Business Segment Information

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017 were as follows:

Services

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



	Years Ended December 31,
	2019		2018		2017
	(in thousands)
Institutions	$	480,144	$	479,068	$	477,140
Retail	1,619,832		1,494,445		1,423,890
Private Wealth Management	904,505		883,234		787,362
Bernstein Research Services	407,911		439,432		449,919
Other	163,245		123,581		185,375
Total revenues	3,575,637		3,419,760		3,323,686
Less: Interest expense	57,205		52,399		25,165
Net revenues	$	3,518,432	$	3,367,361	$	3,298,521

Our AllianceBernstein Global High Yield Portfolio, an open-end fund incorporated in Luxembourg (ACATEUH: LX), generated approximately 9%, 10% and 11% of our investment advisory and service fees and 9%, 10% and 12% of our net revenues during 2019, 2018 and 2017, 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:



	2019		2018		2017
	(in thousands)
Net revenues:
United States	$	1,975,105	$	1,940,267	$	1,958,844
International	1,543,327		1,427,094		1,339,677
Total	$	3,518,432	$	3,367,361	$	3,298,521
Long-lived assets:
United States	$	3,259,490	$	3,262,722
International	54,349		56,069
Total	$	3,313,839	$	3,318,791

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. HSBC (not affiliated with AB) was responsible for approximately 14%, 7% and 9% of our open-end mutual fund sales in 2019, 2018 and 2017, respectively. HSBC is not under any obligation to sell a specific amount of AB Fund shares.

EQH and the general and separate accounts of Equitable Life (including investments by the separate accounts of Equitable Life in the funding vehicle EQ Advisors Trust) accounted for approximately 3% of our total revenues for each of the years ended December 31, 2019, 2018 and 2017. AXA and its subsidiaries accounted for approximately 2% of our total revenues for each of the years ended December 31, 2019, 2018 and 2017. No single institutional client other than EQH, AXA and their respective subsidiaries accounted for more than 1% of our total revenues for the years ended December 31, 2019, 2018 and 2017.