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GOODWILL AND ACQUIRED INTANGIBLES (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill during the nine months ended September 30, 2024 were as follows:
| Gross Carrying Amount
| (In thousands)
Balance as of December 31, 2023 | $ | 1,535,845 |
Goodwill resulting from acquisitions | 898,053 |
Effect of foreign currency translation | 59,569 |
Balance as of September 30, 2024 | $ | 2,493,467 |
Schedule of acquired intangibles with finite and indefinite lives (excluding goodwill) | Acquired intangibles as of September 30, 2024 were as follows:
| Gross Carrying Amount |  | Accumulated Amortization |  | Acquired Intangibles, Net
| (In thousands)
Existing technology | $ | 483,634 |  |  | $ | (182,912) |  |  | $ | 300,722 |
Agreements and relationships | 409,467 |  |  | (71,290) |  |  | 338,177 |
Tradenames, trademarks and patents | 30,003 |  |  | (6,559) |  |  | 23,444 |
Total acquired intangibles | $ | 923,104 |  |  | $ | (260,761) |  |  | $ | 662,343 |
During the nine months ended September 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 of acquired intangibles | Amortization expense for the three and nine months ended September 30, 2024 and September 30, 2023 by condensed consolidated income statement caption was as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| (In thousands)
Cost of product and maintenance | $ | 17,615 |  |  | $ | 10,991 |  |  | $ | 42,451 |  |  | $ | 31,869 |
Amortization of acquired intangibles | 9,148 |  |  | 4,612 |  |  | 21,222 |  |  | 13,181 |
Total amortization of acquired intangibles | $ | 26,763 |  |  | $ | 15,603 |  |  | $ | 63,673 |  |  | $ | 45,050 |
Estimated amortization expense | As of September 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 | $ | 27,687 |
2025 | 97,418 |
2026 | 91,795 |
2027 | 88,570 |
2028 | 84,112 |
2029 | 69,404 |
Thereafter | 203,357 |
Total estimated amortization expense | $ | 662,343 |

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