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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
For additional information on the nature of services and our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 173 to 176 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.
Revenue by category
In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The amounts in the “Other” columns were not allocated to our business lines.
Three Months Ended March 31, 2025
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2025
Servicing fees$1,275 $— $1,275 $— $— $— $— $— $— $1,275 
Management fees— — — 562 — 562 — — — 562 
Foreign exchange trading services 100 237 337 25 — 25 — — — 362 
Securities finance45 63 108 — 6 6 — — — 114 
Software and processing fees 171 54 225 — — — — — — 225 
Other fee revenue— 34 34 — (2)(2)— — — 32 
Total fee revenue1,591 388 1,979 587 4 591 — — — 2,570 
Net interest income— 709 709 — 5 5 — — — 714 
Total revenue$1,591 $1,097 $2,688 $587 $9 $596 $— $— $— $3,284 
Three Months Ended March 31, 2024
Investment ServicingInvestment ManagementOtherTotal
(Dollars in millions)Topic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotalTopic 606 revenueAll other revenueTotal2024
Servicing fees$1,228 $— $1,228 $— $— $— $— $— $— $1,228 
Management fees— — — 510 — 510 — — — 510 
Foreign exchange trading services95 213 308 23 — 23 — — — 331 
Securities finance47 43 90 — 6 6 — — — 96 
Software and processing fees155 52 207 — — — — — — 207 
Other fee revenue— 43 43 — 7 7 — — — 50 
Total fee revenue1,525 351 1,876 533 13 546 — — — 2,422 
Net interest income— 711 711 — 5 5 — — — 716 
Total revenue$1,525 $1,062 $2,587 $533 $18 $551 $— $— $— $3,138 
Contract balances and contract costs
As of March 31, 2025 and December 31, 2024, net receivables of $3.23 billion and $3.08 billion, respectively, are included in accrued interest and fees receivable and other assets, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly or quarterly; therefore, we do not have significant contract assets.
We had $136 million and $144 million of deferred revenue as of March 31, 2025 and December 31, 2024, respectively. Deferred revenue is a contract liability which represents payments received and accounts receivable recorded in advance of providing services and is included in accrued expenses and other liabilities in the consolidated statement of condition. In the first quarter of 2025, we recognized revenue of $58 million relating to deferred revenue of $144 million as of December 31, 2024.
Transaction price allocated to the remaining performance obligations represents future, non-cancelable contracted revenue that has not yet been recognized, inclusive of deferred revenue that has been invoiced and non-cancellable amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2025, total remaining non-cancellable performance obligations for services and products not yet delivered, primarily comprised of software license sales and SaaS, were approximately $2.32 billion. We expect to recognize approximately half of this amount in revenue over the next three years, with the remainder to be recognized thereafter.
No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less.