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Fair Value Measurement | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurement | Fair Value Measurement The following table provides the assets and liabilities carried at fair value measured on a recurring basis at March 31, 2022 and December 31, 2021 (in thousands):
| Fair Value Measurements at March 31, 2022
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |
Put option of noncontrolling shareholders (1) | $ | (151) |  |  | $ | — |  |  | $ | — |  |  | $ | (151) |
Total recorded at fair value | $ | (151) |  |  | $ | — |  |  | $ | — |  |  | $ | (151) |
(1)Represents put option issued to noncontrolling shareholders in connection with the 5.11 acquisition.
| Fair Value Measurements at December 31, 2021
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Liabilities: |  |  |  |  |  |  |
Put option of noncontrolling shareholders (1) | $ | (151) |  |  | $ | — |  |  | $ | — |  |  | $ | (151) |
Contingent consideration - acquisition (2) | (1,350) |  |  | — |  |  | — |  |  | (1,350) |
Total recorded at fair value | $ | (1,501) |  |  | $ | — |  |  | $ | — |  |  | $ | (1,501) |
(1)Represents put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition. (2)Represents potential earn-out payable as additional purchase price consideration by Altor in connection with the acquisition of Polyfoam. The payment of the earn-out occurred on March 31, 2022. Reconciliations of the change in the carrying value of the Level 3 fair value measurements from January 1, 2021 through March 31, 2022 are as follows (in thousands):
| Level 3
Balance at January 1, 2021 | $ | (1,785) |
Termination of put option of noncontrolling shareholder - Liberty | 314 |
Increase in the fair value of put option of noncontrolling shareholder - 5.11 | (30) |
Balance at December 31, 2021 | $ | (1,501) |
Payment of contingent consideration - Polyfoam | 1,350 |
Balance at March 31, 2022 | $ | (151) |
Valuation Techniques The Company has not changed its valuation techniques in measuring the fair value of any of its other financial assets and liabilities during the period. For details of the Company’s fair value measurement policies under the fair value hierarchy, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Nonrecurring Fair Value Measurements There were no assets or liabilities measured on a non-recurring basis during the quarter ended March 31, 2022 and December 31, 2021, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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