Non-U.S. Activities

9 Months Ended

Sep. 30, 2022

Segments, Geographical Areas [Abstract]

Non-U.S. Activities

Non-U.S. Activities

We define our non-U.S. activities as those revenue-producing business activities that arise from clients which are generally serviced or managed 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, assumptions 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. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities.

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

	Three Months Ended September 30,
	2022						2021
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	1,216	$	1,743	$	2,959	$	1,337	$	1,653	$	2,990
Income before income tax expense	311		538		849		410		466		876
	Nine Months Ended September 30,
	2022						2021
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	3,903	$	5,090	$	8,993	$	4,002	$	4,972	$	8,974
Income before income tax expense	1,059		1,379		2,438		1,146		1,295		2,441

(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.

Management fees generated outside the U.S. were approximately 25% and 26% of total management fees in the three and nine months ended September 30, 2022, respectively, compared to approximately 26% in both the three and nine months ended September 30, 2021.

Servicing fees generated outside the U.S. were approximately 45% and 46% of total servicing fees in the three and nine months ended September 30, 2022, respectively, compared to approximately 48% in both the three and nine months ended September 30, 2021.

Non-U.S. assets were $91.23 billion and $96.28 billion as of September 30, 2022 and 2021, respectively.