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GOODWILL AND ACQUIRED INTANGIBLES | 12 Months Ended
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Dec. 31, 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 fiscal 2024 and 2023 were as follows:
| Gross Carrying Amount
| (In thousands)
Balance as of December 31, 2022 | $ | 1,374,268 |
Goodwill resulting from acquisitions | 160,083 |
Effect of foreign currency translation | 1,494 |
Balance as of December 31, 2023 | 1,535,845 |
Goodwill resulting from acquisitions | 889,585 |
Effect of foreign currency translation | (46,759) |
Balance as of December 31, 2024 | $ | 2,378,671 |
Cadence completed its annual goodwill impairment test during the third quarter of fiscal 2024 and determined that the fair value of Cadence’s single reporting unit exceeded the carrying amount of its net assets and that no impairment existed. Acquired Intangibles, Net Acquired intangibles as of December 31, 2024, were as follows, excluding intangibles that were fully amortized as of December 31, 2023:
| Gross Carrying Amount |  | Accumulated Amortization |  | Acquired Intangibles, Net
| (In thousands)
Existing technology | $ | 465,453 |  |  | $ | (199,126) |  |  | $ | 266,327 |
Agreements and relationships | 386,365 |  |  | (78,605) |  |  | 307,760 |
Tradenames, trademarks and patents | 28,113 |  |  | (7,466) |  |  | 20,647 |
Total acquired intangibles | $ | 879,931 |  |  | $ | (285,197) |  |  | $ | 594,734 |
During fiscal 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, excluding intangibles that were fully amortized as of December 31, 2022:
| 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 is included in cost of product and maintenance. Amortization expense for fiscal 2024, 2023 and 2022, by consolidated income statement caption, was as follows:
| 2024 |  | 2023 |  | 2022
| (In thousands)
Cost of product and maintenance | $ | 60,074 |  |  | $ | 43,808 |  |  | $ | 41,348 |
Amortization of acquired intangibles | 30,375 |  |  | 18,162 |  |  | 18,470 |
Total amortization of acquired intangibles | $ | 90,449 |  |  | $ | 61,970 |  |  | $ | 59,818 |
As of December 31, 2024, the estimated amortization expense for intangible assets with definite lives was as follows for the following five fiscal years and thereafter:
| (In thousands)
2025 | $ | 91,486 |
2026 | 86,763 |
2027 | 84,480 |
2028 | 79,023 |
2029 | 64,292 |
Thereafter | 188,690 |
Total estimated amortization expense | $ | 594,734 |

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