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Business Segments | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments In the first quarter 2024, following the Variperm Acquisition, we aligned our reportable segments with business activity drivers and the manner in which management reviews and evaluates operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, 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 make decisions on how to allocate resources and assess performance. 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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |
Drilling and Completions | $ | 123,587 |  |  | $ | 118,920 |  |  | $ | 359,683 |  |  | $ | 376,026 |
Artificial Lift and Downhole | 84,226 |  |  | 60,357 |  |  | 255,737 |  |  | 177,681 |
Eliminations | (7) |  |  | (24) |  |  | (13) |  |  | (48) |
Total revenue | $ | 207,806 |  |  | $ | 179,253 |  |  | $ | 615,407 |  |  | $ | 553,659 |
Segment operating income |  |  |  |  |  |  |
Drilling and Completions | $ | 7,030 |  |  | $ | 3,868 |  |  | $ | 14,464 |  |  | $ | 15,483 |
Artificial Lift and Downhole | 10,784 |  |  | 8,519 |  |  | 36,031 |  |  | 24,121 |
Corporate | (8,404) |  |  | (6,861) |  |  | (22,610) |  |  | (20,538) |
Segment operating income | 9,410 |  |  | 5,526 |  |  | 27,885 |  |  | 19,066 |
Transaction expenses | 579 |  |  | — |  |  | 7,728 |  |  | — |
Loss (gain) on disposal of assets and other | (85) |  |  | (145) |  |  | 107 |  |  | 137 |
Operating income | $ | 8,916 |  |  | $ | 5,671 |  |  | $ | 20,050 |  |  | $ | 18,929 |
A summary of consolidated assets by reportable segment is as follows (in thousands):
| September 30, 2024 |  | December 31, 2023
Drilling and Completions | $ | 573,395 |  |  | $ | 615,033 |
Artificial Lift and Downhole | 383,727 |  |  | 178,785 |
Corporate | 16,615 |  |  | 27,243 |
Total assets | $ | 973,737 |  |  | $ | 821,061 |
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs. The following table presents our revenues disaggregated by product line (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Drilling | $ | 35,741 |  |  | $ | 41,703 |  |  | $ | 107,714 |  |  | $ | 126,918 |
Subsea | 20,903 |  |  | 14,748 |  |  | 59,537 |  |  | 40,894 |
Stimulation and Intervention | 38,037 |  |  | 32,541 |  |  | 113,823 |  |  | 126,241 |
Coiled Tubing | 28,906 |  |  | 29,928 |  |  | 78,609 |  |  | 81,973 |
Downhole | 50,562 |  |  | 23,480 |  |  | 155,883 |  |  | 68,763 |
Production Equipment | 17,968 |  |  | 21,706 |  |  | 54,508 |  |  | 59,268 |
Valve Solutions | 15,696 |  |  | 15,171 |  |  | 45,346 |  |  | 49,650 |
Eliminations | (7) |  |  | (24) |  |  | (13) |  |  | (48) |
Total revenue | $ | 207,806 |  |  | $ | 179,253 |  |  | $ | 615,407 |  |  | $ | 553,659 |
The following table presents our revenues disaggregated by geography (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 108,363 |  |  | $ | 103,453 |  |  | $ | 322,232 |  |  | $ | 352,183 |
Canada | 35,719 |  |  | 12,333 |  |  | 107,694 |  |  | 40,400 |
Middle East | 24,678 |  |  | 27,359 |  |  | 67,411 |  |  | 64,058 |
Europe & Africa | 15,826 |  |  | 16,832 |  |  | 58,481 |  |  | 39,177 |
Asia-Pacific | 10,472 |  |  | 10,091 |  |  | 30,790 |  |  | 27,623 |
Latin America | 12,748 |  |  | 9,185 |  |  | 28,799 |  |  | 30,218 |
Total revenue | $ | 207,806 |  |  | $ | 179,253 |  |  | $ | 615,407 |  |  | $ | 553,659 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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