Business Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segment Information

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, 2020, 2019 and 2018 were as follows:

Services

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

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Institutions	$	512,914	$	480,144	$	479,068
Retail	1,811,948		1,619,832		1,494,445
Private Wealth Management	882,672		904,505		883,234
Bernstein Research Services	459,744		407,911		439,432
Other	56,908		163,245		123,581
Total revenues	3,724,186		3,575,637		3,419,760
Less: Interest expense	15,650		57,205		52,399
Net revenues	$	3,708,536	$	3,518,432	$	3,367,361

Our AllianceBernstein Global High Yield Portfolio, an open-end fund incorporated in Luxembourg (ACATEUH: LX), generated approximately 8%, 9% and 10% of our investment advisory and service fees and 8%, 9% and 10% of our net revenues during 2020, 2019 and 2018, 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:

	2020		2019		2018
	(in thousands)
Net revenues:
United States	$	1,959,528	$	1,975,105	$	1,940,267
International	1,749,008		1,543,327		1,427,094
Total	$	3,708,536	$	3,518,432	$	3,367,361
Long-lived assets:
United States	$	3,285,761	$	3,259,490
International	53,453		54,349
Total	$	3,339,214	$	3,313,839

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 6%, 14% and 7% of our open-end mutual fund sales in 2020, 2019 and 2018, 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 Financial Life Insurance Company ("Equitable Financial") (including investments by the separate accounts of Equitable Financial in the funding vehicle EQ Advisors Trust) accounted for approximately 3% of our total revenues for each of the years ended December 31, 2020, 2019 and 2018. AXA and its subsidiaries accounted for approximately 2% of our total revenues for each of the years ended December 31, 2020, 2019 and 2018. 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, 2020, 2019 and 2018.