Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASES

Operating lease expense, which includes immaterial amounts of short-term leases, variable lease costs and sublease income, was as follows during fiscal 2023, 2022 and 2021:

	2023		2022		2021
	(In thousands)
Operating lease expense	$	56,805	$	49,165	$	43,210

Additional activity related to Cadence’s leases during fiscal 2023, 2022 and 2021 was as follows:

	2023		2022		2021
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	46,069	$	34,334	$	50,151
ROU assets obtained in exchange for operating lease obligations	32,597		83,758		31,813

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

	As of
	December 31, 2023			December 31, 2022
	(In thousands)
Other assets	$	150,797		$	170,379
Accounts payable and accrued liabilities	41,619			36,737
Other long-term liabilities	115,358			139,337
Total lease liabilities	$	156,977		$	176,074
Weighted average remaining lease term (in years)	5.7			6.3
Weighted average discount rate	4		%	4		%

Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet as of December 31, 2023, for the following five fiscal years and thereafter were as follows:

	Operating
	Leases
	(In thousands)
2024	$	45,304
2025	36,433
2026	27,054
2027	16,785
2028	13,122
Thereafter	38,693
Total future lease payments	177,391
Less imputed interest	(20,414)
Total lease liability balance	$	156,977