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Business Segments | 3 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Business Segments | Business Segments In the first quarter 2019, we changed our reporting segments in order to align with business activity drivers and the manner in which management reviews and evaluates operating performance. Forum now operates in the following three reporting segments: Drilling & Downhole, Completions and Production. This move better aligns with the key phases of the well cycle and provides improved operating efficiencies. Historically, we operated in three business segments: Drilling & Subsea, Completions, and Production & Infrastructure. We have moved the Downhole product line from Completions to Drilling & Subsea to form the new Drilling & Downhole segment. Completions retains the Stimulation & Intervention and Coiled Tubing product lines. Finally, we renamed Production & Infrastructure as the Production segment. Our historical results of operations have been recast to retrospectively reflect these changes in accordance with generally accepted accounting principles. The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets as well as other markets such as alternative energy, defense and communications. The Completions segment designs, manufactures and supplies products and provides related services to the completion, stimulation and intervention markets. The Production segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets. The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors view the business. We consider the Chief Operating Decision Maker to be the Chief Executive Officer. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments. Summary financial data by segment follows (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Revenue: |  |  |
Drilling & Downhole | $ | 85,940 |  |  | $ | 76,864 |
Completions | 94,659 |  |  | 88,054 |
Production | 91,995 |  |  | 86,421 |
Eliminations | (752 | ) |  | (1,108 | )
Total revenue | $ | 271,842 |  |  | $ | 250,231 |
Operating income (loss) |  |  |
Drilling & Downhole | $ | (2,499 | ) |  | $ | (10,310 | )
Completions | 6,851 |  |  | 8,961 |
Production | 4,335 |  |  | 4,162 |
Corporate | (8,406 | ) |  | (8,580 | )
Segment operating income (loss) | 281 |  |  | (5,767 | )
Transaction expenses | 593 |  |  | 1,336 |
Contingent consideration benefit | (4,629 | ) |  | — |
Loss (gain) on disposal of assets and other | 20 |  |  | (397 | )
Operating income (loss) | $ | 4,297 |  |  | $ | (6,706 | )
A summary of consolidated assets by reportable segment is as follows (in thousands):
| March 31, 2019 |  | December 31, 2018
Drilling & Downhole | $ | 679,735 |  |  | $ | 663,414 |
Completions | 870,569 |  |  | 872,731 |
Production | 251,623 |  |  | 243,354 |
Corporate | 48,243 |  |  | 50,153 |
Total assets | $ | 1,850,170 |  |  | $ | 1,829,652 |
Corporate assets include, among other items, cash, prepaid assets and deferred financing costs. The following table presents our revenues disaggregated by product line (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Drilling Technologies | $ | 41,926 |  |  | $ | 42,757 |
Downhole Technologies | 30,425 |  |  | 24,527 |
Subsea Technologies | 13,589 |  |  | 9,580 |
Stimulation and Intervention | 51,311 |  |  | 51,060 |
Coiled Tubing | 43,348 |  |  | 36,994 |
Production Equipment | 36,568 |  |  | 31,456 |
Valve Solutions | 55,427 |  |  | 54,965 |
Eliminations | (752 | ) |  | (1,108 | )
Total revenue | $ | 271,842 |  |  | $ | 250,231 |
The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
United States | $ | 196,967 |  |  | $ | 190,064 |
Canada | 16,463 |  |  | 19,194 |
Europe & Africa | 17,597 |  |  | 13,890 |
Middle East | 19,285 |  |  | 10,570 |
Asia-Pacific | 14,759 |  |  | 8,850 |
Latin America | 6,771 |  |  | 7,663 |
Total Revenue | $ | 271,842 |  |  | $ | 250,231 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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