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Revenue
 9 Months Ended
Sep. 29, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company provides advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s products are utilized to solve challenges in a wide range of industries, including cutting, joining and automated welding. Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups:
Three Months Ended
Nine Months Ended
September 29, 2023September 30, 2022September 29, 2023September 30, 2022
(In thousands)
Equipment$209,037 $168,633 $635,305 $547,555 
Consumables471,959 451,632 1,450,113 1,381,798 
Total$680,996 $620,265 $2,085,418 $1,929,353 

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 September 29, 2023 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2022 and December 31, 2021, total contract liabilities were $25.9 million and $22.3 million, respectively, and were included in Accrued liabilities on the Consolidated and Combined Condensed Balance Sheets. During the three and nine months ended September 29, 2023, revenue recognized that was included in the contract liability balance at the beginning of the year was $2.3 million and $16.7 million, respectively. During the three and nine months ended September 30, 2022, revenue recognized that was included in the contract liability balance at the beginning of the year was $4.6 million and $19.0 million, respectively. As of September 29, 2023 and September 30, 2022, total contract liabilities were $29.5 million and $22.5 million, respectively, and were included in Accrued liabilities on the Company’s Consolidated and Condensed Balance Sheets.
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:
Nine Months Ended September 29, 2023
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$23,471 $3,769 $(1,455)$(121)$25,664