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Accrued Expenses | 12 Months Ended
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Dec. 31, 2024
Payables and Accruals [Abstract] |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following:
|  | December 31, |
(table only in thousands) |  | 2024 |  |  | 2023 |
Compensation and related benefits |  | $ | 12,274 |  |  | $ | 11,278 |
Accrued warranty |  |  | 4,558 |  |  |  | 5,105 |
Contract liability |  |  | 9,746 |  |  |  | 7,875 |
Short-term operating lease liability |  |  | 4,262 |  |  |  | 4,278 |
Other |  |  | 16,688 |  |  |  | 15,765 |
Total accrued expenses |  | $ | 47,528 |  |  | $ | 44,301 |
The activity in the Company’s earnout liability consisted of the following:
|  | December 31, |
(table only in thousands) |  | 2024 |  |  | 2023 |
Earnout accrued at beginning of year |  | $ | 2,200 |  |  | $ | 1,200 |
Fair value of earnout at acquisition date |  |  | 6,332 |  |  |  | 2,800 |
Fair value adjustment |  |  | 134 |  |  |  | 296 |
Payments and other |  |  | (2,831 | ) |  |  | (2,096 | )
Earnout accrued at end of year |  | $ | 5,835 |  |  | $ | 2,200 |
Current portion, recorded within Accrued expenses |  |  | 60 |  |  |  | 1,115 |
Non-current portion, recorded within Other liabilities |  |  | 5,775 |  |  |  | 1,085 |
As additional consideration in the acquisition of WK Germany KG, GmbH and WK Asia-Pacific Pte. Ltd. (collectively, "WK Group"), the former owners of WK Group are entitled to earn-out payments up to $27.5 million based upon specified financial results through September 30, 2025. Based on projections at the acquisition date, the Company estimated the fair value of the earn-out to be $6.3 million, recorded in "Other liabilities" on its Consolidated Balance Sheets. As additional consideration in the acquisition of Kemco Systems Co., LLC ("Kemco"), the former owners of Kemco are entitled to earn-out payments up to $4.0 million based upon specified financial results through August 31, 2026. Based on projections at the acquisition date, the Company estimated the fair value of the earn-out to be $2.2 million. As of December 31, 2024, the earnout liability recorded in "Accrued expenses" on its Consolidated Balance Sheets was $0.1 million, reflecting earnout payments of $2.8 million made in the year ended December 31, 2024 and fair value adjustments of $0.7 million during the year ended December 31, 2024. The fair value adjustments were recorded in "Amortization and earnout expenses" on the Consolidated Statement of Income. As additional consideration in the acquisition of Malvar Engineering Limited, including its subsidiaries Arkanum Management Limited and Wakefield Acoustics Limited (collectively, "Wakefield"), the former owners of Wakefield were entitled to earn-out payments based upon specified financial results through July 31, 2023. Based on projections at the acquisition date, the Company estimated the fair value of the earn-out to be $0.6 million. An earnout payment of $0.6 million was made in the year ended December 31, 2023. As additional consideration in the acquisition of Compass Water Solutions, Inc. ("Compass"), the former owners of Compass were entitled to earn-out payments based upon specified financial results through April 30, 2023. Based on projections at the acquisition date of May 3, 2022, the Company estimated the fair value of the earnout to be $1.4 million. During the year ended December 31, 2022, the Company decreased the earnout by $0.2 million based on the estimated fair value at December 31, 2022. The fair value adjustment was recorded in "Amortization and earnout expenses" on the Consolidated Statement of Income. An earnout payment of $1.5 million was made in the year ended December 31, 2023.

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