Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2020 and identified no impairment as a result of the evaluation.

The changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 are as follows:


(in thousands)	Retail			National Programs			Wholesale Brokerage		Services		Total
Balance as of December 31, 2020	$	2,650,470		$	1,091,122		$	483,057	$	171,269	$	4,395,918
Goodwill of acquired businesses		174,536			(1,337	)		3,459		—		176,658
Goodwill disposed of relating to sales of businesses		(3,050	)		—			—		—		(3,050	)
Foreign currency translation adjustments during the year		(4,434	)		64			—		—		(4,370	)
Balance as of September 30, 2021	$	2,817,522		$	1,089,849		$	486,516	$	171,269	$	4,565,156