XML 46 R31.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Mergers and Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Business Acquisition [Line Items] |
Schedule of Purchase Price Consideration | The following table summarizes the consideration for the Merger (in thousands, except stock price and shares):
Fair value of shares transferred to Dril-Quip shareholders (1) |  | $ |  | 530,909 |
Fair value of replacement Dril-Quip stock-based payment awards attributable to the purchase price |  |  |  | 6,364 |
Total purchase price consideration |  | $ |  | 537,273 |
(1) The fair value of shares transferred to Dril-Quip stockholders is based on 34,452,230 shares of Dril-Quip common stock outstanding and the closing stock price of Dril-Quip common stock of $15.41 on the Closing Date.
Summary of Consideration For Acquisition | The following table summarizes the consideration for the acquisition (in thousands, except stock price and shares):
Cash consideration |  | $ |  | 75,051 |
Impulse litigation holdback |  |  |  | 4,000 |
Fair value of equity consideration (1) |  |  |  | 31,215 |
Previously held interest |  |  |  | 27,567 |
Total purchase price consideration |  | $ |  | 137,833 |
(1) The fair value of equity consideration is based on 1,918,558 shares transferred and the closing stock price of Company Common Stock of $16.27 on the date of acquisition.
Schedule of Intangible Assets Acquired and Respective Amortization Periods | The table below represents the detail of the intangible assets acquired and the respective amortization periods (amounts in thousands):
Intangible Type | Weighted Average Amortization Period |  | Value |
Customer relationships | 12.0 Years |  | $ | 67,800 |
Trade names | 10.0 Years |  |  | 7,300 |
Total intangibles acquired | 11.8 Years |  | $ | 75,100 |
Schedule of Unaudited Supplemental Pro Forma Consolidated Results of Operations | The unaudited supplemental pro forma information presented below has been prepared for the Company as if the Merger and the acquisition of DWS had occurred on January 1, 2023.
| Year Ended December 31, |
(in thousands) | 2024 |  |  | 2023 |
Revenues | $ | 1,043,946 |  |  | $ | 1,051,429 |
Net income | $ | 86,138 |  |  | $ | 111,479 |
Dril-Quip, Inc |
Business Acquisition [Line Items] |
Schedule of Preliminary Allocation to Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The table below presents the preliminary allocation to the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting gain on bargain purchase as of the Closing Date. Measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date. We have adjusted our deferred tax asset as a result of measurement period adjustments due to a refinement of our estimated deferred tax positions by jurisdictions.
(in thousands) |  |  | Preliminary Purchase Price Allocation |  |  | Measurement Period Adjustments |  |  | Preliminary Purchase Price Allocation (as Adjusted) |
Cash and restricted cash |  | $ |  | 154,312 |  |  |  | - |  |  |  | 154,312 |
Trade receivables |  |  |  | 125,155 |  |  |  | - |  |  |  | 125,155 |
Contract assets |  |  |  | 8,675 |  |  |  | - |  |  |  | 8,675 |
Inventories |  |  |  | 148,958 |  |  |  | - |  |  |  | 148,958 |
Assets held for sale |  |  |  | 1,535 |  |  |  | - |  |  |  | 1,535 |
Prepaid expenses and other current assets |  |  |  | 20,023 |  |  |  | - |  |  |  | 20,023 |
Property and equipment, net |  |  |  | 133,690 |  |  |  | - |  |  |  | 133,690 |
Right of use assets – operating |  |  |  | 21,358 |  |  |  | - |  |  |  | 21,358 |
Deferred tax asset, net |  |  |  | 124,634 |  |  |  | (6,847 | ) |  |  | 117,787 |
Other long-term assets |  |  |  | 5,461 |  |  |  | - |  |  |  | 5,461 |
Total assets |  |  |  | 743,801 |  |  |  | (6,847 | ) |  |  | 736,954 |
Accounts payable |  |  |  | 48,887 |  |  |  | - |  |  |  | 48,887 |
Accrued expenses |  |  |  | 28,906 |  |  |  | - |  |  |  | 28,906 |
Contract liabilities |  |  |  | 14,332 |  |  |  | - |  |  |  | 14,332 |
Operating lease liabilities - current |  |  |  | 2,080 |  |  |  | - |  |  |  | 2,080 |
Current portion of long-term debt and finance lease obligations |  |  |  | 595 |  |  |  | - |  |  |  | 595 |
Other current liabilities |  |  |  | 213 |  |  |  | - |  |  |  | 213 |
Long-term debt and finance lease obligations |  |  |  | 1,645 |  |  |  | - |  |  |  | 1,645 |
Operating lease liabilities - noncurrent |  |  |  | 15,397 |  |  |  | - |  |  |  | 15,397 |
Other long-term liabilities |  |  |  | 1,814 |  |  |  | - |  |  |  | 1,814 |
Total liabilities |  |  |  | 113,869 |  |  |  | - |  |  |  | 113,869 |
Net assets acquired |  |  |  | 629,932 |  |  |  | (6,847 | ) |  |  | 623,085 |
Gain on bargain purchase |  |  |  | (92,659 | ) |  |  | 6,847 |  |  |  | (85,812 | )
Total purchase consideration |  | $ |  | 537,273 |  |  |  | - |  |  |  | 537,273 |
Downhole Well Solutions, LLC |
Business Acquisition [Line Items] |
Schedule of Preliminary Allocation to Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The table below presents the preliminary allocation to the estimated fair value of identifiable assets acquired and liabilities assumed and the resulting goodwill as of November 29, 2024. Goodwill is primarily attributable to the anticipated synergies expected from the integration of DWS. Based on the current tax treatment, $26.1 million of goodwill is expected to be deductible for income tax purposes over a 15-year period, while the remaining portion is not expected to be deductible for income tax purposes.
(in thousands) |  |  | Preliminary Purchase Price Allocation |
Cash and restricted cash |  | $ |  | 9,530 |
Trade receivables |  |  |  | 9,864 |
Property and equipment, net |  |  |  | 16,426 |
Right of use assets – operating |  |  |  | 2,392 |
Intangibles, net |  |  |  | 75,100 |
Total assets |  |  |  | 113,312 |
Accounts payable |  |  |  | 3,682 |
Accrued expenses |  |  |  | 1,656 |
Operating lease liabilities - current |  |  |  | 423 |
Current portion of long-term debt and finance lease obligations |  |  |  | 237 |
Long-term debt and finance lease obligations |  |  |  | 588 |
Operating lease liabilities - noncurrent |  |  |  | 1,969 |
Deferred income taxes |  |  |  | 3,168 |
Total liabilities |  |  |  | 11,723 |
Net assets acquired |  |  |  | 101,589 |
Goodwill |  |  |  | 36,244 |
Total purchase consideration |  | $ |  | 137,833 |

X
- Definition Schedule of consideration for the merger part of business combination. + References No definition available. + Details
Name: | invx_ScheduleOfConsiderationForTheMergerPartOfBusinessCombination
Namespace Prefix: | invx_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 + Details
Name: | us-gaap_BusinessAcquisitionLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=invx_DrilQuipIncMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=invx_DownholeWellSolutionsLlcMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |