in Units, ¥ in Thousands, shares in Millions
12 Months Ended
Mar. 07, 2023
USD ($)
Days
$ / shares
Feb. 24, 2023
USD ($)
Dec. 30, 2022
USD ($)
$ / shares
Jan. 08, 2021
USD ($)
Dec. 21, 2020
USD ($)
Days
$ / shares
Mar. 29, 2019
USD ($)
Days
$ / shares
shares
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Debt Instrument [Line Items]                          
Debt instrument, face amount             ¥ 8,161,394   ¥ 10,801,658     $ 1,118,106,000  
Convertible senior notes repaid             ¥ 2,914,233 $ 399,248,000 11,735,964   ¥ 0    
Minimum percentage of aggregate principal amount of convertible senior notes payable upon event of default             25.00% 25.00%          
Interest cost recognized             ¥ 849,436 $ 116,372,000 936,381   ¥ 469,595    
Convertible senior notes             8,350,570   8,143,994     1,144,023,000  
2025 Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Debt instrument, face amount           $ 1,200,000,000              
Debt instrument, payment terms           The 2025 Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 2.00% per annum on October 1 and April 1 of each year, beginning on October 1, 2019.              
Debt instrument, frequency of periodic payment           semi-annually              
Annual interest rate           2.00%              
Loan agreement expiration date           Apr. 01, 2025              
Debt instrument, repurchase date           Apr. 01, 2023              
Percentage of repurchase price is equal to principal amount of convertible notes           100.00%              
Convertible senior notes repaid                   $ 1,197,600,000      
Aggregate schedule of maturities repayment of principal payments due in 2025             17,300         2,400,000  
2025 Convertible Senior Notes | American Depositary Shares                          
Debt Instrument [Line Items]                          
Debt instrument, initial conversion rate           33.0003              
Debt instrument, conversion basis principle amount           $ 1,000              
Debt instrument, initial conversion price | $ / shares           $ 30.3              
Debt instrument, convertible threshold trading days | Days           20              
Debt instrument, convertible threshold consecutive trading days | Days           30              
Debt instrument, convertible threshold percentage           130.00%              
Number of business days | Days           5              
Convertible threshold percentage of the product of ADS sale price and conversion rate           98.00%              
Purchase price of capped call options           $ 84,500,000              
Settlement shares of capped call options | shares           39.6              
Capped call options cap price | $ / shares           40.02              
Cost of capped call recorded as reduction in additional paid-in capital           $ (84,500,000)              
2025 Convertible Senior Notes | American Depositary Shares | Convertible Period                          
Debt Instrument [Line Items]                          
Debt instrument, convertible threshold consecutive trading days | Days           10              
2026 Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Debt instrument, face amount         $ 800,000,000                
Debt instrument, payment terms         The convertible senior notes issued on December 21, 2020 and January 8, 2021 (collectively referred to as the “2026 Notes”) are senior, unsecured obligations of the Company, 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.                
Debt instrument, frequency of periodic payment         semi-annually                
Annual interest rate         4.00%                
Loan agreement expiration date         Dec. 15, 2026                
Debt instrument, repurchase date         Aug. 01, 2024                
Percentage of repurchase price is equal to principal amount of convertible notes         100.00%                
Debt instrument, repurchase aggregate principal amount                       504,400,000  
Convertible senior notes repaid             2,886,500 395,500,000          
Additional debt principal amount offered         $ 100,000,000                
Debt instrument additional principal amount issued pursuant to underwriters exercise of option       $ 100,000,000                  
Aggregate schedule of maturities repayment of principal payments due in 2026             1,100         100,000  
2026 Convertible Senior Notes | American Depositary Shares                          
Debt Instrument [Line Items]                          
Debt instrument, initial conversion rate         44.8179                
Debt instrument, conversion basis principle amount         $ 1,000                
Debt instrument, initial conversion price | $ / shares         $ 22.31                
Debt instrument, convertible threshold trading days | Days         20                
Debt instrument, convertible threshold consecutive trading days | Days         30                
Debt instrument, convertible threshold percentage         130.00%                
Number of business days | Days         5                
Convertible threshold percentage of the product of ADS sale price and conversion rate         98.00%                
2026 Convertible Senior Notes | American Depositary Shares | Convertible Period                          
Debt Instrument [Line Items]                          
Debt instrument, convertible threshold consecutive trading days | Days         10                
PAG Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Debt instrument, face amount     $ 500,000,000                 $ 679,300,000  
Debt instrument, payment terms     The convertible senior notes issued on December 30, 2022 and February 24, 2023 (collectively referred to as the “PAG Notes”) are senior, secured obligations of the Company by certain collateral arrangements, and interest is payable quarterly in cash at a rate of 6.00% per annum on January 1, April 1, July 1 and October 1 of each year, beginning on April 1, 2023                    
Debt instrument, frequency of periodic payment     quarterly                    
Annual interest rate     6.00%                    
Debt instrument, initial conversion price | $ / shares     $ 4.61                    
Additional debt principal amount offered     $ 50,000,000                   $ 522,500,000
Debt instrument additional principal amount issued pursuant to underwriters exercise of option   $ 50,000,000                      
Interest cost recognized             ¥ 486,940 $ 66,711,000 ¥ 472,756        
Liability accreted remaining period             3 years         3 years  
Convertible senior notes                         $ 400,000,000
Debt instrument, repurchase price, percentage of principal amount of notes             130.00% 130.00%          
Effective interest rate             10.20% 10.20%          
Debt instrument, collateralized restricted cash             ¥ 54,532         $ 7,471,000  
PAG Convertible Senior Notes | Minimum                          
Debt Instrument [Line Items]                          
Effective interest rate                         10.20%
PAG Convertible Senior Notes | Maximum                          
Debt Instrument [Line Items]                          
Effective interest rate                         12.05%
PAG Convertible Senior Notes | After Third Anniversary of Issuance Date                          
Debt Instrument [Line Items]                          
Percentage of repurchase price is equal to principal amount of convertible notes     120.00%                    
Percentage of repayment of principal amount upon occurrence of event of default             120.00% 120.00%          
Percentage of repayment of principal amount upon occurrence of fundamental change             120.00% 120.00%          
Debt instrument, repurchase price, percentage of principal amount of notes             120.00% 120.00%          
PAG Convertible Senior Notes | Fifth Anniversary of Issuance Date                          
Debt Instrument [Line Items]                          
Percentage of repurchase price is equal to principal amount of convertible notes     130.00%                    
Percentage of repayment of principal amount upon occurrence of event of default             130.00% 130.00%          
Percentage of repayment of principal amount upon occurrence of fundamental change             130.00% 130.00%          
Debt instrument, repurchase price, percentage of principal amount of notes             130.00% 130.00%          
PAG Convertible Senior Notes | American Depositary Shares                          
Debt Instrument [Line Items]                          
Debt instrument, initial conversion rate     216.9668                    
Debt instrument, conversion basis principle amount     $ 1,000                    
2028 Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Debt instrument, face amount $ 600,000,000                     565,600,000  
Initial proceeds from debt issuance, gross $ 600,000,000                        
Debt instrument, payment terms The 2028 Notes are senior, unsecured obligations of the Company, and interest is payable quarterly in cash at a rate of 6.50% per annum on March 15, June 15 September 15 and December 15 of each year, beginning on June 15, 2023                        
Debt instrument, frequency of periodic payment quarterly                        
Annual interest rate 6.50%                        
Loan agreement expiration date Mar. 15, 2028                        
Debt instrument, repurchase date Mar. 16, 2026                        
Percentage of repurchase price is equal to principal amount of convertible notes 100.00%                        
Debt instrument, repurchase aggregate principal amount                       $ 34,400,000  
Net proceeds from issuance of notes $ 589,500,000                        
Underwriting discounts and offering expenses $ 10,500,000                        
Liability accreted remaining period             1 year 2 months 15 days         1 year 2 months 15 days  
Aggregate schedule of maturities repayment of principal payments due in 2028             ¥ 9,347,500         $ 1,280,600,000  
Effective interest rate             7.15% 7.15%          
2028 Convertible Senior Notes | American Depositary Shares                          
Debt Instrument [Line Items]                          
Debt instrument, initial conversion rate 101.4636                        
Debt instrument, conversion basis principle amount $ 1,000                        
Debt instrument, initial conversion price | $ / shares $ 9.86                        
Debt instrument, convertible threshold trading days | Days 20                        
Debt instrument, convertible threshold consecutive trading days | Days 30                        
Debt instrument, convertible threshold percentage 130.00%                        
Number of business days | Days 5                        
Convertible threshold percentage of the product of ADS sale price and conversion rate 98.00%                        
2028 Convertible Senior Notes | American Depositary Shares | Convertible Period                          
Debt Instrument [Line Items]                          
Debt instrument, convertible threshold consecutive trading days | Days 10                        
2023 Notes, 2025 Notes and 2026 Notes                          
Debt Instrument [Line Items]                          
Debt Instrument, description of events of default             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 PAG Notes, 120% or 130% 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. The Company 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 the Company to repurchase all of their notes or any portion of the principal amount (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the fundamental change), and accrued and unpaid interests. In the event of a fundamental change, the Company may also be required to issue additional ADSs upon conversion of its convertible notes. As of December 31, 2024, there was no such event of default or fundamental change. 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 PAG Notes, 120% or 130% 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. The Company 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 the Company to repurchase all of their notes or any portion of the principal amount (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the fundamental change), and accrued and unpaid interests. In the event of a fundamental change, the Company may also be required to issue additional ADSs upon conversion of its convertible notes. As of December 31, 2024, there was no such event of default or fundamental change.          
PAG Convertible Notes                          
Debt Instrument [Line Items]                          
Debt instrument, face amount                       $ 33,000,000  
Liability accreted remaining period             1 year         1 year  
Debt instrument, repurchase price, percentage of principal amount of notes             120.00% 120.00%