Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Summary of Content Assets

Content assets consisted of the following:

	As of December 31,
	2022		2021
	(in thousands)
Licensed content, net	$	12,732,549	$	13,799,221
Produced content, net
Released, less amortization	9,110,518		6,877,743
In production	10,255,940		9,235,975
In development and pre-production	637,706		1,006,600
	20,004,164		17,120,318
Content assets, net	$	32,736,713	$	30,919,539

Summary of Amortization of Streaming Content Assets

The following table represents the amortization of content assets:

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Licensed content	$	7,681,978	$	8,055,811	$	7,544,631
Produced content (1)	6,344,154		4,174,556		3,262,281
Total	$	14,026,132	$	12,230,367	$	10,806,912

(1) Tax incentives earned on qualified production spend generally reduce the cost-basis of content assets and result in lower content amortization over the life of the title. For the year ended December 31, 2022, tax incentives resulted in lower content amortization on produced content of approximately $719 million.

Summary of Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

	As of December 31,				Estimated Useful Lives (in Years)
	2022		2021
	(in thousands)
Land	$	85,005	$	82,381
Buildings	52,106		48,123		30 years
Leasehold improvements	1,040,570		863,342		Over life of lease
Furniture and fixtures	153,682		139,809		3 years
Information technology	442,681		380,452		3 years
Corporate aircraft	115,578		110,978		8-10 years
Machinery and equipment	26,821		32,426		3-5 years
Capital work-in-progress	235,555		282,248
Property and equipment, gross	2,151,998		1,939,759
Less: Accumulated depreciation	(753,741)		(616,306)
Property and equipment, net	$	1,398,257	$	1,323,453

Summary of Information on Right-of-Use Assets and Lease Liabilities

The components of lease costs for the years ended December 31, 2022, 2021 and 2020 were as follows:

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Operating lease cost	$	413,664	$	389,805	$	323,905
Short-term lease cost	194,764		152,765		116,606
Total lease cost	$	608,428	$	542,570	$	440,511

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

	Year ended December 31,
	2022		2021		2020
	(in thousands)
Cash paid for operating lease liabilities	$	413,034	$	349,586	$	259,559
Right-of-use assets obtained in exchange for new operating lease obligations	252,393		764,142		729,942

	As of December 31,
	2022			2021
	(in thousands, except lease term and discount rate)
Operating lease right-of-use assets, net	$	2,227,122		$	2,446,573
Current operating lease liabilities	$	355,985		$	315,189
Non-current operating lease liabilities	2,222,503			2,408,486
Total operating lease liabilities	$	2,578,488		$	2,723,675
Weighted-average remaining lease term	8.3 years			9.2 years
Weighted-average discount rate	3.2		%	3.1		%

Summary of Maturities of Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2022 were as follows (in thousands):

Due in 12 month period ended December 31,
2023	$	433,167
2024	406,293
2025	377,371
2026	368,496
2027	310,903
Thereafter	1,036,327
	2,932,557
Less imputed interest	(354,069)
Total operating lease liabilities	2,578,488

Schedule of Other Current Assets

Other current assets consisted of the following:

	As of
	December 31, 2022		December 31, 2021
	(in thousands)
Trade receivables	$	988,898	$	804,320
Prepaid expenses	392,735		323,818
Other (1)	1,826,388		913,883
Total other current assets	$	3,208,021	$	2,042,021

(1) $598 million of tax incentives earned on production spend is included in Other as of December 31, 2022.