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REVENUE (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2024 and June 30, 2023:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Custom Integrated Circuit (“IC”) Design and Simulation | 21 | % |  | 22 | % |  | 21 | % |  | 21 | %
Digital IC Design and Signoff | 27 | % |  | 27 | % |  | 28 | % |  | 26 | %
Functional Verification, including Emulation and Prototyping Hardware* | 25 | % |  | 27 | % |  | 25 | % |  | 30 | %
Intellectual Property (“IP”) | 13 | % |  | 11 | % |  | 13 | % |  | 11 | %
System Design and Analysis | 14 | % |  | 13 | % |  | 13 | % |  | 12 | %
Total | 100 | % |  | 100 | % |  | 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 and six months ended June 30, 2024 and June 30, 2023:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Revenue recognized over time | 85 | % |  | 82 | % |  | 86 | % |  | 79 | %
Revenue from arrangements with non-cancelable commitments | 3 | % |  | 3 | % |  | 3 | % |  | 3 | %
Recurring revenue | 88 | % |  | 85 | % |  | 89 | % |  | 82 | %
Up-front revenue | 12 | % |  | 15 | % |  | 11 | % |  | 18 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Contract balances | Cadence’s contract balances as of June 30, 2024 and December 31, 2023 were as follows:
| As of
| June 30, 2024 |  | December 31, 2023
| (In thousands)
Contract assets | $ | 25,400 |  |  | $ | 17,554 |
Deferred revenue | 767,421 |  |  | 763,955 |

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