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Fair Value Measurement (Tables)
12 Months Ended
Dec. 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 as of December 31, 2022. There were no assets or liabilities measured on a recurring basis as of December 31, 2023.
Fair Value Measurements at December 31, 2022
(in thousands)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)$— $— $(1,442)
(1)Represents a put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition. The put option was terminated during the period ended March 31, 2023.
(2)Represented a potential earn-out payable as additional purchase price consideration by Velocity in connection with the acquisition of King's Camo. The payment of the earn-out occurred during the second quarter of 2023.
Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability
A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements is as follows:
Year ended December 31,
(in thousands)
20232022
Balance at January 1st$(1,442)$(1,501)
Termination of put option of noncontrolling shareholder- 5.11142 — 
Contingent consideration - King's Camo— (1,600)
Adjustment to contingent consideration - King's Camo25 300 
Payment of contingent consideration - Polyfoam— 1,350 
Payment of contingent consideration - Kings's Camo1,275 — 
Increase in the fair value of put option of noncontrolling shareholder - 5.11— 
Balance at December 31st$— $(1,442)
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, 2023 and 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 tables below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2021.
Expense
Fair Value Measurements at December 31, 2023Year ended
(in thousands)Carrying
Value
Level 1Level 2Level 3December 31, 2023
Goodwill - Velocity$8,183 — — $8,183 $31,590 
Goodwill - PrimaLoft$232,536 — — $232,536 $57,810