Revenue

12 Months Ended

Dec. 31, 2024

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 product groups included in the table below.

	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Equipment	$	893,313	$	854,949	$	740,824
Consumables	1,847,490		1,919,817		1,852,656
Total	$	2,740,803	$	2,774,766	$	2,593,480

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 December 31, 2024 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2024, 2023 and 2022, total contract liabilities were $26.4 million, $31.2 million and $25.9 million, respectively, and are included in Accrued liabilities on the Consolidated Balance Sheets. During the years ended December 31, 2024 and 2023, substantially all amounts included in the contract liability balance at the beginning of the respective year were recognized as revenue in the following year.

The table below summarizes the activity in the Company’s Allowance for credit losses included within Trade receivables in the Consolidated Balance Sheets.

	Year Ended December 31, 2024
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs and Deductions		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	25,477	$	2,248	$	(2,423)	$	(1,452)	$	23,850