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REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue from external customers by product category | The following table shows the percentage of revenue contributed by each of Cadence’s five product categories for the three months ended March 31, 2024 and March 31, 2023:
|  |  | Three Months Ended
|  |  |  |  | March 31, 2024 |  | March 31, 2023
Custom Integrated Circuit (“IC”) Design and Simulation |  |  |  |  | 22 | % |  | 20 | %
Digital IC Design and Signoff |  |  |  |  | 29 | % |  | 25 | %
Functional Verification, including Emulation and Prototyping Hardware* |  |  |  |  | 25 | % |  | 32 | %
Intellectual Property (“IP”) |  |  |  |  | 12 | % |  | 11 | %
System Design and Analysis |  |  |  |  | 12 | % |  | 12 | %
Total |  |  |  |  | 100 | % |  | 100 | %
_____________ * Includes immaterial amount of revenue accounted for under leasing arrangements.
Disaggregation of revenue | The following table shows the percentage of Cadence’s revenue that is classified as recurring or up-front for the three months ended March 31, 2024 and March 31, 2023:
|  |  | Three Months Ended
|  |  |  |  | March 31, 2024 |  | March 31, 2023
Revenue recognized over time |  |  |  |  | 87 | % |  | 77 | %
Revenue from arrangements with non-cancelable commitments |  |  |  |  | 3 | % |  | 3 | %
Recurring revenue |  |  |  |  | 90 | % |  | 80 | %
Up-front revenue |  |  |  |  | 10 | % |  | 20 | %
Total |  |  |  |  | 100 | % |  | 100 | %
Contract balances | Cadence’s contract balances as of March 31, 2024 and December 31, 2023 were as follows:
| As of
| March 31, 2024 |  | December 31, 2023
| (In thousands)
Contract assets | $ | 49,895 |  |  | $ | 17,554 |
Deferred revenue | 746,631 |  |  | 763,955 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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