Substantially all fee revenue is derived from fees for professional services related to executive and professional recruitment performed on a retained basis, recruitment process outsourcing, talent and organizational advisory services and the sale of products, standalone or as part of a solution. The Company adopted ASC 606 in its fiscal year beginning May 1, 2018 using the modified retrospective transition method applied to those contracts still outstanding and not completed as of May 1, 2018.

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, 2018 and May 1, 2018:

During the six months ended October 31, 2018, we recognized revenue of $77.9 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, 2018, 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 $486.1 million. Of the $486.1 million of remaining performance obligations, we expect to recognize approximately $160.6 million as fee revenue in fiscal 2019, $173.7 million in fiscal 2020, $84.2 million in fiscal 2021 and the remaining $67.6 million in fiscal 2022 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, our contract terms and conditions allow for clients to increase or decrease the scope of services and such changes do not become a performance obligation until the company has an enforceable right to payment.

The Company disaggregates revenue by line of business and further by region for Executive Search. This information is presented in Note 9—Business Segments.

	Three Months Ended October 31,
	2018					2017
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	144,199		29.1	%	$	132,648		29.9	%
Financial Services		92,134		18.6			83,467		18.8
Life Sciences/ Healthcare		82,829		16.7			71,954		16.2
Consumer Goods		78,635		15.9			70,263		15.9
Technology		61,556		12.4			56,298		12.7
Education/Non-Profit		32,011		6.5			25,842		5.8
General		3,841		0.8			2,546		0.7
Fee Revenue	$	495,205		100.0	%	$	443,018		100.0	%

	Six Months Ended October 31,
	2018					2017
	Dollars		%			Dollars		%
	(dollars in thousands)
Industrial	$	279,963		29.1	%	$	254,095		30.1	%
Financial Services		172,327		17.9			150,727		17.9
Life Sciences/ Healthcare		161,997		16.9			138,534		16.4
Consumer Goods		150,429		15.7			132,094		15.6
Technology		123,405		12.8			108,070		12.8
Education/Non-Profit		64,947		6.8			54,519		6.5
General		7,705		0.8			6,233		0.7
Fee Revenue	$	960,773		100.0	%	$	844,272		100.0	%