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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2022
Balance Sheet Components Disclosure [Abstract] |
Balance Sheet Components | Balance Sheet Components Content Assets, Net Content assets consisted of the following:
| As of
| June 30, 2022 |  | December 31, 2021
| (in thousands)
Licensed content, net | $ | 13,025,936 |  |  | $ | 13,799,221 |
Produced content, net |  |  |
Released, less amortization | 7,308,112 |  |  | 6,877,743 |
In production | 11,411,491 |  |  | 9,235,975 |
In development and pre-production | 787,660 |  |  | 1,006,600 |
| 19,507,263 |  |  | 17,120,318 |
Content assets, net | $ | 32,533,199 |  |  | $ | 30,919,539 |
As of June 30, 2022, approximately $5,657 million, $2,907 million, and $1,837 million of the $13,026 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of June 30, 2022, approximately $2,905 million, $1,940 million, and $1,225 million of the $7,308 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 June 30, 2022, the amount of accrued participations and residuals was not material. The following tables represent the amortization of content assets:
| Three Months Ended
| June 30, 2022 |  | June 30, 2021
| (in thousands)
Licensed content | $ | 1,899,782 |  |  | $ | 1,884,638 |
Produced content | 1,361,566 |  |  | 922,165 |
Total | $ | 3,261,348 |  |  | $ | 2,806,803 |
| Six Months Ended
| June 30, 2022 |  | June 30, 2021
| (in thousands)
Licensed content | $ | 3,784,220 |  |  | $ | 3,713,884 |
Produced content | 2,643,493 |  |  | 1,812,115 |
Total | $ | 6,427,713 |  |  | $ | 5,525,999 |
Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following:
|  | As of |  |
|  | June 30, 2022 |  | December 31, 2021 |  | Estimated Useful Lives
|  | (in thousands) |  |
Land |  | $ | 84,726 |  |  | $ | 82,381 |  |  |
Buildings |  | 50,026 |  |  | 48,123 |  |  | 30 years
Leasehold improvements |  | 984,914 |  |  | 863,342 |  |  | Over life of lease
Furniture and fixtures |  | 150,978 |  |  | 139,809 |  |  | 3 years
Information technology |  | 422,044 |  |  | 380,452 |  |  | 3 years
Corporate aircraft |  | 110,978 |  |  | 110,978 |  |  | 8 years
Machinery and equipment |  | 27,059 |  |  | 32,426 |  |  | 3-5 years
Capital work-in-progress |  | 196,091 |  |  | 282,248 |  |  |
Property and equipment, gross |  | 2,026,816 |  |  | 1,939,759 |  |  |
Less: Accumulated depreciation |  | (664,896) |  |  | (616,306) |  |  |
Property and equipment, net |  | $ | 1,361,920 |  |  | $ | 1,323,453 |  |  |
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. The Company has also entered into various short-term operating leases, primarily for marketing billboards, with an initial term of twelve months or less. These leases are not recorded on the Company's Consolidated Balance Sheets. All operating lease expense is recognized on a straight-line basis over the lease term. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
| Three Months Ended
| June 30, 2022 |  | June 30, 2021
| (in thousands)
Cash paid for operating lease liabilities | $ | 99,758 |  |  | $ | 79,472 |
Right-of-use assets obtained in exchange for new operating lease obligations | 39,304 |  |  | 183,351 |
| Six Months Ended
| June 30, 2022 |  | June 30, 2021
| (in thousands)
Cash paid for operating lease liabilities | $ | 202,899 |  |  | $ | 161,911 |
Right-of-use assets obtained in exchange for new operating lease obligations | 180,602 |  |  | 232,796 |
| As of
| June 30, 2022 |  | December 31, 2021
| (in thousands)
Operating lease right-of-use assets, net | $ | 2,341,422 |  |  | $ | 2,446,573 |
Current operating lease liabilities | 336,925 |  |  | 315,189 |
Non-current operating lease liabilities | 2,338,829 |  |  | 2,408,486 |
Total operating lease liabilities | $ | 2,675,754 |  |  | $ | 2,723,675 |
Other Current Assets Other current assets consisted of the following:
|  | As of
|  | June 30, 2022 |  | December 31, 2021
|  | (in thousands)
Trade receivables |  | $ | 765,386 |  |  | $ | 804,320 |
Prepaid expenses |  | 368,303 |  |  | 323,818 |
Other |  | 887,640 |  |  | 913,883 |
Total other current assets |  | $ | 2,021,329 |  |  | $ | 2,042,021 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI https://asc.fasb.org/topic&trid=2122208 + Details
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