v3.25.1
Property and Equipment, net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
As of March 31, 2025 and December 31, 2024, property and equipment, net consisted of the following: 
As of
March 31,
2025		December 31,
2024
Land$45,217 $43,838 
Buildings2,266,296 2,263,750 
Equipment, furniture, and fixtures1,200,535 1,189,495 
Leasehold improvements23,835 23,835 
Construction in progress6,196 7,496 
Total property and equipment, gross3,542,079 3,528,414 
Less accumulated depreciation and amortization(574,493)(492,684)
Property and equipment, net$2,967,586 $3,035,730 
The property and equipment balances above include $135,829 and $142,989 of capital expenditure accruals (primarily related to Sphere construction) as of March 31, 2025 and December 31, 2024, respectively, which are reflected in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. See Note 2. Summary of Significant Accounting Policies, to the Audited Consolidated Financial Statements included in the Form 10-KT, for details on the Company’s estimated useful
lives for each major category of property and equipment.
The Company recorded depreciation expense on property and equipment of $82,629 and $79,088 for the three months ended March 31, 2025 and 2024, respectively, which is recognized in Depreciation and amortization in the accompanying condensed consolidated statements of operations.