v3.26.1
Goodwill and Identifiable Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Identifiable Intangible Assets and Liabilities GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES
Goodwill

As of both June 30, 2026 and December 31, 2025, the carrying value of goodwill totaled $2.810 billion, including $2.688 billion allocated to our Retail reporting unit and $122 million allocated to our Texas Generation reporting unit. Goodwill of $1.944 billion is deductible for tax purposes over 15 years on a straight-line basis.

Identifiable Intangible Assets and Liabilities

Identifiable intangible assets are comprised of the following:
June 30, 2026December 31, 2025
Identifiable Intangible Asset
Gross
Carrying
Amount
Accumulated
Amortization		Net
Gross
Carrying
Amount
Accumulated
Amortization		Net
(in millions)
Retail customer relationships$2,173 $2,084 $89 $2,173 $2,067 $106 
Software and other technology-related assets706 401 305 656 365 291 
Retail and wholesale contracts369 333 36 369 295 74 
Long-term service agreements18 6 12 18 6 12 
Other identifiable intangible assets (a)522 19 503 628 17 611 
Total identifiable intangible assets subject to amortization$3,788 $2,843 945 $3,844 $2,750 1,094 
Retail trade names (not subject to amortization)1,341 1,341 
Total identifiable intangible assets$2,286 $2,435 
____________
(a)Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates).

Identifiable intangible liabilities are comprised of the following:
Identifiable Intangible LiabilityJune 30,
2026		December 31, 2025
(in millions)
Long-term service agreements$90 $100 
Wholesale power and fuel purchase contracts33 38 
Total identifiable intangible liabilities$123 $138 
Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated statements of operations) consisted of the following:
Identifiable Intangible Assets/LiabilitiesCondensed Consolidated Statements of OperationsThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Retail customer relationshipsDepreciation and amortization$9 $22 $18 $45 
Software and other technology-related assetsDepreciation and amortization17 18 33 36 
Retail and wholesale contractsOperating revenues/Fuel, purchased power costs, and delivery fees(2)(2)(5)(4)
Other identifiable intangible assets (a)Fuel, purchased power costs, and delivery fees/Depreciation and amortization87 87 206 223 
Total intangible asset expense, net$111 $125 $252 $300 
___________
(a)Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees in the condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs.

Estimated Amortization of Identifiable Intangible Assets

As of June 30, 2026, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances, for each of the next five fiscal years is as shown below.
YearEstimated Amortization Expense
(in millions)
2026$190 
2027$87 
2028$67 
2029$49 
2030$28