Restructuring and Other Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Cadence has initiated restructuring plans, most recently in fiscal 2020, in an effort to better align its resources with its business strategy. The charges associated with these restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions and charges related to impacted facilities and are included in restructuring and other charges on Cadence’s consolidated income statements.

The following table presents activity for Cadence’s restructuring plans during fiscal 2022, 2021 and 2020:


	Severance and Benefits		Excess Facilities		Total
	(In thousands)
Balance, December 28, 2019	$	9,229	$	409	$	9,638
Restructuring	7,476		1,739		9,215
Cash payments	(9,424)		(773)		(10,197)
Effect of foreign currency translation	40		(3)		37
Balance, January 2, 2021	$	7,321	$	1,372	$	8,693
Restructuring	(1,480)		432		(1,048)
Cash payments	(5,774)		(1,761)		(7,535)
Effect of foreign currency translation	(67)		—		(67)
Balance, January 1, 2022	$	—	$	43	$	43
Restructuring	—		55		55
Cash payments	—		(98)		(98)
Effect of foreign currency translation	—		—		—
Balance, December 31, 2022	$	—	$	—	$	—

Other Termination Benefits

During the second quarter of fiscal 2021, Cadence offered a voluntary retirement program to eligible employees in the United States. This program resulted in a one-time charge of $26.8 million for voluntary termination and post-employment benefits. These charges are included in each category of costs and expenses on Cadence’s consolidated income statements. As of December 31, 2022, liabilities related to the voluntary retirement program were $0.4 million and were included in accounts payable and accrued liabilities on Cadence’s consolidated balance sheet. Cadence expects to make cash payments to settle these liabilities during fiscal 2023.