Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8: Goodwill

Goodwill

Presented in the table below are the changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024:


	Regulated Businesses				Other				Consolidated
	Cost		Accumulated Impairment		Cost		Accumulated Impairment		Cost		Accumulated Impairment		Total Net
Balance as of January 1, 2024	$	3,470	$	(2,332)	$	113	$	(108)	$	3,583	$	(2,440)	$	1,143
Goodwill from acquisitions	1		—		—		—		1		—		1
Balance as of December 31, 2024	$	3,471	$	(2,332)	$	113	$	(108)	$	3,584	$	(2,440)	$	1,144
Goodwill from acquisitions	12		—		—		—		12		—		12
Balance as of December 31, 2025	$	3,483	$	(2,332)	$	113	$	(108)	$	3,596	$	(2,440)	$	1,156

The Company completed its annual impairment testing of goodwill as of November 30, 2025, which included qualitative assessments of its Regulated Businesses and MSG reporting units. Based on these assessments, the Company determined that there were no factors present that would indicate that the fair value of these reporting units was less than their respective carrying values as of November 30, 2025.

In 2025, the Company acquired goodwill of $12 million associated with six of its acquisitions in the Regulated Businesses segment. In 2024, the Company acquired goodwill of $1 million associated with one of its acquisitions in the Regulated Businesses segment.