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GOODWILL AND ACQUIRED INTANGIBLES | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND ACQUIRED INTANGIBLES | GOODWILL AND ACQUIRED INTANGIBLES Goodwill The changes in the carrying amount of goodwill during the six months ended June 30, 2024 were as follows:
| Gross Carrying Amount
| (In thousands)
Balance as of December 31, 2023 | $ | 1,535,845 |
Goodwill resulting from acquisitions | 882,813 |
Effect of foreign currency translation | (911) |
Balance as of June 30, 2024 | $ | 2,417,747 |
Acquired Intangibles, Net Acquired intangibles as of June 30, 2024 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Acquired Intangibles, Net
| (In thousands)
Existing technology | $ | 472,024 |  |  | $ | (164,369) |  |  | $ | 307,655 |
Agreements and relationships | 395,646 |  |  | (62,747) |  |  | 332,899 |
Tradenames, trademarks and patents | 28,940 |  |  | (5,456) |  |  | 23,484 |
Total acquired intangibles | $ | 896,610 |  |  | $ | (232,572) |  |  | $ | 664,038 |
During the six months ended June 30, 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 expense from existing technology and maintenance agreements is included in cost of product and maintenance. Amortization expense for the three and six months ended June 30, 2024 and June 30, 2023 by condensed consolidated income statement caption was as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
| (In thousands)
Cost of product and maintenance | $ | 13,488 |  |  | $ | 10,618 |  |  | $ | 24,836 |  |  | $ | 20,878 |
Amortization of acquired intangibles | 6,667 |  |  | 4,302 |  |  | 12,074 |  |  | 8,569 |
Total amortization of acquired intangibles | $ | 20,155 |  |  | $ | 14,920 |  |  | $ | 36,910 |  |  | $ | 29,447 |
As of June 30, 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 | $ | 53,697 |
2025 | 93,905 |
2026 | 88,301 |
2027 | 85,875 |
2028 | 81,455 |
2029 | 66,765 |
Thereafter | 194,040 |
Total estimated amortization expense | $ | 664,038 |

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