Substantially all fee revenue is derived from talent and organizational advisory services and digital sales, 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 October 31, 2019 and April 30, 2019:

During the six months ended October 31, 2019, we recognized revenue of $69.0 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 October 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 $608.3 million. Of the $608.3 million of remaining performance obligations, the Company expects to recognize approximately $203.4 million as fee revenue in fiscal 2020, $209.1 million in fiscal 2021, $117.4 million in fiscal 2022 and the remaining $78.4 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 October 31,
	2019					2018
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	139,010		28.2	%	$	143,969		29.1	%
Financial Services		85,457		17.4			93,015		18.8
Life Sciences/Healthcare		88,807		18.0			83,611		16.9
Consumer Goods		75,227		15.3			79,076		15.9
Technology		70,355		14.3			60,148		12.1
Education/Non-Profit		29,702		6.0			31,061		6.3
General		3,831		0.8			4,325		0.9
Fee Revenue	$	492,389		100.0	%	$	495,205		100.0	%

	Six Months Ended October 31,
	2019					2018
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	278,917		28.5	%	$	279,699		29.1	%
Financial Services		172,333		17.6			174,405		18.2
Life Sciences/Healthcare		170,921		17.5			162,771		16.9
Consumer Goods		147,060		15.1			150,662		15.7
Technology		139,450		14.3			122,967		12.8
Education/Non-Profit		60,463		6.2			61,640		6.4
General		7,794		0.8			8,629		0.9
Fee Revenue	$	976,938		100.0	%	$	960,773		100.0	%