ONE GAS, INC., 10-Q filed on 8/6/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 29, 2024
Document Information [Line Items]    
Entity Central Index Key 0001587732  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Information [Line Items]    
Document Type 10-Q  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-36108  
Entity Registrant Name ONE Gas, Inc.  
Entity Incorporation, State or Country Code OK  
Entity Tax Identification Number 46-3561936  
Entity Address, Address Line One 15 East Fifth Street  
Entity Address, City or Town Tulsa,  
Entity Address, State or Province OK  
Entity Address, Postal Zip Code 74103  
City Area Code (918)  
Local Phone Number 947-7000  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol OGS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   56,654,351
Document Quarterly Report true  
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STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Regulated Operating Revenue $ 354,137 $ 398,114 $ 1,112,457 $ 1,430,257
Cost of natural gas 71,958 130,241 454,961 796,040
Operating expenses        
Operations and maintenance 121,732 118,614 254,515 245,298
Depreciation and amortization 72,549 67,547 149,121 138,811
General taxes 18,473 17,690 38,575 36,856
Total operating expenses 212,754 203,851 442,211 420,965
Operating income 69,425 64,022 215,285 213,252
Other Nonoperating Income (Expense) 832 2,174 4,340 4,755
Interest expense, net (36,970) (27,485) (68,327) (57,600)
Income before income taxes 33,287 38,711 151,298 160,407
Income taxes (6,044) (6,022) (24,738) (25,097)
Net income $ 27,243 $ 32,689 $ 126,560 $ 135,310
Earnings per share        
Basic $ 0.48 $ 0.59 $ 2.23 $ 2.43
Diluted $ 0.48 $ 0.58 $ 2.23 $ 2.42
Weighted Average Number of Shares Outstanding, Basic [Abstract]        
Basic 56,750 55,566 56,740 55,552
Weighted Average Number of Shares Outstanding, Diluted [Abstract]        
Diluted 56,827 55,914 56,813 55,857
Common Stock, Dividends, Per Share, Declared $ 0.66 $ 0.65 $ 1.32 $ 1.30
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STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income $ 27,243 $ 32,689 $ 126,560 $ 135,310
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax 0 0 0 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax (1) 0 (1) 0
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax (2) 0 1 0
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax 9 0 (1) 0
Other comprehensive income 8 0 (2) 0
Comprehensive Income $ 27,251 $ 32,689 $ 126,558 $ 135,310
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BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property, plant and equipment    
Property, plant and equipment $ 8,764,153 $ 8,468,967
Accumulated depreciation and amortization 2,390,978 2,333,755
Net property, plant and equipment 6,373,175 6,135,212
Current assets    
Cash and Cash Equivalents 10,744 18,835
Restricted Cash and Cash Equivalents 21,722 20,552
Cash, cash equivalents, restricted cash and restricted cash equivalents 32,466 39,387
Accounts receivable, net 193,261 347,864
Materials and supplies 86,502 77,649
Natural Gas in Storage 138,290 187,097
Regulatory assets, Current 114,153 75,308
Other current assets 35,553 37,899
Total current assets 600,225 765,204
Goodwill and other assets    
Regulatory assets, Noncurrent 276,009 287,906
Other Intangible Assets, Net 278,939 293,619
Goodwill 157,953 157,953
Other assets 138,770 131,100
Total goodwill and other assets 851,671 870,578
Total assets 7,825,071 7,770,994
Equity and long-term debt    
Common stock, $0.01 par value: authorized 250,000,000 shares; issued and outstanding 56,650,838 shares at June 30, 2024; issued and outstanding 56,545,924 shares at December 31, 2023 567 565
Paid-in Capital 2,038,514 2,028,755
Retained earnings 788,976 737,739
Accumulated other comprehensive loss (1,184) (1,182)
Total equity 2,826,873 2,765,877
Other Long-Term Debt, Noncurrent 1,878,689 1,877,895
Securitized utility tariff bonds, excluding current maturities, net of issuance costs 268,233 282,506
Long-Term Debt, Excluding Current Maturities, Total 2,146,922 2,160,401
Total equity and long-term debt 4,973,795 4,926,278
Current liabilities    
Long-term Debt, Current Maturities 13 772,984
Current maturities of securitized utility tariff bonds 28,183 27,430
Short-term debt 1,031,500 88,500
Accounts payable 164,963 278,056
Accrued taxes other than income 56,018 68,793
Regulatory Liability, Current 39,750 66,901
Customer deposits 60,243 62,187
Other current liabilities 76,303 112,370
Total current liabilities 1,456,973 1,477,221
Deferred credits and other liabilities    
Deferred income taxes 789,628 752,068
Regulatory Liability, Noncurrent 485,172 500,478
Employee benefit obligations 20,178 20,265
Other deferred credits 99,325 94,684
Liabilities, Other than Long-term Debt, Noncurrent 1,394,303 1,367,495
Commitments and contingencies
Total liabilities and equity $ 7,825,071 $ 7,770,994
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BALANCE SHEETS BALANCE SHEETS Parenthetical - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 250,000,000 250,000,000
Common Stock, Shares, Issued 56,650,838 56,545,924
Common Stock, Shares, Outstanding 56,650,838 56,545,924
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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 126,560 $ 135,310
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 149,121 138,811
Deferred income taxes 22,255 11,912
Share-based compensation expense 6,728 6,305
Provision for doubtful accounts 1,775 4,880
Proceeds from Securitization Bonds, Operating Activities 0 197,366
Changes in assets and liabilities:    
Accounts receivable 152,828 314,545
Materials and supplies (8,853) (1,721)
Natural gas in storage 48,807 124,463
Payments for Removal Costs (31,660) (32,551)
Accounts payable (101,495) (198,968)
Accrued taxes other than income (12,775) (23,952)
Customer deposits (1,944) (3,219)
Increase (Decrease) In Regulatory Assets And Liabilities Current, net (75,496) 35,633
Increase (Decrease) In Regulatory Assets And Liabilities Noncurrent, net 8,826 26,217
Increase (Decrease) in Other Current Assets and Liabilities, Net (35,126) 12,156
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net 1,375 1,555
Cash provided by operating activities 250,926 748,742
Investing activities    
Capital expenditures (342,370) (322,231)
Payments for Other Investing Activities (2,381) (1,647)
Proceeds from Sale of Other Assets, Investing Activities 2,975 2,462
Cash used in investing activities (341,776) (321,416)
Financing activities    
Borrowings (repayments) of short-term debt, net 943,000 (334,900)
Proceeds from Issuance of Common Stock 3,368 3,175
Repayments of Other Long-Term Debt (773,000) 0
Repayment of securitized utility tariff bonds (13,780) 0
Dividends paid (74,672) (72,006)
Payment, Tax Withholding, Share-based Payment Arrangement (987) (2,384)
Cash used in financing activities 83,929 (406,115)
Change in cash and cash equivalents (6,921) 21,211
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 39,387 18,127
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 32,466 39,338
Interest Paid, Excluding Capitalized Interest, Operating Activities 70,201 47,773
Income Taxes Paid, Net $ (1,232) $ 9,174
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STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock [Member]
Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Shares issued, beginning balance at Dec. 31, 2022   55,349,954      
Common stock issued, shares   39,096      
Shares issued, ending balance at Mar. 31, 2023   55,389,050      
Equity, beginning balance at Dec. 31, 2022 $ 2,584,426 $ 553 $ 1,932,714 $ 651,863 $ (704)
Net income 102,621 0 0 102,621 0
Common stock issued, value $ 435 0 435 0 0
Dividends paid per share of stock $ 0.65        
Dividends, Common Stock $ (36,002) 0 319 (36,321) 0
Equity, ending balance at Mar. 31, 2023 2,651,480 $ 553 1,933,468 718,163 (704)
Shares issued, beginning balance at Dec. 31, 2022   55,349,954      
Shares issued, ending balance at Jun. 30, 2023   55,446,841      
Equity, beginning balance at Dec. 31, 2022 2,584,426 $ 553 1,932,714 651,863 (704)
Net income 135,310        
Other comprehensive income 0        
Equity, ending balance at Jun. 30, 2023 2,654,826 $ 554 1,940,446 714,530 (704)
Shares issued, beginning balance at Mar. 31, 2023   55,389,050      
Common stock issued, shares   57,791      
Shares issued, ending balance at Jun. 30, 2023   55,446,841      
Equity, beginning balance at Mar. 31, 2023 2,651,480 $ 553 1,933,468 718,163 (704)
Net income 32,689 0 0 32,689 0
Other comprehensive income 0        
Common stock issued, value $ 6,661 1 6,660 0 0
Dividends paid per share of stock $ 0.65        
Dividends, Common Stock $ (36,004) 0 318 (36,322) 0
Equity, ending balance at Jun. 30, 2023 $ 2,654,826 $ 554 1,940,446 714,530 (704)
Shares issued, beginning balance at Dec. 31, 2023 56,545,924 56,545,924      
Common stock issued, shares   23,472      
Shares issued, ending balance at Mar. 31, 2024   56,569,396      
Equity, beginning balance at Dec. 31, 2023 $ 2,765,877 $ 565 2,028,755 737,739 (1,182)
Net income 99,317 0 0 99,317 0
Other comprehensive income (10) 0 0 0 (10)
Common stock issued, value $ 2,137 1 2,136 0 0
Dividends paid per share of stock $ 0.66        
Dividends, Common Stock $ (37,336) 0 277 (37,613) 0
Equity, ending balance at Mar. 31, 2024 $ 2,829,985 $ 566 2,031,168 799,443 (1,192)
Shares issued, beginning balance at Dec. 31, 2023 56,545,924 56,545,924      
Shares issued, ending balance at Jun. 30, 2024 56,650,838 56,650,838      
Equity, beginning balance at Dec. 31, 2023 $ 2,765,877 $ 565 2,028,755 737,739 (1,182)
Net income 126,560        
Other comprehensive income (2)        
Equity, ending balance at Jun. 30, 2024 $ 2,826,873 $ 567 2,038,514 788,976 (1,184)
Shares issued, beginning balance at Mar. 31, 2024   56,569,396      
Common stock issued, shares   81,442      
Shares issued, ending balance at Jun. 30, 2024 56,650,838 56,650,838      
Equity, beginning balance at Mar. 31, 2024 $ 2,829,985 $ 566 2,031,168 799,443 (1,192)
Net income 27,243 0 0 27,243 0
Other comprehensive income 8 0 0 0 8
Common stock issued, value $ 6,972 1 6,971 0 0
Dividends paid per share of stock $ 0.66        
Dividends, Common Stock $ (37,335) 0 375 (37,710) 0
Equity, ending balance at Jun. 30, 2024 $ 2,826,873 $ 567 $ 2,038,514 $ 788,976 $ (1,184)
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - Our accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These statements also have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2023 year-end consolidated balance sheet data was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes in our Annual Report. Our significant accounting policies are described in Note 1 of our Notes to Consolidated Financial Statements in our Annual Report. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. Due to the seasonal nature of our business, the results of operations for the six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for a 12-month period.
Organization and Nature of Operations - We provide natural gas distribution services to approximately 2.3 million customers in Oklahoma, Kansas and Texas through our three divisions, Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, respectively. We primarily serve residential, commercial and transportation customers in all three states.
Segments - We operate in one reportable business segment: regulated public utilities that deliver natural gas primarily to residential, commercial and transportation customers. Our accounting policies are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report. We evaluate our financial performance principally on net income. For the three and six months ended June 30, 2024 and 2023, we had no single external customer from which we received 10 percent or more of our gross revenues.
Property, Plant and Equipment and Asset Removal Costs - Accounts payable for construction work in progress and asset removal costs decreased by approximately $11.7 million and $7.9 million for the six months ended June 30, 2024 and 2023, respectively. Such amounts are not included in capital expenditures or asset removal costs in our consolidated statements of cash flows.
Accounts Receivable, Net - Accounts receivable represent valid claims against nonaffiliated customers for natural gas sold or services rendered. We assess the creditworthiness of our customers. Those customers who do not meet minimum standards may be required to provide security, including deposits and other forms of collateral, when appropriate and allowed by our tariffs. With approximately 2.3 million customers across three states, we are not exposed materially to a concentration of credit risk. We maintain an allowance for doubtful accounts based upon factors surrounding the credit risk of customers, historical trends, consideration of the current environment and other information. We recover natural gas costs related to accounts written off when they are deemed uncollectible through the purchased-gas cost adjustment mechanisms in each of our jurisdictions. At June 30, 2024 and December 31, 2023, our allowance for doubtful accounts was $14.4 million and $16.1 million, respectively.
Recently Issued Accounting Standards Update - In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s operations. The amendments in this standard require disclosure of additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state, and foreign income taxes. They also require greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. In addition to new disclosures associated with the rate reconciliation, the amendments in this update require information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments in this update are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently assessing the timing and impacts of adopting this standard.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve annual and interim reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this standard enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The
amendments in this update are effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the timing and impacts of adopting this standard.
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REVENUE (Notes)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer REVENUE
The following table sets forth our revenues disaggregated by source for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Thousands of dollars)
Natural gas sales to customers$298,351 $346,734 $987,856 $1,313,093 
Transportation revenues29,587 29,022 69,554 67,549 
Securitization customer charges (Note 14)
11,555 11,807 23,226 23,740 
Miscellaneous revenues5,757 6,313 12,065 12,211 
Total revenues from contracts with customers345,250 393,876 1,092,701 1,416,593 
Other revenues - natural gas sales related6,227 1,614 14,222 7,404 
Other revenues 2,660 2,624 5,534 6,260 
Total other revenues8,887 4,238 19,756 13,664 
Total revenues$354,137 $398,114 $1,112,457 $1,430,257 
Accrued unbilled natural gas sales revenues at June 30, 2024 and December 31, 2023, were $75.3 million and $191.4 million, respectively, and are included in accounts receivable on our consolidated balance sheets.
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REGULATORY ASSETS AND LIABILITIES (Notes)
 6 Months Ended
Jun. 30, 2024
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]  
Schedule of Regulatory Assets and Liabilities REGULATORY ASSETS AND LIABILITIES
The tables below present a summary of regulatory assets and liabilities, net of amortization, for the periods indicated:
June 30, 2024
Recovery PeriodCurrentNoncurrentTotal
(Thousands of dollars)
Winter weather event costs(a)$16,758 $15,140 $31,898 
Under-recovered purchased-gas costs1 year44,529 — 44,529 
Pension and postemployment benefit costs
See Note 9
1,947 224,702 226,649 
Reacquired debt costs6 years723 2,350 3,073 
MGP remediation costs15 years98 30,362 30,460 
Ad-valorem tax1 year14,314 — 14,314 
WNA1 year21,343 — 21,343 
Customer credit deferrals1 year10,412 1,177 11,589 
Other1 to 18 years4,029 2,278 6,307 
Total regulatory assets, net of amortization114,153 276,009 390,162 
Income tax rate changes(a)— (485,172)(485,172)
Over-recovered purchased-gas costs1 year(39,750)— (39,750)
Total regulatory liabilities(39,750)(485,172)(524,922)
Net regulatory assets and liabilities$74,403 $(209,163)$(134,760)
(a) Recovery period varies by jurisdiction. See discussion below for additional information regarding our regulatory assets related to winter weather event costs and regulatory liabilities related to income tax rate changes.

December 31, 2023
Recovery PeriodCurrentNoncurrentTotal
(Thousands of dollars)
Winter weather event costs(a)$22,633 $21,495 $44,128 
Under-recovered purchased-gas costs1 year10,391 — 10,391 
Pension and postemployment benefit costs
See Note 9
6,379 228,092 234,471 
Reacquired debt costs6 years723 2,712 3,435 
MGP remediation costs15 years98 31,893 31,991 
Ad-valorem tax1 year14,533 — 14,533 
WNA1 year11,404 — 11,404 
Customer credit deferrals1 year6,184 — 6,184 
Other1 to 18 years2,963 3,714 6,677 
Total regulatory assets, net of amortization75,308 287,906 363,214 
Income tax rate changes(a)— (500,478)(500,478)
Over-recovered purchased-gas costs1 year(66,901)— (66,901)
Total regulatory liabilities(66,901)(500,478)(567,379)
Net regulatory assets and liabilities$8,407 $(212,572)$(204,165)
(a) Recovery period varies by jurisdiction. See discussion below for additional information regarding our regulatory assets related to winter weather event costs and regulatory liabilities related to income tax rate changes.

Regulatory assets in our consolidated balance sheets, as authorized by various regulatory authorities, are probable of recovery. Base rates and certain riders are designed to provide a recovery of costs during the period such rates are in effect, but do not generally provide for a return on investment for amounts we have deferred as regulatory assets. All of our regulatory assets are subject to review by the respective regulatory authorities during future regulatory proceedings.
At June 30, 2024, Texas Gas Service had deferred approximately $14.5 million in extraordinary costs associated with Winter Storm Uri attributable to its former West Texas service area. Pursuant to the approved settlement order, Texas Gas Service began collecting the extraordinary costs, including carrying costs, from those customers in January 2022.
The deferred winter weather event costs also include invoiced costs for natural gas purchases during Winter Storm Uri that have not been paid as we work with our suppliers for Kansas and Texas to resolve discrepancies in invoiced amounts. These amounts may be adjusted as the differences with suppliers are resolved. Settlements of these amounts are recoverable through the purchased gas cost mechanisms in the respective state. Future adjustments to the amounts are not expected to have a material impact on earnings.

GAAP does not provide comprehensive recognition and measurement guidance for many forms of government assistance received by business entities. Accordingly, we have accounted for the proceeds received from the TNG Corporation by analogy to International Accounting Standards No. 20, “Accounting for Government Grants and Disclosure of Government Assistance” consistent with a grant related to income. The proceeds received and the corresponding recognition of the deferred regulatory asset have been reflected in the cost of natural gas in our consolidated statements of income. As the proceeds reflect the recovery of our winter weather event regulatory asset, there was no material impact to earnings.
Other regulatory assets and liabilities - Purchased-gas costs represent the natural gas costs that have been over- or under-recovered from customers through the purchased-gas cost adjustment mechanisms, and includes natural gas utilized in our operations and premiums paid and any cash settlements received from our purchased natural gas call options.

The OCC, KCC and regulatory authorities in Texas have approved the recovery of pension costs and other postemployment benefits costs through rates for Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, respectively. The costs recovered through rates are based on the net periodic benefit cost for defined benefit pension and other postemployment costs. Differences, if any, between the net periodic benefit cost, net of deferrals, and the amount recovered through rates are reflected in earnings. We historically have recovered defined benefit pension and other postemployment benefit costs through rates. We believe it is probable that regulators will continue to include the net periodic pension and other postemployment benefit costs in our cost of service.

We amortize reacquired debt costs in accordance with the accounting guidelines prescribed by the OCC and the KCC.

See Note 12 for additional information regarding our regulatory assets for MGP remediation costs.

Ad-valorem tax represents the difference in Kansas Gas Service’s taxes incurred each year above or below the amount approved in base rates. This difference is deferred as a regulatory asset or liability for a 12-month period. Kansas Gas Service then applies an adjustment to customers’ bills to refund the over-collected revenue or bill the under-collected revenue over the subsequent 12 months.

Weather normalization represents revenue over- or under-recovered through the WNA rider in Kansas. This amount is deferred as a regulatory asset or liability for a 12-month period. Kansas Gas Service then applies an adjustment to customers’ bills for 12 months to refund the over-collected revenue or bill the under-collected revenue.

The customer credit deferrals and the noncurrent regulatory liability for income tax rate changes represents deferral of the effects of enacted federal and state income tax rate changes on our ADIT and the effects of these changes on our rates. See Note 10 for additional information regarding the impact of income tax rate changes.
Recovery through rates resulted in amortization of regulatory assets of approximately $2.4 million and $2.5 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $9.5 million and $9.5 million for the six months ended June 30, 2024 and 2023, respectively.
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CREDIT FACILITIES (Notes)
 6 Months Ended
Jun. 30, 2024
Line of Credit Facility [Abstract]  
Short-term Debt [Text Block] CREDIT FACILITY AND SHORT-TERM DEBT
In July 2024, we increased the capacity of the commercial paper program to $1.275 billion from $1.2 billion. Other than the increased capacity, all other terms and conditions of the commercial paper program remain in full force and effect.

In June 2024, we entered into an agreement that increased the capacity of the ONE Gas Credit Agreement to $1.275 billion from $1.2 billion with commitments from existing lenders and the addition of a new lender. The maturity date March 16, 2028, remains unchanged.

Other than the increased commitments and the addition of a new lender, all other terms and conditions of the ONE Gas Credit Agreement remain in full force and effect.

The ONE Gas Credit Agreement provides for a $1.275 billion revolving unsecured credit facility and includes a $20 million letter of credit subfacility and a $60 million swingline subfacility. We can request an increase in commitments of up to an additional $225 million upon satisfaction of customary conditions, including receipt of commitments from either new lenders or increased commitments from existing lenders. The ONE Gas Credit Agreement is available to provide liquidity for working capital, capital expenditures, acquisitions and mergers, the issuance of letters of credit and for other general corporate purposes.

The ONE Gas Credit Agreement contains certain financial, operational and legal covenants. Among other things, these covenants include maintaining ONE Gas’ total debt-to-capital ratio of no more than 70 percent at the end of any calendar quarter. At June 30, 2024, our total debt-to-capital ratio was 53 percent and we were in compliance with all covenants under the ONE Gas Credit Agreement. Excluding the debt of KGSS-I, which is non-recourse to us, our total debt-to-capital ratio was 51 percent. We may reduce the unutilized portion of the ONE Gas Credit Agreement in whole or in part without premium or penalty. The ONE Gas Credit Agreement contains customary events of default. Upon the occurrence of certain events of default, our obligations under the ONE Gas Credit Agreement may be accelerated and the commitments may be terminated.

At June 30, 2024, we had $1.4 million in letters of credit issued and no borrowings under the ONE Gas Credit Agreement, with approximately $1.27 billion of remaining credit, which is available to repay our commercial paper borrowings.

Under our commercial paper program, we may issue unsecured commercial paper up to a maximum amount of $1.275 billion to fund short-term borrowing needs. The maturities of the commercial paper vary but may not exceed 270 days from the date of issue. Commercial paper is generally sold at par less a discount representing an interest factor. At June 30, 2024 and December 31, 2023, we had $1.0 billion and $88.5 million of commercial paper outstanding with a weighted-average interest rate of 5.59 percent and 5.60 percent, respectively.
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LONG-TERM DEBT (Notes)
 6 Months Ended
Jun. 30, 2024
Long-Term Debt, Unclassified [Abstract]  
Long-term Debt [Text Block] LONG-TERM DEBT
The table below presents a summary of our long-term debt outstanding for the periods indicated:
Interest Rate
June 30, 2024December 31, 2023
(Thousands of dollars)
Senior Notes due:
February 20243.610%$— $300,000 
March 20241.100%— 473,000 
April 20295.100%300,000 300,000 
May 20302.000%300,000 300,000 
September 20324.250%300,000 300,000 
February 20444.658%600,000 600,000 
November 20484.500%400,000 400,000 
Total Senior Notes1,900,000 2,673,000 
KGSS-I Securitized Utility Tariff Bonds5.486%301,503 315,284 
Other8.000%1,232 1,238 
Unamortized discounts on long-term debt(7,356)(7,615)
Debt issuance costs (a)(20,261)(21,092)
Total long-term debt, net2,175,118 2,960,815 
Less: current maturities of KGSS-I securitized utility tariff bonds, net28,183 27,430 
Less: current maturities of other long-term debt, net13 772,984 
Noncurrent portion of long-term debt, net$2,146,922 $2,160,401 
(a) Includes issuance costs and discounts for the KGSS-I Securitized Utility Tariff Bonds of $5.1 million and $5.3 million, at June 30, 2024 and December 31, 2023 respectively.
Senior Notes - The indenture governing our Senior Notes includes an event of default upon the acceleration of other indebtedness of $100 million or more. Such events of default would entitle the trustee or the holders of 25 percent in aggregate principal amount of the outstanding Senior Notes to declare those Senior Notes immediately due and payable in full.

Depending on the series, we may redeem our Senior Notes at par, plus accrued and unpaid interest to the redemption date, starting one month, three months or six months before their maturity dates. Prior to these dates, we may redeem these Senior Notes, in whole or in part, at a redemption price equal to the principal amount, plus accrued and unpaid interest and a make-whole premium. The redemption price will never be less than 100 percent of the principal amount of the respective Senior Note plus accrued and unpaid interest to the redemption date. Senior Notes are senior unsecured obligations, ranking equally in right of payment with all of our existing and future unsecured senior indebtedness.

We repaid our $300 million of 3.61 percent senior notes due February 2024 and our $473 million of 1.10 percent senior notes due March 2024 upon maturity with commercial paper.
Securitized Utility Tariff Bonds - The KGSS-I Securitized Utility Tariff Bonds are governed by an indenture between KGSS-I and the indenture trustee. The indenture contains certain covenants that restrict KGSS-I’s ability to sell, transfer, convey, exchange, or otherwise dispose of its assets. 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 14 for additional discussion of the Kansas securitization transaction.
v3.24.2.u1
EQUITY (Notes)
 6 Months Ended
Jun. 30, 2024
Class of Stock [Line Items]  
Stockholders' Equity Note Disclosure [Text Block] EQUITY
In February 2023, we entered into an at-the-market equity distribution agreement under which we may issue and sell shares of our common stock with an aggregate offering price up to $300 million. This at-the-market equity program replaced our previous at-the-market equity program, which began in February 2020, and expired in February 2023. Sales of common stock are made by means of ordinary brokers’ transactions on the NYSE, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. At June 30, 2024, we had $225.5 million of equity available for issuance under the program.
The following table summarizes all of our outstanding forward sale agreements at June 30, 2024:
MaturityOriginal SharesRemaining SharesNet Proceeds Available
(in thousands)		Forward Price
December 31, 2024926,465 926,465 $74,874 $80.82 
December 31, 20242,000,000 1,257,000 97,259 77.37 
December 31, 20241,200,000 1,200,000 89,268 74.39 
December 31, 2024180,000 180,000 13,382 74.34 
Total forward sale agreements4,306,465 3,563,465 $274,783 $77.11 
Dividends Declared - In July 2024, we declared a dividend of $0.66 per share ($2.64 per share on an annualized basis) for shareholders of record as of August 14, 2024, payable on August 30, 2024.
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive Income (Loss) Note ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table sets forth the effect of reclassifications from accumulated other comprehensive loss in our consolidated statements of income for the periods indicated:
Three Months EndedSix Months EndedAffected Line Item in the
Details About Accumulated OtherJune 30,June 30,Consolidated Statements
Comprehensive Loss (Income) Components
2024202320242023of Income
(Thousands of dollars)
Pension and other postemployment benefit plan obligations (a)
Amortization of net loss
$1,442 $490 $2,884 $980 
Amortization of unrecognized prior service cost
93 131 186 262 
1,535 621 3,070 1,242 
Regulatory adjustments (b)(1,536)(621)(3,071)(1,242)
Total pension and other postemployment benefit obligations(1)— (1)— 
Available-for-sale securities
Unrealized holding gains (losses) on available-for-sale securities10 — (2)— 
Realized gains (losses)
(10)— (10)— 
Amounts reclassified from accumulated other comprehensive income11 — 10 — 
Total available-for-sale securities11 — (2)— 
10 — (3)— Income before income taxes
(2)— 1 — Income tax expense
Total reclassifications for the period$8 $— $(2)$— Net income
(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 9 for additional detail of our net periodic benefit cost.
(b) Regulatory adjustments represent pension and other postemployment benefit costs expected to be recovered through rates and are deferred as part of our regulatory assets. See Note 3 for additional disclosures of regulatory assets and liabilities.
v3.24.2.u1
EARNINGS PER SHARE (Notes)
 6 Months Ended
Jun. 30, 2024
EARNINGS PER SHARE [Line Items]  
Earnings Per Share [Text Block] EARNINGS PER SHARE
Basic EPS is calculated by dividing net income by the daily weighted-average number of common shares outstanding during the periods presented, which includes fully vested stock awards that have not yet been issued as common stock. Diluted EPS is based on shares outstanding for the calculation of basic EPS, plus unvested stock awards granted under our compensation plans and equity forward sale agreements, but only to the extent these instruments dilute earnings per share.

The following tables set forth the computation of basic and diluted EPS from continuing operations for the periods indicated:
 Three Months Ended June 30, 2024
 IncomeSharesPer Share
Amount
 
(Thousands, except per share amounts)
Basic EPS Calculation   
Net income available for common stock
$27,243 56,750 $0.48 
Diluted EPS Calculation   
Effect of dilutive securities— 77  
Net income available for common stock and common stock equivalents$27,243 56,827 $0.48 
Three Months Ended June 30, 2023
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$32,689 55,566 $0.59 
Diluted EPS Calculation
Effect of dilutive securities— 348 
Net income available for common stock and common stock equivalents$32,689 55,914 $0.58 
Six Months Ended June 30, 2024
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$126,560 56,740 $2.23 
Diluted EPS Calculation
Effect of dilutive securities— 73 
Net income available for common stock and common stock equivalents$126,560 56,813 $2.23 
Six Months Ended June 30, 2023
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$135,310 55,552 $2.43 
Diluted EPS Calculation
Effect of dilutive securities— 305 
Net income available for common stock and common stock equivalents$135,310 55,857 $2.42 
v3.24.2.u1
EMPLOYEE BENEFIT PLANS (Notes)
 6 Months Ended
Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans (Notes) EMPLOYEE BENEFIT PLANS
The following tables set forth the components of net periodic benefit cost for our pension and other postemployment benefit plans for the periods indicated:
Pension Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Components of net periodic benefit credit
 
Service cost$1,551 $1,811 $3,102 $3,622 
Interest cost (a)
10,281 10,607 20,562 21,214 
Expected return on assets (a)
(14,757)(14,879)(29,514)(29,758)
Amortization of unrecognized prior service cost (a)
93 93 186 186 
Amortization of net loss (a)
1,446 502 2,892 1,004 
Net periodic benefit credit
$(1,386)$(1,866)$(2,772)$(3,732)
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 11 for additional detail for our other income (expense), net.
Other Postemployment Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Components of net periodic benefit cost (credit)
 
Service cost$152 $183 $304 $366 
Interest cost (a)
2,045 2,288 4,090 4,576 
Expected return on assets (a)
(2,284)(2,432)(4,568)(4,864)
Amortization of unrecognized prior service cost (credit) (a)
— 38 — 76 
Amortization of net gain (a)
(4)(12)(8)(24)
Net periodic benefit cost (credit)
$(91)$65 $(182)$130 
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 11 for additional detail for our other income (expense), net.
We recover qualified pension benefit plan and other postemployment benefit plan costs through rates charged to our customers. Certain regulatory authorities require that the recovery of these costs be based on specific guidelines. The difference between these regulatory-based amounts and the periodic benefit cost calculated pursuant to GAAP is deferred as a regulatory asset or liability and amortized to expense over periods in which this difference will be recovered in rates, as authorized by the applicable regulatory authorities. For the six months ended June 30, 2024 and 2023, regulatory deferrals related to net periodic benefit cost were $2.4 million and $2.8 million, respectively.

We capitalize all eligible service cost and non-service cost components under the accounting requirements of ASC Topic 980 (Regulated Operations) for rate-regulated entities. Capitalized non-service costs reflected as a regulatory asset in our consolidated balance sheets were $4.4 million at June 30, 2024, and $2.2 million at December 31, 2023. See Note 3 of the Notes to Consolidated Financial Statements in this Quarterly Report for additional information.
v3.24.2.u1
INCOME TAXES (Notes)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure INCOME TAXES
We use an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating our estimated annual effective tax rate, we consider forecasted annual pre-tax income and estimated permanent book versus tax differences, as well as tax credits. Adjustments to the effective tax rate and estimates will occur as information and assumptions change.

At June 30, 2024, we have no uncertain tax positions. Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date. We are no longer subject to income tax examination for years prior to 2019.
Income tax expense reflects credits for the amortization of the regulatory liability associated with EDIT that was returned to customers of $1.8 million and $3.1 million for the three months ended June 30, 2024 and 2023, respectively, and $11.9 million and $13.0 million for the six months ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
OTHER INCOME AND OTHER EXPENSE (Notes)
 6 Months Ended
Jun. 30, 2024
Other Income and Other Expense Disclosure [Text Block] OTHER INCOME AND OTHER EXPENSE
The following table sets forth the components of other income and other expense for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Net periodic benefit other than service cost
$547 $963 $1,556 $1,871 
Earnings on investments associated with nonqualified employee benefit plans
525 1,274 2,701 2,887 
Other income (expense), net(240)(63)83 (3)
Total other income, net
$832 $2,174 $4,340 $4,755 
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Notes)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Line Items]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Environmental Matters - We are subject to multiple laws and regulations regarding protection of the environment and natural and cultural resources, which affect many aspects of our present and future operations. Regulated activities include, but are not limited to, those involving air emissions, storm water and wastewater discharges, handling and disposal of solid and hazardous wastes, wetland preservation, plant and wildlife protection, hazardous materials use, storage and transportation, and pipeline and facility construction. These laws and regulations require us to obtain and/or comply with a wide variety of environmental clearances, registrations, licenses, permits and other approvals. Failure to comply with these laws, regulations, licenses and permits or the discovery of presently unknown environmental conditions may expose us to fines, penalties and/or interruptions in our operations that could be material to our results of operations. In addition, emission controls and/or other regulatory or permitting mandates under the CAA and other similar federal and state laws could require unexpected capital expenditures. We cannot assure that existing environmental statutes and regulations will not be revised or that new regulations will not be adopted or become applicable to us. Revised or additional statutes or regulations that result in increased compliance costs or additional operating restrictions could have a material adverse effect on our business, financial condition and results of operations. Our expenditures for environmental investigation and remediation compliance to-date have not been significant in relation to our financial position, results of operations or cash flows, and our expenditures related to environmental matters had no material effects on earnings or cash flows during the three and six months ended June 30, 2024 and 2023.

We own or retain legal responsibility for certain environmental conditions at 12 former MGP sites in Kansas. These sites contain contaminants generally associated with MGP sites and are subject to control or remediation under various environmental laws and regulations. A consent agreement with the KDHE governs all environmental investigation and remediation work at these sites. The terms of the consent agreement require us to investigate these sites and set remediation activities based upon the results of the investigations and risk analysis. Remediation typically involves the management of contaminated soils and may involve removal of structures and monitoring and/or remediation of groundwater. We have completed or are addressing removal of the source of soil contamination at all 12 sites and continue to monitor groundwater at seven of the 12 sites according to plans approved by the KDHE. Regulatory closure has been achieved at five of the 12 sites, but these sites remain subject to potential future requirements that may result in additional costs.

We have an AAO that allows Kansas Gas Service to defer and seek recovery of costs necessary for investigation and remediation at, and nearby, these 12 former MGP sites that are incurred after January 1, 2017, up to a cap of $15.0 million, net of any related insurance recoveries. Costs approved for recovery in a future rate proceeding would then be amortized over a 15-year period. The unamortized amounts will not be included in rate base or accumulate carrying charges. Following a determination that future investigation and remediation work approved by the KDHE exceeds $15.0 million, net of any related insurance recoveries, Kansas Gas Service will be required to file an application with the KCC for approval to increase the $15.0 million cap. In January 2024, we received $1.5 million in insurance proceeds for remediation costs related to these sites. At June 30, 2024 and December 31, 2023, we have deferred $30.5 million and $32.0 million, respectively, for accrued investigation and remediation costs pursuant to our AAO. Kansas Gas Service expects to file an application for amounts deferred in excess of the cap as soon as practicable.
We also own or retain legal responsibility for certain environmental conditions at a former MGP site in Texas. At the request of the TCEQ, we began investigating the level and extent of contamination associated with the site under their Texas Risk Reduction Program. A preliminary site investigation revealed that this site contains contaminants generally associated with MGP sites and is subject to control or remediation under various environmental laws and regulations. At June 30, 2024, estimated costs associated with expected remediation activities for this site are not material.

Our expenditures for environmental evaluation, mitigation, remediation and compliance to date have not been significant in relation to our financial position, results of operations or cash flows, and our expenditures related to environmental matters had no material effects on earnings or cash flows during the three and six months ended June 30, 2024 and 2023. The reserve for remediation of our MGP sites was $13.8 million and $14.3 million at June 30, 2024 and December 31, 2023, respectively.
Pipeline Safety - We are subject to regulation under federal pipeline safety statutes and any analogous state regulations. These include safety requirements for the design, construction, operation, and maintenance of pipelines, including transmission and distribution pipelines. At the federal level, we are regulated by PHMSA. PHMSA regulations require the following for certain pipelines: inspection and maintenance plans; integrity management programs, including the determination of pipeline integrity risks and periodic assessments on certain pipeline segments; an operator qualification program, which includes certain trainings; a public awareness program that provides certain information; and a control room management plan.
As part of the Consolidated Appropriations Act, 2021, the PIPES Act reauthorized PHMSA through 2023 and directed the agency to move forward with several regulatory actions, including the “Pipeline Safety: Class Location Change Requirements” and the “Pipeline Safety: Safety of Gas Transmission and Gathering Pipelines” proposed rulemakings. Congress has also instructed PHMSA to issue final regulations that will require operators of new and existing transmission and distribution pipeline facilities to conduct certain leak detection and repair programs and to require facility inspection and maintenance plans to align with those regulations. To the extent such rulemakings impose more stringent requirements on our facilities, we may be required to incur expenditures that may be material.

Legal Proceedings - We are a party to various litigation matters and claims that have arisen in the normal course of our operations. While the results of litigation and claims cannot be predicted with certainty, we believe the reasonably possible losses from such matters, individually and in the aggregate, are not material. Additionally, we believe the probable outcome of such matters will not have a material adverse effect on our results of operations, financial position or cash flows.
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Notes)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Accounting Treatment - We record all derivative instruments at fair value, with the exception of normal purchases and normal sales that are expected to result in physical delivery. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it, or if regulatory requirements impose a different accounting treatment.

If certain conditions are met, we may elect to designate a derivative instrument as a hedge of exposure to changes in fair values or cash flows. We have not elected to designate any of our derivative instruments as hedges.

The table below summarizes the various ways in which we account for our derivative instruments and the impact on our consolidated financial statements:
  Recognition and Measurement
Accounting Treatment Balance Sheet Income Statement
Normal purchases and
normal sales		-Fair value not recorded-Change in fair value not recognized in earnings
Mark-to-market-Recorded at fair value-Change in fair value recognized in, and recoverable through, the purchased-gas cost adjustment mechanisms

Fair Value Measurements - We define fair value as the price that would be received from the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. We use the market and income approaches to determine the fair value of our assets and liabilities and consider the markets in which the transactions are executed. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date.
Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our consolidated financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below:

•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2 - Significant observable pricing inputs other than quoted prices included within Level 1 that are, either directly or indirectly, observable as of the reporting date. Essentially, this represents inputs that are derived principally from or corroborated by observable market data; and
•Level 3 - May include one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are developed based on the best information available and may include our own internal data.

We recognize transfers into and out of the levels as of the end of each reporting period.

Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety.
Derivative Instruments - Our derivatives are comprised of over-the-counter natural gas fixed price swaps and call options.

Swaps - At June 30, 2024, we held over-the-counter natural gas fixed-price swaps for the heating season ending March 2025, with a total notional amount of 9.45 Bcf. At December 31, 2023, we held over-the counter natural gas fixed-prices swaps for the heating season ending March 2024 with a total notional amount of 5.1 Bcf.

Options - At June 30, 2024, we held natural gas call options for the heating season ending March 2025, with the total notional amounts of 1.02 Bcf, for which we paid premiums of $1.0 million. At December 31, 2023, we held purchased natural gas call options for the heating season ended March 2024, with total notional amounts of 0.5 Bcf, for which the premiums paid and the fair value were not material.

We have not designated any of our derivative instruments as accounting hedges. These contracts are included in, and recoverable through, our purchased-gas cost adjustment mechanisms. Additionally, premiums paid, changes in fair value and any settlements received associated with these contracts are deferred as part of our unrecovered purchased-gas costs in our consolidated balance sheets. There were no transfers between levels for the periods presented.

Other Financial Instruments - The approximate fair value of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable and accounts payable is equal to book value, due to the short-term nature of these items. Commercial paper is due upon demand and, therefore, the carrying amounts approximate fair value.
The following tables summarize, by level within the fair value hierarchy, our derivative and other assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2024 and December 31, 2023:
June 30, 2024
Level 1Level 2Netting (c)Total
(Thousands of dollars)
Assets:
Derivative instruments - swaps (a)$— $378 $(378)$— 
Derivative instruments - options (a)— 191 — 191 
United States treasury notes (b)6,469 — — 6,469 
Corporate bonds (b)— 10,439 — 10,439 
Total assets$6,469 $11,008 $(378)$17,099 
Liabilities:
Derivative instruments - swaps (a)$— $1,618 $(378)$1,240 
(a) The fair value is included in other current assets and other current liabilities in our consolidated balance sheets.
(b) The fair value is included in other current and noncurrent assets and other current and noncurrent liabilities in our consolidated balance sheets.
(c ) Our over-the-counter natural gas fixed-price swaps are presented on a net basis when the right of offset exists.

December 31, 2023
Level 1Level 2Total
(Thousands of dollars)
Assets:
United States treasury notes (b)$6,496 $— $6,496 
Corporate bonds (b)— 11,080 11,080 
Total assets$6,496 $11,080 $17,576 
Liabilities:
Derivative instruments - swaps (a)$— $13,920 $13,920 
(a) The fair value is included in other current assets and other current liabilities in our consolidated balance sheets.
(b) The fair value is included in other current and noncurrent assets and other current and noncurrent liabilities in our consolidated balance sheets.

The estimated fair value of our long-term debt, including current maturities, was $2.0 billion and $2.8 billion at June 30, 2024 and December 31, 2023, respectively. The estimated fair value of our long-term debt was determined using quoted market prices, and is classified as Level 2.
v3.24.2.u1
VARIABLE INTEREST ENTITES (Notes)
 6 Months Ended
Jun. 30, 2024
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, for the periods indicated:
June 30,December 31,
20242023
(Thousands of dollars)
Restricted cash and cash equivalents$21,722 $20,552 
Accounts receivable4,668 5,133 
Securitized intangible asset, net278,939 293,619 
Total assets$305,329 $319,304 
Current maturities of securitized utility tariff bonds28,183 27,430 
Accounts payable253 393 
Accrued interest6,892 7,207 
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $5.1 million and $5.3 million, as of June 30, 2024 and December 31, 2023, respectively
268,233 282,506 
Equity1,768 1,768 
Total liabilities and equity$305,329 $319,304 

The following table summarizes the impact of KGSS-I on our consolidated statements of income, for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Operating revenues$11,555 $11,807 $23,226 $23,740 
Operating expense(110)(109)(221)(219)
Amortization expense(7,295)(7,180)(14,680)(14,269)
Interest income152 226 340 301 
Interest expense(4,266)(4,744)(8,593)(9,553)
Income before income taxes$36 $— $72 $— 
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Significant Accounting Policies [Line Items]  
Basis of Accounting, Policy
Basis of Presentation - Our accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These statements also have been prepared in accordance with GAAP and reflect all adjustments that, in our opinion, are necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The 2023 year-end consolidated balance sheet data was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes in our Annual Report. Our significant accounting policies are described in Note 1 of our Notes to Consolidated Financial Statements in our Annual Report. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Although management believes these estimates are reasonable, actual results could differ materially from these estimates. Due to the seasonal nature of our business, the results of operations for the six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for a 12-month period.
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies Organization and Nature of Operations - We provide natural gas distribution services to approximately 2.3 million customers in Oklahoma, Kansas and Texas through our three divisions, Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, respectively. We primarily serve residential, commercial and transportation customers in all three states.
Segments
Segments - We operate in one reportable business segment: regulated public utilities that deliver natural gas primarily to residential, commercial and transportation customers. Our accounting policies are the same as those described in Note 1 of the Notes to Consolidated Financial Statements in our Annual Report. We evaluate our financial performance principally on net income. For the three and six months ended June 30, 2024 and 2023, we had no single external customer from which we received 10 percent or more of our gross revenues.
Property, Plant and Equipment Disclosure
Property, Plant and Equipment and Asset Removal Costs - Accounts payable for construction work in progress and asset removal costs decreased by approximately $11.7 million and $7.9 million for the six months ended June 30, 2024 and 2023, respectively. Such amounts are not included in capital expenditures or asset removal costs in our consolidated statements of cash flows.
Accounts Receivable
Accounts Receivable, Net - Accounts receivable represent valid claims against nonaffiliated customers for natural gas sold or services rendered. We assess the creditworthiness of our customers. Those customers who do not meet minimum standards may be required to provide security, including deposits and other forms of collateral, when appropriate and allowed by our tariffs. With approximately 2.3 million customers across three states, we are not exposed materially to a concentration of credit risk. We maintain an allowance for doubtful accounts based upon factors surrounding the credit risk of customers, historical trends, consideration of the current environment and other information. We recover natural gas costs related to accounts written off when they are deemed uncollectible through the purchased-gas cost adjustment mechanisms in each of our jurisdictions. At June 30, 2024 and December 31, 2023, our allowance for doubtful accounts was $14.4 million and $16.1 million, respectively.
Recently Issued Accounting Standards Update
Recently Issued Accounting Standards Update - In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s operations. The amendments in this standard require disclosure of additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the rate reconciliation) for federal, state, and foreign income taxes. They also require greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. In addition to new disclosures associated with the rate reconciliation, the amendments in this update require information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments in this update are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently assessing the timing and impacts of adopting this standard.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve annual and interim reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this standard enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The
amendments in this update are effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the timing and impacts of adopting this standard.
v3.24.2.u1
Fair Value Measures and Disclosures (Policies)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Derivatives
Accounting Treatment - We record all derivative instruments at fair value, with the exception of normal purchases and normal sales that are expected to result in physical delivery. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it, or if regulatory requirements impose a different accounting treatment.

If certain conditions are met, we may elect to designate a derivative instrument as a hedge of exposure to changes in fair values or cash flows. We have not elected to designate any of our derivative instruments as hedges.

The table below summarizes the various ways in which we account for our derivative instruments and the impact on our consolidated financial statements:
  Recognition and Measurement
Accounting Treatment Balance Sheet Income Statement
Normal purchases and
normal sales		-Fair value not recorded-Change in fair value not recognized in earnings
Mark-to-market-Recorded at fair value-Change in fair value recognized in, and recoverable through, the purchased-gas cost adjustment mechanisms
Fair Value Measurement
Fair Value Measurements - We define fair value as the price that would be received from the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. We use the market and income approaches to determine the fair value of our assets and liabilities and consider the markets in which the transactions are executed. We measure the fair value of a group of financial assets and liabilities consistent with how a market participant would price the net risk exposure at the measurement date.
Fair Value Hierarchy - At each balance sheet date, we utilize a fair value hierarchy to classify fair value amounts recognized or disclosed in our consolidated financial statements based on the observability of inputs used to estimate such fair value. The levels of the hierarchy are described below:

•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2 - Significant observable pricing inputs other than quoted prices included within Level 1 that are, either directly or indirectly, observable as of the reporting date. Essentially, this represents inputs that are derived principally from or corroborated by observable market data; and
•Level 3 - May include one or more unobservable inputs that are significant in establishing a fair value estimate. These unobservable inputs are developed based on the best information available and may include our own internal data.

We recognize transfers into and out of the levels as of the end of each reporting period.

Determining the appropriate classification of our fair value measurements within the fair value hierarchy requires management’s judgment regarding the degree to which market data is observable or corroborated by observable market data. We categorize derivatives for which fair value is determined using multiple inputs within a single level, based on the lowest level input that is significant to the fair value measurement in its entirety.
v3.24.2.u1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Revenues Disaggregated by Source [Table]
The following table sets forth our revenues disaggregated by source for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
(Thousands of dollars)
Natural gas sales to customers$298,351 $346,734 $987,856 $1,313,093 
Transportation revenues29,587 29,022 69,554 67,549 
Securitization customer charges (Note 14)
11,555 11,807 23,226 23,740 
Miscellaneous revenues5,757 6,313 12,065 12,211 
Total revenues from contracts with customers345,250 393,876 1,092,701 1,416,593 
Other revenues - natural gas sales related6,227 1,614 14,222 7,404 
Other revenues 2,660 2,624 5,534 6,260 
Total other revenues8,887 4,238 19,756 13,664 
Total revenues$354,137 $398,114 $1,112,457 $1,430,257 
v3.24.2.u1
REGULATORY ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2024
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]  
SCHEDULE OF REGULATED ASSETS AND LIABILITIES
The tables below present a summary of regulatory assets and liabilities, net of amortization, for the periods indicated:
June 30, 2024
Recovery PeriodCurrentNoncurrentTotal
(Thousands of dollars)
Winter weather event costs(a)$16,758 $15,140 $31,898 
Under-recovered purchased-gas costs1 year44,529 — 44,529 
Pension and postemployment benefit costs
See Note 9
1,947 224,702 226,649 
Reacquired debt costs6 years723 2,350 3,073 
MGP remediation costs15 years98 30,362 30,460 
Ad-valorem tax1 year14,314 — 14,314 
WNA1 year21,343 — 21,343 
Customer credit deferrals1 year10,412 1,177 11,589 
Other1 to 18 years4,029 2,278 6,307 
Total regulatory assets, net of amortization114,153 276,009 390,162 
Income tax rate changes(a)— (485,172)(485,172)
Over-recovered purchased-gas costs1 year(39,750)— (39,750)
Total regulatory liabilities(39,750)(485,172)(524,922)
Net regulatory assets and liabilities$74,403 $(209,163)$(134,760)
(a) Recovery period varies by jurisdiction. See discussion below for additional information regarding our regulatory assets related to winter weather event costs and regulatory liabilities related to income tax rate changes.

December 31, 2023
Recovery PeriodCurrentNoncurrentTotal
(Thousands of dollars)
Winter weather event costs(a)$22,633 $21,495 $44,128 
Under-recovered purchased-gas costs1 year10,391 — 10,391 
Pension and postemployment benefit costs
See Note 9
6,379 228,092 234,471 
Reacquired debt costs6 years723 2,712 3,435 
MGP remediation costs15 years98 31,893 31,991 
Ad-valorem tax1 year14,533 — 14,533 
WNA1 year11,404 — 11,404 
Customer credit deferrals1 year6,184 — 6,184 
Other1 to 18 years2,963 3,714 6,677 
Total regulatory assets, net of amortization75,308 287,906 363,214 
Income tax rate changes(a)— (500,478)(500,478)
Over-recovered purchased-gas costs1 year(66,901)— (66,901)
Total regulatory liabilities(66,901)(500,478)(567,379)
Net regulatory assets and liabilities$8,407 $(212,572)$(204,165)
(a) Recovery period varies by jurisdiction. See discussion below for additional information regarding our regulatory assets related to winter weather event costs and regulatory liabilities related to income tax rate changes.
v3.24.2.u1
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-Term Debt Instruments
The table below presents a summary of our long-term debt outstanding for the periods indicated:
Interest Rate
June 30, 2024December 31, 2023
(Thousands of dollars)
Senior Notes due:
February 20243.610%$— $300,000 
March 20241.100%— 473,000 
April 20295.100%300,000 300,000 
May 20302.000%300,000 300,000 
September 20324.250%300,000 300,000 
February 20444.658%600,000 600,000 
November 20484.500%400,000 400,000 
Total Senior Notes1,900,000 2,673,000 
KGSS-I Securitized Utility Tariff Bonds5.486%301,503 315,284 
Other8.000%1,232 1,238 
Unamortized discounts on long-term debt(7,356)(7,615)
Debt issuance costs (a)(20,261)(21,092)
Total long-term debt, net2,175,118 2,960,815 
Less: current maturities of KGSS-I securitized utility tariff bonds, net28,183 27,430 
Less: current maturities of other long-term debt, net13 772,984 
Noncurrent portion of long-term debt, net$2,146,922 $2,160,401 
(a) Includes issuance costs and discounts for the KGSS-I Securitized Utility Tariff Bonds of $5.1 million and $5.3 million, at June 30, 2024 and December 31, 2023 respectively.
v3.24.2.u1
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Forward Contracts Indexed to Issuer's Equity
The following table summarizes all of our outstanding forward sale agreements at June 30, 2024:
MaturityOriginal SharesRemaining SharesNet Proceeds Available
(in thousands)		Forward Price
December 31, 2024926,465 926,465 $74,874 $80.82 
December 31, 20242,000,000 1,257,000 97,259 77.37 
December 31, 20241,200,000 1,200,000 89,268 74.39 
December 31, 2024180,000 180,000 13,382 74.34 
Total forward sale agreements4,306,465 3,563,465 $274,783 $77.11 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following table sets forth the effect of reclassifications from accumulated other comprehensive loss in our consolidated statements of income for the periods indicated:
Three Months EndedSix Months EndedAffected Line Item in the
Details About Accumulated OtherJune 30,June 30,Consolidated Statements
Comprehensive Loss (Income) Components
2024202320242023of Income
(Thousands of dollars)
Pension and other postemployment benefit plan obligations (a)
Amortization of net loss
$1,442 $490 $2,884 $980 
Amortization of unrecognized prior service cost
93 131 186 262 
1,535 621 3,070 1,242 
Regulatory adjustments (b)(1,536)(621)(3,071)(1,242)
Total pension and other postemployment benefit obligations(1)— (1)— 
Available-for-sale securities
Unrealized holding gains (losses) on available-for-sale securities10 — (2)— 
Realized gains (losses)
(10)— (10)— 
Amounts reclassified from accumulated other comprehensive income11 — 10 — 
Total available-for-sale securities11 — (2)— 
10 — (3)— Income before income taxes
(2)— 1 — Income tax expense
Total reclassifications for the period$8 $— $(2)$— Net income
(a) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 9 for additional detail of our net periodic benefit cost.
(b) Regulatory adjustments represent pension and other postemployment benefit costs expected to be recovered through rates and are deferred as part of our regulatory assets. See Note 3 for additional disclosures of regulatory assets and liabilities.
v3.24.2.u1
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
EARNINGS PER SHARE [Line Items]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following tables set forth the computation of basic and diluted EPS from continuing operations for the periods indicated:
 Three Months Ended June 30, 2024
 IncomeSharesPer Share
Amount
 
(Thousands, except per share amounts)
Basic EPS Calculation   
Net income available for common stock
$27,243 56,750 $0.48 
Diluted EPS Calculation   
Effect of dilutive securities— 77  
Net income available for common stock and common stock equivalents$27,243 56,827 $0.48 
Three Months Ended June 30, 2023
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$32,689 55,566 $0.59 
Diluted EPS Calculation
Effect of dilutive securities— 348 
Net income available for common stock and common stock equivalents$32,689 55,914 $0.58 
Six Months Ended June 30, 2024
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$126,560 56,740 $2.23 
Diluted EPS Calculation
Effect of dilutive securities— 73 
Net income available for common stock and common stock equivalents$126,560 56,813 $2.23 
Six Months Ended June 30, 2023
IncomeSharesPer Share
Amount
(Thousands, except per share amounts)
Basic EPS Calculation
Net income available for common stock
$135,310 55,552 $2.43 
Diluted EPS Calculation
Effect of dilutive securities— 305 
Net income available for common stock and common stock equivalents$135,310 55,857 $2.42 
v3.24.2.u1
EMPLOYEE BENEFIT PLANS (Tables)
 6 Months Ended
Jun. 30, 2024
Employee Benefit Plans [Line Items]  
Schedule of Net Benefit Costs [Table Text Block]
The following tables set forth the components of net periodic benefit cost for our pension and other postemployment benefit plans for the periods indicated:
Pension Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Components of net periodic benefit credit
 
Service cost$1,551 $1,811 $3,102 $3,622 
Interest cost (a)
10,281 10,607 20,562 21,214 
Expected return on assets (a)
(14,757)(14,879)(29,514)(29,758)
Amortization of unrecognized prior service cost (a)
93 93 186 186 
Amortization of net loss (a)
1,446 502 2,892 1,004 
Net periodic benefit credit
$(1,386)$(1,866)$(2,772)$(3,732)
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 11 for additional detail for our other income (expense), net.
Other Postemployment Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Components of net periodic benefit cost (credit)
 
Service cost$152 $183 $304 $366 
Interest cost (a)
2,045 2,288 4,090 4,576 
Expected return on assets (a)
(2,284)(2,432)(4,568)(4,864)
Amortization of unrecognized prior service cost (credit) (a)
— 38 — 76 
Amortization of net gain (a)
(4)(12)(8)(24)
Net periodic benefit cost (credit)
$(91)$65 $(182)$130 
(a) These amounts, net of any amounts capitalized as a regulatory asset, have been recognized as other income (expense), net in the consolidated statement of income. See Note 11 for additional detail for our other income (expense), net.
v3.24.2.u1
OTHER INCOME AND OTHER EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2024
Schedule of Other Nonoperating Income (Expense)
The following table sets forth the components of other income and other expense for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Net periodic benefit other than service cost
$547 $963 $1,556 $1,871 
Earnings on investments associated with nonqualified employee benefit plans
525 1,274 2,701 2,887 
Other income (expense), net(240)(63)83 (3)
Total other income, net
$832 $2,174 $4,340 $4,755 
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables summarize, by level within the fair value hierarchy, our derivative and other assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2024 and December 31, 2023:
June 30, 2024
Level 1Level 2Netting (c)Total
(Thousands of dollars)
Assets:
Derivative instruments - swaps (a)$— $378 $(378)$— 
Derivative instruments - options (a)— 191 — 191 
United States treasury notes (b)6,469 — — 6,469 
Corporate bonds (b)— 10,439 — 10,439 
Total assets$6,469 $11,008 $(378)$17,099 
Liabilities:
Derivative instruments - swaps (a)$— $1,618 $(378)$1,240 
(a) The fair value is included in other current assets and other current liabilities in our consolidated balance sheets.
(b) The fair value is included in other current and noncurrent assets and other current and noncurrent liabilities in our consolidated balance sheets.
(c ) Our over-the-counter natural gas fixed-price swaps are presented on a net basis when the right of offset exists.

December 31, 2023
Level 1Level 2Total
(Thousands of dollars)
Assets:
United States treasury notes (b)$6,496 $— $6,496 
Corporate bonds (b)— 11,080 11,080 
Total assets$6,496 $11,080 $17,576 
Liabilities:
Derivative instruments - swaps (a)$— $13,920 $13,920 
(a) The fair value is included in other current assets and other current liabilities in our consolidated balance sheets.
(b) The fair value is included in other current and noncurrent assets and other current and noncurrent liabilities in our consolidated balance sheets.
v3.24.2.u1
VARIABLE INTEREST ENTITES (Tables)
 6 Months Ended
Jun. 30, 2024
Kansas Gas Service Securitization I LLC  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities
The following table summarizes the impact of KGSS-I on our consolidated balance sheets, for the periods indicated:
June 30,December 31,
20242023
(Thousands of dollars)
Restricted cash and cash equivalents$21,722 $20,552 
Accounts receivable4,668 5,133 
Securitized intangible asset, net278,939 293,619 
Total assets$305,329 $319,304 
Current maturities of securitized utility tariff bonds28,183 27,430 
Accounts payable253 393 
Accrued interest6,892 7,207 
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $5.1 million and $5.3 million, as of June 30, 2024 and December 31, 2023, respectively
268,233 282,506 
Equity1,768 1,768 
Total liabilities and equity$305,329 $319,304 

The following table summarizes the impact of KGSS-I on our consolidated statements of income, for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(Thousands of dollars)
Operating revenues$11,555 $11,807 $23,226 $23,740 
Operating expense(110)(109)(221)(219)
Amortization expense(7,295)(7,180)(14,680)(14,269)
Interest income152 226 340 301 
Interest expense(4,266)(4,744)(8,593)(9,553)
Income before income taxes$36 $— $72 $— 
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
number in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]          
Number of natural gas distribution services customers 2,300   2,300    
Segment Reporting, Disclosure of Major Customers no no no no  
Capital Expenditures Incurred but Not yet Paid     $ 11,700 $ 7,900  
Allowance for Doubtful Accounts, Premiums and Other Receivables $ 14,400   $ 14,400   $ 16,100
v3.24.2.u1
REVENUE (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Regulated Operating Revenue, Gas $ 345,250,000 $ 393,876,000 $ 1,092,701,000 $ 1,416,593,000  
Regulated Operating Revenue, Other 8,887,000 4,238,000 19,756,000 13,664,000  
Regulated Operating Revenue 354,137,000 398,114,000 1,112,457,000 1,430,257,000  
Unbilled Receivables, Current 75,300,000   75,300,000   $ 191,400,000
Natural gas sales to customers [Member]          
Regulated Operating Revenue, Gas 298,351,000 346,734,000 987,856,000 1,313,093,000  
Transportation revenues [Member]          
Regulated Operating Revenue, Gas 29,587,000 29,022,000 69,554,000 67,549,000  
Securitization Customer Charges          
Regulated Operating Revenue, Gas 11,555,000 11,807,000 23,226,000 23,740,000  
Miscellaneous revenues [Member]          
Regulated Operating Revenue, Gas 5,757,000 6,313,000 12,065,000 12,211,000  
Other revenues - natural gas sales related [Member]          
Regulated Operating Revenue, Other 6,227,000 1,614,000 14,222,000 7,404,000  
Other revenues [Member]          
Regulated Operating Revenue, Other $ 2,660,000 $ 2,624,000 $ 5,534,000 $ 6,260,000  
v3.24.2.u1
REGULATORY ASSETS AND LIABILITIES (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current $ 114,153,000   $ 114,153,000   $ 75,308,000
Regulatory Assets, Noncurrent 276,009,000   276,009,000   287,906,000
Regulatory Assets 390,162,000   390,162,000   363,214,000
Regulatory Liability, Current (39,750,000)   (39,750,000)   (66,901,000)
Regulatory Liability, Noncurrent (485,172,000)   (485,172,000)   (500,478,000)
Regulatory Liabilities (524,922,000)   (524,922,000)   (567,379,000)
Net regulatory assets (liabilities), current 74,403,000   74,403,000   8,407,000
Net regulatory assets (liabilities), noncurrent (209,163,000)   (209,163,000)   (212,572,000)
Net Regulatory Assets (134,760,000)   (134,760,000)   (204,165,000)
Amortization of Rate Deferral 2,400,000 $ 2,500,000 9,500,000 $ 9,500,000  
West Texas Service Area          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
TGS Deferred Extraordinary Costs from 2021 Winter Storm Uri 14,500,000   14,500,000    
Income tax rate changes [Member] [Domain]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Liability, Current 0   0   0
Regulatory Liability, Noncurrent (485,172,000)   (485,172,000)   (500,478,000)
Regulatory Liabilities (485,172,000)   (485,172,000)   (500,478,000)
Over-recovered purchased-gas costs [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Liability, Current (39,750,000)   (39,750,000)   (66,901,000)
Regulatory Liability, Noncurrent 0   0   0
Regulatory Liabilities (39,750,000)   (39,750,000)   (66,901,000)
Winter weather event costs          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 16,758,000   16,758,000   22,633,000
Regulatory Assets, Noncurrent 15,140,000   15,140,000   21,495,000
Regulatory Assets 31,898,000   31,898,000   44,128,000
Under-recovered purchased-gas costs [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 44,529,000   44,529,000   10,391,000
Regulatory Assets, Noncurrent 0   0   0
Regulatory Assets 44,529,000   44,529,000   10,391,000
Pension and postretirement benefit costs [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 1,947,000   1,947,000   6,379,000
Regulatory Assets, Noncurrent 224,702,000   224,702,000   228,092,000
Regulatory Assets 226,649,000   226,649,000   234,471,000
Reacquired debt costs [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 723,000   723,000   723,000
Regulatory Assets, Noncurrent 2,350,000   2,350,000   2,712,000
Regulatory Assets 3,073,000   3,073,000   3,435,000
MGP Costs [Member] [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 98,000   98,000   98,000
Regulatory Assets, Noncurrent 30,362,000   30,362,000   31,893,000
Regulatory Assets 30,460,000   30,460,000   31,991,000
Ad valorem tax [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 14,314,000   14,314,000   14,533,000
Regulatory Assets, Noncurrent 0   0   0
Regulatory Assets 14,314,000   14,314,000   14,533,000
Weather normalization [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 21,343,000   21,343,000   11,404,000
Regulatory Assets, Noncurrent 0   0   0
Regulatory Assets 21,343,000   21,343,000   11,404,000
Customer credit deferrals          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 10,412,000   10,412,000   6,184,000
Regulatory Assets, Noncurrent 1,177,000   1,177,000   0
Regulatory Assets 11,589,000   11,589,000   6,184,000
Other regulatory assets [Member]          
SCHEDULE OF REGULATED ASSETS AND LIABILITIES [Line Items]          
Regulatory Assets, Current 4,029,000   4,029,000   2,963,000
Regulatory Assets, Noncurrent 2,278,000   2,278,000   3,714,000
Regulatory Assets $ 6,307,000   $ 6,307,000   $ 6,677,000
v3.24.2.u1
CREDIT FACILITIES (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Jul. 25, 2024
USD ($)
Jun. 26, 2024
USD ($)
Dec. 31, 2023
USD ($)
Short-term Debt [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity $ 1,275,000,000   $ 1,200,000,000  
Line of Credit Facility Sublimit 20,000,000      
Swingline subfacility 60,000,000      
Line of Credit Facility Option to Increase Borrowing Capacity $ 225,000,000      
Approved Debt to Capital Ratio 0.70      
Ratio of Indebtedness to Net Capital 0.53      
Letters of Credit Outstanding, Amount $ 1,400,000      
Short-Term Debt 0      
Line of Credit Facility, Remaining Borrowing Capacity 1,270,000,000      
Commercial paper maximum borrowing capacity $ 1,200,000,000      
CommercialPaperMaximumMaturityTerm 270 days      
Commercial Paper $ 1,000,000,000      
Short-term debt $ 1,031,500,000     $ 88,500,000
Short-Term Debt, Weighted Average Interest Rate, at Point in Time 5.59%     5.60%
Subsequent Event [Member]        
Short-term Debt [Line Items]        
Commercial paper maximum borrowing capacity   $ 1,275,000,000    
v3.24.2.u1
LONG-TERM DEBT (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Debt Instrument, Unamortized Discount   $ (7,356) $ (7,615)
Debt Issuance Costs, Net   (20,261) (21,092)
Long-Term Debt and Lease Obligation, Including Current Maturities   2,175,118 2,960,815
Long-term Debt, Current Maturities   13 772,984
Long-term Debt, excluding current maturities   2,146,922 2,160,401
Debt Instrument, Covenant Compliance, Default Provision, Indebtnedness Threshold   $ 100,000  
Debt Instrument, Covenant Compliance, Default Provision, Debt Holders   25.00%  
Debt Instrument, Redemption Price, Percentage   100.00%  
Kansas Gas Service Securitization I LLC      
Debt Instrument [Line Items]      
Debt Issuance Costs, Net   $ (5,100) (5,300)
3.61% Senior Unsecured Notes Due 2024      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 3.61% 3.61%  
Long-term Debt, Gross   $ 0 300,000
Repayments of Debt $ 300,000    
1.10% Senior Unsecured Notes Due 2024      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 1.10% 1.10%  
Long-term Debt, Gross   $ 0 473,000
Repayments of Debt $ 473,000    
5.10% Senior Unsecured Notes Due 2029 [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   5.10%  
Long-term Debt, Gross   $ 300,000 300,000
2.00% Senior Unsecured Notes Due 2024      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   2.00%  
Long-term Debt, Gross   $ 300,000 300,000
4.25% Senior Unsecured Notes Due 2032      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   4.25%  
Long-term Debt, Gross   $ 300,000 300,000
4.658% Senior Unsecured Notes Due 2044      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   4.658%  
Long-term Debt, Gross   $ 600,000 600,000
4.50% Senior Unsecured Notes Due 2048      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   4.50%  
Long-term Debt, Gross   $ 400,000 400,000
Total Senior Unsecured Notes      
Debt Instrument [Line Items]      
Long-term Debt, Gross   $ 1,900,000 2,673,000
5.486% KGSS-I Securitized Utility Tariff Bonds Due 2032      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   5.486%  
Long-term Debt, Gross   $ 301,503 315,284
Long-term Debt, Current Maturities   $ 28,183 27,430
8.00% Other Long Term Debt      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage   8.00%  
Long-term Debt, Gross   $ 1,232 $ 1,238
v3.24.2.u1
EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Forward Contract Indexed to Issuer's Equity, Indexed Shares   3,563,465   3,563,465        
Forward Contract Indexed to Equity, Settlement, Cash, Amount   $ 274,783   $ 274,783        
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share       $ 77.11        
Forward Contract Indexed to Equity, Settlement, Original Number of Shares   4,306,465   4,306,465        
Common Stock, Dividends, Per Share, Declared   $ 0.66 $ 0.65 $ 1.32 $ 1.30      
At-The-Market Program                
Aggregate Offering Price Limit   $ 300,000   $ 300,000        
Equity Available for Issuance   $ 225,500   $ 225,500        
June 2023 At-the-Market Equity Forward                
Forward Contract Indexed to Issuer's Equity, Indexed Shares   926,465   926,465        
Forward Contract Indexed to Equity, Settlement, Cash, Amount   $ 74,874   $ 74,874        
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share       $ 80.82        
Forward Contract Indexed to Equity, Settlement, Original Number of Shares     926,465   926,465      
March 2023 Equity Forward Agreement                
Forward Contract Indexed to Issuer's Equity, Indexed Shares   1,257,000   1,257,000        
Forward Contract Indexed to Equity, Settlement, Cash, Amount   $ 97,259   $ 97,259        
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share       $ 77.37        
Forward Contract Indexed to Equity, Settlement, Original Number of Shares               2,000,000
September 11, 2023 Equity Forward Agreement [Domain]                
Forward Contract Indexed to Issuer's Equity, Indexed Shares   1,200,000   1,200,000        
Forward Contract Indexed to Equity, Settlement, Cash, Amount   $ 89,268   $ 89,268        
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share       $ 74.39        
Forward Contract Indexed to Equity, Settlement, Original Number of Shares             1,200,000  
September 15, 2023 Equity Forward Agreement [Domain]                
Forward Contract Indexed to Issuer's Equity, Indexed Shares   180,000   180,000        
Forward Contract Indexed to Equity, Settlement, Cash, Amount   $ 13,382   $ 13,382        
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share       $ 74.34        
Forward Contract Indexed to Equity, Settlement, Original Number of Shares             180,000  
Subsequent Event [Member]                
Common Stock, Dividends, Per Share, Declared $ 0.66              
Common Stock, Dividends, Declared, Annualized Basis           $ 2.64    
Dividends Payable, Date of Record Aug. 14, 2024              
Dividends Payable, Date to be Paid Aug. 30, 2024              
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Amortization of net (gain) loss $ 1,442   $ 490 $ 2,884 $ 980
Amortization of unrecognized prior service cost 93   131 186 262
Reclassification adjustment, before tax and regulatory adjustments 1,535   621 3,070 1,242
Regulatory adjustments (1,536)   (621) (3,071) (1,242)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax (1)   0 (1) 0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax 10   0 (2) 0
Realized Investment Gains (Losses) (10)   0 (10) 0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax 11   0 10 0
Other comprehensive (income) loss, available-for-sale securities, after reclassification adjustment, before tax 11   0 (2) 0
Other Comprehensive Income (Loss), before Tax 10   0 (3) 0
Other Comprehensive Income (Loss), Tax (2)   0 1 0
Other comprehensive income $ 8 $ (10) $ 0 $ (2) $ 0
v3.24.2.u1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Basic EPS Calculation            
Net income available for common stock $ 27,243 $ 99,317 $ 32,689 $ 102,621 $ 126,560 $ 135,310
Weighted Average Number of Shares Outstanding, Basic 56,750   55,566   56,740 55,552
Earnings Per Share, Basic $ 0.48   $ 0.59   $ 2.23 $ 2.43
Diluted EPS Calculation            
Net Income (Loss) Available to Common Stockholders, Diluted $ 27,243   $ 32,689   $ 126,560 $ 135,310
Effect of dilutive securities on shares 77   348   73 305
Weighted Average Number of Shares Outstanding, Diluted 56,827   55,914   56,813 55,857
Earnings Per Share, Diluted $ 0.48   $ 0.58   $ 2.23 $ 2.42
v3.24.2.u1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Components of net periodic benefit cost:          
Amortization of unrecognized prior service cost $ (93) $ (131) $ (186) $ (262)  
Amortization of net (gain) loss (1,442) (490) (2,884) (980)  
Capitalized non-service cost components as a regulatory asset 4,400   4,400   $ 2,200
Regulatory Deferral of net periodic benefit costs 2,400 2,800      
ONE Gas Pension Plans [Member]          
Components of net periodic benefit cost:          
Service cost 1,551 1,811 3,102 3,622  
Interest cost 10,281 10,607 20,562 21,214  
Expected return on assets (14,757) (14,879) (29,514) (29,758)  
Amortization of unrecognized prior service cost 93 93 186 186  
Amortization of net (gain) loss 1,446 502 2,892 1,004  
Net periodic benefit cost (1,386) (1,866) (2,772) (3,732)  
ONE Gas Postretirement Benefit Plans [Member]          
Components of net periodic benefit cost:          
Service cost 152 183 304 366  
Interest cost 2,045 2,288 4,090 4,576  
Expected return on assets (2,284) (2,432) (4,568) (4,864)  
Amortization of unrecognized prior service cost 0 38 0 76  
Amortization of net (gain) loss (4) (12) (8) (24)  
Net periodic benefit cost $ (91) $ 65 $ (182) $ 130  
v3.24.2.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Reduction in income tax expense for the amortization of the regulatory liability associated with excess ADIT that was returned to customers $ 1,800 $ 3,100 $ 11,900 $ 13,000
v3.24.2.u1
OTHER INCOME AND OTHER EXPENSE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Nonoperating Income (Expense) $ 832 $ 2,174 $ 4,340 $ 4,755
Net periodic cost other than service cost [Member]        
Other Nonoperating Income (Expense) 547 963 1,556 1,871
Earnings (losses) on investments associated with nonqualified employee benefit plans [Member]        
Other Nonoperating Income (Expense) 525 1,274 2,701 2,887
Other, net [Member]        
Other Nonoperating Income (Expense) $ (240) $ (63) $ 83 $ (3)
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commitments and Contingencies [Line Items]      
Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions   12  
Number of sites with ongoing groundwater monitoring   7  
Number of sites where regulatory closure has been achieved   5  
Deferred MGP Costs, Maximum   $ 15,000  
Insurance proceeds related to MGP sites $ 1,500    
Regulatory Asset for Costs Associated with Manufactured Gas Sites   30,500 $ 32,000
Accrual for Environmental Loss Contingencies   $ 13,800 $ 14,300
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) Note
 6 Months Ended
Jun. 30, 2024
USD ($)
Bcf
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Bcf
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Fair Value Assets, Transfers between Levels $ 0 $ 0  
Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative, Nonmonetary Notional Amount | Bcf 9.45   5.1
Commodity Option      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative, Nonmonetary Notional Amount | Bcf 1.02   0.5
Premiums recorded in other current assets on natural gas contracts held $ 1.0    
Other Current Assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset (378,000)    
Other Current Assets | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0    
Other Current Assets | Commodity Option      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 191,000    
Other Assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 17,099,000   $ 17,576,000
Other Assets | US Treasury Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 6,469,000   6,496,000
Other Assets | Corporate Bond Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 10,439,000   11,080,000
Other Current Liabilities | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Financial Instruments, Owned, at Fair Value 1,240,000   13,920,000
Fair Value, Inputs, Level 1 [Member] | Other Current Assets | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0    
Fair Value, Inputs, Level 1 [Member] | Other Current Assets | Commodity Option      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0    
Fair Value, Inputs, Level 1 [Member] | Other Assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 6,469,000   6,496,000
Fair Value, Inputs, Level 1 [Member] | Other Assets | US Treasury Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 6,469,000   6,496,000
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset 0    
Fair Value, Inputs, Level 1 [Member] | Other Assets | Corporate Bond Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0   0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset 0    
Fair Value, Inputs, Level 1 [Member] | Other Current Liabilities | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Financial Instruments, Owned, at Fair Value 0   0
Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Long-term Debt, Fair Value 2,000,000,000   2,800,000,000
Fair Value, Inputs, Level 2 [Member] | Other Current Assets | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 378,000    
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset (378,000)    
Fair Value, Inputs, Level 2 [Member] | Other Current Assets | Commodity Option      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 191,000    
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset 0    
Fair Value, Inputs, Level 2 [Member] | Other Assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 11,008,000   11,080,000
Fair Value, Inputs, Level 2 [Member] | Other Assets | US Treasury Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 0   0
Fair Value, Inputs, Level 2 [Member] | Other Assets | Corporate Bond Securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement 10,439,000   11,080,000
Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities | Swap      
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]      
Financial Instruments, Owned, at Fair Value 1,618,000   $ 13,920,000
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset $ (378,000)    
v3.24.2.u1
VARIABLE INTEREST ENTITES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]                
Restricted Cash and Cash Equivalents $ 21,722   $ 21,722     $ 20,552    
Accounts receivable, net 193,261   193,261     347,864    
Assets 7,825,071   7,825,071     7,770,994    
Current maturities of securitized utility tariff bonds 28,183   28,183     27,430    
Accounts payable 164,963   164,963     278,056    
Discounts and issuance costs for securitized utility tariff bonds, excluding current maturities 5,100   5,100     5,300    
Stockholders' Equity Attributable to Parent 2,826,873 $ 2,654,826 2,826,873 $ 2,654,826 $ 2,829,985 2,765,877 $ 2,651,480 $ 2,584,426
Liabilities and Equity 7,825,071   7,825,071     7,770,994    
Kansas Gas Service Securitization I LLC                
Variable Interest Entity [Line Items]                
Restricted Cash and Cash Equivalents 21,722   21,722     20,552    
Accounts receivable, net 4,668   4,668     5,133    
Finite-Lived Intangible Assets, Net 278,939   278,939     293,619    
Assets 305,329   305,329     319,304    
Current maturities of securitized utility tariff bonds 28,183   28,183     27,430    
Accounts payable 253   253     393    
Interest Payable 6,892   6,892     7,207    
Securitized utility tariff bonds 268,233   268,233     282,506    
Stockholders' Equity Attributable to Parent 1,768   1,768     1,768    
Liabilities and Equity 305,329   305,329     $ 319,304    
Revenues 11,555 11,807 23,226 23,740        
Utilities Operating Expense (110) (109) (221) (219)        
Depreciation and amortization (7,295) (7,180) (14,680) (14,269)        
Interest Income, Other 152 226 340 301        
Interest Expense (4,266) (4,744) (8,593) (9,553)        
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 36 $ 0 $ 72 $ 0