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Revenue | 12 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
| Year Ended March 31, |  |  |  |
Management and advisory fees | 2020 |  | 2019 |  | 2018
Specialized funds | $ | 111,803 |  |  | $ | 93,056 |  |  | $ | 83,151 |
Customized separate accounts | 90,750 |  |  | 85,245 |  |  | 79,275 |
Advisory | 24,160 |  |  | 24,130 |  |  | 20,164 |
Reporting and other | 9,102 |  |  | 8,805 |  |  | 8,064 |
Distribution management | 4,920 |  |  | 4,525 |  |  | 4,376 |
Fund reimbursement revenue | 4,185 |  |  | 2,012 |  |  | — |
Total management and advisory fees | $ | 244,920 |  |  | $ | 217,773 |  |  | $ | 195,030 |
| Year Ended March 31, |  |  |  |
Incentive fees | 2020 |  | 2019 |  | 2018
Specialized funds | $ | 14,371 |  |  | $ | 25,687 |  |  | $ | 43,902 |
Customized separate accounts | 14,757 |  |  | 8,719 |  |  | 5,101 |
Total incentive fees | $ | 29,128 |  |  | $ | 34,406 |  |  | $ | 49,003 |
The Company recognized incentive fee revenues of $2,541, and $38,921 during the years ended March 31, 2019, and 2018, respectively, that were previously received and deferred. Cost to obtain contracts The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $994 and $968 as of March 31, 2020 and March 31, 2019, respectively, and is included in other assets in the Consolidated Balance Sheets. Amortization expense related to this contract asset was $504 and $480 for the year ended March 31, 2020 and March 31, 2019, respectively, and is included in general, administrative and other in the Consolidated Statements of Income.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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