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GOODWILL AND ACQUIRED INTANGIBLES (Tables) | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill during the three months ended March 31, 2024 were as follows:
| Gross Carrying Amount
| (In thousands)
Balance as of December 31, 2023 | $ | 1,535,845 |
Goodwill resulting from acquisitions | 42,480 |
Effect of foreign currency translation | (3,218) |
Balance as of March 31, 2024 | $ | 1,575,107 |
Schedule of acquired intangibles with finite and indefinite lives (excluding goodwill) | Acquired intangibles as of March 31, 2024 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Acquired Intangibles, Net
| (In thousands)
Existing technology | $ | 329,816 |  |  | $ | (150,929) |  |  | $ | 178,887 |
Agreements and relationships | 203,417 |  |  | (56,766) |  |  | 146,651 |
Tradenames, trademarks and patents | 13,899 |  |  | (4,793) |  |  | 9,106 |
Total acquired intangibles | $ | 547,132 |  |  | $ | (212,488) |  |  | $ | 334,644 |
During the three months ended March 31, 2024, Cadence completed certain projects previously included in in-process technology and transferred $6.8 million to existing technology. Acquired intangibles as of December 31, 2023 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Acquired Intangibles, Net
| (In thousands)
Existing technology | $ | 325,710 |  |  | $ | (141,659) |  |  | $ | 184,051 |
Agreements and relationships | 198,259 |  |  | (61,395) |  |  | 136,864 |
Tradenames, trademarks and patents | 13,460 |  |  | (4,332) |  |  | 9,128 |
Total acquired intangibles with definite lives | $ | 537,429 |  |  | $ | (207,386) |  |  | $ | 330,043 |
In-process technology | 6,800 |  |  | — |  |  | 6,800 |
Total acquired intangibles | $ | 544,229 |  |  | $ | (207,386) |  |  | $ | 336,843 |
Amortization of acquired intangibles | Amortization expense for the three months ended March 31, 2024 and March 31, 2023 by condensed consolidated income statement caption was as follows:
|  |  | Three Months Ended
|  |  |  |  | March 31, 2024 |  | March 31, 2023
|  |  |  |  | (In thousands)
Cost of product and maintenance |  |  |  |  | $ | 11,348 |  |  | $ | 10,260 |
Amortization of acquired intangibles |  |  |  |  | 5,407 |  |  | 4,267 |
Total amortization of acquired intangibles |  |  |  |  | $ | 16,755 |  |  | $ | 14,527 |
Estimated amortization expense | As of March 31, 2024, the estimated amortization expense for intangible assets with definite lives was as follows for the following five fiscal years and thereafter:
| (In thousands)
2024 - remaining period | $ | 50,873 |
2025 | 54,698 |
2026 | 49,102 |
2027 | 46,595 |
2028 | 42,441 |
2029 | 27,957 |
Thereafter | 62,978 |
Total estimated amortization expense | $ | 334,644 |

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