Revenue

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



	Three Months Ended June 30,
	2018		2017
Equity	$	315,130	$	309,790
Fixed Income	290,920		274,368
Alternative	121,475		182,493
Liquidity	20,380		27,191
Total Operating Revenues	$	747,905	$	793,842

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 June 30,
	2018		2017
United States	$	570,989	$	610,189
United Kingdom	40,605		50,016
Other International	136,311		133,637
Total Operating Revenues	$	747,905	$	793,842

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 June 30, 2018, capitalized sales commissions of $8,177 were included in Other current assets and $11,399 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 was $2,314 for the three months ended June 30, 2018, and there was no impairment loss in relation to the capitalized costs.