17. Segment Information

The Company has two reportable business segments. The Performance Improvement Solutions segment provides simulation, training and engineering products and services delivered across the breadth of industries we serve. Solutions include simulation for both training and engineering applications. Example training applications include turnkey and custom training services, while engineering services include plant design verification and validation. The Company provides these services across all market segments. Contract terms are typically less than two years.

The Nuclear Industry Training and Consulting segment provides specialized workforce solutions primarily to the nuclear industry, working at clients' facilities. This business is managed through our Hyperspring and newly acquired Absolute subsidiaries. The business model, management focus, margins and other factors clearly separate this business line from the rest of the GSE product and service portfolio.

On September 20, 2017, the Company acquired Absolute Consulting, Inc., now a wholly-owned subsidiary of GSE Performance Solutions, Inc. Absolute is a provider of technical consulting and staffing solutions to the global nuclear power industry and employs approximately 160 professionals with expertise in procedures writing, engineering, technical support, project management, training, project controls, and corrective actions. This acquisition brings a natural adjacency to GSE, fits well with our growth strategy, and benefits our customers from expanded capabilities and offerings. For reporting purposes, Absolute was aggregated with Hyperspring into our Nuclear Industry Training and Consulting segment due to similarities in services provided including training and staff augmentation to the nuclear energy sector. In addition, both entities report to the same management team and share support staff such as sales, recruiting and business development. As such, 100% of the goodwill acquired was allocated to the Nuclear Industry Training and Consulting segment.

The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated (loss) income before income taxes.

(in thousands)	Years ended December 31,
	2017		2016
Revenue:
Performance Improvement Solutions	$	39,899	$	35,474
Nuclear Industry Training and Consulting		30,981		17,627
	$	70,880	$	53,101

Operating income
Performance Improvement Solutions	$	(2,745)	$	(856)
Nuclear Industry Training and Consulting		3,420		2,224
Change in fair value of contingent consideration, net		(446)		207

Operating income	$	229	$	1,575

Interest income, net		80		85
Gain (loss) on derivative instruments, net		99		(18)
Other (expense) income, net		(4)		130
Income before income taxes	$	404	$	1,772

Additional information relating to segments is as follows:

(in thousands)	December 31,
	2017		2016

Performance Improvement Solutions	$	34,107	$	42,383
Nuclear Industry Training and Consulting		22,748		11,249
Intercompany receivable elimination		-		24
Total assets	$	56,855	$	53,656

For the years ended December 31, 2017 and 2016, 83% and 73%, respectively, of the Company's consolidated revenue was from customers in the nuclear power industry. The Company designs, develops and delivers business and technology solutions to the energy industry worldwide. Revenue, operating income (loss) and total assets for the Company's United States, European, and Asian subsidiaries as of and for the years ended December 31, 2017 and 2016 are as follows:

(in thousands)	Year ended December 31, 2017
	United States		Europe		Asia		Eliminations		Consolidated

Revenue	$	66,249	$	3,196	$	1,435	$	-	$	70,880
Transfers between geographic locations		1,953		-		668		(2,621)		-
Total revenue	$	68,202	$	3,196	$	2,103	$	(2,621)	$	70,880
Operating income (loss)	$	1,930	$	(1,585)	$	(116)	$	-	$	229
Total assets, at December 31	$	149,390	$	5,057	$	4,313	$	(101,905)	$	56,855

(in thousands)	Year ended December 31, 2016
	United States		Europe		Asia		Eliminations		Consolidated

Revenue	$	46,149	$	4,143	$	2,809	$	-	$	53,101
Transfers between geographic locations		2,639		22		1,139		(3,800)		-
Total revenue	$	48,788	$	4,165	$	3,948	$	(3,800)	$	53,101
Operating loss	$	2,921	$	(896)	$	(450)	$	-	$	1,575
Total assets, at December 31	$	121,728	$	4,859	$	4,064	$	(76,995)	$	53,656

Revenues by geographic location above are attributed to the contracting entity. Therefore, revenues from a foreign customer that contracted directly with our U.S. entity are included in revenues from the United States. In Europe, total revenues attributable to our U.K. and Sweden subsidiaries were $1.6 million, respectively. All revenues in Asia were attributable to our Chinese subsidiary.

Alternatively, revenues from customers domiciled in foreign countries were approximately 16% and 33%, of the Company's consolidated 2017 and 2016 revenue, respectively. Revenues from foreign countries where our customers reside were all individually less than 10% of the Company's consolidated revenues during 2017 and 2016.