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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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 and 2021 (in thousands):
Fair Value Measurements at December 31, 2022
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)
(1)Represents a 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 Velocity in connection with the acquisition of King's Camo.
Fair Value Measurements at December 31, 2021
Carrying
Value
Level 1Level 2Level 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)$— $— $(1,501)
(1)Represents a put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition.
(2)Represents potential earn-out payable as additional purchase price consideration by Altor Solutions in connection with the acquisition of Polyfoam. The payment of the earn-out occurred on March 31, 2022.
Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability
A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements is as follows:
Year ended December 31,
(in thousands)
20222021
Balance at January 1st$(1,501)$(1,785)
Termination of put option of noncontrolling shareholder- Liberty— 314 
Contingent consideration - King's Camo(1,600)— 
Adjustment to contingent consideration - King's Camo300 — 
Payment of contingent consideration - Polyfoam1,350 — 
Increase (decrease) in the fair value of put option of noncontrolling shareholder - 5.11(30)
Balance at December 31st$(1,442)$(1,501)
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, 2022. 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 table below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2021 and 2020.
Expense
Fair Value Measurements at December 31, 2022Year ended
(in thousands)Carrying
Value
Level 1Level 2Level 3December 31, 2022
Goodwill - Ergo$40,896 — — $40,896 $20,552