Non-U.S. Activities

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023						2022
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	1,283	$	1,818	$	3,101	$	1,380	$	1,701	$	3,081
Income before income tax expense	252		436		688		362		392		754

(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 27% of total management fees in the first quarter of 2023 and 2022, respectively.

Servicing fees generated outside the U.S. were approximately 46% and 47% of total servicing fees in the first quarter of 2023 and 2022, respectively.

Non-U.S. assets were $81.76 billion and $94.68 billion as of March 31, 2023 and 2022, respectively.