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REVENUE (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and September 30, 2023:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Custom Integrated Circuit (“IC”) Design and Simulation | 19 | % |  | 22 | % |  | 20 | % |  | 21 | %
Digital IC Design and Signoff | 24 | % |  | 28 | % |  | 27 | % |  | 27 | %
Functional Verification, including Emulation and Prototyping Hardware* | 27 | % |  | 26 | % |  | 26 | % |  | 29 | %
Intellectual Property (“IP”) | 14 | % |  | 11 | % |  | 13 | % |  | 11 | %
System Design and Analysis | 16 | % |  | 13 | % |  | 14 | % |  | 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 nine months ended September 30, 2024 and September 30, 2023:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Revenue recognized over time | 80 | % |  | 83 | % |  | 83 | % |  | 80 | %
Revenue from arrangements with non-cancelable commitments | 2 | % |  | 2 | % |  | 3 | % |  | 3 | %
Recurring revenue | 82 | % |  | 85 | % |  | 86 | % |  | 83 | %
Up-front revenue | 18 | % |  | 15 | % |  | 14 | % |  | 17 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Contract balances | Cadence’s contract balances as of September 30, 2024 and December 31, 2023 were as follows:
| As of
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Contract assets | $ | 51,285 |  |  | $ | 17,554 |
Deferred revenue | 800,275 |  |  | 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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