XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Stock Repurchase Program | 9 Months Ended
--- | ---
Oct. 01, 2022
Class of Stock Disclosures [Abstract] |
STOCK REPURCHASE PROGRAM | STOCK REPURCHASE PROGRAM In August 2022, Cadence’s Board of Directors increased the prior authorization to repurchase shares of Cadence common stock by authorizing an additional $1 billion. The actual timing and amount of repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. During the three and nine months ended October 1, 2022, Cadence repurchased approximately 0.9 million shares and 4.1 million shares, respectively, on the open market, for an aggregate purchase price of $150.0 million and $650.0 million, respectively. In June 2022, Cadence also entered into an accelerated share repurchase (“ASR”) agreement with Royal Bank of Canada to repurchase an aggregate of $100.0 million of Cadence common stock. The ASR agreement was accounted for as two separate transactions (1) a repurchase of common stock and (2) an equity-linked contract on Cadence’s own stock. In June 2022, Cadence received an initial share delivery of approximately 0.5 million shares, which represented the number of shares at a market price equal to $70.0 million. An equity-linked contract for $30.0 million, representing the remaining shares to be delivered by Royal Bank of Canada under the ASR agreement, was recorded to stockholders’ equity as of July 2, 2022. In September 2022, the ASR agreement settled and resulted in a delivery to Cadence of approximately 0.1 million additional shares. In total, approximately 0.6 million shares were repurchased under the ASR agreement at an average price per share of $167.07. The shares received were treated as a repurchase of common stock for purposes of calculating earnings per share. As of October 1, 2022, approximately $1.4 billion of Cadence’s share repurchase authorizations remained available to repurchase shares of Cadence common stock. The shares repurchased under Cadence’s repurchase authorizations and the total cost of repurchased shares, including commissions, during the three and nine months ended October 1, 2022 and October 2, 2021 were as follows:
| Three Months Ended |  | Nine Months Ended
| October 1, 2022* |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
| (In thousands)
Shares repurchased | 959 |  |  | 723 |  |  | 4,664 |  |  | 3,766 |
Total cost of repurchased shares | $ | 180,013 |  |  | $ | 110,011 |  |  | $ | 750,062 |  |  | $ | 502,301 |
_____________ * Includes 109,365 shares and $30.0 million equity forward contract from the June 2022 ASR settled in September 2022.

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

X
- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2208821 + Details
Name: | us-gaap_TreasuryStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration