Leases

12 Months Ended

Jan. 02, 2021

Leases [Abstract]

Leases

LEASES

Operating lease expense, which includes immaterial amounts of short-term leases, variable lease costs and sublease income, was as follows during fiscal 2020, 2019 and 2018:

	2020		2019		2018
	(In thousands)
Operating lease expense	$	39,731	$	34,709	$	33,717

Additional activity related to Cadence’s leases during fiscal 2020 and 2019 was as follows:

	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	34,723	$	34,961
ROU assets obtained in exchange for operating lease obligations	63,057		38,090

ROU lease assets and lease liabilities for Cadence’s operating leases were recorded in the consolidated balance sheet as follows:

	As of
	January 2, 2021			December 28, 2019
	(In thousands)
Other assets	$	133,354		$	100,343
Accounts payable and accrued liabilities	33,920			25,558
Other long-term liabilities	113,916			84,782
Total lease liabilities	$	147,836		$	110,340
Weighted average remaining lease term (in years)	6.7			5.1
Weighted average discount rate	3.8		%	4.5		%

Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet as of January 2, 2021, for the following five fiscal years and thereafter were as follows:

	Operating
	Leases
	(In thousands)
2021	$	38,173
2022	29,229
2023	21,517
2024	18,496
2025	15,975
Thereafter	44,251
Total future lease payments	167,641
Less imputed interest	(19,805)
Total lease liability balance	$	147,836

As of January 2, 2021, Cadence had additional operating lease obligations of approximately $5.9 million for a facility lease that will commence in the first quarter of fiscal 2021.