Weldments have two default configurations: Default [As Machined] and Default [As Welded].
Different states of the same weldment are handled by configurations. The top level is an [As Machined] configuration, and includes machined features such as holes. Underneath the top level is a derived state that is an [As Welded] configuration.
Weldment cut lists are always based on the [As Welded] configuration.