DOMINION ENERGY, INC Goodwill & Intangibles Disclosure
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at December 31, 2023(1) |
$ |
2,106 |
|
|
$ |
1,521 |
|
|
$ |
516 |
|
|
$ |
— |
|
|
$ |
4,143 |
|
No events affecting goodwill |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at December 31, 2024(1) |
$ |
2,106 |
|
|
$ |
1,521 |
|
|
$ |
516 |
|
|
$ |
— |
|
|
$ |
4,143 |
|
No events affecting goodwill |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at December 31, 2025(1) |
$ |
2,106 |
|
|
$ |
1,521 |
|
|
$ |
516 |
|
|
$ |
— |
|
|
$ |
4,143 |
|
Other Intangible Assets
The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for software, licenses and other intangible assets was $111 million, $87 million and $160 million for the years ended December 31, 2025, 2024 and 2023, respectively. In 2025, Dominion Energy acquired $962 million of intangible assets, primarily representing renewable energy credits and software, with an estimated weighted-average amortization period of approximately 4 years. Amortization expense for Virginia Power’s software, licenses and other intangible assets was $74 million, $51 million and $123 million for the years ended December 31, 2025, 2024 and 2023, respectively. In 2025, Virginia Power acquired $872 million of intangible assets, primarily representing renewable energy credits and software, with an estimated weighted-average amortization period of 3 years.
The components of intangible assets are as follows:
|
2025 |
|
|
2024 |
|
||||||||
At December 31, |
Gross |
|
Accumulated |
|
|
Gross |
|
Accumulated |
|
||||
(millions) |
|
|
|
|
|
|
|
|
|
||||
Dominion Energy |
|
|
|
|
|
|
|
|
|
||||
Software, licenses and |
$ |
1,950 |
|
$ |
820 |
|
|
$ |
1,645 |
|
$ |
708 |
|
Renewable energy |
|
552 |
|
|
— |
|
|
|
199 |
|
|
— |
|
Virginia Power |
|
|
|
|
|
|
|
|
|
||||
Software, licenses and |
$ |
1,125 |
|
$ |
365 |
|
|
$ |
911 |
|
$ |
291 |
|
Renewable energy |
|
550 |
|
|
— |
|
|
|
198 |
|
|
— |
|
Annual amortization expense for intangible assets, excluding renewable energy credits which are deferred to regulatory assets, is estimated to be as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(millions) |
|
2026 |
|
2027 |
|
2028 |
|
2029 |
|
2030 |
|
|||||
Dominion Energy |
|
$ |
107 |
|
$ |
97 |
|
$ |
84 |
|
$ |
72 |
|
$ |
46 |
|
Virginia Power |
|
|
70 |
|
|
65 |
|
|
56 |
|
|
50 |
|
|
31 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.