Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance Sheet Components

Content Assets, Net

Content assets consisted of the following:

	As of
	March 31, 2024		December 31, 2023
	(in thousands)
Licensed content, net	$	12,549,546	$	12,722,701
Produced content, net
Released, less amortization	9,917,832		9,843,150
In production	8,242,560		8,247,578
In development and pre-production	952,162		844,627
	19,112,554		18,935,355
Content assets, net	$	31,662,100	$	31,658,056

As of March 31, 2024, the amount of accrued participations and residuals was not material.

The following table represents the amortization of content assets:

	Three Months Ended
	March 31, 2024		March 31, 2023
	(in thousands)
Licensed content	$	1,835,117	$	1,723,678
Produced content	1,835,688		1,736,306
Total	$	3,670,805	$	3,459,984

Property and Equipment, Net

Property and equipment and accumulated depreciation consisted of the following:

	As of
	March 31, 2024		December 31, 2023		Estimated Useful Lives
	(in thousands)
Land	$	88,468	$	88,429
Buildings	156,345		150,736		30 years
Leasehold improvements	1,043,759		1,032,492		Over life of lease
Furniture and fixtures	139,968		144,737		3 years
Information technology	399,742		414,092		3 years
Corporate aircraft	99,175		99,175		8-10 years
Machinery and equipment	10,632		10,334		3-5 years
Capital work-in-progress	447,682		406,492
Property and equipment, gross	2,385,771		2,346,487
Less: Accumulated depreciation	(884,603)		(855,043)
Property and equipment, net	$	1,501,168	$	1,491,444

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, 2024		March 31, 2023
	(in thousands)
Cash paid for operating lease liabilities	$	125,306	$	113,407
Right-of-use assets obtained in exchange for new operating lease obligations	183,962		20,894

	As of
	March 31, 2024		December 31, 2023
	(in thousands)
Operating lease right-of-use assets, net	$	2,159,325	$	2,076,899
Current operating lease liabilities	397,628		383,312
Non-current operating lease liabilities	2,098,004		2,046,801
Total operating lease liabilities	$	2,495,632	$	2,430,113

Other Current Assets

Other current assets consisted of the following:

	As of
	March 31, 2024		December 31, 2023
	(in thousands)
Trade receivables	$	1,228,691	$	1,287,054
Prepaid expenses	454,145		408,936
Other	1,192,738		1,084,257
Total other current assets	$	2,875,574	$	2,780,247