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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2024
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, 2024 or 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)$— $— $(1,442)
Reconciliations of Change in Carrying Value of Level 3 Supplemental Put Liability A reconciliation of the change in the carrying value of the Company’s Level 3 fair value measurements during the year ended December 31, 2023 and December 31, 2022 is as follows:
Year ended December 31,
(in thousands)
20232022
Balance at January 1st$(1,442)(1,501)
Termination of put option of noncontrolling shareholder - 5.11(1)
142 — 
Contingent consideration - King's Camo(2)
— (1,600)
Adjustment to contingent consideration - King's Camo(2)
25 300 
Payment of contingent consideration - Polyfoam— 1,350 
Payment of contingent consideration - King's Camo(2)
1,275 — 
Increase in the fair value of put option of noncontrolling shareholder - 5.11(1)
— 
Balance at December 31st$— $(1,442)
(1)Represented a put option issued to a noncontrolling shareholder in connection with the 5.11 acquisition. The put option was terminated during the period ended March 31, 2023.
(2)Velocity entered into a contingent consideration in connection with its purchase of King's Camo in July 2022. The purchase price of King's Camo included a potential earn-out if King's Camo achieved certain financial metrics. The payment of the earn-out occurred in April 2023.
Summary of Assets and Liabilities Carried at Fair Value Measured on Non-recurring Basis
The following table provides the assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2024 and December 31, 2023. Refer to "Note H – Goodwill and Intangible Assets", for a description of the valuation techniques used to determine fair value of the assets measured on a non-recurring basis in the tables below. There were no assets and liabilities carried at fair value measured on a non-recurring basis as of December 31, 2022.
Expense
Fair Value Measurements at December 31, 2024Year ended
(in thousands)Carrying
Value
Level 1Level 2Level 3December 31, 2024
Goodwill - Velocity$— — — $— $8,182