Lines of business We have an internal information system that produces performance data along product and service lines for our two principal businesses and the Other segment. The primary products and services and types of revenue for our principal businesses and a description of the Other segment are presented in Note 24 of the Notes to Consolidated Financial Statements in our 2019 Annual Report. Business accounting principles Our business data has been determined on an internal management basis of accounting, rather than the generally accepted accounting principles used for consolidated financial reporting. These measurement principles are designed so that reported results of the businesses will track their economic performance. Business results are subject to reclassification when organizational changes are made. In the first quarter of 2020, we reclassified the results of certain services provided between the segments from noninterest expense to fee and other revenue. This activity is offset in the Other segment and relates to services that are also provided to third parties and provides consistency with the reporting of the revenues. This adjustment had no impact on income before taxes of the businesses. Also in the first quarter of 2020, we reclassified the results related to certain lending activities from the Wealth Management business to the Pershing business. These loans were originated by the Wealth Management business as a service to Pershing clients. This resulted in an increase in total revenue, noninterest expense and income before taxes in the Pershing business and corresponding decrease in the Wealth Management business. Prior periods have been restated for both reclassifications. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a prospective basis. The accounting policies of the businesses are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our 2019 Annual Report. The results of our businesses are presented and analyzed on an internal management reporting basis.  Revenue amounts reflect fee and other revenue generated by each business and includes revenue for services provided between the segments that are also provided to third parties. Fee and other revenue transferred between businesses under revenue transfer agreements is included within other revenue in each business.  Revenues and expenses associated with specific client bases are included in those businesses. For example, foreign exchange activity associated with clients using custody products is included in Investment Services.  Net interest revenue is allocated to businesses based on the yields on the assets and liabilities generated by each business. We employ a funds transfer pricing system that matches funds with the specific assets and liabilities of each business based on their interest sensitivity and maturity characteristics.  The provision for credit losses associated with the respective credit portfolios is reflected in each business segment.  Incentives expense related to restricted stock is allocated to the businesses.  Support and other indirect expenses, including services provided between segments that are not provided to third parties or not subject to a revenue transfer agreement, are allocated to businesses based on internally developed methodologies and reflected in noninterest expense.  Recurring FDIC expense is allocated to the businesses based on average deposits generated within each business.  Litigation expense is generally recorded in the business in which the charge occurs.  Management of the securities portfolio is a shared service contained in the Other segment. As a result, gains and losses associated with the valuation of the securities portfolio are generally included in the Other segment.  Client deposits serve as the primary funding source for our securities portfolio. We typically allocate all interest revenue to the businesses generating the deposits. Accordingly, accretion related to the portion of the securities portfolio restructured in 2009 has been included in the results of the businesses.  Balance sheet assets and liabilities and their related income or expense are specifically assigned to each business. Businesses with a net liability position have been allocated assets.  Goodwill and intangible assets are reflected within individual businesses. The following consolidating schedules present the contribution of our businesses to our overall profitability. For the quarter ended March 31, 2020 Investment Services Investment Management Other Consolidated (dollars in millions) Total fee and other revenue $ 2,436 $ 846 (a) $ 30 $ 3,312 (a) Net interest revenue (expense) 806 52 (44 ) 814 Total revenue (loss) 3,242 898 (a) (14 ) 4,126 (a) Provision for credit losses 149 9 11 169 Noninterest expense 1,987 695 30 2,712 Income (loss) before income taxes $ 1,106 $ 194 (a) $ (55 ) $ 1,245 (a) Pre-tax operating margin (b) 34 % 22 % N/M 30 % Average assets $ 304,089 $ 30,543 $ 50,646 $ 385,278 (a) Total fee and other revenue includes net loss from consolidated investment management funds of $20 million , representing $38 million of losses and a loss attributable to noncontrolling interests of $18 million . Total revenue and income before income taxes are net of a loss attributable to noncontrolling interests of $18 million . (b) Income before income taxes divided by total revenue. N/M - Not meaningful. For the quarter ended Dec. 31, 2019 Investment Services (a) Investment Management (a) Other (a) Consolidated (dollars in millions) Total fee and other revenue $ 2,236 $ 924 (b) $ 794 $ 3,954 (b) Net interest revenue (expense) 778 47 (10 ) 815 Total revenue 3,014 971 (b) 784 4,769 (b) Provision for credit losses (5 )  (3 ) (8 ) Noninterest expense 2,179 731 54 2,964 Income (loss) before income taxes $ 840 $ 240 (b) $ 733 $ 1,813 (b) Pre-tax operating margin (c) 28 % 25 % N/M 38 % Average assets $ 278,098 $ 28,481 $ 47,762 $ 354,341 (a) Prior periods have been restated to reflect the reclassifications. (b) Total fee and other revenue includes net income from consolidated investment management funds of $8 million , representing $17 million of income and noncontrolling interests of $9 million . Total revenue and income before income taxes are net of noncontrolling interests of $9 million . (c) Income before income taxes divided by total revenue. N/M - Not meaningful. For the quarter ended March 31, 2019 Investment Services (a) Investment Management (a) Other (a) Consolidated (dollars in millions) Total fee and other revenue $ 2,161 $ 869 (b) $ 18 $ 3,048 (b) Net interest revenue (expense) 804 67 (30 ) 841 Total revenue (loss) 2,965 936 (b) (12 ) 3,889 (b) Provision for credit losses 8 1 (2 ) 7 Noninterest expense 1,981 669 49 2,699 Income (loss) before income taxes $ 976 $ 266 (b) $ (59 ) $ 1,183 (b) Pre-tax operating margin (c) 33 % 28 % N/M 31 % Average assets $ 256,034 $ 31,857 $ 48,274 $ 336,165 (a) Prior periods have been restated to reflect the reclassifications. (b) Total fee and other revenue includes net income from consolidated investment management funds of $16 million , representing $26 million of income and noncontrolling interests of $10 million . Total revenue and income before income taxes are net of noncontrolling interests of $10 million . (c) Income before income taxes divided by total revenue. N/M - Not meaningful.