Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2020

Content assets consisted of the following:



	As of
	March 31, 2020		December 31, 2019
	(in thousands)
Licensed content, net	$	14,637,502	$	14,703,352

Produced content, net
Released, less amortization	4,638,736		4,382,685
In production	5,282,350		4,750,664
In development and pre-production	708,301		667,866
	10,629,387		9,801,215

Total	$	25,266,889	$	24,504,567

The following table represents the amortization of content assets:

Property and equipment and accumulated depreciation consisted of the following:



	As of
	March 31, 2020			December 31, 2019			Estimated Useful Lives
	(in thousands)
Land	$	6,125		$	6,125
Buildings	34,459			33,141			30 years
Leasehold improvements	361,648			354,999			Over life of lease
Furniture and fixtures	87,925			87,465			3-15 years
Information technology	249,440			243,565			3 years
Corporate aircraft	109,619			108,995			8 years
Machinery and equipment	43,776			46,415			3-5 years
Capital work-in-progress	194,019			100,521
Property and equipment, gross	1,087,011			981,226
Less: Accumulated depreciation	(436,556		)	(416,005		)
Property and equipment, net	$	650,455		$	565,221

Information related to the Company's right-of-use assets and related lease liabilities were as follows:



	Three Months Ended
	March 31, 2020		March 31, 2019
	(in thousands)
Cash paid for operating lease liabilities	$	57,490	$	37,653
Right-of-use assets obtained in exchange for new operating lease obligations (1)	51,824		842,395

(1) In the three months ended March 31, 2019, the balance includes $743 million for operating leases existing on January 1, 2019.

Other current assets consisted of the following: