
		June 30,		December 31,
	Interest Rate	2025		2024
		(Thousands of dollars)
Senior Notes due:
April 2029	5.100%	$	550,000	$	550,000
May 2030	2.000%	300,000		300,000
September 2032	4.250%	300,000		300,000
February 2044	4.658%	600,000		600,000
November 2048	4.500%	400,000		400,000
Total Senior Notes		2,150,000		2,150,000
KGSS-I Securitized Utility Tariff Bonds	5.486%	272,798		287,345
Unamortized discounts, net of premiums, on long-term debt		(3,725)		(3,624)
Debt issuance costs (a)		(19,664)		(20,691)
Other	8.000%	1,218		1,226
Total long-term debt, net		2,400,627		2,414,256
Less: current maturities of KGSS-I securitized utility tariff bonds, net		29,750		28,956
Less: current maturities of other long-term debt, net		14		14
Noncurrent portion of long-term debt, net		$	2,370,863	$	2,385,286

(a) Includes issuance costs and discounts for the KGSS-I Securitized Utility Tariff Bonds of $4.5 million and $4.8 million, at June 30, 2025 and December 31, 2024, 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.

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.