20. 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 engineering services include, but are not limited to, plant design verification and validation, thermal performance evaluation and optimization programs, and engineering programs for plants for ASME code and ASME Section XI. The Company provides these services across all market segments. Example training applications include turnkey and custom training services. 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 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 February 15, 2019, through our wholly-owned subsidiary GSE Performance Solutions, Inc., the Company entered into the DP Engineering Purchase Agreement, to purchase 100% of the membership interests in DP Engineering. DP Engineering is a provider of value-added technical engineering solutions and consulting services to nuclear power plants with an emphasis on preparation and implementation of design modifications during plant outages. For reporting purposes, DP Engineering is included in our Performance Improvement Solutions segment due to similarities in services provided including engineering solutions and implementation of design modifications to the nuclear power sector.

On May 11, 2018, GSE, through Performance Solutions acquired True North. True North is a provider of technical engineering solutions to nuclear and fossil fuel power plants with an emphasis on regulatory-driven ASME code programs. The acquisition of True North is expected to broaden our engineering services offering, expand our relationships with several of the largest nuclear energy providers in the United States, and add a highly specialized, complementary talent pool to our employee base. For reporting purposes, True North is included in our Performance Improvement Solutions segment due to similarities in services provided including technical engineering solutions to the nuclear and fossil fuel power sector.

In September 20, 2017, the Company acquired Absolute. 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 income before income tax expense (benefit). Inter-segment revenue is eliminated in consolidation and is not significant.

(in thousands)	Years ended December 31,
	2019			2018
Revenue:
Performance Improvement Solutions	$	45,776		$	42,954
Nuclear Industry Training and Consulting		37,199			49,295
	$	82,975		$	92,249

Depreciation:
Performance Improvement Solutions	$	345		$	385
Nuclear Industry Training and Consulting		18			130
	$	363		$	515

Amortization of definite-lived intangible assets:
Performance Improvement Solutions	$	1,871		$	898
Nuclear Industry Training and Consulting		529			714
	$	2,400		$	1,612

Operating (loss) income
Performance Improvement Solutions	$	(5,802	)	$	2,640
Nuclear Industry Training and Consulting		(1,617	)		(1,274	)

Operating (loss) income	$	(7,419	)	$	1,366

Interest expense		(988	)		(268	)
Loss on derivative instruments		(13	)		(350	)
Other income (expense), net		2,068			29
Income (loss) before income taxes	$	(6,352	)	$	777

Additional information relating to segments is as follows:

(in thousands)	December 31,
	2019		2018

Performance Improvement Solutions	$	41,550	$	40,353
Nuclear Industry Training and Consulting		16,959		21,087
Total assets	$	58,509	$	61,440

For the years ended December 31, 2019 and 2018, 90% and 91%, 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, 2019 and 2018 are as follows:

(in thousands)	Year ended December 31, 2019
	United States			Europe			Asia			Eliminations			Consolidated

Revenue	$	81,597		$	-		$	1,378		$	-		$	82,975
Transfers between geographic locations		623			-			124			(747	)		-
Total revenue	$	82,220		$	-		$	1,502		$	(747	)	$	82,975
Operating income (loss)	$	(7,710	)	$	54		$	237		$	-		$	(7,419	)
Total assets, at December 31	$	184,115		$	3,526		$	2,805		$	(131,937	)	$	58,509

(in thousands)	Year ended December 31, 2018
	United States			Europe			Asia			Eliminations			Consolidated

Revenue	$	88,979		$	2,150		$	1,120		$	-		$	92,249
Transfers between geographic locations		2,046			-			199			(2,245	)		-
Total revenue	$	91,025		$	2,150		$	1,319		$	(2,245	)	$	92,249
Operating income (loss)	$	2,902		$	(1,116	)	$	(420	)	$	-		$	1,366
Total assets, at December 31	$	171,206		$	3,893		$	3,592		$	(117,251	)	$	61,440

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. All revenues in Asia were attributable to our Chinese subsidiary. In Europe, total revenues for the year ended December 31, 2019 were zero due to the Sweden and UK office closures in 2018.

Alternatively, revenues from customers domiciled in foreign countries were approximately 16% and 15%, of the Company’s consolidated 2019 and 2018 revenue, respectively. Revenues from foreign countries where our customers reside were all individually less than 10% of the Company’s consolidated revenues during 2019 and 2018.