XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INVESTMENTS | 3 Months Ended
--- | ---
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS Investments in Equity Securities Marketable Equity Investments Cadence’s investments in marketable equity securities consist of purchased shares of publicly held companies and are included in prepaid expenses and other in Cadence’s condensed consolidated balance sheets. Changes in the fair value of these investments are recorded to other income (expense), net in Cadence’s condensed consolidated income statements. The carrying value of marketable equity investments was $93.6 million and $80.6 million as of March 31, 2024 and December 31, 2023, respectively. Non-Marketable Equity Investments Cadence’s investments in non-marketable equity securities generally consist of stock or other instruments of privately held entities and are included in other assets on Cadence’s condensed consolidated balance sheets. Cadence holds a 16% interest in a privately held company that is accounted for using the equity method of accounting. The carrying value of this investment was $109.6 million and $111.1 million as of March 31, 2024 and December 31, 2023, respectively. Cadence records its proportionate share of net income from the investee, offset by amortization of basis differences, to other income (expense), net in Cadence’s condensed consolidated income statements. For the three months ended March 31, 2024 and March 31, 2023, Cadence recognized losses of $0.4 million and $0.1 million, respectively. Cadence also holds other non-marketable investments in privately held companies where Cadence does not have the ability to exercise significant influence and the fair value of the investments is not readily determinable. The carrying value of these investments was $27.1 million and $27.2 million as of March 31, 2024 and December 31, 2023, respectively. Gains and losses on these investments were not material to Cadence’s condensed consolidated financial statements for the periods presented. The portion of gains and losses included in Cadence’s condensed consolidated income statements related to equity securities still held at the end of the period were as follows:
|  |  | Three Months Ended
|  |  |  |  | March 31, 2024 |  | March 31, 2023
|  |  |  |  | (In thousands)
Net gains recognized on equity securities |  |  |  |  | $ | 55,398 |  |  | $ | 123 |
Less: Net gains recognized on equity securities sold |  |  |  |  | (20,367) |  |  | — |
Net gains recognized on equity securities still held |  |  |  |  | $ | 35,031 |  |  | $ | 123 |
Investments in Debt Securities The following is a summary of Cadence’s available-for-sale debt securities recorded within prepaid expenses and other on its condensed consolidated balance sheets:
| As of March 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In thousands)
Available-for-sale debt securities |
Mortgage-backed and asset-backed securities | $ | 51,268 |  |  | $ | 206 |  |  | $ | (466) |  |  | $ | 51,008 |
Total available-for-sale securities | $ | 51,268 |  |  | $ | 206 |  |  | $ | (466) |  |  | $ | 51,008 |
| As of December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In thousands)
Available-for-sale debt securities |
Mortgage-backed and asset-backed securities | $ | 49,653 |  |  | $ | 375 |  |  | $ | (243) |  |  | $ | 49,785 |
Total available-for-sale securities | $ | 49,653 |  |  | $ | 375 |  |  | $ | (243) |  |  | $ | 49,785 |
Gross unrealized gains and losses are recorded as a component of accumulated other comprehensive loss on Cadence's condensed consolidated balance sheets. As of March 31, 2024, the fair values of available-for-sale debt securities, by remaining contractual maturity, were as follows:
| (In thousands)
Due within 1 year | $ | — |
Due after 1 year through 5 years | 10,856 |
Due after 5 years through 10 years | 16,564 |
Due after 10 years | 23,588 |
Total | $ | 51,008 |
As of March 31, 2024, Cadence did not intend to sell any of its available-for-sale debt securities in an unrealized loss position, and it was more likely than not that Cadence will hold the securities until maturity or a recovery of the cost basis.

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

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration