Leases

12 Months Ended

Jan. 01, 2022

LEASES

Operating lease expense, which includes immaterial amounts of short-term leases, variable lease costs and sublease income, was as follows during fiscal 2021, 2020 and 2019:


	2021		2020		2019
	(In thousands)
Operating lease expense	$	43,210	$	39,731	$	34,709

Additional activity related to Cadence’s leases during fiscal 2021 and 2020 was as follows:



	2021		2020
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	50,151	$	34,723
ROU assets obtained in exchange for operating lease obligations	31,813		63,057

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


	As of
	January 1, 2022			January 2, 2021
	(In thousands)
Other assets	$	130,124		$	133,354

Accounts payable and accrued liabilities	25,271			33,920
Other long-term liabilities	107,121			113,916
Total lease liabilities	$	132,392		$	147,836

Weighted average remaining lease term (in years)	6.5			6.7
Weighted average discount rate	3.6		%	3.8		%

Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet as of January 1, 2022, for the following five fiscal years and thereafter were as follows:


	Operating
	Leases
	(In thousands)
2022	$	28,471
2023	26,828
2024	23,271
2025	19,715
2026	13,298
Thereafter	36,770
Total future lease payments	148,353
Less imputed interest	(15,961)
Total lease liability balance	$	132,392

As of January 1, 2022, Cadence had additional operating lease obligations of approximately $22.7 million for facility leases that will commence in fiscal 2022.