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| Fee Revenue |
7. Fee Revenue Contract Balances 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 the Company has already received consideration. Deferred revenue is presented in other accrued liabilities on the consolidated balance sheets. The following table outlines the Company’s contract asset and liability balances as of July 31, 2021 and April 30, 2021:
During the three months ended July 31, 2021, the Company recognized revenue of $64.0 million that was included in the contract liabilities balance at the beginning of the period. Performance Obligations 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 July 31, 2021, 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 $804.2 million. Of the $804.2 million of remaining performance obligations, the Company expects to recognize approximately $367.6 million in the remainder of fiscal 2022, $249.8 million in fiscal 2023, $123.7 million in fiscal 2024 and the $63.1 million in fiscal 2025 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. Disaggregation of Revenue The Company disaggregates its revenue by line of business and further by region for Executive Search. This information is presented in Note 11—Segments. The following table provides further disaggregation of fee revenue by industry:
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