Substantially all fee revenue is derived from talent and organizational consulting 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 January 31, 2020 and April 30, 2019:

During the nine months ended January 31, 2020, we recognized revenue of $84.1 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 January 31, 2020, 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 $596.1 million. Of the $596.1 million of remaining performance obligations, the Company expects to recognize approximately $122.0 million as fee revenue in fiscal 2020, $263.6 million in fiscal 2021, $117.2 million in fiscal 2022 and the remaining $93.3 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 January 31,
	2020					2019
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	148,552		28.8	%	$	138,460		29.2	%
Financial Services		87,917		17.1			86,570		18.2
Life Sciences/Healthcare		88,924		17.3			76,654		16.2
Consumer Goods		76,719		14.9			74,186		15.6
Technology		78,823		15.3			66,188		13.9
Education/Non-Profit		32,142		6.2			29,108		6.1
General		2,248		0.4			3,338		0.8
Fee Revenue	$	515,325		100.0	%	$	474,504		100.0	%

	Nine Months Ended January 31,
	2020					2019
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	427,469		28.6	%	$	418,159		29.1	%
Financial Services		260,250		17.4			260,975		18.2
Life Sciences/Healthcare		259,845		17.4			239,425		16.7
Consumer Goods		223,779		15.0			224,848		15.7
Technology		218,273		14.6			189,155		13.2
Education/Non-Profit		92,605		6.3			90,748		6.3
General		10,042		0.7			11,967		0.8
Fee Revenue	$	1,492,263		100.0	%	$	1,435,277		100.0	%