XML 34 R14.htm IDEA: XBRL DOCUMENT
v3.24.2

STOCK REPURCHASE PROGRAM | 6 Months Ended
--- | ---
Jun. 30, 2024
Class of Stock Disclosures [Abstract] |
STOCK REPURCHASE PROGRAM | STOCK REPURCHASE PROGRAM Cadence is authorized to repurchase shares of its common stock under a publicly announced program that was most recently increased by its Board of Directors in August 2023. 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 six months ended June 30, 2024, Cadence purchased approximately 0.4 million and 0.8 million shares of Cadence stock on the open market for an aggregate purchase price of $125.0 million and $250.0 million, respectively, in accordance with its current authorization from its Board of Directors. As of June 30, 2024, approximately $1.1 billion of Cadence’s share repurchase authorization remained available to repurchase shares of Cadence common stock. During the three and six months ended June 30, 2023, Cadence repurchased approximately 0.6 million and 1.2 million shares of Cadence common stock on the open market for an aggregate purchase price of $125.0 million and $250.0 million, respectively. In June 2023, Cadence also entered into an accelerated share repurchase (“ASR”) agreement with HSBC Bank USA, National Association (“HSBC”) to repurchase an aggregate of $200.0 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 2023, Cadence received an initial share delivery of approximately 0.6 million shares, which represented the number of shares at a market price equal to $140.0 million. An equity-linked contract for $60.0 million, representing the remaining shares to be delivered by HSBC under the ASR agreement, was recorded to stockholders' equity as of June 30, 2023. In August 2023, the ASR agreement settled and resulted in a delivery of approximately 0.3 million additional shares to Cadence. In total, Cadence received approximately 0.9 million shares under the ASR agreement at an average price per share of $228.26. The shares received were treated as repurchased common stock for purposes of calculating earnings per share. The shares repurchased under Cadence’s repurchase authorizations, which includes shares repurchased on the open market and under an ASR, and the total cost of repurchased shares, including commissions, during the three and six months ended June 30, 2024 and June 30, 2023 were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
| (In thousands)
Shares repurchased | 423 |  |  | 1,178 |  |  | 848 |  |  | 1,846 |
Total cost of repurchased shares | $ | 125,004 |  |  | $ | 265,109 |  |  | $ | 250,010 |  |  | $ | 390,119 |

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 -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505-30/tableOfContent + Details
Name: | us-gaap_TreasuryStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration