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VARIABLE INTEREST ENTITES (Notes) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entity Disclosure | VARIABLE INTEREST ENTITY KGSS-I is a special-purpose, wholly owned subsidiary of ONE Gas that was formed for the purpose of issuing securitized bonds to recover extraordinary costs incurred by Kansas Gas Service resulting from Winter Storm Uri. On November 18, 2022, the securitized financing was complete. KGSS-I’s assets cannot be used to settle ONE Gas’ obligations and the holders of the Securitized Utility Tariff Bonds have no recourse against ONE Gas. See Note 5 for additional information about the securitization financing. KGSS-I is considered to be a variable interest entity. As a result, KGSS-I is included in the consolidated financial statements of ONE Gas. No gain or loss was recognized upon initial consolidation. The following table summarizes the impact of KGSS-I on our consolidated balance sheets:
| December 31, |  | December 31, |  |
| 2023 |  | 2022 |  |
| (Thousands of dollars) |  |
Restricted cash and cash equivalents | $ | 20,552 |  |  | $ | 8,446 |  |  |
Accounts receivable | 5,133 |  |  | 4,862 |  |  |
Securitized intangible asset, net | 293,619 |  |  | 323,838 |  |  |
Current maturities of securitized utility tariff bonds | 27,430 |  |  | 20,716 |  |  |
Accounts payable | 394 |  |  | 3,204 |  |  |
Accrued interest | 7,207 |  |  | 2,202 |  |  |
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs of $5.3 million and $5.9 million, respectively | 282,506 |  |  | 309,343 |  |  |
Equity | 1,768 |  |  | 1,681 |  |  |
The following table summarizes the impact of KGSS-I on our consolidated statements of income:
|  |  |  |  |  | Year Ended December 31,
|  |  |  |  |  | 2023 |  | 2022
|  |  |  |  |  | (Thousands of dollars)
Operating revenues |  |  |  |  |  | $ | 48,677 |  |  | $ | 5,769 |
Operating expense |  |  |  |  |  | (440) |  |  | (52) |
Amortization expense |  |  |  |  |  | (30,219) |  |  | (3,521) |
Interest income |  |  |  |  |  | 696 |  |  | 6 |
Interest expense |  |  |  |  |  | (18,552) |  |  | (2,202) |
Income before income taxes |  |  |  |  |  | $ | 162 |  |  | $ | — |
The following table summarizes the amortization expense related to the securitized intangible asset expected to be recognized in our consolidated statements of income:
For the year ending: |  | (Thousands of dollars) |  |
2024 |  | $ | 27,843 |  |  |
2025 |  | $ | 29,391 |  |  |
2026 |  | $ | 31,025 |  |  |
2027 |  | $ | 32,751 |  |  |
2028 |  | $ | 34,572 |  |  |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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