Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 11. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below:

	Dominion Energy Virginia		Dominion Energy South Carolina		Contracted Energy		Corporate and Other			Total
(millions)
Dominion Energy
Balance at December 31, 2021(1)	$	2,106	$	1,521	$	516	$	110		$	4,253
Sale of Hope(2)		—		—		—		(110	)		(110	)
Balance at December 31, 2022(1)	$	2,106	$	1,521	$	516	$	—		$	4,143
No events affecting goodwill		—		—		—		—			—
Balance at December 31, 2023(1)	$	2,106	$	1,521	$	516	$	—		$	4,143

(1)Goodwill amounts do not contain any accumulated impairment losses.

(2)See Note 3 for additional information.

Other Intangible Assets

The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for intangible assets was $160 million, $103 million and $70 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023, Dominion Energy acquired $642 million of intangible assets, primarily representing RGGI allowances and software, with an estimated weighted-average amortization period of approximately 6 years. Amortization expense for Virginia Power’s intangible assets was $123 million, $67 million and $31 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023, Virginia Power acquired $583 million of intangible assets, primarily representing RGGI allowances and software, with an estimated weighted-average amortization period of 5 years.

The components of intangible assets are as follows:

	2023				2022
At December 31,	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
(millions)
Dominion Energy
Software, licenses and other(1)	$	2,185	$	1,240	$	1,723	$	927
Virginia Power
Software, licenses and other(1)	$	1,509	$	856	$	1,113	$	577

(1)Includes $198 million and $253 million of RGGI allowances purchased and consumed in 2023 and 2022, respectively, with deferral to a regulatory asset.

Annual amortization expense for these intangible assets is estimated to be as follows:

		2024		2025		2026		2027		2028
(millions)
Dominion Energy	$	81	$	74	$	63	$	47	$	36
Virginia Power	$	49	$	45	$	38	$	29	$	22