Substantially all fee revenue is derived from talent and organizational advisory services and the sale of products, fees for professional services related to executive and professional recruitment performed on a retained basis and RPO, standalone or as part of a solution.

A contract asset (unbilled receivables) is recorded when the Company transfers control of products or services before there is an unconditional right to payment. A contract liability (deferred revenue) is recorded when cash is received in advance of performance of the obligation. Deferred revenue represents the future performance obligations to transfer control of products or services for which we have already received consideration. Deferred revenue is presented in other accrued liabilities on the consolidated balance sheet.

The following table outlines our contract asset and liability balances as of July 31, 2019 and April 30, 2019:

During the three months ended July 31, 2019, we recognized revenue of $44.8 million that was included in the contract liabilities balance at the beginning of the period.

The Company has elected to apply the practical expedient to exclude the value of unsatisfied performance obligations for contracts with a duration of one year or less, which applies to all executive search and professional search fee revenue. As of July 31, 2019, the aggregate transaction price allocated to the performance obligations that are unsatisfied for contracts with an expected duration of greater than one year at inception was $556.7 million. Of the $556.7 million of remaining performance obligations, the Company expects to recognize approximately $264.5 million as fee revenue in fiscal 2020, $163.6 million in fiscal 2021, $99.4 million in fiscal 2022 and the remaining $29.2 million in fiscal 2023 and thereafter. However, this amount should not be considered an indication of the Company’s future revenue as contracts with an initial term of one year or less are not included. Further, the Company’s contract terms and conditions allow for clients to increase or decrease the scope of services and such changes do not increase or decrease a performance obligation until the Company has an enforceable right to payment.

The Company disaggregates its revenue by line of business and further by region for Executive Search. This information is presented in Note 10—Segments.

	Three Months Ended July 31,
	2019					2018
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	139,907		28.9	%	$	135,730		29.1	%
Financial Services		86,876		17.9			81,390		17.5
Life Sciences/Healthcare		82,114		16.9			79,160		17.0
Consumer Goods		71,833		14.8			71,586		15.4
Technology		69,095		14.3			62,819		13.5
Education/Non-Profit		30,761		6.4			30,579		6.6
General		3,963		0.8			4,304		0.9
Fee Revenue	$	484,549		100.0	%	$	465,568		100.0	%