XML 47 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Restructuring and Other Charges
 12 Months Ended
Dec. 28, 2019
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER CHARGES RESTRUCTURING AND OTHER CHARGES
Cadence has initiated restructuring plans in an effort to better align its resources with its business strategy. These restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions, estimated lease losses related to facilities vacated and charges related to abandoned assets. During the fourth quarter of fiscal 2019, Cadence initiated a restructuring plan (the “2019 Restructuring Plan”) and recorded restructuring and other charges of $9.9 million related to severance payments and termination benefits. As of December 28, 2019, total liabilities related to the 2019 Restructuring Plan were $9.1 million.
Cadence has also initiated restructuring plans in prior years, including both fiscal 2018 and fiscal 2017 (the “prior restructuring plans”). During fiscal 2019, Cadence revised certain estimates made in connection with the prior restructuring plans and recorded credits of $1.3 million. As of December 28, 2019, total liabilities related to the prior restructuring plans were $0.5 million.

The following table presents activity for Cadence’s restructuring plans during fiscal 2019, 2018 and 2017:
 
Severance
and
Benefits
 
Excess
Facilities
 
Total
 
(In thousands)
Balance, December 31, 2016
$
24,402

 
$
58

 
$
24,460

Restructuring and other charges, net
9,027

 
379

 
9,406

Cash payments
(20,170
)
 
(186
)
 
(20,356
)
Effect of foreign currency translation
276

 
(2
)
 
274

Balance, December 30, 2017
$
13,535

 
$
249

 
$
13,784

Restructuring and other charges, net
10,268

 
821

 
11,089

Cash payments
(12,688
)
 
(192
)
 
(12,880
)
Effect of foreign currency translation
61

 
(30
)
 
31

Balance, December 29, 2018
$
11,176

 
$
848

 
$
12,024

Restructuring and other charges (credits), net
8,649

 
(28
)
 
8,621

Cash payments
(10,714
)
 
(420
)
 
(11,134
)
Effect of foreign currency translation
118

 
9

 
127

Balance, December 28, 2019
$
9,229

 
$
409

 
$
9,638


The remaining liability for Cadence’s restructuring plans is recorded in the consolidated balance sheet as follows:
 
As of
 
December 28, 2019
 
(In thousands)
Accounts payable and accrued liabilities
$
9,520

Other long-term liabilities
118

Total liabilities
$
9,638


All liabilities for severance and related benefits under Cadence’s restructuring plans are included in accounts payable and accrued liabilities on Cadence’s consolidated balance sheet as of December 28, 2019. Restructuring liabilities included in other long-term liabilities represent liabilities from vacated facilities, and Cadence expects to make cash payments to settle these liabilities through fiscal 2022.