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 three months ended March 31, 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		83,301			(1,337	)		(2,040	)		—		79,924
Goodwill disposed of relating to sales of businesses		—			—			—			—		—
Foreign currency translation adjustments during the year		(3,469	)		669			—			—		(2,800	)
Balance as of March 31, 2021	$	2,730,302		$	1,090,454		$	481,017		$	171,269	$	4,473,042