v3.25.3
Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement (As Restated)
The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2022. There were no assets or liabilities measured on a recurring basis as of December 31, 2024 or December 31, 2023.
Fair Value Measurements at December 31, 2022
(in thousands)Carrying
Value		Level 1Level 2Level 3
Liabilities:
    Put option of noncontrolling shareholders (1)
$(142)$— $— $(142)
    Contingent consideration - acquisition (2)
$(1,300)$— $— $(1,300)
Total recorded at fair value$(1,442)$— $— $(1,442)
The Company had no assets or liabilities Level 3 fair value measurements during 2024. A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements during the year ended December 31, 2023 and December 31, 2022 is as follows:
Year ended December 31,
(in thousands)
20232022
Balance at January 1st$(1,442)(1,501)
Termination of put option of noncontrolling shareholder - 5.11(1)
142 — 
Contingent consideration - King's Camo(2)
— (1,600)
Adjustment to contingent consideration - King's Camo(2)
25 300 
Payment of contingent consideration - Polyfoam— 1,350 
Payment of contingent consideration - King's Camo(2)
1,275 — 
Increase in the fair value of put option of noncontrolling shareholder - 5.11(1)
— 9 
Balance at December 31st$— $(1,442)
(1)Represented a put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition. The put option was terminated during the period ended March 31, 2023.
(2)Velocity entered into a contingent consideration in connection with its purchase of King's Camo in July 2022. The purchase price of King's Camo included a potential earn-out if King's Camo achieved certain financial metrics. The payment of the earn-out occurred in April 2023.
Valuation Techniques
Options of noncontrolling shareholders
The put option of noncontrolling shareholders was determined based on inputs that were not readily available in public markets or able to be derived from information available in publicly quoted markets. As such, the Company categorized the put option of the noncontrolling shareholders as Level 3. The primary inputs associated with this valuation were earnings before interest, taxes amortization and depreciation times a multiple established in the shareholder put option agreement, which was used to determine a per share equity value for the shares that could be put back to the Company. The put option was terminated during the period ended March 31, 2023.
Contingent Consideration
For certain acquisition of businesses that the Company or its subsidiaries make, a portion of the acquisition price will be contingent consideration. The following is a summary of the contingent consideration arrangements entered into by the Company's subsidiaries in the prior three years and the valuation methodologies:
•Velocity entered into a contingent consideration arrangement in connection with their purchase of King's Camo in July 2022. The purchase price of King's Camo included a potential earn-out of $3.0 million if King's Camo achieved certain financial metrics. The contingent consideration was valued at $1.6 million using probability weighted models. The earnout was reduced to $1.3 million at December 31, 2022 based on the expected payout amount. The payment of the earn-out occurred in April 2023.
•Altor Solutions entered into a contingent consideration arrangement in connection with their purchase of Polyfoam in July 2020. The purchase price of Polyfoam included a potential earn-out of $1.4 million if Polyfoam achieved certain financial metrics. The payment of the earn-out occurred on March 31, 2022.
Senior Notes
The Company's Senior Notes consisted of the following carrying value and estimated fair value (in thousands):
Fair Value Hierarchy LevelDecember 31, 2024
Maturity DateRateCarrying ValueFair Value
2032 Senior NotesJanuary 15, 20325.000 %2$300,000 $272,250 
2029 Senior NotesApril 15, 20295.250 %2$1,000,000 $952,500 
2022 Term Loan
At December 31, 2024, the carrying value of the principal under the Company's outstanding 2022 Term Loan, including the current portion, was $375 million, which approximates fair value because it bears interest at a variable interest rate that reflects changes in interest rates and changes in the Company's net leverage ratio. The estimated fair value of the outstanding 2022 Term Loan is classified as Level 2 in the fair value hierarchy.
Nonrecurring Fair Value Measurements
The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2024 and December 31, 2023. Refer to "Note H – Goodwill and Intangible Assets", for a description of the valuation techniques used to determine fair value of the assets measured on a non-recurring basis in the tables below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2022.
Expense
Fair Value Measurements at December 31, 2024Year ended
(in thousands)Carrying
Value		Level 1Level 2Level 3December 31, 2024
Goodwill - Velocity$— — — $— $8,182