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VARIABLE INTEREST ENTITES (Notes) | 6 Months Ended
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Jun. 30, 2026
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. 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. The Securitized Utility Tariff Bonds have a scheduled final payment date of August 1, 2032. 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:
| June 30, |  |  |  | December 31, |
| 2026 |  |  |  | 2025 |
| (Thousands of dollars) |
Restricted cash and cash equivalents | $ | 22,711 |  |  |  |  | $ | 23,107 |  |
Accounts receivable | 4,317 |  |  |  |  | 4,463 |  |
Securitized intangible asset, net | 218,991 |  |  |  |  | 233,786 |  |
Total assets | $ | 246,019 |  |  |  |  | $ | 261,356 |  |
Current maturities of securitized utility tariff bonds, net of issuance costs | 31,404 |  |  |  |  | 30,566 |  |
Accounts payable | 217 |  |  |  |  | 136 |  |
Accrued interest | 5,543 |  |  |  |  | 5,894 |  |
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $4.0 million and $4.3 million, as of June 30, 2026, and December 31, 2025, respectively | 207,115 |  |  |  |  | 223,020 |  |
Paid-in capital | 1,680 |  |  |  |  | 1,680 |  |
Retained earnings | 60 |  |  |  |  | 60 |  |
Total liabilities and equity | $ | 246,019 |  |  |  |  | $ | 261,356 |  |
The following table summarizes the impact of KGSS-I on our consolidated statements of income:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |
| (Thousands of dollars)
Operating revenues | $ | 10,876 |  |  | $ | 13,205 |  |  | $ | 21,853 |  |  | $ | 24,842 |  |  |
Operating expense | (110) |  |  | (111) |  |  | (221) |  |  | (221) |  |  |
Amortization expense | (7,368) |  |  | (9,292) |  |  | (14,795) |  |  | (16,986) |  |  |
Interest income | 109 |  |  | 112 |  |  | 246 |  |  | 260 |  |  |
Interest expense | (3,471) |  |  | (3,879) |  |  | (7,011) |  |  | (7,823) |  |  |
Income before income taxes | 36 |  |  | 35 |  |  | 72 |  |  | 72 |  |  |
Income taxes | — |  |  | (6) |  |  | — |  |  | — |  |  |
Net income | $ | 36 |  |  | $ | 29 |  |  | $ | 72 |  |  | $ | 72 |  |  |

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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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