Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

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 1		Level 2		Level 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)

Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability

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)	2023		2022

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.

Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis

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, 2024						Year ended
(in thousands)	Carrying Value		Level 1	Level 2	Level 3		December 31, 2024
Goodwill - Velocity	$	—	—	—	$	—	$	8,182