| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
| For the fiscal year ended | ||||||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
| None | None | None | ||||||
| Large accelerated filer | Accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
| o | o | ☑ | ||||||||||||||||||||||||
| Page | ||||||||
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. | ||||
| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. | ||||
| Line | Item | Instructions | Amount | ||||||||
| 1 | Rate base (a) | $ | 1,000,000 | ||||||||
| 2 | Multiply by 13-month weighted average cost of capital (b) | 8.46 | % | ||||||||
| 3 | Authorized return on rate base | (Line 1 x Line 2) | $ | 84,600 | |||||||
| 4 | Recoverable operating expenses (including depreciation and amortization) | $ | 150,000 | ||||||||
| 5 | Income taxes (c) | 37,500 | |||||||||
| 6 | Gross revenue requirement | (Line 3 + Line 4 + Line 5) | $ | 272,100 | |||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Percentage of | Cost of | ||||||||||||||||
Total Capitalization | Cost of Capital | Capital | |||||||||||||||
| Debt | 40.00% | 5.00% = | 2.00 | % | |||||||||||||
| Equity | 60.00% | 10.77% = | 6.46 | % | |||||||||||||
| 100.00% | 8.46 | % | |||||||||||||||
| Actual Capital | Forecasted | |||||||||||||
| Expenditures for the | Capital | |||||||||||||
| year ended | Expenditures | |||||||||||||
| (In millions of USD) | December 31, 2021 | 2022 — 2026 | ||||||||||||
| Expenditures for property, plant and equipment (a) | $ | 834 | $ | 4,004 | ||||||||||
| Year Ended | Percentage | Year Ended | Percentage | ||||||||||||||||||||||||||||||||||||||
| December 31, | Increase | Increase | December 31, | Increase | Increase | ||||||||||||||||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | (Decrease) | (Decrease) | 2019 | (Decrease) | (Decrease) | ||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | |||||||||||||||||||||||||||||||||||||||||
| Transmission and other services | $ | 1,358 | $ | 1,290 | $ | 68 | 5 | % | $ | 1,286 | $ | 4 | — | % | |||||||||||||||||||||||||||
| Formula Rate true-up | (9) | 8 | (17) | (213) | % | 41 | (33) | (80) | % | ||||||||||||||||||||||||||||||||
| Total operating revenue | 1,349 | 1,298 | 51 | 4 | % | 1,327 | (29) | (2) | % | ||||||||||||||||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||||||||||||||||||||
| Operation and maintenance | 108 | 87 | 21 | 24 | % | 113 | (26) | (23) | % | ||||||||||||||||||||||||||||||||
| General and administrative | 128 | 115 | 13 | 11 | % | 138 | (23) | (17) | % | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 232 | 219 | 13 | 6 | % | 203 | 16 | 8 | % | ||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 133 | 124 | 9 | 7 | % | 118 | 6 | 5 | % | ||||||||||||||||||||||||||||||||
Other operating (income) and expenses, net | (1) | — | (1) | n/a | — | — | n/a | ||||||||||||||||||||||||||||||||||
| Total operating expenses | 600 | 545 | 55 | 10 | % | 572 | (27) | (5) | % | ||||||||||||||||||||||||||||||||
| OPERATING INCOME | 749 | 753 | (4) | (1) | % | 755 | (2) | — | % | ||||||||||||||||||||||||||||||||
| OTHER EXPENSES (INCOME) | |||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 251 | 240 | 11 | 5 | % | 224 | 16 | 7 | % | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | (30) | (27) | (3) | 11 | % | (29) | 2 | (7) | % | ||||||||||||||||||||||||||||||||
| Other (income) and expenses, net | (5) | (3) | (2) | 67 | % | — | (3) | n/a | |||||||||||||||||||||||||||||||||
| Total other expenses (income) | 216 | 210 | 6 | 3 | % | 195 | 15 | 8 | % | ||||||||||||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 533 | 543 | (10) | (2) | % | 560 | (17) | (3) | % | ||||||||||||||||||||||||||||||||
| INCOME TAX PROVISION | 127 | 136 | (9) | (7) | % | 132 | 4 | 3 | % | ||||||||||||||||||||||||||||||||
| NET INCOME | $ | 406 | $ | 407 | $ | (1) | — | % | $ | 428 | $ | (21) | (5) | % | |||||||||||||||||||||||||||
| Percentage | |||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Increase | Increase | ||||||||||||||||||||||||||||||||
| (In millions of USD) | Amount | Percentage | Amount | Percentage | (Decrease) | (Decrease) | |||||||||||||||||||||||||||||
| Network revenues (a) | $ | 929 | 69 | % | $ | 852 | 66 | % | $ | 77 | 9 | % | |||||||||||||||||||||||
| Regional cost sharing revenues (a) | 358 | 27 | % | 362 | 28 | % | (4) | (1) | % | ||||||||||||||||||||||||||
| Point-to-point | 17 | 1 | % | 13 | 1 | % | 4 | 31 | % | ||||||||||||||||||||||||||
| Scheduling, control and dispatch (a) | 19 | 1 | % | 20 | 2 | % | (1) | (5) | % | ||||||||||||||||||||||||||
Other | 26 | 2 | % | 19 | 1 | % | 7 | 37 | % | ||||||||||||||||||||||||||
| Remeasurement of liabilities for ROE Complaints | — | — | % | 32 | 2 | % | (32) | (100) | % | ||||||||||||||||||||||||||
| Total | $ | 1,349 | 100 | % | $ | 1,298 | 100 | % | $ | 51 | 4 | % | |||||||||||||||||||||||
| S&P | Moody’s | |||||||||||||||||||||||||
| Rating | Outlook (a) | Rating | Outlook | |||||||||||||||||||||||
| ITC Holdings | ||||||||||||||||||||||||||
| Senior Unsecured Notes | BBB+ | Stable | Baa2 | Stable | ||||||||||||||||||||||
| Commercial Paper | A-2 | Stable | Prime-2 | Stable | ||||||||||||||||||||||
| ITCTransmission | ||||||||||||||||||||||||||
| First Mortgage Bonds | A | Stable | A1 | Stable | ||||||||||||||||||||||
| METC | ||||||||||||||||||||||||||
| Senior Secured Notes | A | Stable | A1 | Stable | ||||||||||||||||||||||
| ITC Midwest | ||||||||||||||||||||||||||
| First Mortgage Bonds | A | Stable | A1 | Stable | ||||||||||||||||||||||
| ITC Great Plains | ||||||||||||||||||||||||||
| First Mortgage Bonds | A | Stable | A1 | Stable | ||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $ | 406 | $ | 407 | $ | 428 | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization expense | 232 | 219 | 203 | ||||||||||||||
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest | 52 | (47) | (55) | ||||||||||||||
| Deferred income tax expense | 127 | 138 | 135 | ||||||||||||||
| Other | (32) | (85) | (82) | ||||||||||||||
| Net cash provided by operating activities | 785 | 632 | 629 | ||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
| Expenditures for property, plant and equipment | (834) | (885) | (865) | ||||||||||||||
| Contributions in aid of construction | 15 | 2 | 10 | ||||||||||||||
| Other | (5) | 5 | 1 | ||||||||||||||
| Net cash used in investing activities | (824) | (878) | (854) | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Net issuance/repayment of debt (including commercial paper and revolving and term loan credit agreements) | 294 | 561 | 463 | ||||||||||||||
| Dividends to ITC Investment Holdings | (232) | (330) | (250) | ||||||||||||||
Refundable deposits from and repayments to generators for transmission network upgrades, net | (21) | 50 | 11 | ||||||||||||||
| Settlement of interest rate swaps | — | (23) | — | ||||||||||||||
| Other | (1) | (12) | (3) | ||||||||||||||
| Net cash provided by financing activities | 40 | 246 | 221 | ||||||||||||||
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1 | — | (4) | ||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 6 | 6 | 10 | ||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | $ | 7 | $ | 6 | $ | 6 | |||||||||||
| Effect on Costs | Effect on Obligation | |||||||||||||||||||||||||
| (in millions of USD) | 1% Increase | 1% Decrease | 1% Increase | 1% Decrease | ||||||||||||||||||||||
| Change to Pension Plans | ||||||||||||||||||||||||||
| Discount Rate | $— | $2 | $(17) | $21 | ||||||||||||||||||||||
| Long-Term Rate of Return on Plan Assets | (1) | 1 | N/A | N/A | ||||||||||||||||||||||
| Change to Postretirement Plan | ||||||||||||||||||||||||||
| Discount Rate | (4) | 2 | (22) | 28 | ||||||||||||||||||||||
| Long-Term Rate of Return on Plan Assets | (1) | 1 | N/A | N/A | ||||||||||||||||||||||
| Healthcare Cost Trend Rate | $4 | $(5) | $24 | $(19) | ||||||||||||||||||||||
| Page | ||||||||
| Management’s Report on Internal Control over Financial Reporting | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | ||||||||
| Consolidated Statements of Financial Position as of December 31, 2021 and 2020 | ||||||||
| Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
| Consolidated Statements of Changes in Stockholder’s Equity for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
| Notes to Consolidated Financial Statements | ||||||||
| Schedule I — Condensed Financial Information of Registrant | ||||||||
| December 31, | |||||||||||
| (In millions of USD, except share data) | 2021 | 2020 | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable | |||||||||||
| Inventory | |||||||||||
| Regulatory assets | |||||||||||
| Prepaid and other current assets | |||||||||||
| Total current assets | |||||||||||
Property, plant and equipment (net of accumulated depreciation and amortization of $2,199 and $2,055, respectively) | |||||||||||
| Other assets | |||||||||||
| Goodwill | |||||||||||
| Intangible assets (net of accumulated amortization of $49 and $46, respectively) | |||||||||||
| Regulatory assets | |||||||||||
| Other assets | |||||||||||
| Total other assets | |||||||||||
| TOTAL ASSETS | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued compensation | |||||||||||
| Accrued interest | |||||||||||
| Accrued taxes | |||||||||||
| Regulatory liabilities | |||||||||||
| Refundable deposits and advances for construction | |||||||||||
| Debt maturing within one year | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Accrued pension and postretirement liabilities | |||||||||||
| Deferred income taxes | |||||||||||
| Regulatory liabilities | |||||||||||
| Refundable deposits | |||||||||||
| Other liabilities | |||||||||||
| Long-term debt | |||||||||||
| Commitments and contingent liabilities (Notes 5 and 17) | |||||||||||
| TOTAL LIABILITIES | |||||||||||
| STOCKHOLDER’S EQUITY | |||||||||||
| Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2021 and 2020 | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Total stockholder’s equity | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| OPERATING REVENUES | |||||||||||||||||
| Transmission and other services | $ | $ | $ | ||||||||||||||
| Formula Rate true-up | ( | ||||||||||||||||
| Total operating revenue | |||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||
| Operation and maintenance | |||||||||||||||||
| General and administrative | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Taxes other than income taxes | |||||||||||||||||
| Other operating (income) and expense, net | ( | ||||||||||||||||
| Total operating expenses | |||||||||||||||||
| OPERATING INCOME | |||||||||||||||||
| OTHER EXPENSES (INCOME) | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Allowance for equity funds used during construction | ( | ( | ( | ||||||||||||||
| Other (income) and expenses, net | ( | ( | |||||||||||||||
| Total other expenses (income) | |||||||||||||||||
| INCOME BEFORE INCOME TAXES | |||||||||||||||||
| INCOME TAX PROVISION | |||||||||||||||||
| NET INCOME | |||||||||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
| Derivative instruments, net of tax (Note 13) | ( | ||||||||||||||||
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ( | ||||||||||||||||
| TOTAL COMPREHENSIVE INCOME | $ | $ | $ | ||||||||||||||
| Accumulated | |||||||||||||||||||||||
| Other | Total | ||||||||||||||||||||||
| Retained | Comprehensive | Stockholder’s | |||||||||||||||||||||
| Common Stock | Earnings | Income (Loss) | Equity | ||||||||||||||||||||
| (In millions of USD) | |||||||||||||||||||||||
| BALANCE, DECEMBER 31, 2018 | $ | $ | $ | $ | |||||||||||||||||||
| Net income | — | — | |||||||||||||||||||||
Dividends to ITC Investment Holdings | — | ( | — | ( | |||||||||||||||||||
| Other comprehensive income, net of tax (Note 13) | — | — | |||||||||||||||||||||
| BALANCE, DECEMBER 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||
| Net income | — | — | |||||||||||||||||||||
| Dividends to ITC Investment Holdings | — | ( | — | ( | |||||||||||||||||||
| Other comprehensive loss, net of tax (Note 13) | — | — | ( | ( | |||||||||||||||||||
| BALANCE, DECEMBER 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
| Net income | — | — | |||||||||||||||||||||
| Dividends to ITC Investment Holdings | — | ( | — | ( | |||||||||||||||||||
| Other comprehensive income, net of tax (Note 13) | — | — | |||||||||||||||||||||
| BALANCE, DECEMBER 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization expense | |||||||||||||||||
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest | ( | ( | |||||||||||||||
| Deferred income tax expense | |||||||||||||||||
| Allowance for equity funds used during construction | ( | ( | ( | ||||||||||||||
| Share-based compensation | |||||||||||||||||
| Other | |||||||||||||||||
| Changes in assets and liabilities, exclusive of changes shown separately: | |||||||||||||||||
| Accounts receivable | ( | ( | |||||||||||||||
| Accounts payable | ( | ( | |||||||||||||||
| Accrued interest | ( | ||||||||||||||||
| Accrued compensation | ( | ( | |||||||||||||||
| Accrued taxes | ( | ||||||||||||||||
| Net refund settlements and adjustments related to return on equity complaints | ( | ( | ( | ||||||||||||||
| Other current and non-current assets and liabilities, net | ( | ( | ( | ||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
| Expenditures for property, plant and equipment | ( | ( | ( | ||||||||||||||
| Contributions in aid of construction | |||||||||||||||||
| Other | ( | ||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
| Issuance of long-term debt | |||||||||||||||||
| Borrowings under revolving credit agreements | |||||||||||||||||
| Borrowings under term loan credit agreements | |||||||||||||||||
| Net issuance (repayment) of commercial paper | ( | ||||||||||||||||
| Retirement of long-term debt — including extinguishment of debt costs | ( | ( | |||||||||||||||
| Repayments of revolving credit agreements | ( | ( | ( | ||||||||||||||
| Repayments of term loan credit agreements | ( | ||||||||||||||||
| Dividends to ITC Investment Holdings | ( | ( | ( | ||||||||||||||
| Refundable deposits from generators for transmission network upgrades | |||||||||||||||||
Repayment of refundable deposits from generators for transmission network upgrades | ( | ( | ( | ||||||||||||||
| Settlement of interest rate swaps | ( | ||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||
| Net cash provided by financing activities | |||||||||||||||||
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ( | ||||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | |||||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | $ | $ | $ | ||||||||||||||
| December 31, | |||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
| Trade accounts receivable | $ | $ | $ | $ | |||||||||||||||||||
| Unbilled accounts receivable | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Total accounts receivable | $ | $ | $ | $ | |||||||||||||||||||
| (In millions of USD) | Total | ||||
| Net regulatory assets as of December 31, 2020 | $ | ||||
| Net collection of 2019 revenue deferrals and accruals, including accrued interest | ( | ||||
| Net revenue deferral for the year ended December 31, 2021 | ( | ||||
| Net regulatory liabilities as of December 31, 2021 | $ | ( | |||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Current regulatory assets | $ | $ | |||||||||
| Non-current regulatory assets | |||||||||||
| Current regulatory liabilities | ( | ( | |||||||||
| Non-current regulatory liabilities | ( | ( | |||||||||
| Net regulatory (liabilities) assets | $ | ( | $ | ||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Regulatory Assets: | |||||||||||
Current: | |||||||||||
| Revenue accruals (including accrued interest of less than $1 and $2 as of December 31, 2021 and 2020, respectively) (a) | $ | $ | |||||||||
| Amounts recoverable related to the Initial Complaint (including accrued interest of less than $1 and $2 as of December 31, 2021 and 2020, respectively) (b) | |||||||||||
| Total current | |||||||||||
Non-current: | |||||||||||
| Revenue accruals (including accrued interest of less than $1 as of December 31, 2021 and 2020) (a) | |||||||||||
| ITCTransmission ADIT deferral (net of accumulated amortization of $57 and $54 as of December 31, 2021 and 2020, respectively) | |||||||||||
| METC ADIT deferral (net of accumulated amortization of $35 and $33 as of December 31, 2021 and 2020, respectively) | |||||||||||
| METC regulatory deferrals (net of accumulated amortization of $12 and $11 as of December 31, 2021 and 2020, respectively) | |||||||||||
| Income taxes recoverable related to AFUDC equity | |||||||||||
| ITC Great Plains start-up, development and pre-construction (net of accumulated amortization of $9 and $7 as of December 31, 2021 and 2020, respectively) | |||||||||||
| Pensions and postretirement | |||||||||||
| Income taxes recoverable related to implementation of the Michigan Corporate Income Tax | |||||||||||
| Accrued asset removal costs | |||||||||||
| Total non-current | |||||||||||
| Total | $ | $ | |||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Regulatory Liabilities: | |||||||||||
| Current: | |||||||||||
| Revenue deferrals (including accrued interest of $1 and less than $1 as of December 31, 2021 and 2020, respectively) (a) | $ | $ | |||||||||
| Refund related to the Initial Complaint (including accrued interest of $1 as of December 31, 2020) (b) | |||||||||||
| Other | |||||||||||
| Total current | |||||||||||
Non-current: | |||||||||||
| Revenue deferrals (including accrued interest of less than $1 as of December 31, 2021 and 2020) (a) | |||||||||||
| Accrued asset removal costs | |||||||||||
| Excess state income tax deductions | |||||||||||
| Income taxes refundable related to implementation of the TCJA | |||||||||||
| Pensions and postretirement | |||||||||||
| Other | |||||||||||
| Total non-current | |||||||||||
| Total | $ | $ | |||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Property, plant and equipment | |||||||||||
| Regulated Operating Subsidiaries: | |||||||||||
| Property, plant and equipment in service | $ | $ | |||||||||
| Construction work in progress | |||||||||||
| Capital equipment inventory | |||||||||||
| Other | |||||||||||
| ITC Holdings and other | |||||||||||
| Total | |||||||||||
| Less: Accumulated depreciation and amortization | ( | ( | |||||||||
| Property, plant and equipment, net | $ | $ | |||||||||
| (In millions of USD) | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 and thereafter | |||||
| Total | $ | ||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
ITC Holdings 6.375% Senior Notes, due September 30, 2036 | $ | $ | |||||||||
| ITC Holdings 4.05% Senior Notes, due July 1, 2023 | |||||||||||
ITC Holdings 3.65% Senior Notes, due June 15, 2024 | |||||||||||
ITC Holdings 5.30% Senior Notes, due July 1, 2043 | |||||||||||
ITC Holdings 3.25% Notes, due June 30, 2026 | |||||||||||
| ITC Holdings 2.70% Senior Notes, due November 15, 2022 (a) | |||||||||||
| ITC Holdings 3.35% Senior Notes, due November 15, 2027 | |||||||||||
| ITC Holdings 2.95% Senior Notes, due May 14, 2030 | |||||||||||
| ITC Holdings Revolving Credit Agreement, due October 18, 2024 | |||||||||||
ITC Holdings Commercial Paper Program (a) | |||||||||||
ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 | |||||||||||
ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 | |||||||||||
ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 | |||||||||||
ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 | |||||||||||
ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 | |||||||||||
| ITCTransmission Revolving Credit Agreement, due October 18, 2024 | |||||||||||
METC 5.64% Senior Secured Notes, due May 6, 2040 | |||||||||||
METC 3.98% Senior Secured Notes, due October 26, 2042 | |||||||||||
METC 4.19% Senior Secured Notes, due December 15, 2044 | |||||||||||
METC 3.90% Senior Secured Notes, due April 26, 2046 | |||||||||||
METC 4.55% Senior Secured Notes, due January 15, 2049 | |||||||||||
| METC 4.65% Senior Secured Notes, due July 10, 2049 | |||||||||||
| METC 2.90% Senior Secured Notes, Series A, due August 3, 2051 | — | ||||||||||
| METC 3.02% Senior Secured Notes, due October 14, 2055 | |||||||||||
| METC Revolving Credit Agreement, due October 18, 2024 | |||||||||||
ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 | |||||||||||
ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 | |||||||||||
ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 | |||||||||||
ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 | |||||||||||
ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 | |||||||||||
ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 | |||||||||||
ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 | |||||||||||
| ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 | |||||||||||
| ITC Midwest Revolving Credit Agreement, due October 18, 2024 | |||||||||||
ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 | |||||||||||
| ITC Great Plains Revolving Credit Agreement, due October 18, 2024 | |||||||||||
| Other | — | ||||||||||
| Total principal | |||||||||||
Unamortized deferred financing fees and discount | ( | ( | |||||||||
Total debt | $ | $ | |||||||||
| (In millions of USD) | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 and thereafter | |||||
| Total | $ | ||||
| Interest Rate Swaps (in millions of USD, except percentages) | Notional Amount | Weighted Average Fixed Rate | Original Term | Effective Date | ||||||||||||||||||||||
| July 2021 swap | $ | November 2022 | ||||||||||||||||||||||||
| November 2021 swap | November 2022 | |||||||||||||||||||||||||
| November 2021 swap | November 2022 | |||||||||||||||||||||||||
| November 2021 swap | November 2022 | |||||||||||||||||||||||||
| November 2021 swap | November 2022 | |||||||||||||||||||||||||
| December 2021 swap | November 2022 | |||||||||||||||||||||||||
| December 2021 swap | November 2022 | |||||||||||||||||||||||||
| December 2021 swap | November 2022 | |||||||||||||||||||||||||
| Total | $ | |||||||||||||||||||||||||
| (In millions of USD, except percentages) | Total Available Capacity | Outstanding Balance (a) | Unused Capacity | Weighted Average Interest Rate on Outstanding Balance (b) | Commitment Fee Rate (c) | |||||||||||||||||||||||||||
| ITC Holdings | $ | $ | $ | (d) | % | |||||||||||||||||||||||||||
| ITCTransmission | % | |||||||||||||||||||||||||||||||
| METC | % | |||||||||||||||||||||||||||||||
| ITC Midwest | % | |||||||||||||||||||||||||||||||
| ITC Great Plains | % | |||||||||||||||||||||||||||||||
| Total | $ | $ | $ | |||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Income tax expense at 21% federal statutory rate | $ | $ | $ | ||||||||||||||
| State income taxes (net of federal benefit) | |||||||||||||||||
| AFUDC equity | ( | ( | ( | ||||||||||||||
| Revaluation of deferred federal income taxes (a) | ( | ( | ( | ||||||||||||||
| Valuation allowance | |||||||||||||||||
| Other, net | ( | ||||||||||||||||
| Total income tax provision | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Current income tax benefit | $ | $ | ( | $ | ( | ||||||||||||
| Deferred income tax expense | |||||||||||||||||
| Total income tax provision | $ | $ | $ | ||||||||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Property, plant and equipment | $ | ( | $ | ( | |||||||
| Federal income tax NOLs and other credits | |||||||||||
| METC regulatory deferral (a) | ( | ( | |||||||||
| Acquisition adjustments — ADIT deferrals (a) | ( | ( | |||||||||
| Goodwill | ( | ( | |||||||||
| Regulatory liability gross up — TCJA | |||||||||||
| Pension and postretirement liabilities | |||||||||||
| State income tax NOLs (net of federal benefit) | |||||||||||
| True-up adjustment principal & interest | ( | ||||||||||
| Valuation allowance | ( | ||||||||||
| Other, net | |||||||||||
| Net deferred tax liabilities | $ | ( | $ | ( | |||||||
| Gross deferred income tax liabilities | $ | ( | $ | ( | |||||||
| Gross deferred income tax assets | |||||||||||
| Valuation allowance | ( | ||||||||||
| Net deferred tax liabilities | $ | ( | $ | ( | |||||||
| Pension Plans | Postretirement Benefit Plan | ||||||||||||||||||||||||||||||||||
| Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Amortization of unrecognized loss | — | ||||||||||||||||||||||||||||||||||
| Net benefit cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Pension Plans | Postretirement Benefit Plan | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Change in Benefit Obligation: | |||||||||||||||||||||||
| Beginning projected benefit obligation | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Service cost | ( | ( | ( | ( | |||||||||||||||||||
| Interest cost | ( | ( | ( | ( | |||||||||||||||||||
| Plan amendments | — | — | |||||||||||||||||||||
| Actuarial net gain/(loss) | ( | ||||||||||||||||||||||
| Benefits paid | |||||||||||||||||||||||
| Settlements | |||||||||||||||||||||||
| Ending projected benefit obligation | ( | ( | ( | ( | |||||||||||||||||||
| Change in Plan Assets: | |||||||||||||||||||||||
| Beginning plan assets at fair value | |||||||||||||||||||||||
| Actual return on plan assets | |||||||||||||||||||||||
| Employer contributions | |||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
| Ending plan assets at fair value | |||||||||||||||||||||||
| Funded status, (underfunded)/overfunded | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
| Accumulated benefit obligation: | |||||||||||||||||||||||
| Retirement plan | $ | ( | $ | ( | N/A | N/A | |||||||||||||||||
| Supplemental benefit plans | ( | ( | N/A | N/A | |||||||||||||||||||
| Total accumulated benefit obligation | $ | ( | $ | ( | $ | — | $ | — | |||||||||||||||
| Amounts recorded as: | |||||||||||||||||||||||
| Funded Status: | |||||||||||||||||||||||
| Accrued pension and postretirement liabilities | $ | ( | $ | ( | $ | — | $ | ( | |||||||||||||||
| Other non-current assets | — | ||||||||||||||||||||||
| Other current liabilities | ( | ( | — | — | |||||||||||||||||||
| Total | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
| Unrecognized Amounts in Non-current Regulatory Assets/(Liabilities): | |||||||||||||||||||||||
| Net actuarial loss/(gain) | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Net prior service cost/(credit) | — | ( | ( | ||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | |||||||||||||||||
| Pension Plans | |||||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Projected benefit obligation | $ | ( | $ | ( | |||||||
| Fair value of plan assets (a) | — | — | |||||||||
| Pension Plans | |||||||||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Accumulated benefit obligation | $ | ( | $ | ( | |||||||
| Fair value of plan assets (a) | — | — | |||||||||
| Pension Plans | Postretirement Benefit Plan | ||||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
| Weighted average discount rate | |||||||||||||||||||||||||||||||||||
| Weighted average interest crediting rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Annual rate of salary increases | |||||||||||||||||||||||||||||||||||
| Health care cost trend rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Ultimate health care cost trend rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Year that the ultimate trend rate is reached | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Annual rate of increase in dental benefit costs | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Pension Plans | Postretirement Benefit Plan | ||||||||||||||||||||||||||||||||||
| Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
| Weighted average discount rate — service cost | |||||||||||||||||||||||||||||||||||
| Weighted average discount rate — interest cost | |||||||||||||||||||||||||||||||||||
| Weighted average interest crediting rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Annual rate of salary increases | |||||||||||||||||||||||||||||||||||
| Health care cost trend rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Ultimate health care cost trend rate | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Year that the ultimate trend rate is reached | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Expected long-term rate of return on plan assets | |||||||||||||||||||||||||||||||||||
| (In millions of USD) | Pension Plans | Postretirement Benefit Plan | |||||||||
| 2022 | $ | $ | |||||||||
| 2023 | |||||||||||
| 2024 | |||||||||||
| 2025 | |||||||||||
| 2026 | |||||||||||
| 2027 through 2031 | |||||||||||
| Target Allocation | Pension Plans | Postretirement Benefit Plan | |||||||||||||||||||||||||||
| Asset Category | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
| Fixed income securities | % | % | % | % | % | ||||||||||||||||||||||||
| Equity securities | % | % | % | % | % | ||||||||||||||||||||||||
| Total | % | % | % | % | % | ||||||||||||||||||||||||
| Pension Plans | Postretirement Benefit Plan | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Mutual funds — U.S. equity securities | $ | $ | $ | $ | |||||||||||||||||||
| Mutual funds — international equity securities | |||||||||||||||||||||||
| Mutual funds — fixed income securities | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Fair Value Measurements at Reporting Date Using | |||||||||||||||||
| Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
| (in millions of USD) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
| Financial assets measured on a recurring basis: | |||||||||||||||||
| Mutual funds — fixed income securities | $ | $ | — | $ | — | ||||||||||||
| Mutual funds — equity securities | — | — | |||||||||||||||
| Interest rate swap derivatives | — | — | |||||||||||||||
| Total | $ | $ | $ | — | |||||||||||||
| Fair Value Measurements at Reporting Date Using | |||||||||||||||||
| Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
| (in millions of USD) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
| Financial assets measured on a recurring basis: | |||||||||||||||||
| Cash equivalents | $ | $ | — | $ | — | ||||||||||||
| Mutual funds — fixed income securities | — | — | |||||||||||||||
| Mutual funds — equity securities | — | — | |||||||||||||||
| Total | $ | $ | $ | — | |||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Balance at the beginning of period | $ | ( | $ | $ | |||||||||||||
| Derivative Instruments | |||||||||||||||||
| Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $2 for the year ended December 31, 2021, $1 for the year ended December 31, 2020 and less than $1 for the year ended December 31, 2019) (a) | |||||||||||||||||
| Gain (loss) on interest rate swaps relating to interest rate cash flow hedges (net of tax of $1 for the year ended December 31, 2021, $8 for the year ended December 31, 2020 and $1 for the year ended December 31, 2019) | ( | ||||||||||||||||
| Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||
| Balance at the end of period | $ | ( | $ | ( | $ | ||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Operation and maintenance expenses | $ | $ | $ | ||||||||||||||
| General and administrative expenses | |||||||||||||||||
| Amounts capitalized to property, plant and equipment | |||||||||||||||||
| Total share-based compensation costs | $ | $ | $ | ||||||||||||||
Total tax benefit recognized in the consolidated statements of comprehensive income | $ | $ | $ | ||||||||||||||
| Number of | |||||
| Performance | |||||
| Based Units | |||||
| PBUs at December 31, 2020 | |||||
| Granted | |||||
| Vested and paid out | ( | ||||
| Forfeited | ( | ||||
| PBUs at December 31, 2021 | |||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Accrued compensation | $ | $ | |||||||||
| Other long-term liabilities | |||||||||||
| Total | $ | $ | |||||||||
| Number of | |||||
| Service | |||||
| Based Units | |||||
| SBUs at December 31, 2020 | |||||
| Granted | |||||
| Vested and paid out | ( | ||||
| Forfeited | ( | ||||
| SBUs at December 31, 2021 | |||||
| December 31, | |||||||||||
| (In millions of USD) | 2021 | 2020 | |||||||||
| Accrued compensation | $ | $ | |||||||||
| Other long-term liabilities | |||||||||||
| Total | $ | $ | |||||||||
| Net Investments (a) | |||||||||||
| (In millions of USD) | Substations | Lines | |||||||||
| ITCTransmission (b) | $ | $ | |||||||||
| METC (c) | |||||||||||
| ITC Midwest (d) | |||||||||||
| ITC Great Plains (e) | |||||||||||
| Total | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Revenue increase | $ | $ | $ | ||||||||||||||
| Interest expense decrease | ( | ( | |||||||||||||||
| Estimated net income increase | |||||||||||||||||
| December 31, | |||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Restricted cash included in: | |||||||||||||||||||||||
| Other non-current assets | |||||||||||||||||||||||
| Total cash, cash equivalents and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Supplementary cash flows information: | |||||||||||||||||
| Interest paid (net of interest capitalized) | $ | $ | $ | ||||||||||||||
| Income taxes paid | |||||||||||||||||
| Income tax refunds received | |||||||||||||||||
| Supplementary non-cash investing and financing activities: | |||||||||||||||||
| Additions to property, plant and equipment and other long-lived assets (a) | |||||||||||||||||
| Allowance for equity funds used during construction | |||||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||||||||||
| Other | |||||||||||||||||
| Regulated | |||||||||||||||||||||||
| Operating | ITC Holdings | Reconciliations/ | |||||||||||||||||||||
| 2021 | Subsidiaries | and Other | Eliminations | Total | |||||||||||||||||||
| (In millions of USD) | |||||||||||||||||||||||
| Operating revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
| Depreciation and amortization | — | ||||||||||||||||||||||
| Interest expense, net | ( | ||||||||||||||||||||||
| Income (loss) before income taxes | ( | — | |||||||||||||||||||||
| Income tax provision (benefit) | ( | — | |||||||||||||||||||||
| Net income | ( | ||||||||||||||||||||||
| Property, plant and equipment, net | — | ||||||||||||||||||||||
| Goodwill | — | — | |||||||||||||||||||||
| Total assets (a) | ( | ||||||||||||||||||||||
| Capital expenditures | ( | ||||||||||||||||||||||
| Regulated | |||||||||||||||||||||||
| Operating | ITC Holdings | Reconciliations/ | |||||||||||||||||||||
| 2020 | Subsidiaries | and Other | Eliminations | Total | |||||||||||||||||||
| (In millions of USD) | |||||||||||||||||||||||
| Operating revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
| Depreciation and amortization | — | ||||||||||||||||||||||
| Interest expense, net | — | ||||||||||||||||||||||
| Income (loss) before income taxes | ( | — | |||||||||||||||||||||
| Income tax provision (benefit) | ( | — | |||||||||||||||||||||
| Net income | ( | ||||||||||||||||||||||
| Property, plant and equipment, net | — | ||||||||||||||||||||||
| Goodwill | — | — | |||||||||||||||||||||
| Total assets (a) | ( | ||||||||||||||||||||||
| Capital expenditures | ( | ||||||||||||||||||||||
| Regulated | |||||||||||||||||||||||
| Operating | ITC Holdings | Reconciliations/ | |||||||||||||||||||||
| 2019 | Subsidiaries | and Other | Eliminations | Total | |||||||||||||||||||
| (In millions of USD) | |||||||||||||||||||||||
| Operating revenues | $ | $ | $ | ( | $ | ||||||||||||||||||
| Depreciation and amortization | — | ||||||||||||||||||||||
| Interest expense, net | — | ||||||||||||||||||||||
| Income (loss) before income taxes | ( | — | |||||||||||||||||||||
| Income tax provision (benefit) | ( | — | |||||||||||||||||||||
| Net income | ( | ||||||||||||||||||||||
| Property, plant and equipment, net | — | ||||||||||||||||||||||
| Goodwill | — | — | |||||||||||||||||||||
| Total assets (a) | ( | ||||||||||||||||||||||
| Capital expenditures | ( | ||||||||||||||||||||||
Name | Position | ||||
| Linda H. Apsey | President and Chief Executive Officer | ||||
| Gretchen L. Holloway | Senior Vice President and Chief Financial Officer | ||||
| Jon E. Jipping | Executive Vice President and Chief Operating Officer | ||||
| Christine Mason Soneral | Senior Vice President, General Counsel, Secretary and Chief Compliance Officer | ||||
| Krista Tanner | Senior Vice Present and Chief Business Unit Officer | ||||
| NEO | 2020 Base Salary | 2021 Base Salary | Percent Increase | |||||||||||||||||
| Linda H. Apsey | $ | 816,000 | $ | 840,500 | 3.0 | % | ||||||||||||||
| Gretchen L. Holloway | 397,800 | 411,700 | 3.5 | % | ||||||||||||||||
| Jon E. Jipping | 585,800 | 597,500 | 2.0 | % | ||||||||||||||||
| Christine Mason Soneral | 393,900 | 399,800 | 1.5 | % | ||||||||||||||||
| Krista Tanner | 339,600 | 354,900 | 4.5 | % | ||||||||||||||||
| Category | Goal | Rationale for Goal | Rationale for Target Goal | Potential Payout | 2021 Results | Actual Payout | ||||||||||||||||||||||||||||||||
| Financial 20% Maximum Potential Payout | Non-field Operation and Maintenance Expense and General and Administrative Expenses | Controlling general and administrative expenses is an important part of controlling rates charged to transmission customers. | Target is consistent with the approach used in 2020 and based on the 2021 Board-approved budget. Non-Field O&M and G&A expense at or under budget of $168M. | 10 | % | $142M | 10% | |||||||||||||||||||||||||||||||
| Adjusted Net Income (1) | Represents the Company’s financial performance as it reflects a true measure of earnings contributions from our Regulated Operating Subsidiaries. | Target based on the 2021 Board-approved budget. Adjusted Net Income at or above $504M to achieve 10%; Adjusted Net Income at or above $479M to achieve 5%. | 5% - 10% | $518M | 10% | |||||||||||||||||||||||||||||||||
| Total | 20 | % | 20% | |||||||||||||||||||||||||||||||||||
| Category | Goal | Rationale for Goal | Rationale for Target | Potential Payout | 2021 Results | Actual Payout | ||||||||||||||||||||||||||||||||
| Safety & Compliance 20% Maximum Potential Payout | Safety as measured by lost time | Maintaining the safety of our employees and contractors is a core value and is at the foundation of our success. | Target number of incidents remained the same as prior years and was based on industry top decile performance, which reflects an aggressive view and philosophy on the importance of safety. 2 or fewer lost work day cases for injuries to Company employees and specified contract employees. | 5 | % | 0 | 5% | |||||||||||||||||||||||||||||||
| Safety as measured by recordable incidents | Maintaining the safety of our employees and contractors is a core value and is at the foundation of our success. | Target number of incidents unchanged from prior year and was based on industry top decile performance, which reflects an aggressive view and philosophy on the importance of safety. 8 or fewer recordable incidents for injuries to Company employees and specified contract employees. | 5 | % | 1 | 5% | ||||||||||||||||||||||||||||||||
| Infrastructure Protection | Maintaining cyber and physical security is critical to ensuring system reliability and ongoing operations. | Goal focused on implementing updated security objectives. Emphasized securing our information systems and physical space, helping protect our most important assets. Implementation of the 2021 Cyber Plan and Physical Security Plan, as presented to and approved by the Board of Directors, implementation of each Plan worth 5%. | 10 | % | Completed | 10% | ||||||||||||||||||||||||||||||||
| Total | 20 | % | 20 | % | ||||||||||||||||||||||||||||||||||
| Category | Goal | Rationale for Goal | Rationale for Target | Potential Payout | 2021 Results | Actual Payout | ||||||||||||||||||||||||||||||||
| System Performance and Capital Project Plan 60% Maximum Potential Payout | Outage frequency | Reducing and limiting system outages are critical to ensuring system reliability. | Target unchanged from prior year for ITCTransmission, reduced from prior year for METC and ITC Midwest; all targets aligned with industry benchmark data. Number of Forced, Sustained Line Outages, excluding the "External" cause classification, for: ITCTransmission (13 or fewer, representing top decile performance); METC (23 or fewer, representing top decile performance); ITC Midwest (59 or fewer, representing top decile performance, no more than 48 at the 69kV level representing top quartile performance.); Each target is worth 5%. | 15 | % | ITCTransmission - 12 METC - 15 ITC Midwest - 47/36 | 15% | |||||||||||||||||||||||||||||||
Field Operation and Maintenance Plan | Performing necessary preventive maintenance is critical to ensuring system reliability. | Target is reflective of goal to complete the normal maintenance schedule of high priority maintenance activities. Complete high priority 2021 Field O&M Initiatives for: ITCTransmission (15) METC (13) ITC Midwest (10) Each target worth 5%. Payout reduced by 5% if not at or under Field O&M overall maintenance budget of $92M. | 15 | % | All high priority Field O&M initiatives completed under budget at $89M | 15% | ||||||||||||||||||||||||||||||||
| Capital Project Plan | Performing necessary system upgrades is critical to ensuring system reliability, providing a robust transmission grid and delivering financial performance. | Target is based on accrued capital investment. The maximum payout represents the risk-adjusted capital investment plan for 2021, with a threshold level also established. Complete $751M of the 2021 Capital Project Plan to achieve 30%; Complete $711M to achieve 15%. | 15 - 30% | $876M | 30% | |||||||||||||||||||||||||||||||||
| 60 | % | 60% | ||||||||||||||||||||||||||||||||||||
| Total Bonus (as a percent of target bonus level) | 100 | % | 100% | |||||||||||||||||||||||||||||||||||
| Measure | Threshold | Maximum | Achievement | Multiplier | Weight | Result | ||||||||||||||
| Capital Project Plan | $790M | $853M | $876M | 2.00x | 30% | 0.60x | ||||||||||||||
| Adjusted Consolidated Net Income (1) | $398M | $418M | $407M | 1.50x | 30% | 0.45x | ||||||||||||||
| Strategic Plan Objectives | Create 6 Objectives | Achieve 4 Objectives | Achieved 1 Objective | 1.25x | 30% | 0.38x | ||||||||||||||
| Inclusion & Diversity Plan | Create Plan | Achieve 5 Goals | Achieved 5 Goals | 2.00x | 10% | 0.20x | ||||||||||||||
| Bonus Multiplier | 1.63x | |||||||||||||||||||
| (In millions of USD) | 2021 | ||||
| Net Income | $ | 406 | |||
| Adjustments | 1 | ||||
| Adjusted Consolidated Net Income | $ | 407 | |||
| NEO | Grant Value Percent of Salary | ||||
| Ms. Apsey | 250 | % | |||
| Ms. Holloway | 175 | % | |||
| Mr. Jipping | 175 | % | |||
| Ms. Mason Soneral | 175 | % | |||
| Ms. Tanner | 175 | % | |||
| Position | Ownership Level | ||||
| Chief Executive Officer | 2x annual base salary | ||||
| Executive and Senior Vice Presidents | 1.5x annual base salary | ||||
| Vice Presidents | 1x annual base salary | ||||
| Name | Year | Salary ($) | Stock Awards ($) (1) | Non-Equity Incentive Plan Compensation ($) (2) | Change in Pension Value & Non-qualified Deferred Compensation Earnings ($)(3) | All Other Compensation ($) (4) | Total ($) | |||||||||||||||||||||||||||||||||||||
| (a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | |||||||||||||||||||||||||||||||||||||
| Linda H. Apsey, President & CEO | 2021 | $ | 843,732 | $ | 2,086,868 | $ | 1,370,015 | $ | 184,341 | $ | 100,652 | $ | 4,585,608 | |||||||||||||||||||||||||||||||
| 2020 | 819,630 | 2,036,614 | 1,151,376 | 359,039 | 84,625 | 4,451,284 | ||||||||||||||||||||||||||||||||||||||
| 2019 | 794,692 | 2,061,860 | 1,352,000 | 322,636 | 55,516 | 4,586,704 | ||||||||||||||||||||||||||||||||||||||
| Gretchen L. Holloway SVP & CFO | 2021 | 413,284 | 715,560 | 671,071 | 101,514 | 36,871 | 1,938,300 | |||||||||||||||||||||||||||||||||||||
| 2020 | 399,570 | 695,003 | 561,296 | 181,670 | 36,936 | 1,874,475 | ||||||||||||||||||||||||||||||||||||||
| 2019 | 388,115 | 703,598 | 659,100 | 147,032 | 36,362 | 1,934,207 | ||||||||||||||||||||||||||||||||||||||
| Jon E. Jipping, EVP & COO | 2021 | 599,799 | 1,038,492 | 973,925 | 211,095 | 38,499 | 2,861,810 | |||||||||||||||||||||||||||||||||||||
| 2020 | 589,347 | 1,023,422 | 826,564 | 522,326 | 38,199 | 2,999,858 | ||||||||||||||||||||||||||||||||||||||
| 2019 | 578,000 | 1,046,405 | 980,200 | 568,493 | 38,169 | 3,211,267 | ||||||||||||||||||||||||||||||||||||||
| Christine Mason Soneral, SVP, General Counsel, Secretary & CCO | 2021 | 401,377 | 694,865 | 651,674 | 94,802 | 38,746 | 1,881,464 | |||||||||||||||||||||||||||||||||||||
| 2020 | 396,285 | 688,169 | 555,793 | 200,948 | 35,950 | 1,877,145 | ||||||||||||||||||||||||||||||||||||||
| 2019 | 389,469 | 703,598 | 659,100 | 170,742 | 36,500 | 1,959,409 | ||||||||||||||||||||||||||||||||||||||
| Krista Tanner, SVP & CBUO | 2021 | 356,265 | 616,837 | 578,487 | 94,877 | 36,113 | 1,682,579 | |||||||||||||||||||||||||||||||||||||
| 2020 | 339,797 | 593,288 | 479,176 | 123,653 | 34,620 | 1,570,534 | ||||||||||||||||||||||||||||||||||||||
| Ms. Apsey | $ | 2,782,565 | |||
| Ms. Holloway | 954,115 | ||||
| Mr. Jipping | 1,384,709 | ||||
| Ms. Mason Soneral | 926,514 | ||||
| Ms. Tanner | 822,480 | ||||
| Name | Year | 401(k) Match | Personal Use of Company Aircraft | Other Benefits | Total | ||||||||||||||||||||||||||||||
| Linda H. Apsey | 2021 | $ | 17,400 | $ | 54,461 | $ | 28,791 | $ | 100,652 | ||||||||||||||||||||||||||
| 2020 | 17,100 | 40,440 | 27,085 | 84,625 | |||||||||||||||||||||||||||||||
| 2019 | 16,800 | 19,777 | 18,939 | 55,516 | |||||||||||||||||||||||||||||||
| Gretchen L. Holloway | 2021 | 15,550 | — | 21,321 | 36,871 | ||||||||||||||||||||||||||||||
| 2020 | 15,450 | — | 21,486 | 36,936 | |||||||||||||||||||||||||||||||
| 2019 | 15,100 | — | 21,262 | 36,362 | |||||||||||||||||||||||||||||||
| Jon E. Jipping | 2021 | 17,400 | — | 21,099 | 38,499 | ||||||||||||||||||||||||||||||
| 2020 | 17,100 | — | 21,099 | 38,199 | |||||||||||||||||||||||||||||||
| 2019 | 16,800 | — | 21,369 | 38,169 | |||||||||||||||||||||||||||||||
| Christine Mason Soneral | 2021 | 15,550 | — | 23,196 | 38,746 | ||||||||||||||||||||||||||||||
| 2020 | 15,450 | — | 20,500 | 35,950 | |||||||||||||||||||||||||||||||
| 2019 | 15,100 | — | 21,400 | 36,500 | |||||||||||||||||||||||||||||||
| Krista Tanner | 2021 | 14,659 | — | 21,454 | 36,113 | ||||||||||||||||||||||||||||||
| 2020 | 14,120 | — | 20,500 | 34,620 | |||||||||||||||||||||||||||||||
| Name | Grant Date | Award Type | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock and Option Awards ($)(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | Target ($)(1) | Maximum ($)(1) | Threshold (#) | Target (#)(2) | Maximum (#)(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Linda H. Apsey | 1/1/2021 | SBU | $ | — | $ | — | $ | — | — | — | — | 17,036 | $ | 695,586 | ||||||||||||||||||||||||||||||||||||||||||||||||
| 1/1/2021 | PBU | — | — | — | 17,038 | 34,075 | 68,150 | — | 1,391,282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACPB | — | 840,000 | 1,680,000 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gretchen L. Holloway | 1/1/2021 | SBU | — | — | — | — | — | — | 5,841 | 238,502 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1/1/2021 | PBU | — | — | — | 5,842 | 11,684 | 23,368 | — | 477,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACPB | — | 411,700 | 823,400 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jon E. Jipping | 1/1/2021 | SBU | — | — | — | — | — | — | 8,478 | 346,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1/1/2021 | PBU | — | — | — | 8,479 | 16,957 | 33,914 | — | 692,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACPB | — | 597,500 | 1,195,000 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christine Mason Soneral | 1/1/2021 | SBU | — | — | — | — | — | — | 5,673 | 231,608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1/1/2021 | PBU | — | — | — | 5,673 | 11,346 | 22,692 | — | 463,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACPB | — | 399,800 | 799,600 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Krista Tanner | 1/1/2021 | SBU | — | — | — | — | — | — | 5,035 | 205,597 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1/1/2021 | PBU | — | — | — | 5,036 | 10,072 | 20,144 | — | 411,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACPB | — | 354,900 | 709,800 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measurement Category | Goal at Threshold | Shares at Threshold | Goal at Target | Shares at Target | Goal at Maximum | Shares at Maximum | ||||||||||||||
| Fortis Total Shareholder Return | 30th percentile | 50% of TSR Target Units | 50th percentile | 100% of TSR Target Units | 85th percentile | 200% of TSR Target Units | ||||||||||||||
| Cumulative Consolidated Net Income | 99% of Target | 50% of CCNI Target Units | 100% of Target | 100% of CCNI Target Units | 103% of Target | 200% of CCNI Target Units | ||||||||||||||
| Alliant Energy Corporation | Emera Incorporated | PG&E Corporation | ||||||
| Ameren Corporation | Entergy Corporation | Pinnacle West Capital Corporation | ||||||
| Atmos Energy Corporation | Evergy, Inc. | PPL Corporation | ||||||
| Canadian Utilities Limited | Eversource Energy | Public Service Enterprise Group Inc. | ||||||
| CenterPoint Energy Inc. | FirstEnergy Corp. | Sempra Energy | ||||||
| CMS Energy Corporation | Hydro One Limited | UGI Corporation | ||||||
| Consolidated Edison Inc. | NiSource Inc. | WEC Energy Group, Inc. | ||||||
| DTE Energy Company | OGE Energy Corp. | Xcel Energy Inc. | ||||||
| Edison International | ||||||||
| Name | Number of Shares or Units of Stock That Have Not Vested (#) (SBUs) | Market Value of Shares or Units of Stock That Have Not Vested ($) (SBUs) (1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (PBUs) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (PBUs) (1) | ||||||||||
| (a) | (b) | (c) | (d) | (e) | ||||||||||
| Linda H. Apsey | 17,617 (2) | $ | 850,365 | 70,464 (3) | $ | 3,401,317 | ||||||||
| 17,688 (4) | 853,796 | 70,757(5) | 3,415,454 | |||||||||||
| Gretchen L. Holloway | 6,012 (2) | 290,187 | 24,046 (3) | 1,160,721 | ||||||||||
| 6,065 (4) | 292,749 | 24,262 (5) | 1,171,128 | |||||||||||
| Jon E. Jipping | 8,853 (2) | 427,329 | 35,409 (3) | 1,709,180 | ||||||||||
| 8,802 (4) | 424,866 | 35,211 (5) | 1,699,658 | |||||||||||
| Christine Mason Soneral | 5,953 (2) | 287,342 | 23,810 (3) | 1,149,290 | ||||||||||
| 5,890 (4) | 284,287 | 23,560 (5) | 1,137,249 | |||||||||||
| Krista Tanner | 5,132 (2) | 247,731 | 20,527 (3) | 990,821 | ||||||||||
| 5,228 (4) | 252,360 | 20,915 (5) | 1,009,551 | |||||||||||
| Stock Awards | ||||||||
| Name | Number of Shares or Units of Stock Acquired on Vesting (#) | Value of Shares or Units of Stock Realized on Vesting ($) (1) | ||||||
| (a) | (b) | (c) | ||||||
| Linda H. Apsey | 22,252 (2) | $ | 994,825 | |||||
| 83,223 (3) | 3,720,645 | |||||||
| Gretchen L. Holloway | 7,593 (2) | 339,478 | ||||||
| 28,399 (3) | 1,269,649 | |||||||
| Jon E. Jipping | 11,293 (2) | 504,896 | ||||||
| 42,236 (3) | 1,888,217 | |||||||
| Christine Mason Soneral | 7,593 (2) | 339,478 | ||||||
| 28,399 (3) | 1,269,649 | |||||||
| Krista Tanner | 4,520 (2) | 202,068 | ||||||
| 16,904 (3) | 755,729 | |||||||
| Name | Plan Name | Number of Years Credited Service (#)(1) | Present Value of Accumulated Benefit ($)(2) | Payments During Last Fiscal Year ($) | ||||||||||||||||||||||
| (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||
| Linda H. Apsey | Cash Balance Component | 27.58 | $ | 484,463 | N/A | |||||||||||||||||||||
| ESRP Shift | N/A | 39,019 | N/A | |||||||||||||||||||||||
| Total Qualified Plan | 523,482 | N/A | ||||||||||||||||||||||||
| ESRP | 18.83 | 2,299,303 | N/A | |||||||||||||||||||||||
| Gretchen Holloway | Cash Balance Component | 17.95 | 342,794 | N/A | ||||||||||||||||||||||
| Total Qualified Plan | 342,794 | N/A | ||||||||||||||||||||||||
| ESRP | 6.91 | 504,904 | N/A | |||||||||||||||||||||||
| Jon E. Jipping | Traditional Component | 31.03 | 2,155,602 | N/A | ||||||||||||||||||||||
| Total Qualified Plan | 2,155,602 | N/A | ||||||||||||||||||||||||
| ESRP | 16.92 | 1,824,457 | N/A | |||||||||||||||||||||||
| Christine Mason Soneral | Cash Balance Component | 14.29 | 336,173 | N/A | ||||||||||||||||||||||
| Total Qualified Plan | 336,173 | N/A | ||||||||||||||||||||||||
| ESRP | 14.28 | 903,985 | N/A | |||||||||||||||||||||||
| Krista Tanner | Cash Balance Component | 7.14 | 156,244 | N/A | ||||||||||||||||||||||
| Total Qualified Plan | 156,244 | N/A | ||||||||||||||||||||||||
| ESRP | 7.14 | 356,793 | N/A | |||||||||||||||||||||||
| Ms. Apsey | $ | 2,214,807 | ||||||
| Ms. Holloway | 464,356 | |||||||
| Mr. Jipping | 1,823,110 | |||||||
| Ms. Mason Soneral | 846,109 | |||||||
| Ms. Tanner | 329,977 | |||||||
| Name (in millions of USD) | Executive Contributions in Last Fiscal Year (1) | Registrant Contributions in Last Fiscal Year | Aggregate Earnings in Last Fiscal Year | Aggregate Withdrawals/Distributions | Aggregate Balance at Last Fiscal Year End (2) | |||||||||||||||||||||||||||
| Jon E. Jipping | $ | 800,226 | $ | — | $ | 412,880 | $ | — | $ | 3,214,206 | ||||||||||||||||||||||
| Linda H. Apsey - Termination Scenarios: Value of Potential Payments | ||||||||||||||||||||||||||||||||||||||
| Total Value of Severance, Benefits and Unvested Equity Awards(1)(2) | ||||||||||||||||||||||||||||||||||||||
| Voluntary Resignation | Involuntary For Cause | Involuntary Not-for-Cause or Voluntary Good Reason | Change In Control (pre-tax)(3) | Disability | Death (pre-retirement)(4) | |||||||||||||||||||||||||||||||||
| Compensation | ||||||||||||||||||||||||||||||||||||||
| Cash Severance | $ | — | $ | — | $ | 1,681,000 | $ | 4,129,329 | $ | — | $ | — | ||||||||||||||||||||||||||
| Target Short-term Bonus | — | — | — | — | 840,500 | 840,500 | ||||||||||||||||||||||||||||||||
Pro Rata Short-term (Annual) Incentive Comp | — | — | 1,370,015 | 1,370,015 | — | — | ||||||||||||||||||||||||||||||||
| Retention Awards | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Service-Based Unit Awards (5) | — | — | — | 1,704,161 | 1,704,161 | 1,704,161 | ||||||||||||||||||||||||||||||||
| Performance-Based Unit Awards (6) | — | — | — | 1,701,974 | 3,408,386 | 3,408,386 | ||||||||||||||||||||||||||||||||
| Benefits and Perquisites | — | |||||||||||||||||||||||||||||||||||||
| Retirement Plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| ESRP | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Perquisites | — | — | 25,000 | 25,000 | — | — | ||||||||||||||||||||||||||||||||
| Health & Welfare Benefits | — | — | 31,592 | 31,592 | — | — | ||||||||||||||||||||||||||||||||
| Postretirement Welfare Plan (7) | — | — | 775,824 | 775,824 | — | — | ||||||||||||||||||||||||||||||||
| Total Payout: | $ | — | $ | — | $ | 3,883,431 | $ | 9,737,895 | $ | 5,953,047 | $ | 5,953,047 | ||||||||||||||||||||||||||
| Gretchen L. Holloway - Termination Scenarios: Value of Potential Payments | ||||||||||||||||||||||||||||||||||||||
| Total Value of Severance, Benefits and Unvested Equity Awards(1)(2) | ||||||||||||||||||||||||||||||||||||||
| Voluntary Resignation | Involuntary For Cause | Involuntary Not-for-Cause or Voluntary Good Reason | Change In Control (pre-tax)(3) | Disability | Death (pre-retirement)(4) | |||||||||||||||||||||||||||||||||
| Compensation | ||||||||||||||||||||||||||||||||||||||
| Cash Severance | $ | — | $ | — | $ | 823,400 | $ | 2,018,961 | $ | — | $ | — | ||||||||||||||||||||||||||
| Target Short-term Bonus | — | — | — | — | 411,700 | 411,700 | ||||||||||||||||||||||||||||||||
Pro Rata Short-term (Annual) Incentive Comp | — | — | 671,071 | 671,071 | — | — | ||||||||||||||||||||||||||||||||
| Service-Based Unit Awards (5) | — | — | — | 582,936 | 582,936 | 582,936 | ||||||||||||||||||||||||||||||||
| Performance-Based Unit Awards (6) | — | — | — | 581,738 | 1,165,924 | 1,165,924 | ||||||||||||||||||||||||||||||||
| 280G Cutback | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Benefits and Perquisites | ||||||||||||||||||||||||||||||||||||||
| Retirement Plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| ESRP | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Perquisites | — | — | 25,000 | 25,000 | — | — | ||||||||||||||||||||||||||||||||
| Health & Welfare Benefits | — | — | 10,596 | 10,596 | — | — | ||||||||||||||||||||||||||||||||
| Total Payout: | $ | — | $ | — | $ | 1,530,067 | $ | 3,890,302 | $ | 2,160,560 | $ | 2,160,560 | ||||||||||||||||||||||||||
| Jon E. Jipping - Termination Scenarios: Value of Potential Payments | ||||||||||||||||||||||||||||||||||||||
| Total Value of Severance, Benefits and Unvested Equity Awards(1)(2) | ||||||||||||||||||||||||||||||||||||||
| Voluntary Resignation or Voluntary Good Reason | Involuntary For Cause | Involuntary Not-for-Cause | Change In Control (pre-tax)(3) | Disability | Death (pre-retirement)(4) | |||||||||||||||||||||||||||||||||
| Compensation | ||||||||||||||||||||||||||||||||||||||
| Cash Severance | $ | — | $ | — | $ | 1,195,000 | $ | 2,972,455 | $ | — | $ | — | ||||||||||||||||||||||||||
| Target Short-term Bonus | — | — | — | — | 597,500 | 597,500 | ||||||||||||||||||||||||||||||||
Pro Rata Short-term (Annual) Incentive Comp | — | — | 973,925 | 973,925 | — | — | ||||||||||||||||||||||||||||||||
| Service-Based Unit Awards (5) | 852,195 | — | 852,195 | 852,195 | 852,195 | 852,195 | ||||||||||||||||||||||||||||||||
| Performance-Based Unit Awards (6) | — | — | — | 852,485 | 1,704,419 | 1,704,419 | ||||||||||||||||||||||||||||||||
| Benefits and Perquisites | ||||||||||||||||||||||||||||||||||||||
| Retirement Plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| ESRP | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Perquisites | — | — | 25,000 | 25,000 | — | — | ||||||||||||||||||||||||||||||||
| Health & Welfare Benefits | — | — | 22,128 | 22,128 | — | — | ||||||||||||||||||||||||||||||||
| Postretirement Welfare Plan (7) | — | — | 776,225 | 776,225 | ||||||||||||||||||||||||||||||||||
| Total Payout: | $ | 852,195 | $ | — | $ | 3,844,473 | $ | 6,474,413 | $ | 3,154,114 | $ | 3,154,114 | ||||||||||||||||||||||||||
| Christine Mason Soneral - Termination Scenarios: Value of Potential Payments | ||||||||||||||||||||||||||||||||||||||
| Total Value of Severance, Benefits and Unvested Equity Awards(1)(2) | ||||||||||||||||||||||||||||||||||||||
| Voluntary Resignation | Involuntary For Cause | Involuntary Not-for-Cause or Voluntary Good Reason | Change In Control (pre-tax)(3) | Disability | Death (pre-retirement)(4) | |||||||||||||||||||||||||||||||||
| Compensation | ||||||||||||||||||||||||||||||||||||||
| Cash Severance | $ | — | $ | — | $ | 799,600 | $ | 1,999,751 | $ | — | $ | — | ||||||||||||||||||||||||||
| Target Short-term Bonus | — | — | — | — | 399,800 | 399,800 | ||||||||||||||||||||||||||||||||
Pro Rata Short-term (Annual) Incentive Comp | — | — | 651,674 | 651,674 | — | — | ||||||||||||||||||||||||||||||||
| Service-Based Unit Awards (5) | — | — | — | 571,629 | 286,324 | 286,324 | ||||||||||||||||||||||||||||||||
| Performance-Based Unit Awards (6) | — | — | — | 572,292 | 191,548 | 191,548 | ||||||||||||||||||||||||||||||||
| Benefits and Perquisites | ||||||||||||||||||||||||||||||||||||||
| Retirement Plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| ESRP | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Perquisites | — | — | 25,000 | 25,000 | — | — | ||||||||||||||||||||||||||||||||
| Health & Welfare Benefits | — | — | 22,115 | 22,115 | — | — | ||||||||||||||||||||||||||||||||
| Total Payout: | $ | — | $ | — | $ | 1,498,389 | $ | 3,842,461 | $ | 877,672 | $ | 877,672 | ||||||||||||||||||||||||||
| Krista Tanner - Termination Scenarios: Value of Potential Payments | ||||||||||||||||||||||||||||||||||||||
| Total Value of Severance, Benefits and Unvested Equity Awards(1)(2) | ||||||||||||||||||||||||||||||||||||||
| Voluntary Resignation | Involuntary For Cause | Involuntary Not-for-Cause or Voluntary Good Reason | Change In Control (pre-tax)(3) | Disability | Death (pre-retirement)(4) | |||||||||||||||||||||||||||||||||
| Compensation | ||||||||||||||||||||||||||||||||||||||
| Cash Severance | $ | — | $ | — | $ | 709,800 | $ | 1,411,238 | $ | — | $ | — | ||||||||||||||||||||||||||
| Target Short-term Bonus | — | — | — | — | 354,900 | 354,900 | ||||||||||||||||||||||||||||||||
Pro Rata Short-term (Annual) Incentive Comp | — | — | 578,487 | 578,487 | — | — | ||||||||||||||||||||||||||||||||
| Service-Based Unit Awards (5) | — | — | — | 500,091 | 249,274 | 249,274 | ||||||||||||||||||||||||||||||||
| Performance-Based Unit Awards (6) | — | — | — | 498,224 | 165,137 | 165,137 | ||||||||||||||||||||||||||||||||
| 280G Cutback | — | — | — | (442,488) | — | — | ||||||||||||||||||||||||||||||||
| Benefits and Perquisites | ||||||||||||||||||||||||||||||||||||||
| Retirement Plan | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| ESRP | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Perquisites | — | — | 25,000 | 25,000 | — | — | ||||||||||||||||||||||||||||||||
| Health & Welfare Benefits | — | — | 19,730 | 19,730 | — | — | ||||||||||||||||||||||||||||||||
| Total Payout: | $ | — | $ | — | $ | 1,333,017 | $ | 2,590,282 | $ | 769,311 | $ | 769,311 | ||||||||||||||||||||||||||
| Name | Fees Earned or Paid in Cash ($) (1) | Total ($) | ||||||||||||
| (a) | (b) | (h) | ||||||||||||
| Leanne M. Bell (2) | $ | — | $ | — | ||||||||||
| Robert A. Elliott (3) | 149,518 | 149,518 | ||||||||||||
| Albert Ernst (4) | 140,000 | 140,000 | ||||||||||||
| Debora Frodl | 140,000 | 140,000 | ||||||||||||
| Alexander I. Greenbaum (5) | — | — | ||||||||||||
| Ronnie Hawkins, Jr. | 140,000 | 140,000 | ||||||||||||
| David G. Hutchens | 140,000 | 140,000 | ||||||||||||
| James P. Laurito | 140,000 | 140,000 | ||||||||||||
| Jocelyn H. Perry (2) | — | — | ||||||||||||
| Sandra E. Pierce | 190,000 | 190,000 | ||||||||||||
| Kevin L. Prust | 145,482 | 145,482 | ||||||||||||
| A. Douglas Rothwell | 155,000 | 155,000 | ||||||||||||
| Thomas G. Stephens (4) | 14,014 | 14,014 | ||||||||||||
| Name of Beneficial Owner | Number of Company Shares Beneficially Owned (#) | Percent of Class (%) | Number of Fortis shares Beneficially Owned (#) | Percent of Class (%) | |||||||||||||
| Linda H. Apsey | — | — | 53,889 | * | |||||||||||||
| Gretchen L. Holloway | — | — | 8,862 | * | |||||||||||||
| Jon E. Jipping | — | — | 60,000 | * | |||||||||||||
| Christine Mason Soneral | — | — | — | — | |||||||||||||
| Krista Tanner | — | — | — | — | |||||||||||||
| Leanne M. Bell | — | — | — | — | |||||||||||||
| Robert A. Elliott | — | — | — | — | |||||||||||||
| Albert Ernst | — | — | 10,274 | (1) | * | ||||||||||||
| Debora Frodl | — | — | — | — | |||||||||||||
| Alexander I. Greenbaum | — | — | — | — | |||||||||||||
| Ronnie Hawkins | — | — | — | — | |||||||||||||
| David G. Hutchens | — | — | 83,907 | * | |||||||||||||
| James P. Laurito | — | — | 48,544 | * | |||||||||||||
| Jocelyn H. Perry | 187,622 | * | |||||||||||||||
| Sandra E. Pierce | — | — | — | — | |||||||||||||
| Kevin L. Prust | — | — | 500 | * | |||||||||||||
| A. Douglas Rothwell | — | — | — | — | |||||||||||||
| All current directors and executive officers as a group (17 persons) | — | — | % | 443,324 | * | ||||||||||||
| 2021 | 2020 | |||||||
| Audit fees (1) | $ | 2,083,000 | $ | 1,995,000 | ||||
| Audit-related fees (2) | 57,000 | 56,000 | ||||||
| Tax fees (3) | 13,000 | 16,000 | ||||||
| All other fees (4) | 7,000 | 4,000 | ||||||
| Total fees | $ | 2,160,000 | $ | 2,071,000 | ||||
| (a) | (1) | Financial Statements: | ||||||
Management’s Report on Internal Control over Financial Reporting | ||||||||
Report of Independent Registered Public Accounting Firm | ||||||||
| Consolidated Statements of Financial Position as of December 31, 2021 and 2020 | ||||||||
| Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
| Consolidated Statements of Changes in Stockholder's Equity for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019 | ||||||||
Notes to Consolidated Financial Statements | ||||||||
| (2) | Financial Statement Schedules | |||||||
Schedule I — Condensed Financial Information of Registrant | ||||||||
All other schedules for which provision is made in Regulation S-X either (i) are not required under the related instructions or are inapplicable and, therefore, have been omitted, or (ii) the information required is included in the consolidated financial statements or the notes thereto that are a part hereof. | ||||||||
| (b) | Exhibit Listing | |||||||
| Exhibit No. | Description of Exhibit | |||||||
| 2.1 | ||||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 4.3 | ||||||||
| 4.5 | ||||||||
| 4.6 | ||||||||
| 4.7 | ||||||||
| 4.8 | ||||||||
| 4.9 | ||||||||
| 4.10 | ||||||||
| 4.12 | ||||||||
| 4.14 | ||||||||
| 4.17 | ||||||||
| 4.18 | ||||||||
| 4.19 | ||||||||
| 4.20 | ||||||||
| 4.24 | ||||||||
| 4.25 | ||||||||
| 4.26 | ||||||||
| 4.27 | ||||||||
| 4.28 | ||||||||
| 4.29 | ||||||||
| 4.30 | ||||||||
| 4.31 | ||||||||
| 4.32 | ||||||||
| 4.33 | ||||||||
| 4.34 | ||||||||
| 4.35 | ||||||||
| 4.36 | ||||||||
| 4.38 | ||||||||
| 4.39 | ||||||||
| 4.40 | ||||||||
| 4.41 | ||||||||
| 4.42 | ||||||||
| 4.43 | ||||||||
| 4.44 | ||||||||
| 4.45 | ||||||||
| 4.46 | ||||||||
| 4.47 | ||||||||
| 4.48 | ||||||||
| 4.49 | ||||||||
| 4.50 | ||||||||
| 4.51 | ||||||||
| 4.52 | ||||||||
| 4.53 | ||||||||
| 4.54 | ||||||||
| 4.55 | ||||||||
| 4.56 | ||||||||
| *10.27 | ||||||||
| 10.51 | ||||||||
| *10.81 | ||||||||
| *10.109 | ||||||||
| *10.110 | ||||||||
| *10.111 | ||||||||
| *10.120 | ||||||||
| *10.122 | ||||||||
| *10.150 | ||||||||
| *10.168 | ||||||||
| *10.172 | ||||||||
| *10.173 | ||||||||
| *10.176 | ||||||||
| *10.177 | ||||||||
| *10.178 | ||||||||
| *10.179 | ||||||||
| *10.182 | ||||||||
| *10.183 | ||||||||
| 10.184 | ||||||||
| 10.209 | ||||||||
| 10.210 | ||||||||
| 10.211 | ||||||||
| ***10.212 | ||||||||
| ***10.213 | ||||||||
| ***10.214 | ||||||||
| **21 | ||||||||
| **31.1 | ||||||||
| **31.2 | ||||||||
| **32 | ||||||||
| **101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document | |||||||
| **101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
| **101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
| **101.DEF | Inline XBRL Taxonomy Extension Definition Database | |||||||
| **101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
| **101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
| **104 | The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
| * | Management contract or compensatory plan or arrangement | |||||||
| ** | Filed herewith | |||||||
| *** | Management contract or compensatory plan or arrangement filed herewith | |||||||
| December 31, | |||||||||||
| (In millions of USD, except share data) | 2021 | 2020 | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable from subsidiaries | |||||||||||
| Intercompany tax receivable from subsidiaries | |||||||||||
| Prepaid and other current assets | |||||||||||
| Advances to subsidiaries | |||||||||||
| Total current assets | |||||||||||
| Other assets | |||||||||||
| Investment in subsidiaries | |||||||||||
| Deferred income taxes | |||||||||||
| Advances to subsidiaries | |||||||||||
| Other assets | |||||||||||
| Total other assets | |||||||||||
| TOTAL ASSETS | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accrued compensation | $ | $ | |||||||||
| Accrued interest | |||||||||||
| Debt maturing within one year | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Accrued pension and postretirement liabilities | |||||||||||
| Other liabilities | |||||||||||
Long-term debt (net of deferred financing fees and discount of $17 and $21, respectively) | |||||||||||
| TOTAL LIABILITIES | |||||||||||
| STOCKHOLDER’S EQUITY | |||||||||||
| Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2021 and 2020 | |||||||||||
| Retained earnings | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Total stockholder’s equity | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Other income (expense), net | $ | $ | $ | ||||||||||||||
| General and administrative expense | ( | ( | ( | ||||||||||||||
| Taxes other than income taxes | ( | ( | ( | ||||||||||||||
| Interest expense | ( | ( | ( | ||||||||||||||
| LOSS BEFORE INCOME TAXES | ( | ( | ( | ||||||||||||||
| INCOME TAX BENEFIT | ( | ( | ( | ||||||||||||||
| LOSS AFTER TAXES | ( | ( | ( | ||||||||||||||
| EQUITY IN SUBSIDIARIES’ NET EARNINGS | |||||||||||||||||
| NET INCOME | |||||||||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
| Derivative instruments (net of tax of $2 for the year ended December 31, 2021, $7 for the year ended December 31, 2020, $1 for the year ended December 31, 2019 | ( | ||||||||||||||||
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ( | ||||||||||||||||
| TOTAL COMPREHENSIVE INCOME | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||
| Equity in subsidiaries' earnings | ( | ( | ( | ||||||||||||||
| Dividends from subsidiaries | |||||||||||||||||
| Deferred and other income taxes | ( | ( | ( | ||||||||||||||
| Net intercompany tax payments from (to) subsidiaries | |||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Other | |||||||||||||||||
| Changes in assets and liabilities, exclusive of changes shown separately: | |||||||||||||||||
| Accounts receivable from subsidiaries | ( | ||||||||||||||||
| Intercompany tax receivable from subsidiaries | ( | ( | |||||||||||||||
| Income tax receivable | |||||||||||||||||
| Accrued compensation | ( | ||||||||||||||||
| Other current and non-current assets and liabilities, net | ( | ( | |||||||||||||||
| Net cash used in operating activities | ( | ( | ( | ||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
| Equity contributions to subsidiaries | ( | ( | ( | ||||||||||||||
| Return of capital from subsidiaries | |||||||||||||||||
| Advances to subsidiaries | ( | ||||||||||||||||
| Other | ( | ( | |||||||||||||||
| Net cash provided by investing activities | |||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
| Issuance of long-term debt | |||||||||||||||||
| Borrowings under revolving credit agreement | |||||||||||||||||
| Borrowings under term loan credit agreements | |||||||||||||||||
| Net issuance of commercial paper | ( | ||||||||||||||||
| Retirement of long-term debt — including extinguishment of debt costs | ( | ||||||||||||||||
| Repayments of revolving credit agreement | ( | ( | ( | ||||||||||||||
| Repayments of term loan credit agreement | ( | ||||||||||||||||
| Dividends to ITC Investment Holdings | ( | ( | ( | ||||||||||||||
| Settlement of interest rate swaps | ( | ||||||||||||||||
| Other | ( | ||||||||||||||||
| Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ( | ||||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | |||||||||||||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | $ | $ | $ | ||||||||||||||
| (In millions of USD) | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| 2027 and thereafter | |||||
| Total | $ | ||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Equity contributions to subsidiaries | $ | ( | $ | ( | $ | ( | |||||||||||
| Dividends from subsidiaries (a) | |||||||||||||||||
| Return of capital from subsidiaries (a) | |||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
Net income tax payments (to) from: (a) | |||||||||||||||||
| ITCTransmission | $ | $ | $ | ||||||||||||||
| METC | |||||||||||||||||
| ITC Midwest | |||||||||||||||||
| ITC Great Plains | ( | ||||||||||||||||
| ITC Interconnection | |||||||||||||||||
| December 31, | |||||||||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | 2018 | |||||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Restricted cash included in: | |||||||||||||||||||||||
| Other non-current assets | |||||||||||||||||||||||
| Total cash, cash equivalents and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| (In millions of USD) | 2021 | 2020 | 2019 | ||||||||||||||
| Supplementary cash flows information: | |||||||||||||||||
| Interest paid | $ | $ | $ | ||||||||||||||
| Income taxes paid | |||||||||||||||||
| Income tax refunds received | |||||||||||||||||
ITC HOLDINGS CORP. | |||||||||||
| By: | /s/ LINDA H. APSEY | ||||||||||
| Linda H. Apsey | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Signature | Title | Date | ||||||
| /s/ LINDA H. APSEY | President and Chief Executive | February 10, 2022 | ||||||
| Linda H. Apsey | Officer (principal executive officer) | |||||||
| /s/ GRETCHEN L. HOLLOWAY | Senior Vice President and Chief Financial Officer | February 10, 2022 | ||||||
| Gretchen L. Holloway | (principal financial and accounting officer) | |||||||
| /s/ SANDRA E. PIERCE | Director and Chairman | February 10, 2022 | ||||||
| Sandra E. Pierce | ||||||||
| /s/ ROBERT A. ELLIOTT | Director | February 10, 2022 | ||||||
| Robert A. Elliott | ||||||||
| /s/ LEANNE M. BELL | Director | February 10, 2022 | ||||||
| Leanne M. Bell | ||||||||
| /s/ DEBORA FRODL | Director | February 10, 2022 | ||||||
| Debora Frodl | ||||||||
| /s/ RONNIE D. HAWKINS, JR | Director | February 10, 2022 | ||||||
| Ronnie D. Hawkins, Jr | ||||||||
| /s/ DAVID G. HUTCHENS | Director | February 10, 2022 | ||||||
| David G. Hutchens | ||||||||
| /s/ JAMES P. LAURITO | Director | February 10, 2022 | ||||||
| James P. Laurito | ||||||||
| /s/ JOCELYN H. PERRY | Director | February 10, 2022 | ||||||
| Jocelyn H. Perry | ||||||||
| /s/ KEVIN L. PRUST | Director | February 10, 2022 | ||||||
| Kevin L. Prust | ||||||||
| /s/ A. DOUGLAS ROTHWELL | Director | February 10, 2022 | ||||||
| A. Douglas Rothwell | ||||||||

/s/ Linda H. Apsey | ||
| Linda H. Apsey President and Chief Executive Officer | ||
/s/ Gretchen L. Holloway | ||
| Gretchen L. Holloway Senior Vice President and Chief Financial Officer | ||
| /s/ Linda H. Apsey | ||
| Linda H. Apsey President and Chief Executive Officer | ||
| /s/ Gretchen L. Holloway | ||
| Gretchen L. Holloway Senior Vice President and Chief Financial Officer | ||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Auditor [Line Items] | |
| Auditor Location | Detroit, Michigan |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Property, plant and equipment, accumulated depreciation and amortization | $ 2,199 | $ 2,055 |
| Intangible assets, accumulated amortization | $ 49 | $ 46 |
| Common stock, without par value | $ 0 | $ 0 |
| Common stock, shares authorized | 235,000,000 | 235,000,000 |
| Common stock, shares issued | 224,203,112 | 224,203,112 |
| Common stock, shares outstanding | 224,203,112 | 224,203,112 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| OPERATING REVENUES | |||
| Transmission and other services | $ 1,358 | $ 1,290 | $ 1,286 |
| Formula rate true-up | (9) | 8 | 41 |
| OPERATING REVENUES | 1,349 | 1,298 | 1,327 |
| OPERATING EXPENSES | |||
| Operation and maintenance | 108 | 87 | 113 |
| General and administrative | 128 | 115 | 138 |
| Depreciation and amortization | 232 | 219 | 203 |
| Taxes other than income taxes | 133 | 124 | 118 |
| Other operating (income) and expense, net | (1) | 0 | 0 |
| Total operating expenses | 600 | 545 | 572 |
| OPERATING INCOME | 749 | 753 | 755 |
| OTHER EXPENSES (INCOME) | |||
| Interest expense, net | 251 | 240 | 224 |
| Allowance for equity funds used during construction | (30) | (27) | (29) |
| Other (income) and expenses, net | (5) | (3) | 0 |
| Total other expenses (income) | 216 | 210 | 195 |
| INCOME BEFORE INCOME TAXES | 533 | 543 | 560 |
| INCOME TAX PROVISION | 127 | 136 | 132 |
| NET INCOME | 406 | 407 | 428 |
| Derivative instruments, net of tax | 6 | (15) | 3 |
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 6 | (15) | 3 |
| TOTAL COMPREHENSIVE INCOME | $ 412 | $ 392 | $ 431 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Millions |
Total |
Common Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|---|---|---|---|---|
| Stockholder's equity at Dec. 31, 2018 | $ 2,051 | $ 892 | $ 1,155 | $ 4 |
| NET INCOME | 428 | 428 | ||
| Dividends to ITC Investment Holdings | (250) | (250) | ||
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 3 | 3 | ||
| Stockholder's equity at Dec. 31, 2019 | 2,232 | 892 | 1,333 | 7 |
| NET INCOME | 407 | 407 | ||
| Dividends to ITC Investment Holdings | (330) | (330) | ||
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | (15) | (15) | ||
| Stockholder's equity at Dec. 31, 2020 | 2,294 | 892 | 1,410 | (8) |
| NET INCOME | 406 | 406 | ||
| Dividends to ITC Investment Holdings | (232) | (232) | ||
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 6 | 6 | ||
| Stockholder's equity at Dec. 31, 2021 | $ 2,474 | $ 892 | $ 1,584 | $ (2) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Statement of Cash Flows [Abstract] | |||
| Employee Benefits and Share-based Compensation | $ 34 | $ 25 | $ 32 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| NET INCOME | 406 | 407 | 428 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 232 | 219 | 203 |
| Recognition, refund and collection of revenue accruals and deferrals — including accrued interest | 52 | (47) | (55) |
| Deferred income tax expense | 127 | 138 | 135 |
| Allowance for equity funds used during construction | (30) | (27) | (29) |
| Other | 6 | 4 | 10 |
| Changes in assets and liabilities, exclusive of changes shown separately: | |||
| Accounts receivable | (18) | 0 | (10) |
| Accounts payable | (3) | 4 | (11) |
| Accrued interest | 1 | 7 | (2) |
| Increase (Decrease) in Accrued Salaries | (3) | (14) | 10 |
| Accrued taxes | 3 | (3) | 3 |
| Net refund settlements and adjustments related to return on equity complaints | (5) | (65) | (82) |
| Other current and non-current assets and liabilities, net | (17) | (16) | (3) |
| Net cash provided by operating activities | 785 | 632 | 629 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Expenditures for property, plant and equipment | (834) | (885) | (865) |
| Contributions in aid of construction | 15 | 2 | 10 |
| Other | (5) | 5 | 1 |
| Net cash used in investing activities | (824) | (878) | (854) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Issuance of long-term debt | 75 | 1,030 | 175 |
| Borrowings under revolving credit agreements | 1,175 | 1,495 | 1,090 |
| Borrowings under term loan credit agreements | 0 | 275 | 200 |
| Net issuance (repayment) of commercial paper | 88 | (133) | 200 |
| Retirement of long-term debt — including extinguishment of debt costs | 0 | (35) | (203) |
| Repayments of revolving credit agreements | (1,044) | (1,596) | (999) |
| Repayments of term loan credit agreements | 0 | (475) | 0 |
| Dividends to ITC Investment Holdings | (232) | (330) | (250) |
| Refundable deposits from generators for transmission network upgrades | 18 | 60 | 19 |
| Repayment of refundable deposits from generators for transmission network upgrades | (39) | (10) | (8) |
| Other | (1) | (12) | (3) |
| Net cash provided by financing activities | 40 | 246 | 221 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1 | 0 | (4) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 6 | 6 | 10 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 7 | 6 | 6 |
| Interest Rate Swap [Member] | |||
| Payments for (Proceeds from) Hedge, Financing Activities | $ 0 | $ (23) | $ 0 |
GENERAL |
12 Months Ended |
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Dec. 31, 2021 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| GENERAL | GENERAL ITC Holdings and its subsidiaries are engaged in the transmission of electricity in the United States. ITC Holdings is a wholly-owned subsidiary of ITC Investment Holdings. Fortis owns a majority indirect equity interest in ITC Investment Holdings, with GIC holding an indirect, passive, non-voting equity interest of 19.9%. Through our Regulated Operating Subsidiaries, we own, operate, maintain and invest in high-voltage electric transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to our transmission systems. Our Regulated Operating Subsidiaries are independent electric transmission utilities, with cost-based rates regulated by the FERC. ITCTransmission’s service area is located in southeastern Michigan, while METC’s service area covers approximately two-thirds of Michigan’s Lower Peninsula and is contiguous with ITCTransmission’s service area. ITC Midwest’s service area is located in portions of Iowa, Minnesota, Illinois and Missouri and ITC Great Plains currently owns assets located in Kansas and Oklahoma. MISO bills and collects revenues from the MISO Regulated Operating Subsidiaries’ customers. SPP bills and collects revenue from ITC Great Plains’ customers. ITC Interconnection currently owns assets in Michigan and earns revenues based on its facilities reimbursement agreement with a merchant generating company. Recent Developments Regarding the COVID-19 Pandemic In March 2020, the World Health Organization declared COVID-19 a pandemic. Efforts to control the outbreak of COVID-19 have resulted in challenges to businesses and facilities in various industries around the world, including our customers, and disruptions to the global economy and supply chains. To date, COVID-19 has not had a material impact on our net income. However, for 2020, we utilized various temporary cost saving measures related to operating expenses, including operation and maintenance expenses and general and administrative expenses, in an attempt to reduce costs for our customers that were collected through our Formula Rates. We are unable to predict the ultimate effects of COVID-19 on the U.S. or global economy or our operations. We continue to monitor developments affecting our workforce, customers, suppliers, and operations. The extent of the impact of COVID-19 will depend on its duration, actions by government authorities, and impacts on our customers, employees, or vendors. These developments are continuously evolving, and we cannot predict whether COVID-19 will have a material impact on our financial condition, results of operations or cash flows.
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SUPPLEMENTAL FINANCIAL INFORMATION |
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| Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
Restricted cash included in other non-current assets primarily represents cash on deposit to pay for vegetation management, land easements and land purchases for the purpose of transmission line construction as well as amounts liquidated to make benefit payments related to our supplemental benefit plans. Supplementary Cash Flow Information
____________________________ (a)Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of December 31, 2021, 2020 or 2019, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.
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SUPPLEMENTAL FIANNCIAL INFORMATION |
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| Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows:
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| Supplementary Cash Flow Information |
____________________________ (a)Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of December 31, 2021, 2020 or 2019, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid. Supplementary Cash Flows Information
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SUPPLEMENTAL FIANNCIAL INFORMATION Restricted Cash Reconciliation - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Supplemental Cash Flow Elements [Abstract] | ||||
| Cash and cash equivalents | $ 5 | $ 4 | $ 4 | $ 6 |
| Restricted Cash, included in other non-current assets | 2 | 2 | 2 | 4 |
| Total cash, cash equivalents and restricted cash | $ 7 | $ 6 | $ 6 | $ 10 |
SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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| Public Utilities, General Disclosures [Line Items] | |||
| Interest paid | $ 237 | $ 236 | $ 228 |
| Income Taxes Paid | 0 | 2 | 0 |
| Income tax refunds received | 0 | 2 | 3 |
| Additions to property, plant and equipment and other long-lived assets | 140 | 135 | 92 |
| Allowance for funds used during construction | 30 | 27 | 29 |
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 0 | 0 | 5 |
| Noncash or Part Noncash Acquisition, Other Liabilities Assumed | $ 3 | $ 0 | $ 0 |
RECENT ACCOUNTING PRONOUNCEMENTS |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Pronouncements Accounting for Cloud Computing Arrangements In August 2018, the FASB issued authoritative guidance to address the accounting for implementation costs incurred in a cloud computing agreement that is a service contract. The new standard aligns the accounting for implementation costs incurred in a cloud computing arrangement as a service contract with existing guidance on capitalizing costs associated with developing or obtaining internal-use software. In addition, the new guidance requires entities to expense capitalized implementation costs of a cloud computing arrangement that is a service contract over the term of the agreement and to present the expense in the same income statement line item as the hosting fees. The guidance was effective for fiscal years beginning after December 15, 2019 with either prospective or retrospective adoption permitted. We adopted the standard prospectively on January 1, 2020. Adoption of this standard did not have a material impact on our consolidated financial statements.
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SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
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Dec. 31, 2021 | |
| Accounting Policies [Abstract] | |
| SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES A summary of the major accounting policies followed in the preparation of the accompanying consolidated financial statements, which conform to GAAP, is presented below: Principles of Consolidation — ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions. Use of Estimates — The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. Regulation — Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded as revenue and expense in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers. Cash and Cash Equivalents — We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash and Restricted Cash Equivalents — Restricted cash and restricted cash equivalents include cash and cash equivalents that are legally or contractually restricted for use or withdrawal or are formally set aside for a specific purpose. Accounts Receivable Reserve — We recognize losses for uncollectible accounts based on the current expected credit loss model. As of December 31, 2021, 2020 and 2019 we did not have an accounts receivable reserve. Inventories — Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned. Property, Plant and Equipment — Depreciation and amortization expense on property, plant and equipment was $223 million, $209 million and $194 million for 2021, 2020 and 2019, respectively. Property, plant and equipment in service at our Regulated Operating Subsidiaries is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to, and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.0% for 2021, 2020 and 2019. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 45 to 60 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $8 million, $7 million and $8 million for 2021, 2020 and 2019, respectively. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment includes capital equipment inventory stated at original cost consisting of items that are expected to be used exclusively for capital projects. Property, plant and equipment at our non-regulated subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Generator Interconnection Projects and Contributions in Aid of Construction — Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. As a result, GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Certain of our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of substation assets and transmission lines as described in Note 15. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the substations and lines. Generally, each party is responsible for the capital, operation and maintenance and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets are primarily recorded within operation and maintenance expenses on our consolidated statements of comprehensive income. Fair Value Through Net Income — We have certain investments in mutual funds, including fixed income securities and equity securities that are classified as fair value through net income. The fixed income security investments primarily fund our two supplemental nonqualified, noncontributory, retirement benefit plans for selected management employees as described in Note 11. Gains and losses associated with our mutual funds as described in Note 12 are recorded in earnings. Impairment of Long-Lived Assets — Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income. Goodwill and Other Intangible Assets — Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2021 and 2020, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively. In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units. We completed our annual goodwill impairment test for our reporting units as of October 1, 2021 and determined that no impairment exists. There were no events subsequent to October 1, 2021 that indicated impairment of our goodwill. Our intangible assets other than goodwill have finite lives and are amortized over their useful lives. Refer to Note 8 for additional discussion on our intangible assets. Deferred Financing Fees and Discount or Premium on Debt — Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount or premium related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt. We recorded $5 million during the years ended December 31, 2021, 2020 and 2019 to interest expense for the amortization of deferred financing fees and debt discounts. Asset Retirement Obligations — A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing PCBs and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries. Our asset retirement obligations as of December 31, 2021 and 2020 of $6 million are included in other liabilities. Derivatives and Hedging — We may use derivative financial instruments, including interest rate swap contracts, to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to interest rate swaps that are designated in hedging relationships are generally classified on the consolidated statements of cash flows within cash flows from financing activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. Refer to Note 9 for additional discussion regarding derivative instruments. Contingent Obligations — We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements. Revenues — Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers based on tariff rates, as approved by the FERC. Revenues from the transmission of electricity are recognized as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Share-Based Payment and Employee Share Purchase Plan — Under our long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs. Generally, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars and settled only in cash. However, certain SBUs granted to the executives may settle in cash, 100% Fortis common stock, or 50% cash and 50% Fortis common stock depending on executives’ settlement elections and whether certain share ownership requirements are met. The awards are classified as liability awards and vest on the date specified in the applicable grant agreements, provided the service and performance criteria, as applicable, are satisfied. The PBUs and SBUs earn dividend equivalents which are also re-measured and settled consistent with the target award at the end of the vesting period. Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount. Refer to Note 14 for additional discussion of the plans. Comprehensive Income (Loss) — Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from our interest rate swaps. Income Taxes — Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current in our consolidated statements of financial position. The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2021, we have not recognized any uncertain income tax positions. We file our federal and Michigan income tax returns as part of the FortisUS consolidated tax returns and we are a party to an intercompany tax sharing agreement that establishes the method for determining tax liabilities that are due and allocating tax attributes that are utilized on the consolidated income tax returns. We continue to file with various other state and city jurisdictions where we have a separate return filing obligation. Our prior consolidated federal tax returns are no longer subject to U.S. federal tax examinations for tax years 2017 and earlier. State and city jurisdictions that remain subject to examination range from tax years 2017 to 2020. In the event we are assessed interest or penalties by any income tax jurisdictions, interest and penalties would be recorded as interest expense and other expense, respectively, in our consolidated statements of comprehensive income. Refer to Notes 6 and 10 for additional discussion on income taxes.
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REVENUE |
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| Revenue from Contract with Customer [Abstract] | |
| Revenue from Contract with Customer | REVENUE Our total revenues are comprised of revenues which arise from three classifications including transmission services, other services, and Formula Rate true-up. As other services revenue is immaterial, it is presented in combination with transmission services on the consolidated statements of comprehensive income. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collects fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million, $5 million and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.
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ACCOUNTS RECEIVABLE |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the consolidated statements of financial position:
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REGULATORY MATTERS |
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| Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REGULATORY MATTERS | REGULATORY MATTERS Cost-Based Formula Rates with True-Up Mechanism The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. The formula used to derive the rates does not require further action or FERC filings each year, although the formula inputs remain subject to legal challenge at the FERC. Our Regulated Operating Subsidiaries will continue to use the formula to calculate their respective annual revenue requirements unless the FERC determines the resulting rates to be unjust and unreasonable and another mechanism is determined by the FERC to be just and reasonable. See “Rate of Return on Equity Complaints” in Note 17 for detail on ROE matters for our MISO Regulated Operating Subsidiaries and "Incentive Adders for Transmission Rates" discussed herein. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements. Revenue is recognized for services provided during each reporting period based on actual revenue requirements calculated using the formula. Our Regulated Operating Subsidiaries accrue or defer revenues to the extent that the actual revenue requirement for the reporting period is higher or lower, respectively, than the amounts billed relating to that reporting period. The amount of accrued or deferred revenues is reflected in future revenue requirements and thus flows through to customer bills within two years under the provisions of our Formula Rates. The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the year ended December 31, 2021:
Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the consolidated statements of financial position as follows:
Incentive Adders for Transmission Rates The FERC has authorized the use of ROE incentives, or adders, that can be applied to the rates of TOs when certain conditions are met. Our MISO Regulated Operating Subsidiaries and ITC Great Plains utilize ROE adders related to independent transmission ownership and RTO participation. On March 20, 2020, the FERC issued a NOPR and on April 15, 2021, the FERC issued a supplemental NOPR that was a proposal to update the transmission incentives policy. As of December 31, 2021, no final determination had been made on these NOPRs and we cannot predict whether this will have a material impact on us. MISO Regulated Operating Subsidiaries On April 20, 2018, Consumers Energy, IP&L, Midwest Municipal Transmission Group, Missouri River Energy Services, Southern Minnesota Municipal Power Agency and WPPI Energy filed a complaint with the FERC under section 206 of the FPA, challenging the adders for independent transmission ownership that are included in transmission rates charged by the MISO Regulated Operating Subsidiaries. At the time of the complaint, the adders for independent transmission ownership allowed up to 50 basis points or 100 basis points to be added to the MISO Regulated Operating Subsidiaries’ authorized ROE, subject to any ROE cap established by the FERC. On October 18, 2018, the FERC issued an order granting the complaint in part, setting revised adders for independent transmission ownership for each of the MISO Regulated Operating Subsidiaries to 25 basis points, and requiring the MISO Regulated Operating Subsidiaries to include the revised adders, effective April 20, 2018, in their Formula Rates. On September 11, 2019, the MISO Regulated Operating Subsidiaries filed an appeal of the FERC’s order in the D.C. Circuit Court and on February 19, 2021, the appeal was denied. As a result, the FERC’s October 18, 2018 order was upheld without further impact on our financial condition, consolidated results of operations or cash flows. For each of the years ended December 31, 2021, 2020 and 2019, the authorized incentive adders for the MISO Regulated Operating Subsidiaries included a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. See Note 17 for information regarding the MISO ROE Complaints and the associated impact to the base ROE of our MISO Regulated Operating Subsidiaries. ITC Great Plains On June 11, 2019, KCC filed a complaint with the FERC under section 206 of the FPA, challenging the adder for independent transmission ownership that is included in the transmission rate charged by ITC Great Plains. The adder for independent transmission ownership allowed up to 100 basis points to be added to the ITC Great Plains authorized ROE, subject to any ROE cap established by the FERC. On July 16, 2020, the FERC issued an order granting the complaint, setting the revised adder for independent transmission ownership for ITC Great Plains to 25 basis points, and requiring ITC Great Plains to include the revised adder, effective June 11, 2019, in their Formula Rate. In addition, the order directed ITC Great Plains to provide refunds, with interest, for the period from June 11, 2019 through July 16, 2020. During the fourth quarter of 2020, refunds of $4 million were made to settle the refund liability. ITC Great Plains filed appeals in the D.C. Circuit Court for the various FERC orders in the proceedings for ITC Great Plains. On March 4, 2021, these appeals were dismissed following a motion for voluntary dismissal by ITC Great Plains in response to the denial of the appeal of the FERC’s order to reduce the adder for independent transmission ownership for each of the MISO Regulated Operating Subsidiaries. The dismissal of the appeals did not result in additional impacts to our consolidated results of operations, cash flows or financial condition. Prior to the issuance of the FERC order on July 16, 2020, the authorized ROE used by ITC Great Plains was 12.16% and was composed of a base ROE of 10.66% with a 100 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. Based on the July 16, 2020 order, the authorized ROE used by ITC Great Plains was revised to 11.41% and is currently composed of a base ROE of 10.66% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. Rate of Return on Equity Complaints See “Rate of Return on Equity Complaints” in Note 17 for a discussion of the MISO ROE Complaints.
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REGULATORY ASSETS AND LIABILITIES |
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| Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES Regulatory Assets The following table summarizes the regulatory asset balances:
____________________________ (a)Refer to discussion of revenue accruals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of these regulatory assets, but do accrue interest carrying costs, which are subject to rate recovery along with the principal amount of the revenue accrual. (b)Refer to discussion of the refund in Note 17 under “Rate of Return on Equity Complaints.” ITCTransmission ADIT Deferral The carrying amount of the ITCTransmission ADIT Deferral is the remaining unamortized balance of the portion of ITCTransmission’s purchase price in excess of fair value of net assets acquired from DTE Energy approved for inclusion in future rates by the FERC. The original amount recorded for this regulatory asset of $61 million is recognized in rates and amortized on a straight-line basis over 20 years beginning March 1, 2003. ITCTransmission includes the remaining unamortized balance of this regulatory asset in rate base. ITCTransmission recorded amortization expense of $3 million annually during 2021, 2020 and 2019, which is included in depreciation and amortization in our consolidated statements of comprehensive income and recovered through ITCTransmission’s cost-based Formula Rate template. METC ADIT Deferral The carrying amount of the METC ADIT Deferral is the remaining unamortized balance of the portion of METC’s purchase price in excess of the fair value of net assets acquired at the time MTH acquired METC from Consumers Energy approved for inclusion in future rates by the FERC. The original amount approved for recovery recorded for this regulatory asset of $43 million is recognized in rates and amortized on a straight-line basis over 18 years beginning January 1, 2007. METC includes the remaining unamortized balance of this regulatory asset in rate base. METC recorded amortization expense of $2 million annually during 2021, 2020 and 2019, which is included in depreciation and amortization in our consolidated statements of comprehensive income and recovered through METC’s cost-based Formula Rate template. METC Regulatory Deferrals The carrying amount of the METC Regulatory Deferrals is the amount METC has deferred, as a regulatory asset, of depreciation and related interest expense associated with new transmission assets placed in service from January 1, 2001 through December 31, 2005 that were included on METC’s balance sheet at the time MTH acquired METC from Consumers Energy. The original amount recorded for this regulatory asset of $15 million, and approved for inclusion in future rates by the FERC, is recognized in rates and amortized over 20 years beginning January 1, 2007. METC includes the remaining unamortized balance of this regulatory asset in rate base. METC recorded amortization expense of $1 million annually during 2021, 2020 and 2019, which is included in depreciation and amortization in our consolidated statements of comprehensive income and recovered through METC’s cost-based Formula Rate template. Income Taxes Recoverable Related to AFUDC Equity Accounting standards for income taxes provide that a regulatory asset be recorded if it is probable that a future increase in taxes payable, relating to the book depreciation of AFUDC equity that has been capitalized to property, plant and equipment, will be recovered from customers through future rates. The regulatory asset for the tax effects of AFUDC equity is recovered over the life of the underlying book asset in a manner that is consistent with the depreciation of the AFUDC equity that has been capitalized to property, plant and equipment. This regulatory asset and the related offsetting deferred income tax liabilities do not affect rate base. ITC Great Plains Start-Up, Development and Pre-Construction In 2013, ITC Great Plains made a filing with the FERC, under Section 205 of the FPA, to recover start-up, development and pre-construction expenses in future rates. These expenses included certain costs incurred by ITC Great Plains for two regional cost sharing projects in Kansas prior to construction. In March 2015, the FERC accepted ITC Great Plains’ request to commence amortization of the authorized regulatory assets, subject to refund. In December 2015, the FERC issued an order accepting an uncontested settlement agreement establishing the amounts of the regulatory assets and associated carrying charges to be recovered. ITC Great Plains includes the unamortized balance of these regulatory assets in rate base and amortizes them over a 10-year period, that began in the second quarter of 2015. The amortization expense is recorded to general and administrative expenses in our consolidated statements of comprehensive income and is recovered through ITC Great Plains’ cost-based Formula Rate. Pensions and Postretirement Accounting standards for defined benefit pension and other postretirement plans for rate-regulated entities allow for amounts that otherwise would have been charged to AOCI to be recorded as a regulatory asset. As the unrecognized amounts recorded to this regulatory asset are recognized, expenses will be recovered from customers in future rates under our cost-based Formula Rates. This regulatory asset is not included when determining rate base. Income Taxes Recoverable Related to Implementation of the Michigan Corporate Income Tax Under the Michigan Corporate Income Tax, we are taxed at a rate of 6.0% on federal taxable income attributable to our operations in the state of Michigan, subject to certain adjustments. In 2011, due to certain Michigan tax law changes we were required to establish new deferred income tax balances under the Michigan Corporate Income Tax, and the net result was incremental deferred state income tax liabilities at both ITCTransmission and METC. Under our cost-based Formula Rate, the future tax receivable as a result of the tax law change has resulted in the recognition of a regulatory asset, which will be collected from customers for the 23-year period and the 32-year period for ITCTransmission and METC, respectively, beginning in 2016. ITCTransmission and METC include this regulatory asset within deferred taxes for rate-making purposes when determining rate base. Accrued Asset Removal Costs The carrying amount of the accrued asset removal costs represents the difference between incurred costs to remove property, plant and equipment and the estimated removal costs included and collected in rates. The portion of depreciation expense included in our depreciation rates related to asset removal costs reduces this regulatory asset and removal costs incurred are added to this regulatory asset. In addition, this regulatory asset has also been adjusted for timing differences between incurred costs to settle legal asset retirement obligations and the recognition of such obligations under the standards set forth by the FASB. Our Regulated Operating Subsidiaries include this item, excluding the cost component related to the recognition of our legal asset retirement obligations under the standards set forth by the FASB, as a reduction to accumulated depreciation for rate-making purposes, when determining rate base. Regulatory Liabilities The following table summarizes the regulatory liability balances:
____________________________ (a)Refer to discussion of revenue deferrals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries accrue interest on the true-up amounts which will be refunded through rates along with the principal amount of revenue deferrals in future periods. (b)Refer to discussion of the refund in Note 17 under “Rate of Return on Equity Complaints.” Accrued Asset Removal Costs The carrying amount of the accrued asset removal costs represents the difference between incurred costs to remove property, plant and equipment and the estimated removal costs included and collected in rates. The portion of depreciation expense included in our depreciation rates related to asset removal costs is added to this regulatory liability and removal expenditures incurred are charged to this regulatory liability. Our Regulated Operating Subsidiaries include this item within accumulated depreciation for rate-making purposes and determining rate base. Excess State Income Tax Deductions Our Regulated Operating Subsidiaries have taken state income tax deductions associated with property additions that exceed the tax basis of property, and the unrealized income tax benefits resulting from these deductions are expected to be refunded to customers through future rates when the income tax benefits are realized. This regulatory liability is included within deferred taxes for rate-making purposes when determining rate base. Income Taxes Refundable Related to Implementation of the TCJA Under the TCJA, we were required to revalue our deferred tax assets and liabilities at the new federal corporate income tax rate as of the date of the enactment of the TCJA, which resulted in lower net deferred tax liabilities and the establishment of a net regulatory liability for excess deferred taxes at our Regulated Operating Subsidiaries. For our Regulated Operating Subsidiaries, our deferred taxes are subject to a normalization method of accounting for the excess tax reserves resulting from the change in the federal statutory tax rate which requires the use of either the ARAM or the alternative method, RSGM, for assets related to public utility property. Prior to 2021, the ARAM method was used for the return of excess deferred taxes to customers associated with public utility property. Beginning in 2021, we began using RSGM for the return of all remaining categories of excess deferred taxes to customers, pursuant to the interpretation of recent released revenue procedures and private letter rulings. During the years ended December 31, 2021 and 2020, we recorded $8 million and $2 million, respectively, of amortization related to the excess deferred taxes under RSGM and ARAM. The net regulatory liability is included within deferred taxes for rate-making purposes when determining rate base. Pensions and Postretirement Accounting standards for defined benefit pension and other postretirement plans for rate-regulated entities allow for amounts that otherwise would have been credited to AOCI to be recorded as a regulatory liability. As the unrecognized amounts recorded to this regulatory liability are recognized, amounts will be returned to customers in future rates under our cost-based Formula Rates. This regulatory liability is not included when determining rate base.
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GOODWILL AND INTANGIBLE ASSETS |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND INTANGIBLE ASSETS | INTANGIBLE ASSETS METC has recorded intangible assets with finite lives derived from the portion of regulatory assets recorded on METC’s historical FERC financial statements that were not recorded on METC’s historical GAAP financial statements. These intangible assets are associated with the METC Regulatory Deferrals and the METC ADIT Deferral as described in Note 6. The carrying amounts of the intangible asset for the METC Regulatory Deferrals and the METC ADIT Deferral were $10 million and $3 million (net of accumulated amortization of $30 million and $16 million), respectively, as of December 31, 2021, and $12 million and $4 million (net of accumulated amortization of $28 million and $15 million), respectively, as of December 31, 2020. The amortization periods for the METC Regulatory Deferrals and the METC ADIT Deferral are 20 and 18 years, respectively, beginning January 1, 2007. METC earns an equity return on the remaining unamortized balance of both intangible assets and recovers the amortization expense through METC’s cost-based Formula Rate template. ITC Great Plains has recorded intangible assets for payments made by and obligations of ITC Great Plains to certain TOs to acquire rights, which are required under the SPP tariff to designate ITC Great Plains to build, own and operate projects within the SPP region, including three regional cost sharing projects in Kansas. The carrying amount of these intangible assets was $13 million (net of accumulated amortization of $3 million) as of both December 31, 2021 and 2020. The amortization period for these intangible assets is 50 years, beginning March 31, 2011. We recognized $3 million, $4 million, and $3 million of amortization expense for our intangible assets during the years ended December 31, 2021, 2020 and 2019, respectively, recorded in depreciation and amortization on the consolidated statements of comprehensive income. We expect the annual amortization of our intangible assets that have been recorded as of December 31, 2021 to be as follows:
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PROPERTY, PLANT AND EQUIPMENT |
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| Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment — net consisted of the following:
Additions to property, plant and equipment in-service and construction work in progress during 2021 and 2020 were due primarily to projects to upgrade or replace existing transmission plant and update grid security to improve the reliability of our transmission systems as well as transmission infrastructure to support generator interconnections and investments that provide regional benefits such as our MVPs. Additionally, in 2020, we made asset acquisitions which added to our in-service property, plant and equipment.
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT Amounts of outstanding debt were classified as debt maturing within one year and long-term debt in the consolidated statements of financial position as follows:
____________________________ (a)As of December 31, 2021 and 2020 there was $654 million and $67 million, respectively, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year in the consolidated statements of financial position. The annual maturities of debt as of December 31, 2021 are as follows:
ITC Holdings Senior Unsecured Notes On May 14, 2020, ITC Holdings completed the private offering of $700 million aggregate principal amount of unsecured 2.95% Senior Notes, due May 14, 2030. The net proceeds from this offering were used to repay the amount outstanding under ITC Holdings’ $400 million term loan credit agreement, to repay $122 million under ITC Holdings’ revolving credit agreement, and to repay $92 million under ITC Holdings’ commercial paper program, with remaining proceeds to be used for general corporate purposes. These Senior Notes were issued under ITC Holdings’ indenture, dated April 18, 2013. Commercial Paper Program ITC Holdings has an ongoing commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate amount not to exceed $400 million outstanding at any one time. As of December 31, 2021, ITC Holdings had $155 million of commercial paper, net of discount, issued and outstanding under the program, with a weighted-average interest rate of 0.2% and weighted average remaining days to maturity of 32 days. The amount outstanding as of December 31, 2021 was classified as debt maturing within one year in the consolidated statements of financial position. As of December 31, 2020, ITC Holdings had $67 million of commercial paper issued and outstanding. ITCTransmission First Mortgage Bonds On January 14, 2022, ITCTransmission issued $130 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series J due January 14, 2052. The proceeds were used to repay existing indebtedness under the revolving credit agreement and intercompany loan agreement and will also be used to partially fund capital expenditures and for general corporate purposes. ITCTransmission also issued an additional $20 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series I due January 14, 2052, the proceeds of which are expected to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. All of ITCTransmission’s First Mortgage Bonds are issued under its First Mortgage and Deed of Trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. METC Senior Secured Notes On August 3, 2021, METC issued $75 million of 2.90% Series A Senior Secured Notes, due August 3, 2051. The proceeds from the Series A Senior Secured Notes are expected to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. METC has an additional $75 million delayed draw of 3.05% Series B Senior Secured Notes in May 2022 with a due date 30 years from the date of issuance. The proceeds from the Series B Senior Secured Notes are expected to be used to repay borrowings under the METC revolving credit agreement, to partially fund capital expenditures and for general corporate purposes. All of METC’s Senior Secured Notes are issued under its first mortgage indenture and secured by a first mortgage lien on substantially all of its real property and tangible personal property. On October 14, 2020, METC issued $150 million of 3.02% Senior Secured Notes, due October 14, 2055. The proceeds from the issuance were used to repay amounts outstanding under METC’s term loan credit agreement, to repay borrowings under its revolving credit agreement, to partially fund capital expenditures and for general corporate purposes. Term Loan Credit Agreement On January 23, 2020, METC entered into an unsecured, unguaranteed term loan credit agreement, due January 23, 2021, under which METC borrowed the maximum of $75 million available under the agreement. The proceeds were used for general corporate purposes, primarily the repayment of borrowings under the METC revolving credit agreement. This borrowing was repaid in full on October 14, 2020 from the proceeds of the METC Senior Secured Notes issued on October 14, 2020. The weighted-average interest rate throughout the life of the loan was 1.08%. ITC Midwest First Mortgage Bonds On July 15, 2020, ITC Midwest issued an aggregate of $180 million of 3.13% First Mortgage Bonds due July 15, 2051. The proceeds were used to partially repay existing indebtedness under the ITC Midwest revolving credit agreement, partially fund capital expenditures and for general corporate purposes. ITC Midwest’s First Mortgage Bonds were issued under its first mortgage and deed of trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. Derivative Instruments and Hedging Activities We have entered into interest rate swaps to manage interest rate risk associated with the forecasted future issuance of fixed-rate debt at ITC Holdings, the proceeds of which will be used for the expected repayment of the ITC Holdings 2.70% Senior Notes, due November 15, 2022. At December 31, 2021, ITC Holdings had the following interest rate swaps:
The 5-year term interest rate swaps call for ITC Holdings to receive interest quarterly at a variable rate equal to LIBOR and to pay interest semi-annually at various fixed rates effective for the 5-year period beginning November 15, 2022. The weighted-average interest rate of the interest rate swaps was 1.471% at December 31, 2021. The agreements include a mandatory early termination provision and will be terminated no later than the effective date of the interest rate swaps of November 15, 2022. The interest rate swaps have been determined to be highly effective at offsetting changes in the fair value of the forecasted interest cash flows associated with the debt issuance, resulting from changes in benchmark interest rates from the trade date of the interest rate swaps to the issuance date of the debt obligation. The interest rate swaps qualify for cash flow hedge accounting treatment, whereby any gain or loss recognized from the trade date to the effective date is recorded net of tax in AOCI. This amount will be accumulated and amortized as a component of interest expense over the life of the forecasted debt. As of December 31, 2021, the fair value of the derivative instruments of $2 million was recorded in other current assets in the consolidated statements of financial position. The interest rate swaps do not contain credit-risk-related contingent features. Refer to Note 12 for additional fair value information. As of December 31, 2020, ITC Holdings did not have any interest rate swaps outstanding. Revolving Credit Agreements On May 17, 2021, ITC Holdings, ITCTransmission, METC, ITC Midwest and ITC Great Plains amended their respective revolving credit agreements each dated October 23, 2017, as previously amended and restated on January 10, 2020. The amendments extend the maturity date of the revolving credit agreements from October 2023 to October 2024. The determination of the applicable interest rates and commitment fee rates in the new agreements is consistent with the previous agreements and remains subject to adjustment based on the borrower’s credit rating. At December 31, 2021, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:
____________________________ (a)Included within long-term debt in the consolidated statements of financial position. (b)Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (c)Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. (d)ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $206 million as of December 31, 2021.
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows:
(a)Amount for the year ended December 31, 2021 is related to the change in our amortization method associated with excess deferred tax liabilities. Refer to discussion in Note 6 under “Income Taxes Refundable Related to Implementation of the TCJA”. Components of the income tax provision were as follows:
For the years ended December 31, 2021, 2020 and 2019, our effective tax rates were 23.8%, 25.0% and 23.6%, respectively. Deferred income tax assets (liabilities) consisted of the following:
____________________________ (a)Described in Note 6 We had federal income tax NOLs as of December 31, 2021. We expect to use our NOLs prior to their expirations starting in 2036. We also had state income tax NOLs as of December 31, 2021. While we expect to utilize the majority of these state NOLs prior to their expiration, we believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $4 million on the deferred tax assets related to these state NOL carryforwards.
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FAIR VALUE MEASUREMENTS |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2021 and 2020, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, were as follows:
Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2020, were as follows:
As of December 31, 2021 and 2020, we held certain assets that are required to be measured at fair value on a recurring basis. The assets included in the table consist of investments recorded within cash and cash equivalents and other long-term assets, including investments held in a trust associated with our supplemental benefit plans described in Note 11. The mutual funds we own are publicly traded and are recorded at fair value based on observable trades for identical securities in an active market. Changes in the observed trading prices and liquidity of money market funds are monitored as additional support for determining fair value. Gains and losses for all mutual fund investments are recorded in other operating income and expense. As of December 31, 2021, the assets related to derivatives consist of interest rate swaps as discussed in Note 9. The fair value of our interest rate swap derivatives is determined based on a DCF method using LIBOR swap rates, which are observable at commonly quoted intervals. We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the years ended December 31, 2021 and 2020. Refer to Note 8 for additional information on our intangible assets. Fair Value of Financial Assets and Liabilities Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt and debt maturing within one year, excluding revolving credit agreements and commercial paper, was $6,995 million and $7,119 million at December 31, 2021 and 2020, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The total book value of our consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving credit agreements and commercial paper, was $6,179 million and $6,097 million at December 31, 2021 and 2020, respectively. Revolving Credit Agreements At December 31, 2021 and 2020, we had a consolidated total of $329 million and $198 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments.
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RETIREMENT BENEFITS AND ASSETS HELD IN TRUST |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RETIREMENT AND BENEFITS AND ASSETS HELD IN TRUST | RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Pension and Postretirement Plan Benefits We have a qualified defined benefit pension plan (“retirement plan”) for eligible employees, comprised of a traditional final average pay plan and a cash balance plan. The traditional final average pay plan is noncontributory, covers select employees, and provides retirement benefits based on years of benefit service, average final compensation, and age at retirement. The cash balance plan is also noncontributory, covers substantially all employees, and provides retirement benefits based on eligible compensation and interest credits. Our funding practice for the retirement plan is generally to fund the annual net pension cost, though we may contribute additional amounts as necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, or as we deem appropriate. We made contributions of $4 million to the retirement plan in each of 2021, 2020, and 2019. We expect to contribute $3 million to the retirement plan in 2022. We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. The obligations under these supplemental benefit plans are included in the pension benefit obligation calculations below. The investments held in trust for the supplemental benefit plans of $54 million and $56 million at December 31, 2021 and 2020, respectively, are not included in the plan asset amounts presented throughout this footnote, but are included in other assets on our consolidated statements of financial position. For the years ended December 31, 2021, 2020, and 2019, we contributed $3 million, $3 million, and $1 million, respectively, to these supplemental benefit plans. We provide certain postretirement health care, dental, and life insurance benefits for eligible employees (the “postretirement benefit plan”). We contributed $8 million, $10 million, and $9 million to the postretirement benefit plan in 2021, 2020, and 2019, respectively. We expect to contribute $8 million to the postretirement benefit plan in 2022. Net periodic benefit costs by component for the pension plans and postretirement benefit plan were as follows:
The following table reconciles the obligations, assets, and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans in the consolidated statements of financial position:
The unrecognized amounts that otherwise would have been charged and/or credited to AOCI in accordance with the GAAP guidance on accounting for retirement benefits are recorded as a regulatory asset or regulatory liability on our consolidated statements of financial position, as discussed in Note 6. The amounts recorded as a regulatory asset or regulatory liability represent a net periodic benefit cost or credit to be recognized in our operating income in future periods. Our measurement of the accumulated benefit obligation for the postretirement benefit plan as of December 31, 2021 and 2020 does not reflect the potential receipt of any subsidies under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. The net actuarial gains for the year ended December 31, 2021 within the change in benefit obligation for both the pension plans and postretirement benefit plan are primarily the result of increases in the discount rates and actual returns on plan assets greater than expected. The net actuarial loss for the year ended December 31, 2020 within the change in benefit obligation for the pension plans is primarily the result of decreases in the discount rates. The net actuarial gain for the year ended December 31, 2020 within the change in benefit obligation for the postretirement benefit plan was driven primarily by per capita experience gains as well as other actuarial gains, partially offset by a decrease in the discount rate. The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows:
____________________________ (a)The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows:
____________________________ (a)The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. Actuarial assumptions used to determine the benefit obligations for the pension plans and postretirement benefit plan are as follows:
Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows:
At December 31, 2021, the projected benefit payments for the pension plans and postretirement benefit plan calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows:
Investment Objectives and Fair Value Measurement The general investment objectives of the retirement plan and postretirement benefit plan include maximizing the return within reasonable and prudent levels of risk and controlling administrative and management costs. Investment decisions are made by our retirement benefits board as delegated by our board of directors. Equity investments may include various types of U.S. and international equity securities, such as large-cap, mid-cap, and small-cap stocks. Fixed income investments may include cash and short-term instruments, U.S. Government securities, corporate bonds, mortgages, and other fixed income investments. No investments are prohibited for use in the retirement plan or postretirement benefit plan, including derivatives, but our exposure to derivatives currently is not material. We intend that the long-term capital growth of the retirement and postretirement benefit plans, together with employer contributions, will provide for the payment of the benefit obligations. As of December 31, 2021 and 2020, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category:
We determine our expected long-term rate of return on plan assets based on the current and expected target allocations of the retirement plan and postretirement benefit plan investments and considering historical and expected long-term rates of return on comparable fixed income investments and equity investments. The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2021 and 2020, there were no transfers between levels. For the years ended December 31, 2021 and 2020, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows:
The mutual funds consist primarily of publicly traded mutual funds and are recorded at fair value based on observable trades for identical securities in an active market. Defined Contribution Plan We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $6 million in 2021, $6 million in 2020, and $5 million in 2019.
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STOCKHOLDER'S EQUITY |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' EQUITY | STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income The following table provides the components of changes in AOCI:
____________________________ (a)The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis. The amount of net loss relating to interest rate cash flow hedges to be reclassified from AOCI to earnings for the 12-month period ending December 31, 2022 is expected to be approximately $4 million (net of tax of less than $2 million). The reclassification is reported in interest expense on a pre-tax basis.
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SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION ADN EMPLOYEE SHARE PURCHASE PLAN | SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN We recorded share-based compensation costs as follows:
Long-Term Incentive Plans Under our long-term incentive plans, we may grant long-term incentive awards of PBUs and SBUs to employees, including executive officers, of ITC Holdings and its subsidiaries. Generally, each PBU and SBU granted will be valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars and settled only in cash. However, certain SBUs granted to the executives may settle in cash, 100% Fortis common stock, or 50% cash and 50% Fortis common stock depending on executives’ settlement elections and whether certain share ownership requirements are met. PBUs and SBUs that are granted pursuant to our long-term incentive plans generally vest on either the third December 31st or January 1st following the grant date, provided the service and performance criteria, as applicable, are satisfied, and will be settled during the subsequent quarter. However, certain awards may vest over a shorter period or on the grant date if certain retirement eligibility criteria are met. The granted awards and related dividend equivalents have no shareholder rights. Performance-Based Units The PBUs are classified as liability awards based on the cash settlement feature. The PBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock and the level of achievement of the financial performance criteria, including a market condition and a performance condition. The payout may range from 0% - 200% of the target award, depending on actual performance relative to the performance criteria. The PBUs earn dividend equivalents which are also re-measured consistent with the target award and settled in cash at the end of the vesting period. The following table shows the changes in PBUs during the year ended December 31, 2021:
The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled:
The aggregate fair value of PBUs as of December 31, 2021 and 2020 was $72 million and $59 million, respectively. At December 31, 2021, $19 million of total unrecognized compensation cost related to PBUs not yet vested is expected to be recognized over the remaining weighted-average period of 1.7 years. Service-Based Units The SBUs are classified as liability awards based on the possibility of cash settlement. The SBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock. The SBUs earn dividend equivalents which are also re-measured based on the price of Fortis common stock and settled in cash at the end of the vesting period. The following table shows the changes in SBUs during the year ended December 31, 2021:
The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled:
The aggregate fair value of SBUs as of December 31, 2021 and 2020 was $32 million and $28 million, respectively. At December 31, 2021, $10 million of the total unrecognized compensation cost related to SBUs not yet vested is expected to be recognized over the remaining weighted-average period of 1.7 years. Employee Share Purchase Plan ITC employees are permitted to purchase common shares of Fortis stock under the Fortis ESPP. ITC Holdings also makes contributions as additional compensation to participating employees’ ESPP accounts. The cost of ITC Holdings’ contribution for the years ended December 31, 2021, 2020, and 2019 was less than $1 million, respectively.
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JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES |
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| JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICE | JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES Certain of our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of substation assets and transmission lines as discussed in Note 2. We have investments in jointly owned utility assets as shown in the table below as of December 31, 2021:
____________________________ (a)Amount represents our investment in jointly held plant in-service, which has been reduced by the ownership interest amounts of other parties. (b)ITCTransmission has a 49.6% joint ownership in 345 kV transmission lines with a municipal power agency. (c)METC has joint ownership in several assets within various substations and several 345 kV transmission lines with various parties including Consumers Energy. As of December 31, 2021, METC’s ownership percentages for jointly owned substation facilities and lines ranged from less than 1.0% to 92.0% and 1.0% to 41.9%, respectively. (d)ITC Midwest has joint ownership in several substations and transmission lines with various parties. ITC Midwest’s ownership percentages for jointly owned substation facilities and lines ranged from 28.0% to 80.0% and 11.0% to 80.0%, respectively, as of December 31, 2021. In addition to the jointly held plant in-service, ITC Midwest has $71 million of construction work in progress for jointly held plant in the consolidated statements of financial position as of December 31, 2021. (e)ITC Great Plains has a 51.0% joint ownership in a transmission project with an electric cooperative.
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RELATED PARTY TRANSACTIONS |
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Intercompany Receivables and Payables ITC Holdings may incur charges from Fortis and other subsidiaries of Fortis that are not subsidiaries of ITC Holdings for general corporate expenses incurred. In addition, ITC Holdings may perform additional services for, or receive additional services from, Fortis and such subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We had intercompany receivables from Fortis and such subsidiaries of $2 million and less than $1 million at December 31, 2021 and December 31, 2020, respectively, and intercompany payables to Fortis and such subsidiaries of less than $1 million at December 31, 2021 and December 31, 2020. Related party charges for corporate expenses from Fortis and such subsidiaries are recorded in general and administrative expense. ITC Holdings had such expense for the years ended December 31, 2021, 2020 and 2019 of $10 million. Related party billings for services to Fortis and other subsidiaries recorded as an offset to general and administrative expenses for ITC Holdings were $2 million for each of the years ended December 31, 2021 and 2020, and less than $1 million for the year ended December 31, 2019. Dividends We paid dividends of $232 million, $330 million and $250 million during the years ended December 31, 2021, 2020 and 2019, respectively, to ITC Investment Holdings. ITC Holdings also paid dividends of $64 million to ITC Investment Holdings in January 2022. Transfer of Membership Interests In February 2021, we transferred our membership interests in certain wholly-owned development entities to our parent company, ITC Investment Holdings. The transfer was accounted for at book value as a non-reciprocal transfer of value. There was no gain or loss recognized on the transfer. The transfer did not have a material impact on our consolidated financial condition, results of operations or cash flows. Intercompany Tax Sharing Agreement We are organized as a corporation for tax purposes and subject to a tax sharing agreement as a wholly-owned subsidiary of ITC Investment Holdings. Additionally, we record income taxes based on our separate company tax position and make or receive tax-related payments with ITC Investment Holdings. During the year ended December 31, 2021, we did not make or receive any tax-related payments with ITC Investment Holdings. During year ended December 31, 2020, we paid $2 million to ITC Investment Holdings for matters related to the State of Michigan income taxes. During the year ended December 31, 2019 we did not make or receive any tax-related payments with ITC Investment Holdings. During each of the years ended December 31, 2020 and 2019, we received a payment of $2 million from FortisUS for a tax refund that originated prior to establishing the tax sharing agreement.
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COMMITMENTS AND CONTINGENT LIABILITIES |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters We are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, require reporting of emissions from certain equipment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances. Liabilities relating to investigation and remediation of contamination, as well as other liabilities concerning hazardous materials or contamination, such as claims for personal injury or property damage, may arise at many locations, including formerly owned or operated properties and sites where wastes have been treated or disposed of, as well as properties currently owned or operated by us. Such liabilities may arise even where the contamination does not result from noncompliance with applicable environmental laws. Under some environmental laws, such liabilities may also be joint and several, meaning that a party can be held responsible for more than its share of the liability involved, or even the entire share. Although environmental requirements generally have become more stringent and compliance with those requirements more expensive, we are not aware of any specific developments that would increase our costs for such compliance in a manner that would be expected to have a material adverse effect on our financial condition, results of operations or liquidity. Our assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Some of the properties that we own or operate have been used for many years and include older facilities and equipment that may be more likely than newer ones to contain or be made from such materials. Some of these properties include above ground or underground storage tanks and associated piping. Some of them also include large electrical equipment filled with mineral oil, which may contain or previously have contained PCBs. Some of our facilities and electrical equipment may also contain asbestos containing materials. Our facilities and equipment are often situated close to or on property owned by others so that, if they are the source of contamination, the property of others may be affected. For example, above ground and underground transmission lines sometimes traverse properties that we do not own and transmission assets that we own or operate are sometimes commingled at our transmission stations with distribution assets owned or operated by our transmission customers. Some properties in which we have an ownership interest or at which we operate are, or are suspected of being, affected by environmental contamination. We are not aware of any pending or threatened claims against us with respect to environmental contamination relating to these properties, or of any investigation or remediation of contamination at these properties, that entail costs likely to materially affect us. Some facilities and properties are located near environmentally sensitive areas, including wetlands and habitat for threatened and endangered species. Litigation We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These proceedings include certain contract disputes, eminent domain and vegetation management activities, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered probable of loss. Rate of Return on Equity Complaints Two complaints were filed with the FERC by combinations of consumer advocates, consumer groups, municipal parties and other parties challenging the base ROE in MISO. The complaints were filed with the FERC under Section 206 of the FPA requesting that the FERC find the MISO regional base ROE rate (the “base ROE”) for all MISO TO’s, including our MISO Regulated Operating Subsidiaries, to no longer be just and reasonable. Initial Complaint On November 12, 2013, the Association of Businesses Advocating Tariff Equity, Coalition of MISO Transmission Customers, Illinois Industrial Energy Consumers, Indiana Industrial Energy Consumers, Inc., Minnesota Large Industrial Group and Wisconsin Industrial Energy Group (collectively, the “complainants”) filed the Initial Complaint with the FERC. The complainants sought a FERC order to reduce the base ROE used in the formula transmission rates for our MISO Regulated Operating Subsidiaries to 9.15%, reducing the equity component of our capital structure and terminating the ROE adders approved for certain Regulated Operating Subsidiaries. The FERC set the base ROE for hearing and settlement procedures, while denying all other aspects of the Initial Complaint. The ROE collected through the MISO Regulated Operating Subsidiaries’ rates during the period November 12, 2013 through September 27, 2016 consisted of a base ROE of 12.38% plus applicable incentive adders. On September 28, 2016, the FERC issued the September 2016 Order that set the base ROE at 10.32%, with a maximum ROE of 11.35%, effective for the period from November 12, 2013 through February 11, 2015 based on a two-step DCF methodology adopted in previous complaint matters for other utilities. The September 2016 Order required our MISO Regulated Operating Subsidiaries to provide refunds, including interest, which were completed in 2017. Additionally, the base ROE established by the September 2016 Order was to be used prospectively from the date of that order until a new approved base ROE was established by the FERC. On October 28, 2016, the MISO TOs, including our MISO Regulated Operating Subsidiaries, filed a request with the FERC for rehearing of the September 2016 Order regarding the short-term growth projections in the two-step DCF analysis. Additional impacts to the base ROE for the period of the Initial Complaint and the related accrued refund liabilities resulted from the November 2019 Order and May 2020 Order issued by the FERC, as discussed below. Second Complaint On February 12, 2015, the Second Complaint was filed with the FERC by Arkansas Electric Cooperative Corporation, Mississippi Delta Energy Agency, Clarksdale Public Utilities Commission, Public Service Commission of Yazoo City and Hoosier Energy Rural Electric Cooperative, Inc., seeking a FERC order to reduce the base ROE used in the formula transmission rates of our MISO Regulated Operating Subsidiaries to 8.67%, with an effective date of February 12, 2015. On June 30, 2016, the presiding ALJ issued an initial decision that recommended a base ROE of 9.70% for the refund period from February 12, 2015 through May 11, 2016, with a maximum ROE of 10.68%, which also would be applicable going forward from the date of a final FERC order. The Second Complaint was dismissed as a result of the November 2019 Order and the dismissal of the complaint was reaffirmed in the May 2020 Order, as discussed below. November 2019 Order On November 21, 2019, the FERC issued an order in the MISO ROE Complaints which applied a methodology to the Initial Complaint period that used two financial models to determine the base ROE. The FERC determined that the base ROE for the Initial Complaint should be 9.88% and the top of the range of reasonableness for that period should be 12.24% and that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. In the November 2019 Order, the FERC also dismissed the Second Complaint. Therefore, based on the November 2019 Order, for the Second Complaint refund period from February 12, 2015 to May 11, 2016, no refund is due. As a result, in 2019, we reversed the aggregate estimated current liability we had previously recorded for the Second Complaint. In addition, for the period from May 12, 2016 to September 27, 2016, no refund is due because no complaint had been filed for that period. The FERC ordered refunds to be made in accordance with the November 2019 Order. The MISO TOs, including our MISO Regulated Operating Subsidiaries, and several other parties filed requests for rehearing of the November 2019 Order. The MISO TOs asserted that the methodology applied by the FERC in the November 2019 Order does not allow the MISO TOs to earn a reasonable rate of return on their investment, as required by precedent. On January 21, 2020, the FERC issued an order granting rehearing of the November 2019 Order for further consideration. May 2020 Order On May 21, 2020, the FERC issued an order on rehearing of the November 2019 Order. In this order, the FERC revised its November 2019 Order methodology, finding that three financial models should be used to determine the base ROE, among other revisions. By applying the new methodology, the FERC determined that the base ROE for the Initial Complaint should be 10.02% and the top of the range of reasonableness for that period should be 12.62%. The FERC determined that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. The FERC ordered refunds to be made in accordance with the May 2020 Order by December 23, 2020. On October 8, 2020, the FERC granted an extension to September 23, 2021 and on August 2, 2021 the FERC granted a second extension to February 28, 2022. On December 16, 2021, MISO requested a third extension to May 31, 2022, and that remains pending. In the May 2020 Order, the FERC also reaffirmed its decision to dismiss the Second Complaint and its finding that no refunds would be ordered on the Second Complaint. Our MISO Regulated Operating Subsidiaries are parties to multiple appeals of the September 2016 Order, November 2019 Order and May 2020 Order at the D.C. Circuit Court. Financial Statement Impacts As of December 31, 2021, we had recorded an aggregate current regulatory asset and liability of $1 million and less than $1 million, respectively, and as of December 31, 2020, we had recorded an aggregate current regulatory asset and liability of $8 million and $13 million, respectively, in the consolidated statements of financial position. These impacts reflect amounts owed from or due to customers under the terms outlined in the May 2020 Order and the November 2019 Order on the Initial Complaint and the periods subsequent to the September 2016 Order. During the year ended December 31, 2021, we refunded net settlement payments of $5 million due to customers related to this ROE matter and during the year ended December 31, 2020, we refunded net settlement payments of $31 million due to customers related to this ROE matter. Although the November 2019 Order and May 2020 Order dismissed the Second Complaint with no refunds required, it is possible upon resolution of the pending appeals that our MISO Regulated Operating Subsidiaries could be required to provide material refunds related to the Second Complaint. Our MISO Regulated Operating Subsidiaries currently record revenues at the base ROE of 10.02% established in the May 2020 Order plus applicable incentive adders. See Note 5 for a summary of incentive adders for transmission rates. The recognition of the obligations associated with the MISO ROE Complaints resulted in the following impacts to the consolidated statements of comprehensive income:
As of December 31, 2021, our MISO Regulated Operating Subsidiaries had a total of approximately $5 billion of equity in their collective capital structures for ratemaking purposes. Based on this level of aggregate equity, we estimate that each 10 basis point change in the authorized ROE would impact annual consolidated net income by approximately $5 million. Purchase Obligations At December 31, 2021, we had purchase obligations of $126 million representing commitments for materials, services and equipment that had not been received as of December 31, 2021, primarily for construction and maintenance projects for which we have an executed contract. Of these purchase obligations, $107 million is expected to be paid in 2022, with the majority of the items related to materials and equipment that have long production lead times. Other Commitments METC Amended and Restated Purchase and Sale Agreement for Ancillary Services. Since METC does not own any generating facilities, it must procure ancillary services from third party suppliers, such as Consumers Energy. Currently, under the Ancillary Services Agreement, METC pays Consumers Energy for providing certain generation-based services necessary to support the reliable operation of the bulk power grid, such as voltage support and generation capability and capacity to balance loads and generation. Amended and Restated Easement Agreement. Under the Easement Agreement, Consumers Energy provides METC with an easement to the land on which a majority of METC’s transmission towers, poles, lines and other transmission facilities used to transmit electricity for Consumers Energy and others are located. The term of the Easement Agreement runs through December 31, 2050 and is subject to 10 automatic 50-year renewals thereafter unless METC gives notice of nonrenewal at least one year in advance. METC pays Consumers Energy $10 million in annual rent per year for the easement and also pays for any rentals, property, taxes, and other fees related to the property covered by the Easement Agreement. Payments to Consumers Energy under the Easement Agreement are charged to operation and maintenance expenses. ITC Midwest Operations Services Agreement For 34.5 kV Transmission Facilities. ITC Midwest and IP&L entered into the OSA under which IP&L performs certain operations functions for ITC Midwest’s 34.5 kV transmission system. The OSA provides that when ITC Midwest upgrades 34.5 kV facilities to higher operating voltages it may notify IP&L of the change and the OSA is no longer applicable to those facilities. ITC Great Plains Amended and Restated Maintenance Agreement. Mid-Kansas and ITC Great Plains have entered into the Mid-Kansas Agreement pursuant to which Mid-Kansas has agreed to perform various field operations and maintenance services related to certain ITC Great Plains assets. Concentration of Credit Risk Our credit risk is primarily with DTE Electric, Consumers Energy and IP&L, which were responsible for approximately 21.5%, 23.5% and 24.7%, respectively, or $300 million, $327 million and $344 million, respectively, of our consolidated billed revenues for the year ended December 31, 2021. This portion of total billed revenues of DTE Electric, Consumers Energy and IP&L include the collection of 2019 revenue accruals and deferrals and exclude any amounts for the 2021 revenue accruals and deferrals that were included in our 2021 operating revenues but will not be billed to our customers until 2023. Under DTE Electric’s and Consumers Energy’s current rate structure, DTE Electric and Consumers Energy include in their retail rates the actual cost of transmission services provided by ITCTransmission and METC, respectively, in their billings to their customers, effectively passing through to end-use consumers the total cost of transmission service. IP&L currently includes in their retail rates an allowance for transmission services provided by ITC Midwest in their billings to their customers. However, any financial difficulties experienced by DTE Electric, Consumers Energy or IP&L may affect their ability to make payments for transmission service to ITCTransmission, METC, and ITC Midwest, which could negatively impact our business. MISO, as our MISO Regulated Operating Subsidiaries’ billing agent, bills DTE Electric, Consumers Energy, IP&L and other customers on a monthly basis and collects fees for the use of the MISO Regulated Operating Subsidiaries’ transmission systems. SPP is the billing agent for ITC Great Plains and bills transmission customers for the use of ITC Great Plains transmission systems. MISO and SPP have implemented strict credit policies for its members’ customers, which include customers using our transmission systems. Specifically, MISO and SPP require a letter of credit or cash deposit equal to the credit exposure, which is determined by a credit scoring model and other factors, from any customer using a member’s transmission system. The financial results of ITC Interconnection are currently not material to our consolidated financial statements, including billed revenues.
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SEGMENT INFORMATION |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | SEGMENT INFORMATION We identify reportable segments based on the criteria set forth by the FASB regarding disclosures about segments of an enterprise, including the regulatory environment of our subsidiaries and the business activities performed to earn revenues and incur expenses. Regulated Operating Subsidiaries We aggregate ITCTransmission, METC, ITC Midwest, ITC Great Plains and ITC Interconnection into one reportable operating segment based on their similar regulatory environment and economic characteristics, among other factors. They are engaged in the transmission of electricity within the United States, earn revenues from the same types of customers and are regulated by the FERC. ITC Holdings and Other Information below for ITC Holdings and Other consists primarily of a holding company whose activities include debt financings and general corporate activities. The other subsidiaries of ITC Holdings, excluding the Regulated Operating Subsidiaries, do not have significant operations.
____________________________ (a)Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.
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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information of Parent Company Only Disclosure | ITC HOLDINGS CORP. CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENT COMPANY ONLY)
See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (PARENT COMPANY ONLY)
See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF CASH FLOWS (PARENT COMPANY ONLY)
See notes to condensed financial statements (parent company only). GENERALFor ITC Holdings Corp.’s (“ITC Holdings,” “we,” “our” and “us”) presentation (Parent Company only), the investment in subsidiaries is accounted for using the equity method. The condensed parent company financial statements and notes should be read in conjunction with the consolidated financial statements and notes of ITC Holdings appearing in this Annual Report on Form 10-K. Certain prior period amounts in the financial statements and notes have been reclassified to conform to the current period presentation for comparative purposes. As a holding company with no business operations, ITC Holdings’ assets consist primarily of investments in our subsidiaries. ITC Holdings’ material cash inflows are only from dividends and other payments received from our subsidiaries, the proceeds raised from the sale of debt securities, issuances under our commercial paper program and borrowings under our revolving and term loan term credit agreements. ITC Holdings may not be able to access cash generated by our subsidiaries in order to fulfill cash commitments. The ability of our subsidiaries to make dividend and other payments to us is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the FPA and applicable state laws. In addition, there are practical limitations on using the net assets of each of our Regulated Operating Subsidiaries as of December 31, 2021 for dividends based on management's intent to maintain the FERC-approved capital structure targeting 60% equity and 40% debt for each of our Regulated Operating Subsidiaries. These net assets are included in Schedule I as the line-item “Investments in subsidiaries.” Each of our subsidiaries, however, is legally distinct from us and has no obligation, contingent or otherwise, to make funds available to us. Recent Developments Regarding the COVID-19 Pandemic In March 2020, the World Health Organization declared COVID-19 a pandemic. Efforts to control the outbreak of COVID-19 have resulted in challenges to businesses and facilities in various industries around the world, including our customers, and disruptions to the global economy and supply chains. To date, COVID-19 has not had a material impact on our net income. However, for 2020, we utilized various temporary cost saving measures related to operating expenses, including operation and maintenance expenses and general and administrative expenses, in an attempt to reduce costs for our customers that were collected through our Formula Rates. We are unable to predict the ultimate effects of COVID-19 on the U.S. or global economy or our operations. We continue to monitor developments affecting our workforce, customers, suppliers, and operations. The extent of the impact of COVID-19 will depend on its duration, actions by government authorities, and impacts on our customers, employees, or vendors. These developments are continuously evolving, and we cannot predict whether COVID-19 will have a material impact on our financial condition, results of operations or cash flows. DEBTAs of December 31, 2021, the maturities of our debt outstanding were as follows:
Refer to Note 9 to the consolidated financial statements for additional information on the ITC Holdings Senior Notes, the ITC Holdings Revolving Credit Agreements, the ITC Holdings Commercial Paper Program and the ITC Holdings Derivative Instruments and Hedging Activities. Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of the ITC Holdings Senior Notes was $3,516 million and $3,670 million at December 31, 2021 and 2020, respectively. The total book value of the ITC Holdings Senior Notes, net of discount and deferred financing fees, was $3,233 million and $3,229 million at December 31, 2021 and 2020, respectively. The fair values of the ITC Holdings Senior Notes represent Level 2 under the three-tier hierarchy described in Note 12 to the consolidated financial statements. Revolving Credit Agreements At December 31, 2021 and 2020, we had $39 million and $37 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. The fair values of the revolving credit agreements represent Level 2 under the three-tier hierarchy described in Note 12 to the consolidated financial statements. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments. RELATED-PARTY TRANSACTIONSNet Intercompany Receivables and Payables We may incur charges from our subsidiaries for general corporate expenses incurred. In addition, we may perform additional services for, or receive additional services from our subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We generally settle our intercompany balances with our affiliates on a net basis monthly. Retirement Benefits We are the plan sponsor for a pension plan, other postretirement plans and a defined contribution plan. The benefits-related expenses recorded by our affiliates result from the inclusion of benefit costs as a component of the total charge for services performed by our employees under the cost assignment and allocation methods used by us and our subsidiaries. Equity Transactions
(a)Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries. Intercompany Tax Sharing Arrangement As discussed in Note 1 to the condensed financial statements of the parent company, we are a holding company with no business operations. We file consolidated income tax returns that include our affiliates, which are taxed as a corporation for federal and Michigan income tax purposes. We operate under an intercompany tax sharing arrangement with our subsidiaries and as a result may receive or pay federal and state income tax based on their stand-alone company tax positions.
____________________________ (a)The net income tax payments were pursuant to intercompany tax sharing arrangements, and the total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed parent company statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Additionally, ITC Holdings paid its subsidiaries for NOLs utilized by the consolidated group. Intercompany Loan Agreement On September 21, 2020, we advanced an intercompany loan to ITCTransmission totaling $50 million, due September 21, 2022, which remained outstanding at December 31, 2021. On January 14, 2022, ITCTransmission repaid the intercompany loan in full with proceeds from the issuance of First Mortgage Bonds on January 14, 2022. We received interest payments of $1 million during the year ended December 31, 2021 from ITCTransmission associated with this intercompany loan. Additionally, at December 31, 2021 we had a $4 million intercompany loan with ITC Interconnection, due June 1, 2046. During the year ended December 31, 2021, we received principal and interest payments of $1 million from ITC Interconnection associated with this intercompany loan. SUPPLEMENTAL FINANCIAL INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows:
Supplementary Cash Flows Information
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2021 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions. |
| Use of Estimates | The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. |
| Regulation | Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded as revenue and expense in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers. |
| Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents.Restricted Cash and Restricted Cash Equivalents — Restricted cash and restricted cash equivalents include cash and cash equivalents that are legally or contractually restricted for use or withdrawal or are formally set aside for a specific purpose. |
| Accounts Receivables | We recognize losses for uncollectible accounts based on the current expected credit loss model. As of December 31, 2021, 2020 and 2019 we did not have an accounts receivable reserve. |
| Inventories | Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned. |
| Property, Plant and Equipment | Property, plant and equipment in service at our Regulated Operating Subsidiaries is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to, and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.0% for 2021, 2020 and 2019. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 45 to 60 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $8 million, $7 million and $8 million for 2021, 2020 and 2019, respectively. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment includes capital equipment inventory stated at original cost consisting of items that are expected to be used exclusively for capital projects. Property, plant and equipment at our non-regulated subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes.
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| General Interconnection Projects and Contributions in Aid of Construction | Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. As a result, GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Certain of our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of substation assets and transmission lines as described in Note 15. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the substations and lines. Generally, each party is responsible for the capital, operation and maintenance and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets are primarily recorded within operation and maintenance expenses on our consolidated statements of comprehensive income.
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| Available-For-Sale Securities | We have certain investments in mutual funds, including fixed income securities and equity securities that are classified as fair value through net income. The fixed income security investments primarily fund our two supplemental nonqualified, noncontributory, retirement benefit plans for selected management employees as described in Note 11. Gains and losses associated with our mutual funds as described in Note 12 are recorded in earnings. |
| Impairment of Long-Lived Assets | Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income. |
| Goodwill | Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2021 and 2020, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively. In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units. We completed our annual goodwill impairment test for our reporting units as of October 1, 2021 and determined that no impairment exists. There were no events subsequent to October 1, 2021 that indicated impairment of our goodwill. Our intangible assets other than goodwill have finite lives and are amortized over their useful lives. Refer to Note 8 for additional discussion on our intangible assets.
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| Deferred Financing Fees and Discount or Premium On Debt | Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount or premium related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt. |
| Asset Retirement Obligations | A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing PCBs and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries. |
| Financial Instruments | We may use derivative financial instruments, including interest rate swap contracts, to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to interest rate swaps that are designated in hedging relationships are generally classified on the consolidated statements of cash flows within cash flows from financing activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. Refer to Note 9 for additional discussion regarding derivative instruments. |
| Contingent Obligations | We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements. |
| Revenues | Revenues from the transmission of electricity are recognized as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues.The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collects fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million, $5 million and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.
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| Share-based Payment and Employee Share Purchase Plan | Under our long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs. Generally, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars and settled only in cash. However, certain SBUs granted to the executives may settle in cash, 100% Fortis common stock, or 50% cash and 50% Fortis common stock depending on executives’ settlement elections and whether certain share ownership requirements are met. The awards are classified as liability awards and vest on the date specified in the applicable grant agreements, provided the service and performance criteria, as applicable, are satisfied. The PBUs and SBUs earn dividend equivalents which are also re-measured and settled consistent with the target award at the end of the vesting period.Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount. |
| Comprehensive Income (Loss) | Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from our interest rate swaps. |
| Income Taxes | Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current in our consolidated statements of financial position.The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2021, we have not recognized any uncertain income tax positions.We file our federal and Michigan income tax returns as part of the FortisUS consolidated tax returns and we are a party to an intercompany tax sharing agreement that establishes the method for determining tax liabilities that are due and allocating tax attributes that are utilized on the consolidated income tax returns. We continue to file with various other state and city jurisdictions where we have a separate return filing obligation. Our prior consolidated federal tax returns are no longer subject to U.S. federal tax examinations for tax years 2017 and earlier. State and city jurisdictions that remain subject to examination range from tax years 2017 to 2020. In the event we are assessed interest or penalties by any income tax jurisdictions, interest and penalties would be recorded as interest expense and other expense, respectively, in our consolidated statements of comprehensive income. |
REVENUE (Policies) |
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Dec. 31, 2021 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenues | Revenues from the transmission of electricity are recognized as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues.The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collects fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million, $5 million and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.
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ACCOUNTS RECEIVABLE (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the components of accounts receivable on the consolidated statements of financial position:
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REGULATORY MATTERS (Tables) |
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| Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the consolidated statements of financial position as follows:
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| Schedule Of Changes In Regulatory Assets And Liabilities Formula Rate Revenue Accruals And Deferrals | The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the year ended December 31, 2021:
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REGULATORY ASSETS AND LIABILITIES (Tables) |
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| Schedule of Regulatory Assets | The following table summarizes the regulatory asset balances:
____________________________ (a)Refer to discussion of revenue accruals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of these regulatory assets, but do accrue interest carrying costs, which are subject to rate recovery along with the principal amount of the revenue accrual. (b)Refer to discussion of the refund in Note 17 under “Rate of Return on Equity Complaints.”
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| Schedule of Regulatory Liabilities | The following table summarizes the regulatory liability balances:
____________________________ (a)Refer to discussion of revenue deferrals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries accrue interest on the true-up amounts which will be refunded through rates along with the principal amount of revenue deferrals in future periods. (b)Refer to discussion of the refund in Note 17 under “Rate of Return on Equity Complaints.”
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
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| Schedule of Expected Amortization Expense | We expect the annual amortization of our intangible assets that have been recorded as of December 31, 2021 to be as follows:
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Public Utility Property, Plant, and Equipment | Property, plant and equipment — net consisted of the following:
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DEBT (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Amounts of outstanding debt were classified as debt maturing within one year and long-term debt in the consolidated statements of financial position as follows:
____________________________ (a)As of December 31, 2021 and 2020 there was $654 million and $67 million, respectively, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year in the consolidated statements of financial position.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Maturities of Debt | The annual maturities of debt as of December 31, 2021 are as follows:
As of December 31, 2021, the maturities of our debt outstanding were as follows:
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| Schedule of Interest Rate Derivatives | We have entered into interest rate swaps to manage interest rate risk associated with the forecasted future issuance of fixed-rate debt at ITC Holdings, the proceeds of which will be used for the expected repayment of the ITC Holdings 2.70% Senior Notes, due November 15, 2022. At December 31, 2021, ITC Holdings had the following interest rate swaps:
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| Schedule of Revolving Credit Agreements | At December 31, 2021, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:
____________________________ (a)Included within long-term debt in the consolidated statements of financial position. (b)Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (c)Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. (d)ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $206 million as of December 31, 2021.
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[2],[3],[4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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INCOME TAXES (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Reconciliation | Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows:
(a)Amount for the year ended December 31, 2021 is related to the change in our amortization method associated with excess deferred tax liabilities. Refer to discussion in Note 6 under “Income Taxes Refundable Related to Implementation of the TCJA”.
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[1],[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Income Tax Provision | Components of the income tax provision were as follows:
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| Deferred Tax Assets and Liabilities | Deferred income tax assets (liabilities) consisted of the following:
____________________________ (a)Described in Note 6
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FAIR VALUE MEASUREMENTS (Tables) |
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Dec. 31, 2021 |
Dec. 31, 2020 |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities at Fair Value Subject to Three-Tier Hierarchy | Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, were as follows:
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Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2020, were as follows:
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RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Defined Benefit Cost Components | Net periodic benefit costs by component for the pension plans and postretirement benefit plan were as follows:
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| Assumptions Used | Actuarial assumptions used to determine the benefit obligations for the pension plans and postretirement benefit plan are as follows:
Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows:
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| Defined Benefit Plans Disclosures | The following table reconciles the obligations, assets, and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans in the consolidated statements of financial position:
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows:
____________________________ (a)The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows:
____________________________ (a)The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position
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[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Projected Benefit Payments | At December 31, 2021, the projected benefit payments for the pension plans and postretirement benefit plan calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows:
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| Other Postretirement Benefits Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allocation of Plan Assets | As of December 31, 2021 and 2020, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category:
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| Equity Securities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allocation of Plan Assets | For the years ended December 31, 2021 and 2020, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows:
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STOCKHOLDER'S EQUITY (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income | The following table provides the components of changes in AOCI:
____________________________ (a)The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | We recorded share-based compensation costs as follows:
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| Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table shows the changes in SBUs during the year ended December 31, 2021:
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| Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The following table shows the changes in PBUs during the year ended December 31, 2021:
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| Performance Based Units (PBUs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled:
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| Service Based Units (SBUs) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled:
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JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Jointly Owned Utility Plant | We have investments in jointly owned utility assets as shown in the table below as of December 31, 2021:
____________________________ (a)Amount represents our investment in jointly held plant in-service, which has been reduced by the ownership interest amounts of other parties. (b)ITCTransmission has a 49.6% joint ownership in 345 kV transmission lines with a municipal power agency. (c)METC has joint ownership in several assets within various substations and several 345 kV transmission lines with various parties including Consumers Energy. As of December 31, 2021, METC’s ownership percentages for jointly owned substation facilities and lines ranged from less than 1.0% to 92.0% and 1.0% to 41.9%, respectively. (d)ITC Midwest has joint ownership in several substations and transmission lines with various parties. ITC Midwest’s ownership percentages for jointly owned substation facilities and lines ranged from 28.0% to 80.0% and 11.0% to 80.0%, respectively, as of December 31, 2021. In addition to the jointly held plant in-service, ITC Midwest has $71 million of construction work in progress for jointly held plant in the consolidated statements of financial position as of December 31, 2021. (e)ITC Great Plains has a 51.0% joint ownership in a transmission project with an electric cooperative.
|
[1],[2],[3],[4],[5] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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COMMITMENTS AND CONTINGENT LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Impacts from the ROE Complaints [Table] | The recognition of the obligations associated with the MISO ROE Complaints resulted in the following impacts to the consolidated statements of comprehensive income:
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SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Information by Reportable Segment |
____________________________ (a)Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.
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[1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SEC Schedule, Article 12-04, Condensed Financial Information of Registrant (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions [Table Text Block] |
____________________________ (a)The net income tax payments were pursuant to intercompany tax sharing arrangements, and the total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed parent company statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Additionally, ITC Holdings paid its subsidiaries for NOLs utilized by the consolidated group.
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[1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| related party equity transactions |
(a)Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries.
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[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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GENERAL (Details) |
Apr. 20, 2016 |
|---|---|
| Business Acquisition [Line Items] | |
| Ownership Percentage of Minority Investor Upon Completion of Merger | 19.90% |
RECENT ACCOUNTING PRONOUNCEMENTS Restricted Cash (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Restricted Cash - Beginning Balance | $ 2 | $ 2 | $ 4 |
| Restricted Cash, Ending Balance | 2 | 2 | 2 |
| Increase (Decrease) in Other Operating Assets and Liabilities, Net | $ (17) | $ (16) | $ (3) |
RECENT ACCOUNTING PRONOUNCEMENTS Service Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| General and administrative | $ 128 | $ 115 | $ 138 |
| Other Nonoperating Income (Expense) | $ (5) | $ (3) | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Property, Plant and Equipment | |||
| Depreciation and amortization expense | $ 223 | $ 209 | $ 194 |
| Composite depreciation rate | 2.00% | 2.00% | 2.00% |
| Property, Plant and Equipment [Line Items] | |||
| AFUDC debt | $ 8 | $ 7 | $ 8 |
| Goodwill and Intangible Assets | |||
| Goodwill impairment | 0 | ||
| Deferred Financing Fees and Discount or Premium on Debt | |||
| Amortization of deferred financing fees and debt discount | 5 | 5 | $ 5 |
| Asset Retirement Obligations | |||
| Asset retirement obligations | $ 6 | $ 6 | |
| Minimum | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, useful life | 45 years | ||
| Maximum | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, useful life | 60 years | ||
REVENUE (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Disaggregation of Revenue [Line Items] | |||
| Transmission services | $ 1,358 | $ 1,290 | $ 1,286 |
| Other services | |||
| Disaggregation of Revenue [Line Items] | |||
| Transmission services | $ 6 | $ 5 | $ 7 |
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Accounts receivable | $ 128 | $ 114 | $ 117 | $ 102 |
| Unbilled accounts receivable | 116 | 102 | 102 | 92 |
| Other | 9 | 10 | 13 | 8 |
| Trade accounts receivable | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Accounts receivable | $ 3 | $ 2 | $ 2 | $ 2 |
REGULATORY MATTERS Changes in Regulatory Assets and Liabilities (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
| |
| Revenue Accruals and Deferrals | |
| Net regulatory assets as of December 31, 2020 | $ 50 |
| Net collection of 2019 revenue deferrals and accruals, including accrued interest | (43) |
| Net revenue deferral for the year ended December 31, 2021 | (9) |
| Net regulatory liabilities as of December 31, 2021 | $ (2) |
REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
|---|---|---|---|---|---|---|
| Schedule of Regulatory Assets and Liabilities [Line Items] | ||||||
| Current regulatory assets | $ 21 | $ 52 | ||||
| Non-current regulatory assets | 190 | 212 | ||||
| Current regulatory liabilities | (14) | (14) | ||||
| Non-current regulatory liabilities | (619) | (612) | ||||
| Net regulatory (liabilities) assets | (2) | 50 | ||||
| Revenue Deferrals, Including Accrued Interest | ||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | ||||||
| Current regulatory liabilities | [1] | (13) | (1) | |||
| Non-current regulatory liabilities | [1] | (19) | (12) | |||
| Revenue Accruals, Including Accrued Interest | ||||||
| Schedule of Regulatory Assets and Liabilities [Line Items] | ||||||
| Current regulatory assets | [2] | 20 | 44 | |||
| Non-current regulatory assets | [2] | $ 10 | $ 19 | |||
| ||||||
REGULATORY MATTERS Additional Information (Details) $ in Millions |
12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jul. 16, 2020 |
Jun. 11, 2019 |
Oct. 18, 2018 |
Apr. 20, 2018 |
Sep. 28, 2016 |
|||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Transmission rate, applicable period | 1 year | |||||||||||
| Revenue true-up amount reflected in customer bill, period of recognition | 2 years | |||||||||||
| Required customer refund paid | $ 4 | |||||||||||
| Regulatory liabilities | 14 | $ 14 | ||||||||||
| Operating revenues | 1,349 | 1,298 | $ 1,327 | |||||||||
| Regulatory assets | 21 | 52 | ||||||||||
| Revenue Accruals, Including Accrued Interest | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Regulatory assets | [1] | 20 | 44 | |||||||||
| Refund related to the Initial Complaint, Including Accrued Interest | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Regulatory assets | [2] | $ 1 | $ 8 | |||||||||
| MISO Operating Subsidiaries | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Basis Point Incentive Adder for RTO Participation | 50 | 50 | 50 | |||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 25 | 25 | 25 | ||||||||
| ITC Great Plains | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Revised rate of return on equity | 11.41% | 12.16% | ||||||||||
| Revised base rate of return on equity | 10.66% | 10.66% | ||||||||||
| Basis Point Incentive Adder for RTO Participation | 50 | 50 | ||||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 100 | ||||||||||
| Maximum | MISO Operating Subsidiaries | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Incentive Adder for Independent Transmission Ownership | 100 | |||||||||||
| Maximum | ITC Great Plains | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 100 | ||||||||||
| Minimum | MISO Operating Subsidiaries | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Incentive Adder for Independent Transmission Ownership | 50 | |||||||||||
| Rate of Return on Equity and Capital Structure Complaints | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Required customer refund paid | $ 5 | $ 31 | ||||||||||
| Rate of Return on Equity and Capital Structure Complaints | Impact from Recognition of Liability | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Operating revenues | 0 | 32 | $ 69 | |||||||||
| FERC Order | Rate of Return on Equity and Capital Structure Initial Complaint | Maximum | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Revised rate of return on equity | 11.35% | |||||||||||
| FERC Order | Rate of Return on Equity and Capital Structure Initial Complaint | Minimum | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Revised rate of return on equity | 10.32% | |||||||||||
| Estimated Refund Related to Return on Equity Complaint | ||||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||||
| Regulatory liabilities | $ 1 | $ 13 | ||||||||||
| ||||||||||||
REGULATORY ASSETS AND LIABILITIES Regulatory Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Jan. 31, 2007 |
Feb. 28, 2003 |
||||
|---|---|---|---|---|---|---|---|---|
| Regulatory Assets | ||||||||
| Current regulatory assets | $ 21,000 | $ 52,000 | ||||||
| Non-current regulatory assets | 190,000 | 212,000 | ||||||
| Regulatory assets | 211,000 | 264,000 | ||||||
| Revenue Accruals, Including Accrued Interest | ||||||||
| Regulatory Assets | ||||||||
| Current regulatory assets | [1] | 20,000 | 44,000 | |||||
| Non-current regulatory assets | [1] | 10,000 | 19,000 | |||||
| Revenue Accruals, Accrued Interest Less Than $1 Million | ||||||||
| Regulatory Assets | ||||||||
| Current regulatory assets | [1] | 1,000 | 2,000 | |||||
| Non-current regulatory assets | [1] | 1,000 | 1,000 | |||||
| Income Taxes Recoverable Related to AFUDC Equity | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 114,000 | 106,000 | ||||||
| Pensions and Postretirement | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 20,000 | 30,000 | ||||||
| Income Taxes Recoverable Related to Implementation of the Michigan Corporate Income Tax | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 6,000 | 6,000 | ||||||
| Accrued Asset Removal Costs | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 21,000 | 24,000 | ||||||
| Refund related to the Initial Complaint, Including Accrued Interest | ||||||||
| Regulatory Assets | ||||||||
| Current regulatory assets | [2] | 1,000 | 8,000 | |||||
| Refund related to the Initial Complaint, Accrued Interest | ||||||||
| Regulatory Assets | ||||||||
| Current regulatory assets | [2] | 1,000 | 2,000 | |||||
| ITCTransmission | ADIT Deferral | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 4,000 | 7,000 | ||||||
| Regulatory assets, accumulated amortization | 57,000 | 54,000 | ||||||
| Regulatory assets | $ 61,000 | |||||||
| METC | ADIT Deferral | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 8,000 | 10,000 | ||||||
| Regulatory assets, accumulated amortization | 35,000 | 33,000 | ||||||
| Regulatory assets | $ 43,000 | |||||||
| METC | Regulatory Deferrals | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 3,000 | 4,000 | ||||||
| Regulatory assets, accumulated amortization | 12,000 | 11,000 | ||||||
| Regulatory assets | $ 15,000 | |||||||
| ITC Great Plains | Start-up, Development and Pre-construction Expenses, Including Associated Carrying Charges | ||||||||
| Regulatory Assets | ||||||||
| Non-current regulatory assets | 4,000 | 6,000 | ||||||
| Regulatory assets, accumulated amortization | $ 9,000 | $ 7,000 | ||||||
| ||||||||
REGULATORY ASSETS AND LIABILITIES Regulatory Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
|---|---|---|---|---|---|---|
| Regulatory Liabilities | ||||||
| Current regulatory liabilities | $ 14 | $ 14 | ||||
| Non-current regulatory liabilities | 619 | 612 | ||||
| Regulatory liabilities | 633 | 626 | ||||
| Income taxes refundable related to implementation of Tax Reform | ||||||
| Regulatory Liabilities | ||||||
| Non-current regulatory liabilities | 495 | 507 | ||||
| Revenue Deferrals, Including Accrued Interest | ||||||
| Regulatory Liabilities | ||||||
| Current regulatory liabilities | [1] | 13 | 1 | |||
| Non-current regulatory liabilities | [1] | 19 | 12 | |||
| Estimated Refund Related to Return on Equity Complaint | ||||||
| Regulatory Liabilities | ||||||
| Current regulatory liabilities | 1 | 13 | ||||
| Accrued Asset Removal Costs | ||||||
| Regulatory Liabilities | ||||||
| Non-current regulatory liabilities | 70 | 73 | ||||
| Excess State Income Tax Deduction | ||||||
| Regulatory Liabilities | ||||||
| Non-current regulatory liabilities | 3 | 3 | ||||
| Refund related to the Initial Complaint, Including Interest | ||||||
| Regulatory Liabilities | ||||||
| Current regulatory liabilities | [2] | 0 | 13 | |||
| Pensions and Postretirement | ||||||
| Regulatory Liabilities | ||||||
| Non-current regulatory liabilities | 31 | 16 | ||||
| Other Liabilities [Member] | ||||||
| Regulatory Liabilities | ||||||
| Non-current regulatory liabilities | 1 | 1 | ||||
| Other | ||||||
| Regulatory Liabilities | ||||||
| Current regulatory liabilities | $ 1 | $ 0 | ||||
| ||||||
REGULATORY ASSETS AND LIABILITIES Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jan. 01, 2007 |
Feb. 28, 2003 |
Jun. 30, 2015 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 31, 2007 |
|
| Regulatory Liabilities | |||||||
| Document Period End Date | Dec. 31, 2021 | ||||||
| Regulatory liabilities | $ 14 | $ 14 | |||||
| Regulatory liabilities | 619 | 612 | |||||
| Regulatory Assets | |||||||
| Regulatory assets | $ 211 | 264 | |||||
| MICHIGAN | |||||||
| Regulatory Assets | |||||||
| State income tax rate | 6.00% | ||||||
| Income taxes refundable related to implementation of Tax Reform | |||||||
| Regulatory Liabilities | |||||||
| Amortization Of Excess Deferred Taxes | $ 8 | 2 | |||||
| Regulatory liabilities | 495 | 507 | |||||
| Revenue Deferrals, Accrued Interest [Member] | |||||||
| Regulatory Liabilities | |||||||
| Regulatory liabilities | 1 | 1 | |||||
| Regulatory liabilities | 1 | 1 | |||||
| Refund related to the Initial Complaint, Accrued Interest | |||||||
| Regulatory Liabilities | |||||||
| Regulatory liabilities | 0 | 1 | |||||
| ITCTransmission | ADIT Deferral | |||||||
| Regulatory Assets | |||||||
| Regulatory assets | $ 61 | ||||||
| Regulatory asset, amortization period | 20 years | ||||||
| Amortization of regulatory asset | $ 3 | 3 | $ 3 | ||||
| ITCTransmission | Income Taxes Recoverable Related to Implementation of the Michigan Corporate Income Tax | |||||||
| Regulatory Assets | |||||||
| Regulatory asset, amortization period | 23 years | ||||||
| METC | ADIT Deferral | |||||||
| Regulatory Assets | |||||||
| Regulatory assets | $ 43 | ||||||
| Regulatory asset, amortization period | 18 years | ||||||
| Amortization of regulatory asset | $ 2 | 2 | 2 | ||||
| METC | Regulatory Deferrals | |||||||
| Regulatory Assets | |||||||
| Regulatory assets | $ 15 | ||||||
| Regulatory asset, amortization period | 20 years | ||||||
| Amortization of regulatory asset | $ 1 | $ 1 | $ 1 | ||||
| METC | Income Taxes Recoverable Related to Implementation of the Michigan Corporate Income Tax | |||||||
| Regulatory Assets | |||||||
| Regulatory asset, amortization period | 32 years | ||||||
| ITC Great Plains | Regulatory Deferrals | |||||||
| Regulatory Assets | |||||||
| Regulatory asset, amortization period | 10 years | ||||||
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Goodwill and Intangible Assets | |||
| Goodwill | $ 950 | $ 950 | $ 950 |
| Intangible assets | 26 | ||
| Accumulated amortization | 49 | 46 | |
| Amortization expense | 3 | 4 | $ 3 |
| ITCTransmission | |||
| Goodwill and Intangible Assets | |||
| Goodwill | 173 | 173 | |
| METC | |||
| Goodwill and Intangible Assets | |||
| Goodwill | 454 | 454 | |
| METC | Regulatory Deferrals | |||
| Goodwill and Intangible Assets | |||
| Intangible assets | 10 | 12 | |
| Accumulated amortization | $ 30 | 28 | |
| Intangible asset, useful life | 20 years | ||
| METC | ADIT Deferral | |||
| Goodwill and Intangible Assets | |||
| Intangible assets | $ 3 | 4 | |
| Accumulated amortization | $ 16 | 15 | |
| Intangible asset, useful life | 18 years | ||
| ITC Midwest | |||
| Goodwill and Intangible Assets | |||
| Goodwill | $ 323 | $ 323 | |
| ITC Great Plains | |||
| Goodwill and Intangible Assets | |||
| Intangible assets | 13 | ||
| Accumulated amortization | $ 3 | ||
| Intangible asset, useful life | 50 years | ||
GOODWILL AND INTANGIBLE ASSETS Future Amortization Expense (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Future Amortization Expense | |
| 2019 | $ 3 |
| 2020 | 4 |
| 2021 | 3 |
| 2022 | 2 |
| 2023 | 2 |
| 2024 and thereafter | 12 |
| Total | $ 26 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Property, Plant and Equipment | ||
| Total | $ 12,160 | $ 11,382 |
| Less: Accumulated depreciation and amortization | (2,199) | (2,055) |
| Property, plant and equipment, net | 9,961 | 9,327 |
| Regulated Operating Subsidiaries | ||
| Property, Plant and Equipment | ||
| Property, plant and equipment in service | 11,434 | 10,661 |
| Construction work in progress | 529 | 523 |
| Capital equipment inventory | 96 | 103 |
| Other | 87 | 81 |
| ITC Holding and Other | ||
| Property, Plant and Equipment | ||
| ITC Holdings and other | $ 14 | $ 14 |
DEBT Schedule of Debt (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
May 31, 2022 |
Jan. 14, 2022 |
Aug. 03, 2021 |
Dec. 31, 2020 |
Oct. 14, 2020 |
Jul. 15, 2020 |
Jan. 23, 2020 |
Jun. 12, 2019 |
|||||||
| Debt Instrument | |||||||||||||||
| Commercial Paper | $ 155 | $ 67 | |||||||||||||
| Debt maturing within one year | 654 | 67 | |||||||||||||
| Total principal | 6,702 | 6,405 | |||||||||||||
| Unamortized deferred financing fees and discount | (39) | (43) | |||||||||||||
| Total debt | $ 6,663 | 6,362 | |||||||||||||
| Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.20% | ||||||||||||||
| Short-Term Debt, Weighted Average Days to Maturity | 32 days | ||||||||||||||
| Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Other long-term debt | $ 3 | ||||||||||||||
| ITC Holdings Corp. | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity Adjusted for Commercial Paper Outstanding | 206 | ||||||||||||||
| Commercial Paper | $ 155 | [1] | $ 67 | ||||||||||||
| ITC Holdings Corp. | Senior Notes, due January 15, 2020 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 5.50% | 5.50% | |||||||||||||
| ITC Holdings Corp. | Senior Notes, due September 30, 2036 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 6.375% | 6.375% | |||||||||||||
| Long-term debt | $ 200 | $ 200 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, due July 1, 2023 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.05% | 4.05% | |||||||||||||
| Long-term debt | $ 250 | $ 250 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, due June 15, 2024 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.65% | 3.65% | |||||||||||||
| Long-term debt | $ 400 | $ 400 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, due July 1, 2043 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 5.30% | 5.30% | |||||||||||||
| Long-term debt | $ 300 | $ 300 | |||||||||||||
| ITC Holdings Corp. | Unsecured Notes, due June 30, 2026 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.25% | 3.25% | |||||||||||||
| Long-term debt | $ 400 | $ 400 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, Due November 15, 2022 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 2.70% | 2.70% | |||||||||||||
| Long-term debt | $ 500 | $ 500 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, Due November 15, 2027 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.35% | 3.35% | |||||||||||||
| Long-term debt | $ 500 | $ 500 | |||||||||||||
| ITC Holdings Corp. | Senior Notes, Due May 14, 2030 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | 700 | 700 | |||||||||||||
| ITC Holdings Corp. | Revolving Credit Agreement due October 21, 2022 | Line of Credit | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | 39 | 37 | [2] | ||||||||||||
| ITC Holdings Corp. | Term Loan Credit Agreement, Due June 11, 2021 [Member] [Member] | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Principle amount | $ 400 | ||||||||||||||
| ITCTransmission | First Mortgage Bonds, Series I due January 14, 2052 | Subsequent Event | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 2.93% | ||||||||||||||
| Principle amount | $ 20 | ||||||||||||||
| ITCTransmission | First Mortgage Bonds, Series J due January 14, 2052 | Subsequent Event | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 2.93% | ||||||||||||||
| Principle amount | $ 130 | ||||||||||||||
| ITCTransmission | Revolving Credit Agreement due October 21, 2022 | Line of Credit | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | $ 88 | $ 33 | |||||||||||||
| ITCTransmission | First Mortgage Bonds, Series C, due March 31, 2036 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 6.125% | 6.125% | |||||||||||||
| Long-term debt | $ 100 | $ 100 | |||||||||||||
| ITCTransmission | First Mortgage Bonds, Series E, due August 15, 2043 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.625% | 4.625% | |||||||||||||
| Long-term debt | $ 285 | $ 285 | |||||||||||||
| ITCTransmission | First Mortgage Bonds, Series F, due June 10, 2044 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.27% | 4.27% | |||||||||||||
| Long-term debt | $ 100 | $ 100 | |||||||||||||
| ITCTransmission | First Mortgage Bonds, Series G, due March 30, 2053 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.00% | 4.00% | |||||||||||||
| Long-term debt | $ 225 | $ 225 | |||||||||||||
| ITCTransmission | First Mortgage Bonds, Series H, due August 28, 2049 [Member] | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.30% | 3.30% | |||||||||||||
| Long-term debt | $ 75 | $ 75 | |||||||||||||
| METC | Subsequent Event | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.05% | ||||||||||||||
| Principle amount | $ 75 | ||||||||||||||
| METC | Revolving Credit Agreement due October 21, 2022 | Line of Credit | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | $ 30 | $ 20 | [2] | ||||||||||||
| METC | Senior Secured Notes, due May 6, 2040 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 5.64% | 5.64% | |||||||||||||
| Long-term debt | $ 50 | $ 50 | |||||||||||||
| METC | Senior Secured Notes, due October 26, 2042 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.98% | 3.98% | |||||||||||||
| Long-term debt | $ 75 | $ 75 | |||||||||||||
| METC | Senior Secured Notes, due December 15, 2044 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.19% | 4.19% | |||||||||||||
| Long-term debt | $ 150 | $ 150 | |||||||||||||
| METC | Senior Secured Notes, due April 26, 2046 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.90% | 3.90% | |||||||||||||
| Long-term debt | $ 200 | $ 200 | |||||||||||||
| METC | Senior Secured Notes, due January 15, 2049 [Member] [Member] | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.55% | 4.55% | |||||||||||||
| Long-term debt | $ 50 | ||||||||||||||
| METC | Term Loan Credit Agreement, Due December 7, 2018 [Member] | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Other long-term debt | $ 50 | ||||||||||||||
| METC | Senior Secured Notes, due July 10, 2049[Member] [Member] | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.65% | 4.65% | |||||||||||||
| Long-term debt | $ 50 | $ 50 | |||||||||||||
| METC | Term Loan Credit Agreement, Due June 11, 2021 [Member] [Member] | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Principle amount | $ 75 | ||||||||||||||
| Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.08% | ||||||||||||||
| METC | Senior Secured Notes due October 14, 2055 [Member] | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.02% | ||||||||||||||
| Principle amount | $ 150 | ||||||||||||||
| Long-term debt | $ 150 | 150 | |||||||||||||
| METC | Senior Secured Notes due October 14, 2055 [Member] | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.02% | ||||||||||||||
| METC | Senior Secured Notes due August 3, 2051 | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 2.90% | ||||||||||||||
| Principle amount | $ 75 | $ 75 | |||||||||||||
| ITC Midwest | Revolving Credit Agreement due October 21, 2022 | Line of Credit | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | $ 139 | $ 75 | [2] | ||||||||||||
| ITC Midwest | First Mortgage Bonds, Series A, due January 31, 2038 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 6.15% | 6.15% | |||||||||||||
| Long-term debt | $ 175 | $ 175 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series D, due December 17, 2024 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.60% | 4.60% | |||||||||||||
| Long-term debt | $ 75 | $ 75 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series E, due January 19, 2027 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.50% | 3.50% | |||||||||||||
| Long-term debt | $ 100 | $ 100 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series F, due April 30, 2043 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.09% | 4.09% | |||||||||||||
| Long-term debt | $ 100 | $ 100 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series G, due April 7, 2055 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.83% | 3.83% | |||||||||||||
| Long-term debt | $ 225 | $ 225 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series H, due April 18, 2047 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.16% | 4.16% | |||||||||||||
| Long-term debt | $ 200 | $ 200 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series I, due November 1, 2051 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.32% | 4.32% | |||||||||||||
| Long-term debt | $ 175 | $ 175 | |||||||||||||
| ITC Midwest | First Mortgage Bonds, Series C, due December 22, 2020 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 7.27% | 7.27% | |||||||||||||
| ITC Midwest | First Mortgage Bonds due July 15, 2051 [Member] | Unsecured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 3.13% | 3.13% | |||||||||||||
| Principle amount | $ 180 | ||||||||||||||
| Long-term debt | $ 180 | $ 180 | |||||||||||||
| ITC Great Plains | Revolving Credit Agreement due October 21, 2022 | Line of Credit | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | $ 33 | $ 33 | [2] | ||||||||||||
| ITC Great Plains | First Mortgage Bonds, Series A, due November 26, 2044 | Secured Debt | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Interest rate | 4.16% | 4.16% | |||||||||||||
| Long-term debt | $ 150 | $ 150 | |||||||||||||
| ITC Holdings | |||||||||||||||
| Debt Instrument | |||||||||||||||
| Long-term debt | 3,444 | ||||||||||||||
| Unamortized deferred financing fees and discount | $ (17) | $ (21) | |||||||||||||
| |||||||||||||||
DEBT Annual Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Maturities of Debt | ||
| 2019 | $ 655 | |
| 2020 | 250 | |
| 2021 | 804 | |
| 2022 | 0 | |
| 2023 | 400 | |
| 2027 and thereafter | 4,593 | |
| Total | $ 6,702 | $ 6,405 |
DEBT Interest Rate Swap Agreements (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Nov. 30, 2021 |
Jul. 31, 2021 |
Dec. 31, 2021 |
Dec. 17, 2021 |
Dec. 16, 2021 |
Dec. 14, 2021 |
Nov. 08, 2021 |
Nov. 05, 2021 |
Nov. 01, 2021 |
Jul. 20, 2021 |
Dec. 31, 2020 |
|
| Interest Rate Swaps | ||||||||||||
| Derivative, Fixed Interest Rate | 1.471% | 1.544% | 1.471% | 1.475% | 1.489% | 1.56% | 1.497% | 1.492% | 1.581% | 1.113% | ||
| Derivative, Notional Amount | $ 375,000,000 | $ 50,000,000 | $ 375,000,000 | $ 45,000,000 | $ 50,000,000 | $ 50,000,000 | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | ||
| Document Period End Date | Dec. 31, 2021 | |||||||||||
| Line of Credit Facilities and Other Debt, Total Amount Outstanding | 329,000,000 | $ 329,000,000 | $ 198,000,000 | |||||||||
| Commercial Paper | 155,000,000 | 155,000,000 | 67,000,000 | |||||||||
| ITC Holdings | ||||||||||||
| Interest Rate Swaps | ||||||||||||
| Line of Credit Facilities and Other Debt, Total Amount Outstanding | $ 39,000,000 | 39,000,000 | $ 37,000,000 | |||||||||
| Interest Rate Swap [Member] | ||||||||||||
| Interest Rate Swaps | ||||||||||||
| Derivative, Term of Contract | 5 years | 5 years | 5 years | |||||||||
| Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||||||||||||
| Interest Rate Swaps | ||||||||||||
| Derivative Asset, Fair Value, Gross Liability | $ 2,000,000 | $ 2,000,000 | ||||||||||
DEBT Revolving Credit Agreements (Details) |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
| ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | $ 900,000,000 | |||||||
| Outstanding balance | 329,000,000 | [1] | ||||||
| Unused capacity | 571,000,000 | |||||||
| ITC Holdings Corp. | ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | 400,000,000 | |||||||
| Outstanding balance | 39,000,000 | [1] | ||||||
| Unused capacity | $ 361,000,000 | [2] | ||||||
| Weighted average interest rate | 1.40% | |||||||
| Commitment fee rate | 0.175% | [3] | ||||||
| ITCTransmission | ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | $ 100,000,000 | |||||||
| Outstanding balance | 88,000,000 | [1] | ||||||
| Unused capacity | $ 12,000,000 | |||||||
| Weighted average interest rate | 1.10% | |||||||
| Commitment fee rate | 0.10% | [3] | ||||||
| METC | ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | $ 100,000,000 | |||||||
| Outstanding balance | 30,000,000 | [1] | ||||||
| Unused capacity | $ 70,000,000 | |||||||
| Weighted average interest rate | 1.10% | |||||||
| Commitment fee rate | 0.10% | [3] | ||||||
| ITC Midwest | ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | $ 225,000,000 | |||||||
| Outstanding balance | 139,000,000 | [1] | ||||||
| Unused capacity | $ 86,000,000 | |||||||
| Weighted average interest rate | 1.10% | |||||||
| Commitment fee rate | 0.10% | [3] | ||||||
| ITC Great Plains | ||||||||
| Line of Credit Facility | ||||||||
| Total available capacity | $ 75,000,000 | |||||||
| Outstanding balance | 33,000,000 | [1] | ||||||
| Unused capacity | $ 42,000,000 | |||||||
| Weighted average interest rate | 1.10% | |||||||
| Commitment fee rate | 0.10% | [3] | ||||||
| ||||||||
DEBT Additional Information (Details) - USD ($) |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Aug. 03, 2021 |
Dec. 31, 2020 |
Oct. 14, 2020 |
Jul. 15, 2020 |
May 14, 2020 |
||||
| Debt Instrument | |||||||||
| Commercial Paper | $ 155,000,000 | $ 67,000,000 | |||||||
| Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Other long-term debt | 3,000,000 | ||||||||
| ITC Holdings Corp. | |||||||||
| Debt Instrument | |||||||||
| Commercial Paper | 155,000,000 | [1] | $ 67,000,000 | ||||||
| Commercial Paper Program, Maximum Authorized Amount Outstanding | $ 400,000,000 | ||||||||
| Weighted average interest rate | 1.40% | ||||||||
| ITC Holdings Corp. | Revolving Credit Facility | |||||||||
| Debt Instrument | |||||||||
| Extinguishment of Debt, Amount | $ 122,000,000 | ||||||||
| ITC Holdings Corp. | Commercial Paper | |||||||||
| Debt Instrument | |||||||||
| Extinguishment of Debt, Amount | $ 92,000,000 | ||||||||
| ITC Holdings Corp. | Senior Notes, due September 30, 2036 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 6.375% | 6.375% | |||||||
| ITC Holdings Corp. | Senior Notes, due January 15, 2020 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 5.50% | 5.50% | |||||||
| ITC Holdings Corp. | Senior Notes, due July 1, 2023 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.05% | 4.05% | |||||||
| ITC Holdings Corp. | Senior Notes, due June 15, 2024 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.65% | 3.65% | |||||||
| ITC Holdings Corp. | Senior Notes, due July 1, 2043 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 5.30% | 5.30% | |||||||
| ITC Holdings Corp. | Unsecured Notes, due June 30, 2026 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.25% | 3.25% | |||||||
| ITC Holdings Corp. | Senior Notes, Due November 15, 2022 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 2.70% | 2.70% | |||||||
| ITC Holdings Corp. | Senior Notes, Due November 15, 2027 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.35% | 3.35% | |||||||
| ITC Holdings Corp. | Senior Note, Due May 14, 2030 [Member] | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Principle amount | $ 700,000,000 | ||||||||
| Interest rate | 2.95% | 2.95% | |||||||
| ITCTransmission | |||||||||
| Debt Instrument | |||||||||
| Weighted average interest rate | 1.10% | ||||||||
| ITCTransmission | First Mortgage Bonds, Series C, due March 31, 2036 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 6.125% | 6.125% | |||||||
| ITCTransmission | First Mortgage Bonds, Series E, due August 15, 2043 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.625% | 4.625% | |||||||
| ITCTransmission | First Mortgage Bonds, Series F, due June 10, 2044 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.27% | 4.27% | |||||||
| ITCTransmission | First Mortgage Bonds, Series G, due March 30, 2053 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.00% | 4.00% | |||||||
| ITCTransmission | First Mortgage Bonds, Series H, due August 28, 2049 [Member] | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.30% | 3.30% | |||||||
| METC | |||||||||
| Debt Instrument | |||||||||
| Weighted average interest rate | 1.10% | ||||||||
| METC | Senior Secured Notes, due May 6, 2040 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 5.64% | 5.64% | |||||||
| METC | Senior Secured Notes, due October 26, 2042 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.98% | 3.98% | |||||||
| METC | Senior Secured Notes, due December 15, 2044 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.19% | 4.19% | |||||||
| METC | Senior Secured Notes, due April 26, 2046 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.90% | 3.90% | |||||||
| METC | Senior Secured Notes, due January 15, 2049 [Member] [Member] | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.55% | 4.55% | |||||||
| METC | Senior Secured Notes, due July 10, 2049[Member] [Member] | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.65% | 4.65% | |||||||
| METC | Senior Secured Notes due October 14, 2055 [Member] | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Principle amount | $ 150,000,000 | ||||||||
| Interest rate | 3.02% | ||||||||
| METC | Senior Secured Notes due October 14, 2055 [Member] | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.02% | ||||||||
| METC | Senior Secured Notes due August 3, 2051 | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Principle amount | $ 75,000,000 | $ 75,000,000 | |||||||
| Interest rate | 2.90% | ||||||||
| ITC Midwest | |||||||||
| Debt Instrument | |||||||||
| Weighted average interest rate | 1.10% | ||||||||
| ITC Midwest | First Mortgage Bonds, Series A, due January 31, 2038 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 6.15% | 6.15% | |||||||
| ITC Midwest | First Mortgage Bonds, Series C, due December 22, 2020 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 7.27% | 7.27% | |||||||
| ITC Midwest | First Mortgage Bonds, Series D, due December 17, 2024 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.60% | 4.60% | |||||||
| ITC Midwest | First Mortgage Bonds, Series E, due January 19, 2027 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.50% | 3.50% | |||||||
| ITC Midwest | First Mortgage Bonds, Series F, due April 30, 2043 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.09% | 4.09% | |||||||
| ITC Midwest | First Mortgage Bonds, Series G, due April 7, 2055 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 3.83% | 3.83% | |||||||
| ITC Midwest | First Mortgage Bonds, Series H, due April 18, 2047 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.16% | 4.16% | |||||||
| ITC Midwest | First Mortgage Bonds, Series I, due November 1, 2051 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.32% | 4.32% | |||||||
| ITC Midwest | First Mortgage Bonds due July 15, 2051 [Member] | Unsecured Debt | |||||||||
| Debt Instrument | |||||||||
| Principle amount | $ 180,000,000 | ||||||||
| Interest rate | 3.13% | 3.13% | |||||||
| ITC Great Plains | |||||||||
| Debt Instrument | |||||||||
| Weighted average interest rate | 1.10% | ||||||||
| ITC Great Plains | First Mortgage Bonds, Series A, due November 26, 2044 | Secured Debt | |||||||||
| Debt Instrument | |||||||||
| Interest rate | 4.16% | 4.16% | |||||||
| |||||||||
INCOME TAXES Income Tax Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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| Effective Income Tax Rate Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense at statutory rate | [1] | $ 112 | $ 114 | $ 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| State income taxes (net of federal benefit) | [2] | 24 | 28 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AFUDC equity | (5) | (4) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | (9) | (2) | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets, Valuation Allowance | 4 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other - net | 1 | 0 | (1) | [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total income tax provision | $ 127 | $ 136 | $ 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Document Period End Date | Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Percent | 23.80% | 25.00% | 23.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES Components of Income Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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| Effective Income Tax Rate Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1 | $ 0 | $ (1) | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective Income Tax Rate Reconciliation, Percent | 23.80% | 25.00% | 23.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Document Period End Date | Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current income tax (benefit) expense | $ 0 | $ (2) | $ (3) | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total income tax provision | $ 127 | $ 136 | $ 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| Deferred Tax Assets and Liabilities [Line Items] | |||||
| Deferred Income Tax Expense (Benefit) | $ 127 | $ 138 | $ 135 | ||
| Property, plant and equipment | (1,274) | (1,156) | |||
| Federal income tax NOLs and other credits | 49 | 85 | |||
| Goodwill | (145) | (139) | |||
| Deferred Tax Assets, Other | 9 | 8 | |||
| Pension and postretirement liabilities | 22 | 20 | |||
| State income tax NOLs (net of federal benefit) | 57 | 58 | |||
| Net deferred tax liabilities | (1,161) | (1,013) | |||
| Gross deferred income tax liabilities | (1,434) | (1,333) | |||
| Gross deferred income tax assets | 277 | 320 | |||
| Deferred Tax Assets, Valuation Allowance | (4) | 0 | $ 0 | ||
| Regulatory liabilities | 619 | 612 | |||
| Regulatory assets | 190 | 212 | |||
| True up adjustment principal and interest | |||||
| Deferred Tax Assets and Liabilities [Line Items] | |||||
| Revenue Accruals And Deferrals Including Accrued Interest | 0 | (14) | |||
| ADIT Deferral | |||||
| Deferred Tax Assets and Liabilities [Line Items] | |||||
| Deferred tax liabilities, regulatory assets | [1] | (3) | (5) | ||
| Regulatory liability gross up - TCJA | |||||
| Deferred Tax Assets and Liabilities [Line Items] | |||||
| Deferred Tax Liabilities, Regulatory Assets and Liabilities | 131 | 134 | |||
| METC | Regulatory Deferrals | |||||
| Deferred Tax Assets and Liabilities [Line Items] | |||||
| Deferred tax liabilities, regulatory assets | [1] | $ (3) | $ (4) | ||
| |||||
INCOME TAXES INCOME TAXES Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Effective Income Tax Rate Reconciliation, Percent | 23.80% | 25.00% | 23.60% |
| Deferred Tax Assets, Valuation Allowance | $ (4) | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS Assets Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Book value of revolving credit agreements and term loan credit agreements | $ 329 | $ 198 |
| Fair Value, Inputs, Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Total - assets | 63 | 63 |
| Cash Equivalents | 1 | |
| Fair Value, Inputs, Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Total - assets | 2 | |
| Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Total - assets | 0 | |
| Mutual fund - fixed income securities [Member] | Fair Value, Inputs, Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Equity Securities, FV-NI | 51 | 52 |
| Mutual fund - equity securities [Member] | Fair Value, Inputs, Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Equity Securities, FV-NI | 12 | $ 10 |
| Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Equity Securities, FV-NI | $ 2 |
FAIR VALUE MEASUREMENTS Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
| Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper | $ 6,995 | $ 7,119 |
| Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper | 6,179 | 6,097 |
| Book value of revolving credit agreements and term loan credit agreements | $ 329 | $ 198 |
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Defined Benefit Plan Disclosure | |||
| Increase (Decrease) in Regulatory Liabilities | $ (1) | ||
| Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Service cost | 9 | $ 8 | $ 7 |
| Interest cost | 3 | 4 | 5 |
| Expected return on plan assets | (6) | (6) | (5) |
| Amortization of unrecognized loss | 1 | 1 | 1 |
| Net cost | 7 | 7 | 8 |
| Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 2 | 0 | |
| Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure | |||
| Service cost | 11 | 11 | 9 |
| Interest cost | 3 | 4 | 4 |
| Defined Benefit Plan, Plan Amendment [Abstract] | 0 | 2 | |
| Expected return on plan assets | (6) | (5) | (4) |
| Amortization of unrecognized loss | 0 | 0 | |
| Net cost | 8 | 10 | $ 9 |
| Increase (Decrease) in Regulatory Liabilities | (31) | ||
| Defined Benefit Plan, Benefit Obligation, Payment for Settlement | 0 | 0 | |
| Other Postretirement Benefits Plan | Net Prior Service Credit | |||
| Defined Benefit Plan Disclosure | |||
| Increase (Decrease) in Regulatory Liabilities | 2 | $ 2 | |
| Other Postretirement Benefits Plan | Net Actuarial Loss | |||
| Defined Benefit Plan Disclosure | |||
| Increase (Decrease) in Regulatory Liabilities | $ (29) | ||
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ (54) | $ (60) | |
| Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ (56) | $ (61) | |
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
| Funded Status: | |||
| Accrued pension and postretirement liabilities | $ (52) | $ (59) | |
| Unrecognized Amounts in Non-current Regulatory Assets: | |||
| Regulatory liabilities | 619 | 612 | |
| Regulatory assets | 190 | 212 | |
| Defined Contribution Plan, Cost | 6 | 6 | $ 5 |
| Supplemental Benefit Plans | |||
| Change in Plans' Assets: | |||
| Employer contributions | 3 | 3 | 1 |
| Accumulated benefit obligation | |||
| Accumulated benefit obligation | (54) | (60) | |
| Funded Status: | |||
| Other non-current assets | $ 54 | $ 56 | |
| Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
| Change in Benefit Obligation: | |||
| Beginning obligation | $ (162) | $ (141) | |
| Service cost | (9) | (8) | (7) |
| Interest cost | (3) | (4) | (5) |
| Actuarial net gain (loss) | 5 | (16) | |
| Benefits paid | 7 | 7 | |
| Ending obligation | (160) | (162) | (141) |
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 107 | 91 | |
| Actual return on plan assets | 10 | 15 | |
| Employer contributions | 4 | 4 | 4 |
| Benefits Paid | (4) | (3) | |
| Ending plan assets at fair value | 117 | 107 | 91 |
| Funded status, underfunded | (43) | (55) | |
| Accumulated benefit obligation | |||
| Accumulated benefit obligation | (153) | (155) | |
| Funded Status: | |||
| Accrued pension and postretirement liabilities | (52) | (57) | |
| Other non-current assets | 13 | 6 | |
| Other current liabilities | (4) | (4) | |
| Total | (43) | (55) | |
| Unrecognized Amounts in Non-current Regulatory Assets: | |||
| Regulatory assets | 20 | 30 | |
| Defined Benefit Plans | Net Actuarial Gain | |||
| Unrecognized Amounts in Non-current Regulatory Assets: | |||
| Regulatory assets | 19 | 30 | |
| Retirement Plan | |||
| Accumulated benefit obligation | |||
| Accumulated benefit obligation | (99) | (95) | |
| Other Postretirement Benefits Plan | |||
| Change in Benefit Obligation: | |||
| Beginning obligation | (122) | (113) | |
| Service cost | (11) | (11) | (9) |
| Interest cost | (3) | (4) | (4) |
| Defined Benefit Plan, Plan Amendment [Abstract] | 0 | 2 | |
| Actuarial net gain (loss) | 8 | 3 | |
| Benefits paid | 1 | 1 | |
| Ending obligation | (127) | (122) | (113) |
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 120 | 95 | |
| Actual return on plan assets | 13 | 16 | |
| Employer contributions | 8 | 10 | 9 |
| Benefits Paid | (1) | (1) | |
| Ending plan assets at fair value | 140 | 120 | $ 95 |
| Funded status, underfunded | 13 | (2) | |
| Funded Status: | |||
| Accrued pension and postretirement liabilities | (13) | (2) | |
| Total | 13 | (2) | |
| Unrecognized Amounts in Non-current Regulatory Assets: | |||
| Regulatory assets | 16 | ||
| Other Postretirement Benefits Plan | Net Actuarial Gain | |||
| Unrecognized Amounts in Non-current Regulatory Assets: | |||
| Regulatory assets | 14 | ||
| Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Defined Benefit Plans | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 107 | ||
| Ending plan assets at fair value | 117 | 107 | |
| Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 120 | ||
| Ending plan assets at fair value | 140 | 120 | |
| U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Defined Benefit Plans | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 43 | ||
| Ending plan assets at fair value | 47 | 43 | |
| U.S. Equity Securities [Member] | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 57 | ||
| Ending plan assets at fair value | 67 | 57 | |
| International Equity Funds [Member] | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Defined Benefit Plans | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 11 | ||
| Ending plan assets at fair value | 12 | 11 | |
| International Equity Funds [Member] | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 3 | ||
| Ending plan assets at fair value | $ 3 | $ 3 | |
| Mutual Funds - fixed income securities | Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Mutual Funds - fixed income securities | Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Mutual Funds - fixed income securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Defined Benefit Plans | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | $ 53 | ||
| Ending plan assets at fair value | 58 | $ 53 | |
| Mutual Funds - fixed income securities | Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | |||
| Change in Plans' Assets: | |||
| Beginning plan assets at fair value | 60 | ||
| Ending plan assets at fair value | $ 70 | $ 60 | |
| Equity Securities [Member] | Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Equity Securities [Member] | Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Assumptions Used (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Defined Benefit Plans | |||
| Benefit Obligation Assumptions | |||
| Discount rate | 2.86% | 2.49% | 3.27% |
| Annual rate of salary increases | 4.00% | 4.00% | 4.00% |
| Benefit Cost Assumptions | |||
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.00% | 4.00% | 4.00% |
| Expected long-term rate of return on plan assets | 5.70% | 6.00% | 6.60% |
| Defined Benefit Plans | Retirement Plan Name, Other | |||
| Benefit Cost Assumptions | |||
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.00% | 4.00% | 4.50% |
| Annual rate of salary increases | 4.00% | 4.00% | 4.00% |
| Other Postretirement Benefits Plan | |||
| Benefit Obligation Assumptions | |||
| Discount rate | 3.14% | 2.94% | 3.61% |
| Annual rate of salary increases | 4.00% | 4.00% | 4.00% |
| Assumed Health Care Cost Trend Rates | |||
| Health care cost trend rate | 5.75% | 6.00% | 6.25% |
| Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% |
| Year that the ultimate trend rate is reached | 2025 | 2025 | 2025 |
| Annual rate of increase in dental benefit costs | 4.50% | 4.50% | 4.50% |
| Other Postretirement Benefits Plan | Retirement Plan Name, Other | |||
| Benefit Cost Assumptions | |||
| Annual rate of salary increases | 4.00% | 4.00% | 4.00% |
| Expected long-term rate of return on plan assets | 4.30% | 4.50% | 5.00% |
| Assumed Health Care Cost Trend Rates | |||
| Health care cost trend rate | 6.00% | 6.25% | 6.50% |
| Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% |
| Year that the ultimate trend rate is reached | 2025 | 2025 | 2025 |
| Service Costs | Defined Benefit Plans | |||
| Benefit Cost Assumptions | |||
| Discount rate | 2.77% | 3.47% | 4.42% |
| Service Costs | Other Postretirement Benefits Plan | |||
| Benefit Cost Assumptions | |||
| Discount rate | 3.20% | 3.80% | 4.58% |
| Interest Costs | Defined Benefit Plans | |||
| Benefit Cost Assumptions | |||
| Discount rate | 1.93% | 2.91% | 3.99% |
| Interest Costs | Other Postretirement Benefits Plan | |||
| Benefit Cost Assumptions | |||
| Discount rate | 2.50% | 3.30% | 4.28% |
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Projected Benefit Payments (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Defined Benefit Plans | |
| Defined Benefit Plan Disclosure | |
| 2018 | $ 8 |
| 2019 | 9 |
| 2020 | 9 |
| 2021 | 10 |
| 2022 | 10 |
| 2023 through 2027 | 63 |
| Other Postretirement Benefits Plan | |
| Defined Benefit Plan Disclosure | |
| 2018 | 2 |
| 2019 | 2 |
| 2020 | 2 |
| 2021 | 3 |
| 2022 | 3 |
| 2023 through 2027 | $ 22 |
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Plan Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
| Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
| Fair value, level transfers | $ 0 | ||
| Fair value amount | $ 117,000,000 | $ 107,000,000 | $ 91,000,000 |
| Defined Benefit Plans | Mutual Funds - fixed income securities | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Defined Benefit Plans | Equity Securities [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | $ 140,000,000 | $ 120,000,000 | $ 95,000,000 |
| Other Postretirement Benefits Plan | Mutual Funds - fixed income securities | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Other Postretirement Benefits Plan | Equity Securities [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 50.00% | |
| Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | $ 117,000,000 | $ 107,000,000 | |
| Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | Mutual Funds - fixed income securities | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 58,000,000 | 53,000,000 | |
| Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | U.S. Equity Securities [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 47,000,000 | 43,000,000 | |
| Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | International Equity Funds [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 12,000,000 | 11,000,000 | |
| Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 140,000,000 | 120,000,000 | |
| Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Mutual Funds - fixed income securities | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 70,000,000 | 60,000,000 | |
| Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | U.S. Equity Securities [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | 67,000,000 | 57,000,000 | |
| Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | International Equity Funds [Member] | |||
| Defined Benefit Plan Disclosure | |||
| Fair value amount | $ 3,000,000 | $ 3,000,000 |
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Defined Benefit Plan Disclosure | |||
| Defined Contribution Plan, Cost | $ 6 | $ 6 | $ 5 |
| Defined Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Employer contributions | 4 | 4 | 4 |
| Expected Future Employer Contributions, Next Fiscal Year | 3 | ||
| Other non-current assets | 13 | 6 | |
| Supplemental Benefit Plans | |||
| Defined Benefit Plan Disclosure | |||
| Employer contributions | 3 | 3 | 1 |
| Other non-current assets | 54 | 56 | |
| Other Postretirement Benefits Plan | |||
| Defined Benefit Plan Disclosure | |||
| Employer contributions | 8 | $ 10 | $ 9 |
| Expected Future Employer Contributions, Next Fiscal Year | $ 8 | ||
STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| Balance at the beginning of period | $ (8) | $ 7 | $ 4 | ||
| Derivatives Instruments [Abstract] | |||||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | (4) | (3) | (1) | |
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 2 | (18) | 2 | ||
| Other Comprehensive Income (Loss), Gain (Loss) on Derivatives Qualifying as Hedges, Tax | 1 | 8 | 1 | ||
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 6 | (15) | 3 | ||
| Balance at the end of period | (2) | (8) | 7 | ||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 2 | $ 1 | $ 1 | ||
| |||||
STOCKHOLDER'S EQUITY Additional Information (Details) - Scenario, Forecast $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |
| Other Comprehensive Income (Loss), Tax (less than $1 million) | $ 2 |
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 4 |
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Allocation of Recognized Period Costs (Details) - 2017 Omnibus Plan - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Amounts capitalized to property, plant and equipment | $ 9 | $ 7 | $ 8 |
| Total share-based compensation | 43 | 32 | 40 |
| Total tax benefit recognized in the consolidated statements of operations | 9 | 8 | 8 |
| Operation and maintenance expenses | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based Compensation Expense | 2 | 2 | 2 |
| General and administrative expenses | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Share-based Compensation Expense | $ 32 | $ 23 | $ 30 |
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Performance Based Units (Details) - Performance Based Units (PBUs) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 53 | $ 42 |
| 2017 Omnibus Plan | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 72 | 59 |
| PBUs or SBUs at December 31, 2018 | 900,951 | |
| Granted | 314,940 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | (291,325) | |
| Forfeited | (25,474) | |
| PBUs or SBUs at December 31, 2019 | 899,092 | |
| Accounts Payable and Accrued Liabilities [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 28 | 20 |
| Other Liabilities [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 25 | $ 22 |
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Service Based Units (Details) - Service Based Units (SBUs) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 22 | $ 19 |
| 2017 Omnibus Plan | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 32 | 28 |
| PBUs or SBUs at December 31, 2018 | 687,710 | |
| Granted | 247,181 | |
| Vested | (219,605) | |
| Forfeited | (25,474) | |
| PBUs or SBUs at December 31, 2019 | 689,812 | |
| Accounts Payable and Accrued Liabilities [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 11 | 9 |
| Other Liabilities [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 11 | $ 10 |
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Document Period End Date | Dec. 31, 2021 | ||
| Performance Based Units (PBUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 53 | $ 42 | |
| Performance Based Units (PBUs) | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent | 0.00% | ||
| Performance Based Units (PBUs) | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent | 200.00% | ||
| Service Based Units (SBUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 22 | 19 | |
| 2017 Omnibus Plan | Performance Based Units (PBUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 72 | $ 59 | |
| Total unrecognized compensation cost | $ 19 | ||
| Weighted average period for recognition | 1 year 8 months 12 days | ||
| Share-based payment awards outstanding, equity instruments other than options | 899,092 | 900,951 | |
| 2017 Omnibus Plan | Service Based Units (SBUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 32 | $ 28 | |
| Total unrecognized compensation cost | $ 10 | ||
| Weighted average period for recognition | 1 year 8 months 12 days | ||
| Share-based payment awards outstanding, equity instruments other than options | 689,812 | 687,710 | |
| Employee Share Purchase Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 1 | $ 1 | $ 1 |
JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES Schedule of Jointly Owned Utility Plant (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | $ 76 | [1] | ||||||||||
| Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 196 | [1] | ||||||||||
| ITCTransmission | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 0 | [2] | ||||||||||
| ITCTransmission | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 29 | [2] | ||||||||||
| METC | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 17 | [3] | ||||||||||
| METC | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 41 | [3] | ||||||||||
| ITC Midwest | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress | 71 | |||||||||||
| ITC Midwest | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 49 | [4] | ||||||||||
| ITC Midwest | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 103 | [4] | ||||||||||
| ITC Great Plains | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | 10 | [5] | ||||||||||
| ITC Great Plains | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Net investment | $ 23 | [5] | ||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 51.00% | |||||||||||
| Minimum | METC | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 1.00% | |||||||||||
| Minimum | METC | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 1.00% | |||||||||||
| Minimum | ITC Midwest | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 28.00% | |||||||||||
| Minimum | ITC Midwest | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 11.00% | |||||||||||
| Maximum | METC | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 92.00% | |||||||||||
| Maximum | METC | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 41.90% | |||||||||||
| Maximum | ITC Midwest | Substations | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 80.00% | |||||||||||
| Maximum | ITC Midwest | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 80.00% | |||||||||||
| Municipal power agency | Lines | ||||||||||||
| Jointly Owned Utility Plant Interests | ||||||||||||
| Jointly Owned Utility Plant, Proportionate Ownership Share | 49.60% | |||||||||||
| ||||||||||||
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Jan. 27, 2022 |
Dec. 31, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Apr. 30, 2020 |
|
| Related Party Transaction [Line Items] | ||||||
| Intercompany receivables (less than $1 million) | $ 2 | $ 1 | ||||
| Intercompany payables (less than $1 million) | 1 | 1 | ||||
| Related Party Charges for Corporate expenses recorded in general and administrative expense (less than $1 million) | $ 10 | |||||
| Related Party Transaction, Other Revenues from Transactions with Related Party (2016 less than $1 million) | 2 | 1 | ||||
| Payments of Dividends | $ 250 | 232 | 330 | $ 250 | ||
| Revenue from Related Parties | $ 2 | $ 2 | ||||
| Intercompany tax payable to subsidiaries | $ 2 | |||||
| Subsequent Event | ||||||
| Related Party Transaction [Line Items] | ||||||
| Payments of Dividends | $ 64 | |||||
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jul. 16, 2020 |
May 21, 2020 |
Nov. 21, 2019 |
Jun. 11, 2019 |
Oct. 18, 2018 |
Apr. 20, 2018 |
Sep. 28, 2016 |
Jun. 30, 2016 |
Feb. 12, 2015 |
Nov. 12, 2013 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Required customer refund paid | $ 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current regulatory liabilities | 14 | $ 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | 1,349 | 1,298 | $ 1,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 251 | 240 | 224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET INCOME | (406) | (407) | (428) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase obligations | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase Obligation, Due in Next Twelve Months | 107 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory assets | $ 21 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Impacts from the ROE Complaints [Table] | The recognition of the obligations associated with the MISO ROE Complaints resulted in the following impacts to the consolidated statements of comprehensive income:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Refund Related to Return on Equity Complaint | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory assets | $ 1 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | DTE Electric | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | Consumers Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | 327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | IP&L | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | $ 344 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | Billed Revenues | DTE Electric | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentration percentage | 21.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | Billed Revenues | Consumers Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentration percentage | 23.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer Concentration Risk | Billed Revenues | IP&L | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentration percentage | 24.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Refund Related to Return on Equity Complaint | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current regulatory liabilities | $ 1 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Initial Complaint | FERC Order | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revised rate of return on equity | 10.32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Initial Complaint | FERC Order | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revised rate of return on equity | 11.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Second Complaint | Presiding Administrative Law Judge Initial Decision | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recommended rate of return on equity | 10.02% | 10.02% | 9.88% | 9.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Second Complaint | Presiding Administrative Law Judge Initial Decision | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recommended rate of return on equity | 12.62% | 12.24% | 10.68% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Complaints | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Required customer refund paid | $ 5 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of Return on Equity and Capital Structure Complaints | Impact from Recognition of Liability | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OPERATING REVENUES | 0 | 32 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase (decrease) in Interest Expense | 0 | (3) | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET INCOME | 0 | $ 25 | $ 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ITCTransmission | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rate of return on equity | 12.38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| METC | Easement Agreement | Consumers Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual cost | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MISO Operating Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in capital structure for ratemaking purposes | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 25 | 25 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effect on net income from 10 basis point reduction in the authorized base return on equity | $ 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined Incentive Adders | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MISO Operating Subsidiaries | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Adder for Independent Transmission Ownership | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MISO Operating Subsidiaries | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Adder for Independent Transmission Ownership | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reduced Rate of Return on Equity | 9.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Second Complaint | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reduced Rate of Return on Equity | 8.67% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ITC Great Plains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revised rate of return on equity | 11.41% | 12.16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ITC Great Plains | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Adder for Independent Transmission Ownership | 25 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
| Segment Reporting Information | |||||
| Operating revenues | $ 1,349 | $ 1,298 | $ 1,327 | ||
| Depreciation and amortization | 232 | 219 | 203 | ||
| Interest expense, net | 251 | 240 | 224 | ||
| Income (loss) before income taxes | 533 | 543 | 560 | ||
| Total income tax provision | 127 | 136 | 132 | ||
| NET INCOME | 406 | 407 | 428 | ||
| Property, plant and equipment, net | 9,961 | 9,327 | 8,582 | ||
| Goodwill | 950 | 950 | 950 | ||
| Total assets | [1] | 11,445 | 10,825 | 10,058 | |
| Capital expenditures | 834 | 885 | 865 | ||
| Regulated Operating Subsidiaries | |||||
| Segment Reporting Information | |||||
| Operating revenues | 1,386 | 1,333 | 1,358 | ||
| Depreciation and amortization | 231 | 218 | 201 | ||
| Interest expense, net | 123 | 118 | 105 | ||
| Income (loss) before income taxes | 691 | 683 | 710 | ||
| Total income tax provision | 173 | 179 | 179 | ||
| NET INCOME | 518 | 504 | 531 | ||
| Property, plant and equipment, net | 9,954 | 9,319 | 8,573 | ||
| Goodwill | 950 | 950 | 950 | ||
| Total assets | 11,317 | 10,710 | 9,946 | ||
| Capital expenditures | 841 | 886 | 874 | ||
| ITC Holdings and Other | |||||
| Segment Reporting Information | |||||
| Operating revenues | 1 | 1 | 0 | ||
| Depreciation and amortization | 1 | 1 | 2 | ||
| Interest expense, net | 129 | 122 | 119 | ||
| Income (loss) before income taxes | (158) | (140) | (150) | ||
| Total income tax provision | (46) | (43) | (47) | ||
| NET INCOME | 406 | 407 | 428 | ||
| Property, plant and equipment, net | 7 | 8 | 9 | ||
| Total assets | 6,134 | 5,830 | 5,402 | ||
| Capital expenditures | 0 | 0 | 0 | ||
| Reconciliations and Eliminations | |||||
| Segment Reporting Information | |||||
| Operating revenues | (38) | (36) | (31) | ||
| Interest expense, net | (1) | ||||
| NET INCOME | (518) | (504) | (531) | ||
| Total assets | (6,006) | (5,715) | (5,290) | ||
| Capital expenditures | $ (7) | $ (1) | $ (9) | ||
| |||||
SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (Unaudited) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Selected Quarterly Financial Information [Abstract] | |||
| OPERATING REVENUES | $ 1,349 | $ 1,298 | $ 1,327 |
| Operating income | 749 | 753 | 755 |
| NET INCOME | $ 406 | $ 407 | $ 428 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Financial Position (Parent Company Only) (Details) - USD ($) $ / shares in Units, $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||
|---|---|---|---|---|---|---|
| Current assets | ||||||
| Cash and cash equivalents | $ 5 | $ 4 | $ 4 | $ 6 | ||
| Accounts receivable from subsidiaries | 2 | 1 | ||||
| Prepaid and other current assets | 18 | 12 | ||||
| Total current assets | 217 | 224 | ||||
| Other assets | ||||||
| Other assets | 101 | 83 | ||||
| TOTAL ASSETS | [1] | 11,445 | 10,825 | 10,058 | ||
| Current liabilities | ||||||
| Accounts payable | 127 | 130 | ||||
| Accrued compensation | 72 | 55 | ||||
| Accrued interest | 56 | 55 | ||||
| Other current liabilities | 16 | 18 | ||||
| Total current liabilities | 1,047 | 437 | ||||
| Accrued pension and postretirement liabilities | 52 | 59 | ||||
| Other liabilities | 55 | 50 | ||||
| Long-term debt (net of deferred financing fees and discount of $17 and $21, respectively) | 6,009 | 6,295 | ||||
| STOCKHOLDER’S EQUITY | ||||||
| Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2021 and 2020 | 892 | 892 | ||||
| Retained earnings | 1,584 | 1,410 | ||||
| Accumulated other comprehensive loss | (2) | (8) | 7 | 4 | ||
| Total stockholder’s equity | 2,474 | 2,294 | 2,232 | 2,051 | ||
| TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | 11,445 | 10,825 | ||||
| Balance Sheet Additional Disclosures | ||||||
| Deferred financing fees and discount | $ 39 | $ 43 | ||||
| Common stock, without par value | $ 0 | $ 0 | ||||
| Common stock, shares authorized | 235,000,000 | 235,000,000 | ||||
| Common stock, shares issued | 224,203,112 | 224,203,112 | ||||
| Common stock, shares outstanding | 224,203,112 | 224,203,112 | ||||
| Liabilities | $ 8,971 | $ 8,531 | ||||
| ITC Holdings | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 3 | 2 | $ 2 | $ 3 | ||
| Accounts receivable from subsidiaries | 20 | 9 | ||||
| Intercompany tax receivable from subsidiaries | 16 | 8 | ||||
| Prepaid and other current assets | 3 | 0 | ||||
| Advances to Affiliate | 50 | 0 | ||||
| Total current assets | 92 | 19 | ||||
| Other assets | ||||||
| Investment in subsidiaries | 5,784 | 5,496 | ||||
| Deferred Income Tax Assets, Net | 142 | 160 | ||||
| Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4 | 54 | ||||
| Other assets | 112 | 101 | ||||
| Total other assets | 6,042 | 5,811 | ||||
| TOTAL ASSETS | 6,134 | 5,830 | ||||
| Current liabilities | ||||||
| Accrued compensation | 72 | 55 | ||||
| Accrued interest | 23 | 23 | ||||
| Debt maturing within one year | 654 | 67 | ||||
| Other current liabilities | 8 | 8 | ||||
| Total current liabilities | 757 | 153 | ||||
| Accrued pension and postretirement liabilities | 52 | 59 | ||||
| Other liabilities | 78 | 58 | ||||
| Long-term debt (net of deferred financing fees and discount of $17 and $21, respectively) | 2,773 | 3,266 | ||||
| STOCKHOLDER’S EQUITY | ||||||
| Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2021 and 2020 | 892 | 892 | ||||
| Retained earnings | 1,584 | 1,410 | ||||
| Accumulated other comprehensive loss | (2) | (8) | ||||
| Total stockholder’s equity | 2,474 | 2,294 | ||||
| TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY | 6,134 | 5,830 | ||||
| Balance Sheet Additional Disclosures | ||||||
| Deferred financing fees and discount | $ 17 | $ 21 | ||||
| Common stock, without par value | $ 0 | $ 0 | ||||
| Common stock, shares authorized | 235,000,000 | |||||
| Common stock, shares issued | 224,203,112 | 224,203,112 | ||||
| Common stock, shares outstanding | 224,203,112 | 224,203,112 | ||||
| Liabilities | $ 3,660 | $ 3,536 | ||||
| ||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Comprehensive Income (Parent Company Only) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Condensed Financial Statements, Captions [Line Items] | |||
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 2 | $ 7 | $ 1 |
| Other income (expense), net | 1 | 0 | 0 |
| General and administrative expense | (128) | (115) | (138) |
| Taxes other than income taxes | (133) | (124) | (118) |
| Interest expense | (251) | (240) | (224) |
| INCOME BEFORE INCOME TAXES | 533 | 543 | 560 |
| INCOME TAX PROVISION | 127 | 136 | 132 |
| NET INCOME | 406 | 407 | 428 |
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 6 | (15) | 3 |
| TOTAL COMPREHENSIVE INCOME | 412 | 392 | 431 |
| ITC Holdings | |||
| Condensed Financial Statements, Captions [Line Items] | |||
| Other income (expense), net | 3 | 5 | 5 |
| General and administrative expense | (30) | (20) | (25) |
| Taxes other than income taxes | (2) | 1 | 2 |
| Interest expense | (129) | (122) | (119) |
| INCOME BEFORE INCOME TAXES | (158) | (138) | (141) |
| INCOME TAX PROVISION | (46) | (43) | (44) |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent, Total | (112) | (95) | (97) |
| EQUITY IN SUBSIDIARIES’ NET EARNINGS | 518 | 502 | 525 |
| NET INCOME | 406 | 407 | 428 |
| TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 6 | (15) | 3 |
| TOTAL COMPREHENSIVE INCOME | $ 412 | $ 392 | $ 431 |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Cash Flows (Parent Company) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| NET INCOME | $ 406 | $ 407 | $ 428 | |
| Adjustments to reconcile net income to net cash used in operating activities: | ||||
| Other | 6 | 4 | 10 | |
| Changes in assets and liabilities, exclusive of changes shown separately: | ||||
| Accrued taxes | 3 | (3) | 3 | |
| Net cash provided by operating activities | 785 | 632 | 629 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Other | (5) | 5 | 1 | |
| Net cash used in investing activities | (824) | (878) | (854) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Issuance of long-term debt | 75 | 1,030 | 175 | |
| Borrowings under revolving credit agreements | 1,175 | 1,495 | 1,090 | |
| Borrowings under term loan credit agreements | 0 | 275 | 200 | |
| Net issuance (repayment) of commercial paper | 88 | (133) | 200 | |
| Retirement of long-term debt — including extinguishment of debt costs | 0 | (35) | (203) | |
| Repayments of revolving credit agreement | (1,044) | (1,596) | (999) | |
| Repayments of term loan credit agreements | 0 | (475) | 0 | |
| Dividends to ITC Investment Holdings | $ (250) | (232) | (330) | (250) |
| Other | (1) | (12) | (3) | |
| Net cash provided by financing activities | 40 | 246 | 221 | |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1 | 0 | (4) | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 6 | 6 | 10 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | 6 | 7 | 6 | 6 |
| Employee Benefits and Share-based Compensation | 34 | 25 | 32 | |
| Interest Rate Swap [Member] | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Payments for (Proceeds from) Hedge, Financing Activities | 0 | (23) | 0 | |
| ITC Holdings | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| NET INCOME | 406 | 407 | 428 | |
| Adjustments to reconcile net income to net cash used in operating activities: | ||||
| Equity in subsidiaries' earnings | (518) | (502) | (525) | |
| Dividends from subsidiaries | 10 | 3 | 3 | |
| Deferred and other income taxes | (41) | (46) | (51) | |
| Net intercompany tax payments from (to) subsidiaries | 56 | 33 | 14 | |
| Other | 4 | 2 | 6 | |
| Changes in assets and liabilities, exclusive of changes shown separately: | ||||
| Accounts receivable from subsidiaries | (2) | 9 | 9 | |
| Intercompany tax receivable from subsidiaries | (9) | (4) | 11 | |
| Income tax receivable | 0 | 0 | 1 | |
| Accrued compensation | 4 | (12) | 22 | |
| Other current and non-current assets and liabilities, net | (2) | (3) | 0 | |
| Net cash provided by operating activities | (67) | (98) | (64) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Equity contributions to subsidiaries | 51 | 88 | 120 | |
| Return of capital from subsidiaries | 259 | 228 | 239 | |
| Payments to Fund Long-term Loans to Related Parties | 0 | (50) | 0 | |
| Other | 1 | (2) | (1) | |
| Net cash used in investing activities | 209 | 88 | 118 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Issuance of long-term debt | 0 | 700 | 0 | |
| Borrowings under revolving credit agreements | 93 | 293 | 72 | |
| Borrowings under term loan credit agreements | 0 | 200 | 200 | |
| Net issuance (repayment) of commercial paper | 88 | (133) | 200 | |
| Retirement of long-term debt — including extinguishment of debt costs | 0 | 0 | (203) | |
| Repayments of revolving credit agreement | (91) | (290) | (75) | |
| Repayments of term loan credit agreements | 0 | (400) | 0 | |
| Dividends to ITC Investment Holdings | (232) | (330) | (250) | |
| Other | 1 | (7) | 0 | |
| Net cash provided by financing activities | (141) | 10 | (56) | |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1 | 0 | (2) | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 2 | 2 | 4 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period | $ 2 | 3 | 2 | 2 |
| Employee Benefits and Share-based Compensation | 25 | 15 | 18 | |
| Parent | Interest Rate Swap [Member] | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Payments for (Proceeds from) Hedge, Financing Activities | $ 0 | $ (23) | $ 0 | |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT General (Details) - Regulated Operating Subsidiaries |
Dec. 31, 2021 |
|---|---|
| Condensed Financial Statements, Captions [Line Items] | |
| FERC approved capital structure, equity percentage | 60.00% |
| FERC approved capital structure, debt percentage | 40.00% |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
|---|---|---|---|---|---|
| Maturities of Debt | |||||
| 2019 | $ 655 | ||||
| 2020 | 250 | ||||
| 2021 | 804 | ||||
| 2022 | 0 | ||||
| 2023 | 400 | ||||
| 2027 and thereafter | 4,593 | ||||
| Fair Value Disclosures [Abstract] | |||||
| Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper | 6,995 | $ 7,119 | |||
| Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper | 6,179 | 6,097 | |||
| Book value of revolving credit agreements and term loan credit agreements | 329 | 198 | |||
| Commercial Paper | 155 | 67 | |||
| ITC Holdings | |||||
| Maturities of Debt | |||||
| 2019 | 655 | ||||
| 2020 | 250 | ||||
| 2021 | 439 | ||||
| 2022 | 0 | ||||
| 2023 | 400 | ||||
| 2027 and thereafter | 1,700 | ||||
| Total | 3,444 | ||||
| Fair Value Disclosures [Abstract] | |||||
| Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper | 3,516 | 3,670 | |||
| Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper | 3,233 | 3,229 | |||
| Book value of revolving credit agreements and term loan credit agreements | 39 | 37 | |||
| ITC Holdings Corp. | |||||
| Fair Value Disclosures [Abstract] | |||||
| Commercial Paper | $ 155 | [1] | $ 67 | ||
| |||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Related-party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Sep. 21, 2020 |
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| Related Party Transactions Parent Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions [Table Text Block] | [1] |
____________________________ (a)The net income tax payments were pursuant to intercompany tax sharing arrangements, and the total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed parent company statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Additionally, ITC Holdings paid its subsidiaries for NOLs utilized by the consolidated group.
|
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| Subsidiaries | ITCTransmission | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax payments (to) from subsidiary under intercompany tax sharing arrangement | [1] | $ 24 | $ 17 | $ 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiaries | METC | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax payments (to) from subsidiary under intercompany tax sharing arrangement | [1] | 15 | 9 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiaries | ITC Midwest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax payments (to) from subsidiary under intercompany tax sharing arrangement | [1] | 10 | 1 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiaries | ITC Great Plains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax payments (to) from subsidiary under intercompany tax sharing arrangement | [1] | 6 | 6 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiaries | ITC Interconnection LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax payments (to) from subsidiary under intercompany tax sharing arrangement | 1 | 0 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ITC Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity contributions to subsidiaries | (51) | (88) | (120) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and Fee Income, Other Loans | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends from subsidiaries | 10 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments to Fund Long-term Loans to Related Parties | $ 0 | (50) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intercompany Loans, Description | 4 million | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Return of capital from subsidiaries | $ 259 | 228 | 239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments to Fund Long-term Loans to Related Parties | $ 0 | $ (50) | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Receivable, Related Parties, Noncurrent | $ 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Supplemental Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Condensed Financial Statements, Captions [Line Items] | ||||
| Cash and cash equivalents | $ 5 | $ 4 | $ 4 | $ 6 |
| Restricted Cash, included in other non-current assets | 2 | 2 | 2 | 4 |
| Total cash, cash equivalents and restricted cash | 7 | 6 | 6 | 10 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | 237 | 236 | 228 | |
| Income Taxes Paid | 0 | 2 | 0 | |
| Income tax refunds received | 0 | 2 | 3 | |
| ITC Holdings | ||||
| Condensed Financial Statements, Captions [Line Items] | ||||
| Cash and cash equivalents | 3 | 2 | 2 | 3 |
| Restricted Cash, included in other non-current assets | 0 | 0 | 0 | 1 |
| Total cash, cash equivalents and restricted cash | 3 | 2 | 2 | $ 4 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | 119 | 116 | 117 | |
| Income Taxes Paid | 0 | 2 | 0 | |
| Income tax refunds received | $ 0 | $ 2 | $ 3 | |
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