Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Components Disclosure [Abstract]

Balance Sheet Components

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:

	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Licensed content, net	$	12,533,388	$	12,732,549
Produced content, net
Released, less amortization	9,306,337		9,110,518
In production	9,872,138		10,255,940
In development and pre-production	637,321		637,706
	19,815,796		20,004,164
Content assets, net	$	32,349,184	$	32,736,713

As of March 31, 2023, approximately $5,430 million, $2,781 million, and $1,952 million of the $12,533 million unamortized cost of the licensed content is expected to be amortized in each of the next three years.  As of March 31, 2023, approximately $3,553 million, $2,393 million, and $1,692 million of the $9,306 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years.

As of March 31, 2023, the amount of accrued participations and residuals was not material.

The following table represents the amortization of content assets:

	Three Months Ended
	March 31, 2023		March 31, 2022
	(in thousands)
Licensed content	$	1,723,678	$	1,884,438
Produced content	1,736,306		1,281,927
Total	$	3,459,984	$	3,166,365

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

	As of
	March 31, 2023		December 31, 2022		Estimated Useful Lives
	(in thousands)
Land	$	86,452	$	85,005
Buildings	60,420		52,106		30 years
Leasehold improvements	1,050,836		1,040,570		Over life of lease
Furniture and fixtures	153,836		153,682		3 years
Information technology	443,073		442,681		3 years
Corporate aircraft	115,578		115,578		8-10 years
Machinery and equipment	27,068		26,821		3-5 years
Capital work-in-progress	284,181		235,555
Property and equipment, gross	2,221,444		2,151,998
Less: Accumulated depreciation	(808,350)		(753,741)
Property and equipment, net	$	1,413,094	$	1,398,257

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 Ended
	March 31, 2023		March 31, 2022
	(in thousands)
Cash paid for operating lease liabilities	$	113,407	$	103,141
Right-of-use assets obtained in exchange for new operating lease obligations	20,894		141,298

	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Operating lease right-of-use assets, net	$	2,175,020	$	2,227,122
Current operating lease liabilities	363,304		355,985
Non-current operating lease liabilities	2,155,415		2,222,503
Total operating lease liabilities	$	2,518,719	$	2,578,488

Other Current Assets

Other current assets consisted of the following:

	As of
	March 31, 2023		December 31, 2022
	(in thousands)
Trade receivables	$	1,025,509	$	988,898
Prepaid expenses	485,997		392,735
Other	1,143,613		1,826,388
Total other current assets	$	2,655,119	$	3,208,021

The decrease in Other was primarily driven by receipt of amounts due under a modified content licensing arrangement.