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DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Cadence’s outstanding debt was as follows:
| March 31, 2025 |  | December 31, 2024
| (In thousands)
| Principal |  | Unamortized Discount and Issuance Costs |  | Carrying Value |  | Principal |  | Unamortized Discount and Issuance Costs |  | Carrying Value
2027 Notes | $ | 500,000 |  |  | $ | (2,927) |  |  | $ | 497,073 |  |  | $ | 500,000 |  |  | $ | (3,206) |  |  | $ | 496,794 |
2029 Notes | 1,000,000 |  |  | (9,194) |  |  | 990,806 |  |  | 1,000,000 |  |  | (9,666) |  |  | 990,334 |
2034 Notes | 1,000,000 |  |  | (10,720) |  |  | 989,280 |  |  | 1,000,000 |  |  | (10,945) |  |  | 989,055 |
Total outstanding debt | $ | 2,500,000 |  |  | $ | (22,841) |  |  | $ | 2,477,159 |  |  | $ | 2,500,000 |  |  | $ | (23,817) |  |  | $ | 2,476,183 |
Senior Notes In September 2024, Cadence issued $500.0 million aggregate principal amount of 4.200% Senior Notes due September 10, 2027 (the “2027 Notes”). Cadence received net proceeds of $496.5 million from the issuance of the 2027 Notes, net of a discount of $0.1 million and issuance costs of $3.5 million. As of March 31, 2025, the fair value of the 2027 Notes was $498.7 million. In September 2024, Cadence issued $1.0 billion aggregate principal amount of 4.300% Senior Notes due September 10, 2029 (the “2029 Notes”). Cadence received net proceeds of $989.8 million from the issuance of the 2029 Notes, net of a discount of $1.4 million and issuance costs of $8.8 million. As of March 31, 2025, the fair value of the 2029 Notes was $991.7 million. In September 2024, Cadence issued $1.0 billion aggregate principal amount of 4.700% Senior Notes due September 10, 2034 (the “2034 Notes,” and together with the 2027 Notes and the 2029 Notes, the “New Senior Notes”). Cadence received net proceeds of $988.8 million from the issuance of the 2034 Notes, net of a discount of $1.9 million and issuance costs of $9.3 million. As of March 31, 2025, the fair value of the 2034 Notes was $977.7 million. Cadence may redeem the New Senior Notes, in whole or in part, at any time or from time to time, at redemption prices specified in the governing indenture. In addition, Cadence may be required to repurchase New Senior Notes upon occurrence of a change of control triggering event, as set forth in the governing indenture. The indenture governing the New Senior Notes includes customary representations, warranties and restrictive covenants, including, but not limited to, restrictions on Cadence’s ability to grant liens on certain assets, enter into certain sale and lease-back transactions, or merge, consolidate or sell assets, and also includes customary events of default. As of March 31, 2025, Cadence was in compliance with all covenants associated with the New Senior Notes. Both the discount and issuance costs are being amortized to interest expense over the term of the New Senior Notes using the effective interest method. Interest on the New Senior Notes is payable semi-annually in arrears in March and September of each year. The New Senior Notes are unsecured and rank equal in right of payment to all of Cadence’s existing and future senior indebtedness.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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