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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

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 at March 31, 2023 and December 31, 2022 (in thousands):

			Fair Value Measurements at March 31, 2023
			Carrying Value						Level 1						Level 2						Level 3
Liabilities:
Contingent consideration - acquisition (1)			(1,300)						—						—						(1,300)
Total recorded at fair value			$	(1,300)					$	—					$	—					$	(1,300)

(1)     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, 2022
			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 Fair Value Measurements

Reconciliations of the change in the carrying value of the Level 3 fair value measurements from January 1, 2022 through March 31, 2023 are as follows (in thousands):

			Level 3
Balance at January 1, 2022			$	(1,501)
Contingent consideration - King's Camo			(1,600)
Adjustment to contingent consideration - King's Camo			300
Payment of contingent consideration - Polyfoam			1,350
Increase in the fair value of put option of noncontrolling shareholder - 5.11			9
Balance at December 31, 2022			$	(1,442)
Termination of put option of noncontrolling shareholder - 5.11			142
Balance at March 31, 2023			$	(1,300)

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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