Constellation Energy Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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13. Intangible Assets
- Intangible Assets
Goodwill
The following table presents the carrying amount of goodwill as of December 31, 2023 and 2022. There were no impairment losses during the years ended December 31, 2023, 2022, and 2021.
| Goodwill | |
|---|---|
| Balance at December 31, 2022 | $47 |
| Goodwill resulting from acquisition of STP(a) | 378 |
| Balance at December 31, 2023 | $425 |
(a)See Note 2 — Mergers, Acquisitions, and Dispositions for additional information.
See Note 1 — Basis of Presentation for our policy regarding goodwill. Our operating segments are also considered reporting units for goodwill impairment assessment purposes. The goodwill recognized in 2023 has been assigned entirely to the ERCOT operating segment.
Other Intangible Assets and Liabilities
Our other intangible assets and liabilities, included in Other current assets, Other deferred debits and other assets, Other current liabilities, Other deferred credits and other liabilities in the Consolidated Balance Sheets, consisted of the following as of December 31, 2023 and 2022. The intangible assets and liabilities shown below are generally amortized on a straight line basis, except for unamortized energy contracts which are amortized in relation to the expected realization of the underlying cash flows:
| December 31, 2023 | December 31, 2022 | |||||
|---|---|---|---|---|---|---|
| Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |
| Unamortized Energy Contracts | $1,892 | $(1,631) | $261 | $1,960 | $(1,708) | $252 |
| Customer Relationships | 242 | (167) | 75 | 356 | (265) | 91 |
| Total | $2,134 | $(1,798) | $336 | $2,316 | $(1,973) | $343 |
Note 13 — Intangible Assets
The following table summarizes the amortization expense related to our other intangible assets and liabilities for each of the years ended December 31, 2023, 2022, and 2021:
| For the Years Ended December 31, | Amortization Expense(a) |
|---|---|
| 2023 | $58 |
| 2022 | 61 |
| 2021 | 80 |
(a)See Note 23 — Supplemental Financial Information for additional information related to the amortization of unamortized energy contracts.
The following table summarizes the estimated future amortization expense related to our other intangible assets and liabilities as of December 31, 2023:
| For the Years Ending December 31, | Estimated Future Amortization Expense |
|---|---|
| 2024 | $62 |
| 2025 | 58 |
| 2026 | 51 |
| 2027 | 37 |
| 2028 | 31 |
| 2029 and thereafter | 97 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.