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Subsequent Event | 6 Months Ended
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Jun. 27, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | SUBSEQUENT EVENTOn June 29, 2020, the State of California enacted legislation that, for a three-year period beginning in fiscal 2020, will limit Cadence’s utilization of California research and development tax credits and will suspend the use of California net operating loss deductions. Cadence will account for the effects of the California tax law change during the third quarter of fiscal 2020, the period of enactment. Cadence is continuing to analyze the California legislation, but currently expects to recognize a discrete tax benefit of approximately $19 million during the third quarter of fiscal 2020 due to the release of valuation allowance on its California research and development tax credit deferred tax assets as a result of certain tax elections in its 2019 California tax filings. Cadence expects this tax benefit to be partially offset by an increase in its fiscal 2020 California taxes of approximately $7 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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