Restructuring and Other Charges

3 Months Ended

Apr. 03, 2021

Restructuring and Related Activities [Abstract]

Cadence has initiated restructuring plans in an effort to better align its resources with its business strategy. The charges associated with these restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions and charges related to impacted facilities.

The following table presents activity for Cadence’s restructuring plans during the three months ended April 3, 2021:


	Severance and Benefits		Facilities		Total
	(In thousands)
Balance, January 2, 2021	$	7,321	$	1,372	$	8,693
Restructuring and other credits	(635)		358		(277)
Cash payments	(4,030)		(705)		(4,735)
Effect of foreign currency translation	(101)		(1)		(102)
Balance, April 3, 2021	$	2,555	$	1,024	$	3,579

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


	As of
	April 3, 2021
	(In thousands)
Accounts payable and accrued liabilities	$	3,550
Other long-term liabilities	29
Total restructuring liabilities	$	3,579

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 April 3, 2021. Restructuring liabilities included in other long-term liabilities represent liabilities from impacted facilities, and Cadence expects to make cash payments to settle these liabilities through fiscal 2022.