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Balance Sheet Components
9 Months Ended
Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Components Balance Sheet Components
Content Assets, Net
Content assets consisted of the following:
As of
September 30,
2024
December 31,
2023
(in thousands)
Licensed content, net
$12,307,674 $12,722,701 
Produced content, net
Released, less amortization
10,025,304 9,843,150 
In production
9,197,715 8,247,578 
In development and pre-production
644,689 844,627 
19,867,708 18,935,355 

Content assets, net
$32,175,382 $31,658,056 
As of September 30, 2024, the amount of accrued participations and residuals was not material.
The following table represents the amortization of content assets:
Three Months EndedNine Months Ended
 September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
(in thousands)
Licensed content$1,814,040 $1,777,701 $5,533,648 $5,280,700 
Produced content1,885,481 1,795,652 5,606,368 5,162,658 
Total$3,699,521 $3,573,353 $11,140,016 $10,443,358 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
September 30,
2024
December 31,
2023
Estimated Useful Lives
(in thousands)
Land
$85,000 $85,000 
Buildings and improvements
471,620 154,165 30 years
Leasehold improvements
1,049,510 1,032,492 Over life of lease
Furniture and fixtures
137,468 144,737 
3 years
Information technology
432,078 414,092 3 years
Corporate aircraft
99,175 99,175 
8-10 years
Machinery and equipment
13,035 10,334 
3-5 years
Capital work-in-progress
202,652 406,492 
Property and equipment, gross
2,490,538 2,346,487 
Less: Accumulated depreciation
(922,326)(855,043)
Property and equipment, net
$1,568,212 $1,491,444 
    
Leases
The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets.
Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Three Months EndedNine Months Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
(in thousands)
Cash paid for operating lease liabilities$128,917 $110,959 $384,327 $339,126 
Right-of-use assets obtained in exchange for new operating lease obligations51,587 49,238 396,361 161,704 
As of
September 30,
2024
December 31,
2023
(in thousands)
Operating lease right-of-use assets, net$2,214,458 $2,076,899 
Current operating lease liabilities432,661 383,312 
Non-current operating lease liabilities2,094,659 2,046,801 
Total operating lease liabilities$2,527,320 $2,430,113 

Other Current Assets
Other current assets consisted of the following:
As of
September 30,
2024
December 31,
2023
(in thousands)
Trade receivables
$1,217,659 $1,287,054 
Prepaid expenses
435,730 408,936 
Other
1,251,783 1,084,257 
Total other current assets
$2,905,172 $2,780,247