Restructuring and Other Charges

6 Months Ended

Jun. 27, 2020

Restructuring and Related Activities [Abstract]

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 six months ended June 27, 2020, Cadence revised certain estimates made in connection with its prior restructuring plans and recorded credits of approximately $1.3 million.

The following table presents activity relating to Cadence’s restructuring plans during the six months ended June 27, 2020:


	Severance and Benefits		Excess Facilities		Total
	(In thousands)
Balance, December 28, 2019	$	9,229	$	409	$	9,638
Restructuring and other credits	(1,280)		(62)		(1,342)
Cash payments	(6,882)		(113)		(6,995)
Effect of foreign currency translation	(80)		(3)		(83)
Balance, June 27, 2020	$	987	$	231	$	1,218

The remaining liability for Cadence’s restructuring plans is recorded in the condensed consolidated balance sheet as follows:


	As of
	June 27, 2020
	(In thousands)
Accounts payable and accrued liabilities	$	1,159
Other long-term liabilities	59
Total restructuring liabilities	$	1,218

All liabilities for severance and related benefits under Cadence’s restructuring plans are included in accounts payable and accrued liabilities on Cadence’s condensed consolidated balance sheet as of June 27, 2020. 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.