Balance Sheet Components

Content Assets

Content assets consisted of the following:



	As of
	September 30, 2016		December 31, 2015
	(in thousands)
Licensed content, net	$	9,248,120	$	6,827,119

Produced content, net
Released, less amortization	194,621		61,515
In production	802,552		279,013
In development	40,154		24,651
	1,037,327		365,179
DVD, net	24,626		26,517
Total	$	10,310,073	$	7,218,815

Current content assets, net	$	3,632,399	$	2,905,998
Non-current content assets, net	$	6,677,674	$	4,312,817

Produced content is included in "Non-current content assets, net" on the Consolidated Balance Sheets. Certain original content, such as House of Cards, is licensed and therefore not included in produced content. Of the produced content that has been released, approximately 28% and 82%, is expected to be amortized over the next twelve and thirty-six months, respectively. The amount of accrued participations and residuals to be paid during the next twelve months is not material.

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:



	As of
	September 30, 2016			December 31, 2015			Estimated Useful Lives
	(in thousands)
Information technology assets	$	206,957		$	194,054		3 years
Furniture and fixtures	32,255			30,914			3 years
Building	40,681			40,681			30 years
Leasehold improvements	108,820			107,793			Over life of lease
DVD operations equipment	76,248			88,471			5 years
Capital work-in-progress	40,997			8,845
Property and equipment, gross	505,958			470,758
Less: Accumulated depreciation	(314,082		)	(297,346		)
Property and equipment, net	$	191,876		$	173,412

The increase in capital work-in-progress is primarily related to leasehold improvements for the Company's expanded headquarters in Los Gatos, California and the Company's new office space in Los Angeles, California.