Revenue

The following tables presents Total Operating Revenues disaggregated by asset class:



	Three Months Ended December 31,				Nine Months Ended December 31,
	2018		2017		2018		2017
Equity	$	296,738	$	330,247	$	931,350	$	964,539
Fixed Income	275,559		304,027		855,343		867,846
Alternative	110,390		133,108		361,239		444,512
Liquidity	21,635		25,708		62,722		78,373
Total Operating Revenues	$	704,322	$	793,090	$	2,210,654	$	2,355,270

Revenues by geographic location are primarily based on the location of the advisor or domicile of fund families managed by Legg Mason and do not necessarily reflect where the customer resides or the currency in which the revenues are denominated. The following table presents Total Operating Revenues disaggregated by geographic location:



	Three Months Ended December 31,				Nine Months Ended December 31,
	2018		2017		2018		2017
United States	$	547,696	$	595,784	$	1,711,426	$	1,781,657
United Kingdom	35,142		56,437		111,739		156,038
Other International	121,484		140,869		387,489		417,575
Total Operating Revenues	$	704,322	$	793,090	$	2,210,654	$	2,355,270

As previously discussed, certain sales commissions paid in connection with obtaining assets managed in retail separately managed accounts are capitalized as deferred costs. As of December 31, 2018, capitalized sales commissions of $8,049 were included in Other current assets and $10,429 were included in Other non-current assets in the Consolidated Balance Sheet. Amortization related to capitalized sales commissions included in Compensation and benefits in the Consolidated Statement of Income (Loss) was $2,305 and $6,964 for the three and nine months ended December 31, 2018, respectively. There were no impairment losses in relation to the capitalized costs during the three or nine months ended December 31, 2018.