We define our non-U.S. activities as those revenue-producing business activities that arise from clients that 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 June 30,
	2025						2024
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	1,474	$	1,974	$	3,448	$	1,388	$	1,803	$	3,191
Income before income tax expense	356		533		889		351		561		912

	Six Months Ended June 30,
	2025						2024
(In millions)	Non-U.S.(1)		U.S.		Total		Non-U.S.(1)		U.S.		Total
Total revenue	$	2,856	$	3,876	6,732		$	2,732	$	3,597	6,329
Income before income tax expense	665		1,046		1,711		642		868		1,510

(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.

Servicing fees generated outside the U.S. were approximately 49% and 48% of total servicing fees in the three and six months ended June 30, 2025, respectively, compared to approximately 47% in both the three and six months ended June 30, 2024.

Management fees generated outside the U.S. were approximately 26% and 25% of total management fees in the three and six months ended June 30, 2025, respectively, compared to approximately 25% in both the three and six months ended June 30, 2024.

Non-U.S. assets were $100.52 billion and $80.95 billion as of June 30, 2025 and 2024, respectively.