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VARIABLE INTEREST ENTITES (Tables)

9 Months Ended

Sep. 30, 2024

Variable Interest Entity [Line Items]

The following table summarizes the impact of KGSS-I on our consolidated balance sheets, for the periods indicated:


	September 30,		December 31,
	2024		2023
	(Thousands of dollars)
Restricted cash and cash equivalents	$	9,961	$	20,552
Accounts receivable	4,499		5,133
Securitized intangible asset, net	272,510		293,619
Total assets	$	286,970	$	319,304
Current maturities of securitized utility tariff bonds	28,956		27,430
Accounts payable	222		393
Accrued interest	2,627		7,207
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $5.0 million and $5.3 million, as of September 30, 2024 and December 31, 2023, respectively	253,434		282,506
Equity	1,731		1,768
Total liabilities and equity	$	286,970	$	319,304

The following table summarizes the impact of KGSS-I on our consolidated statements of income, for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Thousands of dollars)
Operating revenues	$	10,515	$	12,014	$	33,741	$	35,754
Operating expense	(111)		(113)		(332)		(332)
Amortization expense	(6,429)		(7,489)		(21,109)		(21,758)
Interest income	199		259		539		560
Interest expense	(4,138)		(4,548)		(12,731)		(14,101)
Income before income taxes	$	36	$	123	$	108	$	123

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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