ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2024

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Cadence’s accumulated other comprehensive loss is comprised of the aggregate impact of foreign currency translation gains and losses, changes in defined benefit plan liabilities and unrealized gains and losses on investments and is presented in Cadence’s consolidated statements of comprehensive income.

Accumulated other comprehensive loss was comprised of the following as of December 31, 2024, and December 31, 2023:


	As of
	December 31, 2024		December 31, 2023
	(In thousands)
Foreign currency translation loss	$	(178,611)	$	(90,678)
Changes in defined benefit plan liabilities	(4,447)		(4,208)
Unrealized losses on derivatives designated as hedging instruments	(7,038)		—
Unrealized gains (losses) on available-for-sale debt securities	(352)		132
Total accumulated other comprehensive loss	$	(190,448)	$	(94,754)

During the third quarter of fiscal 2024, in anticipation of issuing the New Notes, Cadence entered into a series of treasury lock agreements which fixed benchmark U.S. Treasury rates for an aggregate notional amount of $850 million to hedge the impact of changes in the benchmark interest rate on future interest payments. Upon issuance of the New Notes in September 2024, Cadence settled the treasury lock agreements and incurred a loss of $9.7 million, which will be amortized to interest expense using the effective interest method over the term of the 2034 Notes.

For fiscal 2024, 2023 and 2022, there were no significant amounts related to foreign currency translation loss or changes in defined benefit plan liabilities reclassified to net income from accumulated other comprehensive loss.