v3.25.2
Revenue
 6 Months Ended
Jul. 04, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company provides fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups:
Three Months EndedSix Months Ended
July 4, 2025June 28, 2024July 4, 2025June 28, 2024
Equipment$231,939 $231,659 $464,427 $446,518 
Consumables483,647 475,394 929,297 950,279 
Total$715,586 $707,053 $1,393,724 $1,396,797 
The sales mix in the above table is relatively consistent across both reportable segments. The consumables product grouping generally has less production complexity and shorter production cycles than equipment products.

Given the nature of the business, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of July 4, 2025 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2024 and December 31, 2023, total contract liabilities were $26.4 million and $31.2 million, respectively, and were included in Accrued liabilities on the Consolidated and Condensed Balance Sheets. During the three and six months ended July 4, 2025, revenue recognized that was included in the contract liabilities balance at the beginning of the year was $3.6 million and $13.6 million, respectively. During the three and six months ended June 28, 2024, revenue recognized that was included in the contract liabilities balance at the beginning of the year was $5.1 million and $21.3 million, respectively. As of July 4, 2025 and June 28, 2024, total contract liabilities were $25.1 million and $27.9 million, respectively.

Allowance for Credit Losses

A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated and Condensed Balance Sheets is as follows:
Six months ended July 4, 2025
Balance at
Beginning
of Period		Charged to Expense, netWrite-Offs and DeductionsForeign
Currency
Translation		Balance at
End of
Period
(In thousands)
Allowance for credit losses$23,850 $795 $(2,387)$1,453 $23,711