Non-U.S. Activities

We generally define our non-U.S. activities as those revenue-producing business activities that arise from clients domiciled outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible. Subjective estimates and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset-and-liability management policies and our allocation of certain indirect corporate expenses. Interest expense allocations are based on our internal funds transfer pricing methodology.

The following table presents our non-U.S. financial results for the periods indicated.



	Three Months Ended March 31,
(In millions)	2015			2014
Total fee revenue	$	857		$	788
Net interest revenue	291			312
Gains (losses) related to investment securities, net	(1		)	6
Total revenue	1,147			1,106
Expenses	805			852
Income before income taxes	342			254
Income tax expense	78			61
Net income	$	264		$	193

The following table presents the significant components of our non-U.S. assets as of the dates indicated, based on the domicile of the underlying counterparties:



(In millions)	March 31, 2015		December 31, 2014
Interest-bearing deposits with banks	$	26,893	$	17,382
Investment securities	26,863		29,060
Other assets	13,948		13,577
Total non-U.S. assets	$	67,704	$	60,019