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Revenue Recognition and Contracts with Customers | 9 Months Ended
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Jan. 31, 2020
Revenue From Contract With Customer [Abstract] |
Revenue Recognition and Contracts with Customers | (4) Revenue Recognition and Contracts with Customers: On May 1, 2018, we adopted ASU 2014-09 Revenue from Contracts with Customers (Topic 606), or ASU 2014-09, using the modified retrospective approach, and recorded a contract liability, included in accrued expenses in the condensed consolidated balance sheet, for outstanding performance obligations related to sales promotions. When evaluating our performance obligations, we disaggregate revenue based on major product lines, which correlate with our reportable segments disclosed in Note 12 — Segment Reporting. Also, domestic sales account for approximately 95% of our total net sales. There are no significant judgments or estimates used in the determination of performance obligations, and the transaction price for the performance obligations are allocated on a pro-rata basis. There are no other contract costs that need to be considered based on the nature of our performance obligations. The following table outlines the impact of the adoption of ASU 2014-09 on revenue recognized during the nine-month periods ended January 31, 2020 and 2019 (in thousands):
|  | 2020 |  |  | 2019 |
Outstanding performance obligations at beginning of period |  | $ | 12,213 |  |  | $ | 23,305 |
Revenue recognized |  |  | (14,571 | ) |  |  | (13,998 | )
Revenue deferred |  |  | 5,472 |  |  |  | 4,314 |
Outstanding performance obligations at July 31 |  |  | 3,114 |  |  |  | 13,621 |
Revenue recognized |  |  | (7,716 | ) |  |  | (12,337 | )
Revenue deferred |  |  | 10,104 |  |  |  | 7,667 |
Outstanding performance obligations as of October 31 |  |  | 5,502 |  |  |  | 8,951 |
Revenue recognized |  |  | (9,492 | ) |  |  | (10,229 | )
Revenue deferred |  |  | 11,093 |  |  |  | 9,064 |
Outstanding performance obligations as of January 31 |  | $ | 7,103 |  |  | $ | 7,786 |
During the nine months ended January 31, 2020, we recognized $31.8 million of deferred revenue, of which $10.5 million was previously deferred as of April 30, 2019, as the performance obligations relating to sales promotions were satisfied. This recognition of revenue was partially offset by $26.7 million of additional deferred revenue for outstanding performance obligations relating to sales promotions that have not been satisfied, which was recorded to accrued expenses and deferred revenue in the condensed consolidated balance sheet. This resulted in a $5.1 million net increase in revenue recognized during the nine months ended January 31, 2020. We estimate that the majority of revenue from the outstanding performance obligations as of January 31, 2020 will be recognized during fiscal 2020. During the nine months ended January 31, 2019, we recognized $36.6 million, of which $22.6 million was previously deferred as of May 1, 2018, the date we adopted ASU 2014-09, as the performance obligations relating to sales promotions were satisfied. This recognition of revenue was partially offset by $21.0 million of additional deferred revenue for outstanding performance obligations relating to sales promotions that have not been satisfied, which was recorded to accrued expenses and deferred revenue in the condensed consolidated balance sheet. This resulted in a $15.5 million net increase in revenue during the nine months ended January 31, 2019.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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