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.