Business Segment Information

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019 were as follows:

Services

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

	Years Ended December 31
	2021			2020			2019
	(in thousands)
Institutions		$	587,017		$	512,914		$	480,144
Retail		2,223,829			1,811,948			1,619,832
Private Wealth Management		1,126,142			882,672			904,505
Bernstein Research Services		452,017			459,744			407,911
Other		56,283			56,908			163,245
Total revenues		4,445,288			3,724,186			3,575,637
Less: Interest expense		3,686			15,650			57,205
Net revenues		$	4,441,602		$	3,708,536		$	3,518,432

No individual fund accounted for more than 10% of our investment advisory and service fees and our net revenues during 2021, 2020 and 2019.

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:

	2021			2020			2019
	(in thousands)
Net revenues:
United States		$	2,403,870		$	1,959,528		$	1,975,105
International		2,037,732			1,749,008			1,543,327
Total		$	4,441,602		$	3,708,536		$	3,518,432
Long-lived assets:
United States		$	3,331,572		$	3,285,761
International		45,796			53,453
Total		$	3,377,368		$	3,339,214

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 4%, 6% and 14% of our open-end mutual fund sales in 2021, 2020 and 2019, 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, 2021, 2020 and 2019. No single institutional client other than EQH and its subsidiaries accounted for more than 2% of our total revenues for the years ended December 31, 2021, 2020 and 2019.