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, 2018, 2017 and 2016 were as follows:

Services

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



	Years Ended December 31,
	2018		2017		2016
	(in thousands)
Institutions	$	479,068	$	477,140	$	422,060
Retail	1,494,445		1,423,890		1,261,907
Private Wealth Management	883,234		787,362		711,599
Bernstein Research Services	439,432		449,919		479,875
Other	123,581		185,375		162,461
Total revenues	3,419,760		3,323,686		3,037,902
Less: Interest expense	52,399		25,165		9,123
Net revenues	$	3,367,361	$	3,298,521	$	3,028,779

Our AllianceBernstein Global High Yield Portfolio, an open-end fund incorporated in Luxembourg (ACATEUH: LX), generated approximately 10%, 11% and 10% of our investment advisory and service fees and 10%, 12% and 10% of our net revenues during 2018, 2017 and 2016, 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:



	2018		2017		2016
	(in thousands)
Net revenues:
United States	$	1,940,267	$	1,958,844	$	1,901,571
International	1,427,094		1,339,677		1,127,208
Total	$	3,367,361	$	3,298,521	$	3,028,779
Long-lived assets:
United States	$	3,262,722	$	3,313,958
International	56,069		46,221
Total	$	3,318,791	$	3,360,179

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 and EQH, including AXA Advisors, LLC, have entered into selected dealer agreements with AllianceBernstein Investments and have been responsible for 1%, 1% and 2% of our open-end mutual fund sales in 2018, 2017 and 2016, respectively. HSBC was responsible for approximately 7%, 9% and 12% of our open-end mutual fund sales in 2018, 2017 and 2016, respectively. Neither AXA, EQH nor 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, EQH 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, 2018, 2017 and 2016. No single institutional client other than AXA, EQH and the respective subsidiaries accounted for more than 1% of our total revenues for the years ended December 31, 2018, 2017 and 2016.