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 June 30,
(In millions)	2015		2014
Total fee revenue	$	848	$	838
Net interest revenue	302		330
Gains (losses) related to investment securities, net	—		(1		)
Total revenue	1,150		1,167
Expenses	799		819
Income before income taxes	351		348
Income tax expense	84		81
Net income	$	267	$	267



	Six Months Ended June 30,
(In millions)	2015			2014
Total fee revenue	$	1,705		$	1,626
Net interest revenue	593			642
Gains (losses) related to investment securities, net	(1		)	5
Total revenue	2,297			2,273
Expenses	1,604			1,671
Income before income taxes	693			602
Income tax expense	162			142
Net income	$	531		$	460

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)	June 30, 2015		December 31, 2014
Interest-bearing deposits with banks	$	32,219	$	17,382
Investment securities	25,797		29,060
Other assets	14,524		13,577
Total non-U.S. assets	$	72,540	$	60,019