XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value | 3 Months Ended
--- | ---
Apr. 02, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Cadence’s market assumptions. These two types of inputs have created the following fair value hierarchy: •Level 1 – Quoted prices for identical instruments in active markets; •Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and •Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The valuation techniques used to determine the fair value of Cadence’s foreign currency forward exchange contracts and 2024 Notes are classified within Level 2 of the fair value hierarchy. For additional information relating to Cadence’s debt arrangements, see Note 4 in the notes to condensed consolidated financial statements. This hierarchy requires Cadence to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. Cadence recognizes transfers between levels of the hierarchy based on the fair values of the respective financial instruments at the end of the reporting period in which the transfer occurred. There were no transfers between levels of the fair value hierarchy during the three months ended April 2, 2022. On a quarterly basis, Cadence measures at fair value certain financial assets and liabilities. The fair value of financial assets and liabilities was determined using the following levels of inputs as of April 2, 2022 and January 1, 2022:
| Fair Value Measurements as of April 2, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Assets |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 658,547 |  |  | $ | 658,547 |  |  | $ | — |  |  | $ | — |
Marketable equity securities | 5,080 |  |  | 5,080 |  |  | — |  |  | — |
Securities held in Non-Qualified Deferred Compensation (“NQDC”) trust | 53,893 |  |  | 53,893 |  |  | — |  |  | — |
Total Assets | $ | 717,520 |  |  | $ | 717,520 |  |  | $ | — |  |  | $ | — |
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Liabilities |
Foreign currency exchange contracts | $ | 7,606 |  |  | $ | — |  |  | $ | 7,606 |  |  | $ | — |
Total Liabilities | $ | 7,606 |  |  | $ | — |  |  | $ | 7,606 |  |  | $ | — |
| Fair Value Measurements as of January 1, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Assets |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 658,474 |  |  | $ | 658,474 |  |  | $ | — |  |  | $ | — |
Marketable equity securities | 5,956 |  |  | 5,956 |  |  | — |  |  | — |
Securities held in NQDC trust | 56,165 |  |  | 56,165 |  |  | — |  |  | — |
Total Assets | $ | 720,595 |  |  | $ | 720,595 |  |  | $ | — |  |  | $ | — |
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
Liabilities |
Foreign currency exchange contracts | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |  | $ | — |
Total Liabilities | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration