Business Segment Information

Management has assessed the requirements of ASC 280, Segment Reporting, and determined that, because we utilize a consolidated approach to assess performance and allocate resources, we have only one operating segment. Enterprise-wide disclosures as of and for the years ended December 31, 2017, 2016 and 2015 were as follows:

Services

Net revenues derived from our investment management, research and related services were as follows:



	Years Ended December 31,
	2017		2016		2015
	(in thousands)
Institutions	$	476,235	$	422,060	$	435,205
Retail	1,423,891		1,261,907		1,362,541
Private Wealth Management	787,362		711,599		689,853
Bernstein Research Services	449,919		479,875		493,463
Other	186,279		162,461		42,986
Total revenues	3,323,686		3,037,902		3,024,048
Less: Interest expense	25,165		9,123		3,321
Net revenues	$	3,298,521	$	3,028,779	$	3,020,727

Our AllianceBernstein Global High Yield Portfolio, an open-end fund incorporated in Luxembourg (ACATEUH: LX), generated approximately 11%, 10% and 11% of our investment advisory and service fees and 12%, 10% and 12% of our net revenues during 2017, 2016 and 2015, respectively.

Geographic Information

Net revenues and long-lived assets, related to our U.S. and international operations, as of and for the years ended December 31, were as follows:



	2017		2016		2015
	(in thousands)
Net revenues:
United States	$	1,958,844	$	1,901,571	$	1,829,518
International	1,339,677		1,127,208		1,191,209
Total	$	3,298,521	$	3,028,779	$	3,020,727
Long-lived assets:
United States	$	3,313,958	$	3,388,221
International	46,221		36,539
Total	$	3,360,179	$	3,424,760

Major Customers

Company-sponsored mutual funds are distributed to individual investors through broker-dealers, insurance sales representatives, banks, registered investment advisers, financial planners and other financial intermediaries. Certain subsidiaries of AXA, including AXA Advisors, LLC, have entered into selected dealer agreements with AllianceBernstein Investments and have been responsible for 1%, 2% and 4% of our open-end mutual fund sales in 2017, 2016 and 2015, respectively. HSBC was responsible for approximately 9% and 12% of our open-end mutual fund sales in 2017 and 2016, respectively. Neither AXA or HSBC is under any obligation to sell a specific amount of AB Fund shares and each also sells shares of mutual funds that it sponsors and that are sponsored by unaffiliated organizations.

AXA and the general and separate accounts of AXA Equitable (including investments by the separate accounts of AXA Equitable in the funding vehicle EQ Advisors Trust) accounted for approximately 5% of our total revenues for each of the years ended December 31, 2017, 2016 and 2015. No single institutional client other than AXA and its subsidiaries accounted for more than 1% of our total revenues for the years ended December 31, 2017, 2016 and 2015.