Balance Sheet Components

Content Assets

Content assets consisted of the following:



	As of
	June 30, 2017		December 31, 2016
	(in thousands)
Licensed content, net	$	11,195,034	$	9,595,315

Produced content, net
Released, less amortization	861,967		335,400
In production	1,057,283		1,010,463
In development	95,240		34,215
	2,014,490		1,380,078
DVD, net	18,061		25,415
Total	$	13,227,585	$	11,000,808

Current content assets, net	$	4,149,111	$	3,726,307
Non-current content assets, net	$	9,078,474	$	7,274,501

Produced content is included in "Non-current content assets, net" on the Consolidated Balance Sheets. Certain original content is licensed and therefore not included in produced content. Of the produced content that has been released, approximately 29% , 77% and over 80% of the unamortized cost is expected to be amortized over the next twelve, thirty-six and forty-eight 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
	June 30, 2017			December 31, 2016			Estimated Useful Lives
	(in thousands)
Information technology assets	$	213,447		$	185,345		3 years
Furniture and fixtures	45,374			32,185			3 years
Buildings	40,681			40,681			30 years
Leasehold improvements	205,514			107,945			Over life of lease
DVD operations equipment	70,152			70,152			5 years
Corporate aircraft	29,304			—			8 years
Capital work-in-progress	11,409			108,296
Property and equipment, gross	615,881			544,604
Less: Accumulated depreciation	(306,050		)	(294,209		)
Property and equipment, net	$	309,831		$	250,395

The decrease in capital work-in-progress from December 31, 2016 is primarily due to leasehold improvements for the Company's expanded Los Gatos, California headquarters and the Company's new Los Angeles, California facility, both of which were placed into operation in the first quarter of 2017.