ITC (ITC) 10-K 12 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Document Information [Line Items]
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		224,203,112
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-32576
Entity Registrant Name	ITC HOLDINGS CORP.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	32-0058047
Entity Address, Address Line One	27175 Energy Way
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48377
City Area Code	248
Local Phone Number	946-3000
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Central Index Key	0001317630
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		224,203,112
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Public Float			$ 0
Entity Emerging Growth Company	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents		$ 4	$ 4
Accounts receivable		114	117
Inventory		42	39
Regulatory assets		52	12
Prepaid and other current assets		12	15
Total current assets		224	187
Property, plant and equipment (net of accumulated depreciation and amortization of $2,055 and $1,930, respectively)		9,327	8,582
Other assets
Goodwill		950	950
Intangible assets (net of accumulated amortization of $46 and $42, respectively)		29	33
Regulatory assets		212	229
Other Assets		1,274	1,289
Other assets		83	77
TOTAL ASSETS	[1]	10,825	10,058
Current liabilities
Accounts payable		130	82
Accrued compensation		55	61
Accrued interest		55	48
Accrued taxes		61	66
Regulatory liabilities		14	123
Refundable deposits and advances for construction		37	27
Debt maturing within one year		67	235
Other current liabilities		18	16
Total current liabilities		437	658
Accrued pension and postretirement liabilities		59	73
Deferred Tax Liabilities, Tax Deferred Income		1,013	873
Regulatory liabilities		612	584
Refundable deposits		65	19
Other liabilities		50	47
Long-term debt		6,295	5,572
Commitments and contingent liabilities (Notes 6 and 18)
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2020 and 2019		892	892
Retained earnings		1,410	1,333
Accumulated other comprehensive (loss) income		(8)	7
Total stockholder’s equity		2,294	2,232
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY		10,825	10,058
Liabilities		8,531	7,826
ITC Holdings
Current assets
Cash and cash equivalents		2	2
Prepaid and other current assets		0	5
Total current assets		19	27
Other assets
Other assets		101	94
TOTAL ASSETS		5,830	5,402
Current liabilities
Accrued compensation		55	61
Accrued interest		23	21
Other current liabilities		8	11
Total current liabilities		153	293
Accrued pension and postretirement liabilities		59	73
Other liabilities		58	37
Long-term debt		3,266	2,767
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2020 and 2019		892	892
Retained earnings		1,410	1,333
Accumulated other comprehensive (loss) income		(8)	7
Total stockholder’s equity		2,294	2,232
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY		5,830	5,402
Liabilities		$ 3,536	$ 3,170
[1]	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.

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment, accumulated depreciation and amortization	$ 2,055	$ 1,930
Intangible assets, accumulated amortization	$ 46	$ 42
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 COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING REVENUES
Transmission and other services	$ 1,290	$ 1,286	$ 1,192
Formula rate true-up	8	41	(36)
OPERATING REVENUES	1,298	1,327	1,156
OPERATING EXPENSES
Operation and maintenance	87	113	109
General and administrative	115	138	127
Depreciation and amortization	219	203	180
Taxes other than income taxes	124	118	109
Other operating (income) and expense, net	0	0	(4)
Total operating expenses	545	572	521
OPERATING INCOME	753	755	635
OTHER EXPENSES (INCOME)
Interest expense, net	240	224	224
Allowance for equity funds used during construction	(27)	(29)	(33)
Other (income) and expenses, net	(3)	0	3
Total other expenses (income)	210	195	194
INCOME BEFORE INCOME TAXES	543	560	441
INCOME TAX PROVISION	136	132	111
NET INCOME	407	428	330
Derivative instruments, net of tax	(15)	3	1
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(15)	3	1
TOTAL COMPREHENSIVE INCOME	$ 392	$ 431	$ 331

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Retained EarningsAccounting Standards Update 2018-02	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Accounting Standards Update 2018-02
Stockholder's equity at Dec. 31, 2017	$ 1,920	$ 892	$ 1,026		$ 2
NET INCOME	330		330
Dividends to ITC Investment Holdings	(200)		(200)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	1				1
Stockholder's equity at Dec. 31, 2018	2,051	892	1,155		4
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	1			$ (1)		$ 1
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
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	0
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)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Employee Benefits and Share-based Compensation	$ 25	$ 32	$ 6
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	407	428	330
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	219	203	180
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	(47)	(55)	17
Deferred income tax expense	138	135	107
Allowance for equity funds used during construction	(27)	(29)	(33)
Other	4	10	4
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	0	(10)	17
Income tax receivable	0	1	14
Accounts payable	4	(11)	6
Accrued interest	7	(2)	(10)
Increase (Decrease) in Accrued Salaries	(14)	10	1
Accrued taxes	(3)	3	7
Net refund payments and adjustments related to return on equity complaints	(65)	(82)	6
Other current and non-current assets and liabilities, net	(16)	(4)	1
Net cash provided by operating activities	632	629	653
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(885)	(865)	(769)
Contributions in aid of construction	2	10	21
Other	5	1	1
Net cash used in investing activities	(878)	(854)	(747)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	1,030	175	400
Borrowings under revolving credit agreements	1,495	1,090	832
Borrowings under term loan credit agreements	275	200	0
Net (repayment) issuance of commercial paper	(133)	200	0
Retirement of long-term debt — including extinguishment of debt costs	(35)	(203)	(100)
Repayments of revolving credit agreements	(1,596)	(999)	(844)
Repayments of term loan credit agreements	(475)	0	(50)
Dividends to ITC Investment Holdings	(330)	(250)	(200)
Refundable deposits from generators for transmission network upgrades	60	19	6
Repayment of refundable deposits from generators for transmission network upgrades	(10)	(8)	(3)
Other	(12)	(3)	(5)
Net cash provided by financing activities	246	221	36
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	0	(4)	(58)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	6	10	68
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	6	6	10
Interest Rate Swap [Member]
Payments for (Proceeds from) Hedge, Financing Activities	$ (23)	$ 0	$ 0

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2020
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 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 rates regulated by the FERC and established on a cost-of-service model. 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 recent outbreak of COVID-19 have resulted in impacts to businesses and facilities in various industries around the world, such as operating restrictions and closures, and disruptions to the global economy and supply chains. The COVID-19 pandemic has and will continue to impact our customers throughout our operating footprint. To date, COVID-19 has not had a material impact on our net income. However, we have implemented 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 that are collected from customers through our Formula Rates. The duration and total impact on our operations from COVID-19 is unknown at this time and will ultimately depend on the duration and severity of the pandemic, the length that the various business restrictions are in effect, the impact of recent resurgences of COVID-19 cases and deaths in the United States, and the efficacy and distribution of COVID-19 vaccines. We are continuing to monitor developments involving our workforce, customers and suppliers and cannot predict whether COVID-19 will have a material impact on our consolidated results of operations, cash flows or financial condition. We are also monitoring the evolving situation and guidance from federal, state and local public health authorities. We are taking steps to mitigate the potential risks to us and our employees posed by COVID-19, including enabling remote work arrangements for employees when appropriate, and are following all government requirements to reduce the transmission of COVID-19. Monthly Network Peak Load For our MISO Regulated Operating Subsidiaries, monthly network peak loads are used for billing network revenues, which currently is the largest component of our operating revenues. One of the primary factors that impacts our collection of revenues is actual monthly network peak load, which is impacted by a number of factors including network usage and weather. Although monthly network peak loads do not impact our recognition of operating revenues, actual network load affects the timing of collection of our cash flows from transmission service. During 2020, actual monthly network peak load for our MISO Regulated Operating Subsidiaries decreased compared to pre-COVID-19 forecasted load. This decrease was primarily as a result of reductions in, or suspension of, operations for many businesses and facilities in our operating footprint due to COVID-19. While the decrease in monthly network peak load was significant in the early months of the pandemic, the impact of COVID-19 on monthly network peak loads became less pronounced over the second half of the year. We are unable to predict the possible future impacts of COVID-19, weather and other factors on monthly network peak loads at our MISO Regulated Operating Subsidiaries.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
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: December 31, (In millions of USD) 2020 2019 2018 2017 Cash and cash equivalents $ 4 $ 4 $ 6 $ 66 Restricted cash included in: Other non-current assets 2 2 4 2 Total cash, cash equivalents and restricted cash $ 6 $ 6 $ 10 $ 68 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. Supplementary Cash Flow Information Year Ended December 31, (In millions of USD) 2020 2019 2018 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 236 $ 228 $ 223 Income taxes paid 2 — — Income tax refunds received 2 3 13 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 135 92 94 Allowance for equity funds used during construction 27 29 33 Right-of-use assets obtained in exchange for new operating lease liabilities — 5 — ____________________________ (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, 2020, 2019 or 2018, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid. Excess tax benefits are recognized as an adjustment to income tax expense in the consolidated statements of comprehensive income. Cash retained as a result of those excess tax benefits is presented in the consolidated statements of cash flows as cash inflows from operating activities.

SUPPLEMENTAL FIANNCIAL INFORMAT

SUPPLEMENTAL FIANNCIAL INFORMATION	12 Months Ended
	Dec. 31, 2020
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: December 31, (In millions of USD) 2020 2019 2018 2017 Cash and cash equivalents $ 4 $ 4 $ 6 $ 66 Restricted cash included in: Other non-current assets 2 2 4 2 Total cash, cash equivalents and restricted cash $ 6 $ 6 $ 10 $ 68 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: December 31, (In millions of USD) 2020 2019 2018 2017 Cash and cash equivalents $ 2 $ 2 $ 3 $ 60 Restricted cash included in: Other non-current assets — — 1 1 Total cash, cash equivalents and restricted cash $ 2 $ 2 $ 4 $ 61
Supplementary Cash Flow Information	Year Ended December 31, (In millions of USD) 2020 2019 2018 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 236 $ 228 $ 223 Income taxes paid 2 — — Income tax refunds received 2 3 13 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 135 92 94 Allowance for equity funds used during construction 27 29 33 Right-of-use assets obtained in exchange for new operating lease liabilities — 5 — ____________________________ (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, 2020, 2019 or 2018, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid. Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2020 2019 2018 Supplementary cash flows information: Interest paid $ 116 $ 117 $ 117 Income taxes paid 2 — — Income tax refunds received 2 3 13	[1]
[1]	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, 2020, 2019 or 2018, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid.

SUPPLEMENTAL FIANNCIAL INFORM_2

SUPPLEMENTAL FIANNCIAL INFORMATION Restricted Cash Reconciliation - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4	$ 4	$ 6	$ 66
Restricted Cash, included in other non-current assets	2	2	4	2
Total cash, cash equivalents and restricted cash	$ 6	$ 6	$ 10	$ 68

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Public Utilities, General Disclosures [Line Items]
Interest paid	$ 236	$ 228	$ 223
Income Taxes Paid	2	0	0
Income tax refunds received	2	3	13
Additions to property, plant and equipment and other long-lived assets	135	92	94
Allowance for funds used during construction	27	29	33
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 5	$ 0

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2020
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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018 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 $209 million, $194 million and $170 million for 2020, 2019 and 2018, 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. 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 2020, 2019 and 2018. 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 the 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 $7 million for 2020, $8 million for 2019 and $9 million for 2018. 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 16. 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 12. Gains and losses associated with our mutual funds as described in Note 13 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. 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, 2020 and determined that no impairment exists. There were no events subsequent to October 1, 2020 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 9 for additional discussion on our goodwill and 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 issue. 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 issue. We recorded $5 million during the years ended December 31, 2020, 2019 and 2018 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. There were no significant changes to our asset retirement obligations in 2020. Our asset retirement obligations as of December 31, 2020 and 2019 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 10 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 and other risks. We periodically evaluate our exposure to such risks and record liabilities for those matters when 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. The adequacy of liabilities 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 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 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. We also have an Employee Share Purchase Plan which enables ITC employees to purchase shares of Fortis common stock. Our cost of the plan is based on the value of our contribution, as additional compensation to a participating employee, equal to 10% of an employee’s contribution up to a maximum annual contribution of 1% of an employee’s base pay and an amount equal to 10% of all dividends payable by Fortis on the Fortis shares allocated to an employee’s ESPP account. Refer to Note 15 for additional discussion of the plans. Comprehensive Income (Loss) — Comprehensive income (loss) is the change in common 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, 2020, 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 2016 to 2019. 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 7 and 11 for additional discussion on income taxes.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2020
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 operating 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 5 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 $5 million , $7 million and $5 million for the years ended December 31, 2020, 2019 and 2018, 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 6 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the consolidated statements of financial position: December 31, (In millions of USD) 2020 2019 2018 2017 Trade accounts receivable $ 2 $ 2 $ 2 $ 2 Unbilled accounts receivable 102 102 92 108 Other 10 13 8 9 Total accounts receivable $ 114 $ 117 $ 102 $ 119

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	Dec. 31, 2020
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 18 for detail on ROE matters for our MISO Regulated Operating Subsidiaries and "Incentive Adders for Transmission Rates" discussed in Note 6 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, 2020: (In millions of USD) Total Net regulatory assets as of December 31, 2019 $ 3 Net refund of 2018 revenue deferrals and accruals, including accrued interest 40 Net revenue accrual for the year ended December 31, 2020 8 Net accrued interest payable for the year ended December 31, 2020 (1) Net regulatory assets as of December 31, 2020 $ 50 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: December 31, (In millions of USD) 2020 2019 Current regulatory assets $ 44 $ 12 Non-current regulatory assets 19 43 Current regulatory liabilities (1) (51) Non-current regulatory liabilities (12) (1) Net regulatory assets $ 50 $ 3 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. 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. 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. In addition, the order directed the MISO Regulated Operating Subsidiaries to provide refunds, with interest, for the period from April 20, 2018 through October 18, 2018. The MISO Regulated Operating Subsidiaries began reflecting the 25 basis point adder for independent transmission ownership in transmission rates in November 2018. Refunds of $7 million were primarily made in the fourth quarter of 2018 and were completed in the first quarter of 2019. The MISO Regulated Operating Subsidiaries sought rehearing of the FERC’s October 18, 2018 order, and on July 18, 2019, the FERC denied the rehearing request. On September 11, 2019, the MISO Regulated Operating Subsidiaries filed an appeal of the FERC’s order in the D.C. Circuit Court. On December 16, 2019, the D.C. Circuit Court established a briefing schedule for the appeal. An initial brief was filed on January 27, 2020 and a reply brief was filed on April 24, 2020. Oral argument on the appeal was held on September 23, 2020. We do not expect the final resolution of this proceeding to have a material adverse impact on our consolidated results of operations, cash flows or financial condition. For each of the years ended December 31, 2020, 2019 and 2018, 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 18 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 ROE adder for independent transmission ownership that is included in the transmission rate charged by ITC Great Plains. The complaint argues that because ITC Great Plains is similarly situated to our MISO Regulated Operating Subsidiaries with respect to ownership by Fortis and GIC, the same rationale by which the FERC lowered the MISO Regulated Operating Subsidiaries adders for independent transmission ownership, as discussed above, also applies to 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. ITC Great Plains filed an answer to the complaint on July 1, 2019 asking the FERC to deny the complaint since KCC showed no evidence that ITC Great Plains’ independence or the benefits they provide as an independent TO has been compromised or reduced as a result of the Fortis and GIC acquisition. 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 Rates. In addition, the order directed ITC Great Plains to provide refunds, with interest, for the period from June 11, 2019 through July 16, 2020 within 60 days of the date of the order. On September 15, 2020, the FERC granted an extension to issue refunds until November 19, 2020. On August 17, 2020, ITC Great Plains filed a request for rehearing of the order and on September 17, 2020, the FERC denied the rehearing request. On November 12, 2020, ITC Great Plains filed an appeal of the July 16, 2020 order, and on December 14, 2020, ITC Great Plains filed an appeal of the September 17, 2020 order, both of which were filed in the D.C. Circuit Court. As of December 31, 2019, we had recorded an estimated current regulatory liability of $2 million related to this complaint and during 2020 refunds of $4 million were made to settle the refund liability. We do not expect the final resolution of this proceeding to have a material adverse impact on our consolidated results of operations, cash flows or financial condition. For each of the years ended December 31, 2019 and 2018, 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 and as of December 31, 2020, the authorized ROE used by ITC Great Plains was revised to 11.41% and is 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 18 for a discussion of the MISO ROE Complaints.

REGULATORY ASSETS AND LIABILITI

REGULATORY ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2020
Regulatory Assets and Liabilities Disclosure [Abstract]
REGULATORY ASSETS AND LIABILITIES	REGULATORY ASSETS AND LIABILITIES Regulatory Assets The following table summarizes the regulatory asset balances: December 31, (In millions of USD) 2020 2019 Regulatory Assets: Current: Revenue accruals (including accrued interest of $2 and $1 as of December 31, 2020 and 2019, respectively) (a) $ 44 $ 12 Refund related to the Initial Complaint (including accrued interest of $2 as of December 31, 2020) (b) 8 — Total current 52 12 Non-current: Revenue accruals (including accrued interest of less than $1 and $1 as of December 31, 2020 and 2019, respectively) (a) 19 43 ITCTransmission ADIT deferral (net of accumulated amortization of $54 and $51 as of December 31, 2020 and 2019, respectively) 7 10 METC ADIT deferral (net of accumulated amortization of $33 and $31 as of December 31, 2020 and 2019, respectively) 10 12 METC regulatory deferrals (net of accumulated amortization of $11 and $10 as of December 31, 2020 and 2019, respectively) 4 5 Income taxes recoverable related to AFUDC equity 106 99 ITC Great Plains start-up, development and pre-construction (net of accumulated amortization of $7 and $6 as of December 31, 2020 and 2019, respectively) 6 7 Pensions and postretirement 30 25 Income taxes recoverable related to implementation of the Michigan Corporate Income Tax 6 7 Accrued asset removal costs 24 21 Total non-current 212 229 Total $ 264 $ 241 ____________________________ (a) Refer to discussion of revenue accruals in Note 6 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 liability in Note 18 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 2020, 2019 and 2018, 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 2020, 2019 and 2018, 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 2020, 2019 and 2018, 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, 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 will amortize them over a 10-year period, beginning in the second quarter of 2015. The amortization expense is recorded to general and administrative expenses in our consolidated statements of comprehensive income and 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: December 31, (In millions of USD) 2020 2019 Regulatory Liabilities: Current: Revenue deferrals (including accrued interest of less than $1 and $4 as of December 31, 2020 and 2019, respectively) (a) $ 1 $ 51 Refund related to the Initial Complaint (including accrued interest of $1 and $6 as of December 31, 2020 and 2019, respectively) (b) 13 70 Refund related to ITC Great Plains incentive adder complaint (c) — 2 Total current 14 123 Non-current: Revenue deferrals (including accrued interest of less than $1 as of December 31, 2020 and 2019) (a) 12 1 Accrued asset removal costs 73 72 Excess state income tax deductions 3 2 Income taxes refundable related to implementation of the TCJA 507 509 Pensions and postretirement 16 — Other 1 — Total non-current 612 584 Total $ 626 $ 707 ____________________________ (a) Refer to discussion of revenue deferrals in Note 6 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 liability in Note 18 under “Rate of Return on Equity Complaints.” (c) Refer to discussion of the ITC Great Plains incentive adder in Note 6 under “Incentive Adders for Transmission Rates.” 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 the income tax rate changed from 35% to 21% effective for tax years beginning after 2017. The Company was required to revalue its 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. The excess deferred taxes are generally the result of accelerated federal tax deductions realized by our Regulated Operating Subsidiaries in periods when the U.S. federal corporate income tax rate was 35% and now would be returned to customers in a period where the U.S. federal corporate income tax rate is 21%. As the excess deferred taxes must be returned to customers this net regulatory liability is recognized. 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 involves the use of ARAM for the determination of the timing of the return of the excess deferred taxes to customers associated with public utility property. In addition, a portion of our excess deferred taxes at our Regulated Operating Subsidiaries are associated with other types of deferred taxes that are not related to public utility property and are subject to amortization. We have elected to amortize these excess deferred taxes using RSGM. During the years ended December 31, 2020 and 2019, we recorded $2 million and $1 million, respectively, of amortization related to the excess deferred taxes under ARAM and RSGM. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill At December 31, 2020 and 2019, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively, which resulted from the ITCTransmission and METC acquisitions and ITC Midwest’s acquisition of the IP&L transmission assets, respectively. 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 7. The carrying amounts of the intangible asset for the METC Regulatory Deferrals and the METC ADIT Deferral were $12 million and $4 million (net of accumulated amortization of $28 million and $15 million), respectively, as of December 31, 2020, and $14 million and $5 million (net of accumulated amortization of $26 million and $14 million), respectively, as of December 31, 2019. The amortization periods for the METC Regulatory Deferrals and the METC ADIT Deferral are 20 and 18, 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 and $14 million (net of accumulated amortization of $3 million and $2 million) as of December 31, 2020 and 2019, respectively. The amortization period for these intangible assets is 50 years, beginning March 31, 2011. We recognized $4 million, $3 million, and $4 million of amortization expense of our intangible assets during the years ended December 31, 2020, 2019 and 2018, 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, 2020 to be as follows: (In millions of USD) 2021 $ 3 2022 3 2023 4 2024 3 2025 3 2026 and thereafter 13 Total $ 29

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
Public Utilities, Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment — net consisted of the following: December 31, (In millions of USD) 2020 2019 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment in service $ 10,661 $ 9,973 Construction work in progress 523 375 Capital equipment inventory 103 99 Other 81 51 ITC Holdings and other 14 14 Total 11,382 10,512 Less: Accumulated depreciation and amortization (2,055) (1,930) Property, plant and equipment, net $ 9,327 $ 8,582 Additions to property, plant and equipment in service and construction work in progress during 2020 and 2019 were due primarily to asset acquisitions and 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 .

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
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: December 31, (In millions of USD) 2020 2019 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 4.05% Senior Notes, due July 1, 2023 250 250 ITC Holdings 3.65% Senior Notes, due June 15, 2024 400 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 2.70% Senior Notes, due November 15, 2022 500 500 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 — ITC Holdings Term Loan Credit Agreement, due June 11, 2021 — 200 ITC Holdings Revolving Credit Agreement, due October 21, 2023 37 34 ITC Holdings Commercial Paper Program (a) 67 200 ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission Revolving Credit Agreement, due October 21, 2023 33 24 METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, due July 10, 2049 50 50 METC 3.02% Senior Secured Notes, due October 14, 2055 150 — METC Revolving Credit Agreement, due October 21, 2023 20 79 ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 7.27% First Mortgage Bonds, Series C, due December 22, 2020 (a) — 35 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 75 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 — ITC Midwest Revolving Credit Agreement, due October 21, 2023 75 130 ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 150 150 ITC Great Plains Revolving Credit Agreement, due October 21, 2023 33 32 Total principal 6,405 5,844 Unamortized deferred financing fees and discount (43) (37) Total debt $ 6,362 $ 5,807 ____________________________ (a) As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, 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, 2020 are as follows: (In millions of USD) 2021 $ 67 2022 500 2023 448 2024 475 2025 — 2026 and thereafter 4,915 Total $ 6,405 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. Term Loan Credit Agreement On June 12, 2019, ITC Holdings entered into an unsecured, unguaranteed $400 million term loan credit agreement with a maturity date of June 11, 2021, under which ITC Holdings borrowed $200 million. The proceeds were used for the early redemption of the $200 million 5.50% Senior Notes due January 15, 2020. In January 2020, ITC Holdings drew upon the remaining $200 million under the term loan credit agreement to repay outstanding commercial paper balances. These borrowings were repaid in full in May 2020 from the proceeds of the ITC Holdings Senior Notes issued on May 14, 2020. The weighted-average interest rate throughout the life of the loan was 2.27%. 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, 2020, ITC Holdings had $67 million of commercial paper, net of discount, issued and outstanding under the program, with a weighted-average interest rate of 0.3% and weighted average remaining days to maturity of 14 days. The amount outstanding as of December 31, 2020 was classified as debt maturing within one year in the consolidated statements of financial position. As of December 31, 2019, ITC Holdings had $200 million of commercial paper issued and outstanding. ITCTransmission First Mortgage Bonds On August 28, 2019, ITCTransmission issued $75 million aggregate principal amount of 3.30% First Mortgage Bonds, due August 28, 2049. The proceeds were used to repay existing indebtedness under the revolving credit agreement and will also be used to partially fund capital expenditures and for general corporate purposes. 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 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. 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 January 15, 2019, METC issued $50 million of 4.55% Senior Secured Notes, due January 15, 2049. On July 10, 2019, METC issued an additional $50 million of Senior Secured Notes at 4.65% with terms and conditions identical to those of the 4.55% Senior Secured Notes except the interest rate which includes a 10 basis point premium and the due date which is 30 years from the date of the issuance. The proceeds from both issuances were 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. 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 In May 2020, we terminated $450 million of 5-year interest rate swap contracts that managed the interest rate risk associated with the ITC Holdings $700 million Senior Notes with a maturity date of May 14, 2030. A summary of the terminated interest rate swaps is provided below: Interest Rate Swaps Notional Amount Weighted Average Fixed Rate of Interest Rate Swaps Comparable Loss on Derivatives Settlement Date 5-year interest rate swaps $ 450 1.41 % 0.38% $ 23 May 2020 The interest rate swaps qualified for cash flow hedge accounting treatment and the cumulative pre-tax loss of $23 million was recognized in May 2020 for the effective portion of the hedges and recorded net of tax in AOCI. This amount is being amortized as a component of interest expense over the initial five years of the term of the related debt. Consistent with our accounting policy, the swap settlement payment was recognized within cash flows from financing activities in the consolidated statements of cash flows. At December 31, 2020, ITC Holdings did not have any interest rate swaps outstanding. As of December 31, 2019, ITC Holdings had $200 million of interest rate swaps outstanding. Revolving Credit Agreements On January 10, 2020, ITC Holdings, ITCTransmission, METC, ITC Midwest and ITC Great Plains amended and restated their respective revolving credit agreements each dated October 23, 2017. The amendments extend the maturity date of the revolving credit agreements from October 2022 to October 2023. The determination of the applicable interest rates and commitment fee rates in the new agreements is consistent with the previous agreements and remain subject to adjustment based on the borrower’s credit rating. At December 31, 2020, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ 37 $ 363 (d) 1.4% 0.175 % ITCTransmission 100 33 67 1.1% 0.10 % METC 100 20 80 1.1% 0.10 % ITC Midwest 225 75 150 1.1% 0.10 % ITC Great Plains 75 33 42 1.1% 0.10 % Total $ 900 $ 198 $ 702 ____________________________ (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 $296 million as of December 31, 2020.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Income tax expense at federal statutory rate (a) $ 114 $ 118 $ 93 State income taxes (net of federal benefit) (b) 28 22 31 AFUDC equity (4) (5) (6) Other, net (2) (3) (7) Total income tax provision $ 136 $ 132 $ 111 ____________________________ (a) The federal statutory rate is 21% for 2020, 2019 and 2018. (b) Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021. Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2020 2019 2018 Current income tax (benefit) expense $ (2) $ (3) $ 4 Deferred income tax expense 138 135 107 Total income tax provision $ 136 $ 132 $ 111 For the years ended December 31, 2020, 2019 and 2018, our effective tax rates were 25.0%, 23.6% and 25.2%, respectively. Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2020 2019 Property, plant and equipment $ (1,156) $ (1,071) Federal income tax NOLs and other credits 85 117 METC regulatory deferral (a) (4) (5) Acquisition adjustments — ADIT deferrals (a) (5) (7) Goodwill (139) (133) Refund liabilities (a) — 19 Regulatory liability gross up — TCJA 134 134 Pension and postretirement liabilities 20 18 State income tax NOLs (net of federal benefit) 58 52 True-up adjustment principal & interest (14) (1) Other, net 8 4 Net deferred tax liabilities $ (1,013) $ (873) Gross deferred income tax liabilities $ (1,333) $ (1,233) Gross deferred income tax assets 320 360 Net deferred tax liabilities $ (1,013) $ (873) ____________________________ (a) Deferred income tax assets for refund liabilities are related to the Initial Complaint and the ITC Great Plains incentive adder complaint. See Note 7 for additional details regarding these matters. We have federal income tax NOLs as of December 31, 2020. We expect to use our NOLs prior to their expirations starting in 2036. We also have state income tax NOLs as of December 31, 2020, all of which we expect to use prior to their expiration starting in 2022 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2020, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (in millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Cash equivalents $ 1 $ — $ — Mutual funds — fixed income securities 52 — $ — Mutual funds — equity securities 10 — — Total $ 63 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2019, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (in millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 50 $ — $ — Mutual funds — equity securities 8 — — Interest rate swap derivatives — 3 — Total $ 58 $ 3 $ — As of December 31, 2020 and 2019, 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 12. 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, 2019, the assets related to derivatives consisted of interest rate swaps discussed in Note 10. 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, 2020 and 2019. Refer to Note 9 for additional information on our goodwill and 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 and term loan credit agreements and commercial paper, was $7,119 million and $5,672 million at December 31, 2020 and 2019, 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 and term loan credit agreements and commercial paper, was $6,097 million and $5,108 million at December 31, 2020 and 2019, respectively. Revolving and Term Loan Credit Agreements At December 31, 2020 and 2019, we had a consolidated total of $198 million and $499 million, respectively, outstanding under our revolving and term loan 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.

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	12 Months Ended
	Dec. 31, 2020
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 2020, 2019, and 2018. We expect to contribute $4 million to the retirement plan in 2021. 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 $56 million and $54 million at December 31, 2020 and 2019, 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, 2020, 2019, and 2018, we contributed $3 million, $1 million, and $3 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 $10 million, $9 million, and $9 million to the postretirement benefit plan in 2020, 2019, and 2018, respectively. We expect to contribute $11 million to the postretirement benefit plan in 2021. Net periodic benefit costs by component for the pension plans and postretirement benefit plan were as follows: Pension Plans Postretirement Benefit Plan Years Ended December 31, Years Ended December 31, (In millions of USD) 2020 2019 2018 2020 2019 2018 Service cost $ 8 $ 7 $ 7 $ 11 $ 9 $ 10 Interest cost 4 5 4 4 4 3 Expected return on plan assets (6) (5) (5) (5) (4) (3) Amortization of unrecognized loss 1 1 1 — — — Net benefit cost $ 7 $ 8 $ 7 $ 10 $ 9 $ 10 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: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2020 2019 2020 2019 Change in Benefit Obligation: Beginning projected benefit obligation $ (141) $ (123) $ (113) $ (90) Service cost (8) (7) (11) (9) Interest cost (4) (5) (4) (4) Plan amendments — — 2 — Actuarial net gain/(loss) (16) (12) 3 (11) Benefits paid 7 6 1 1 Ending projected benefit obligation (162) (141) (122) (113) Change in Plan Assets: Beginning plan assets at fair value 91 73 95 72 Actual return on plan assets 15 16 16 15 Employer contributions 4 4 10 9 Benefits paid (3) (2) (1) (1) Ending plan assets at fair value 107 91 120 95 Funded status, underfunded $ (55) $ (50) $ (2) $ (18) Accumulated benefit obligation: Retirement plan $ (95) $ (78) N/A N/A Supplemental benefit plans (60) (57) N/A N/A Total accumulated benefit obligation $ (155) $ (135) $ — $ — Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (57) $ (55) $ (2) $ (18) Other non-current assets 6 9 N/A N/A Other current liabilities (4) (4) N/A N/A Total $ (55) $ (50) $ (2) $ (18) Unrecognized Amounts in Non-current Regulatory Assets/(Liabilities): Net actuarial loss/(gain) $ 30 $ 24 $ (14) $ 1 Net prior service cost/(credit) — — (2) — Total $ 30 $ 24 $ (16) $ 1 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 7. 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, 2020 and 2019 does not reflect the potential receipt of any subsidies under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. The net actuarial losses for the year ended December 31, 2019 within the change in benefit obligation for both the Pension Plans and Postretirement Benefit Plan are primarily the result of decreases in the discount rates. 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: Pension Plans December 31, (In millions of USD) 2020 2019 Projected benefit obligation $ (61) $ (59) Fair value of plan assets (a) — — ____________________________ (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: Pension Plans December 31, (In millions of USD) 2020 2019 Accumulated benefit obligation $ (60) $ (57) Fair value of plan assets (a) — — ____________________________ (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: Pension Plans Postretirement Benefit Plan December 31, December 31, 2020 2019 2018 2020 2019 2018 Weighted average discount rate 2.49% 3.27% 4.28% 2.94% 3.61% 4.47% Weighted average interest crediting rate 4.00% 4.00% 4.50% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.00% 6.25% 6.50% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Weighted average discount rate — service cost 3.47% 4.42% 3.70% 3.80% 4.58% 3.80% Weighted average discount rate — interest cost 2.91% 3.99% 3.26% 3.30% 4.28% 3.58% Weighted average interest crediting rate 4.00% 4.50% 4.50% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.25% 6.50% 6.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Expected long-term rate of return on plan assets 6.00% 6.60% 6.40% 4.50% 5.00% 4.90% At December 31, 2020, 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: (In millions of USD) Pension Plans Postretirement Benefit Plan 2021 $ 7 $ 2 2022 8 2 2023 9 2 2024 9 2 2025 10 3 2026 through 2030 59 21 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, 2020 and 2019, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2020 2020 2019 2020 2019 Fixed income securities 50 % 50 % 50 % 50 % 50 % Equity securities 50 % 50 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 % 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, 2020 and 2019, there were no transfers between levels. For the years ended December 31, 2020 and 2019, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2020 2019 2020 2019 Mutual funds — U.S. equity securities $ 43 $ 36 $ 57 $ 45 Mutual funds — international equity securities 11 9 3 2 Mutual funds — fixed income securities 53 46 60 48 Total $ 107 $ 91 $ 120 $ 95 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 2020 and $5 million in each of 2019 and 2018.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income The following table provides the components of changes in AOCI: Year Ended December 31, (In millions of USD) 2020 2019 2018 Balance at the beginning of period $ 7 $ 4 $ 2 Reclassification of deferred tax effects on interest rate cash flow hedges stranded in AOCI, subject to the TCJA, into retained earnings — — 1 Other Comprehensive Income Derivative Instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2020 and less than $1 for each of the years ended December 31, 2019 and 2018) (a) 3 1 1 (Loss) gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $8 and $1 for the years ended December 31, 2020 and 2019, respectively) (18) 2 — Total other comprehensive (loss) income, net of tax (15) 3 1 Balance at the end of period $ (8) $ 7 $ 4 ____________________________ (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, 2021 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.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Operation and maintenance expenses $ 2 $ 2 $ 1 General and administrative expenses 23 30 7 Amounts capitalized to property, plant and equipment 7 8 3 Total share-based compensation costs $ 32 $ 40 $ 11 Total tax benefit recognized in the consolidated statements of comprehensive income $ 8 $ 8 $ 4 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, 2020: Number of Performance Based Units PBUs at December 31, 2019 976,228 Granted 319,440 Vested and paid out (335,619) Forfeited (59,098) PBUs at December 31, 2020 900,951 The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled: December 31, (In millions of USD) 2020 2019 Accrued compensation $ 20 $ 17 Other long-term liabilities 22 19 Total $ 42 $ 36 The aggregate fair value of PBUs as of December 31, 2020 and 2019 was $59 million and $54 million, respectively. At December 31, 2020, $17 million of total unrecognized compensation cost related to PBUs not yet vested is expected to be recognized over the remaining weighted-average period of 1.6 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, 2020: Number of Service Based Units SBUs at December 31, 2019 745,250 Granted 246,714 Vested and paid out (266,918) Forfeited (37,336) SBUs at December 31, 2020 687,710 The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled: December 31, (In millions of USD) 2020 2019 Accrued compensation $ 9 $ 10 Other long-term liabilities 10 10 Total $ 19 $ 20 The aggregate fair value of SBUs as of December 31, 2020 and 2019 was $28 million and $30 million, respectively. At December 31, 2020, $9 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 1.6 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, 2020, 2019, and 2018 was less than $1 million, respectively.

JOINTLY OWNED UTILITY PLANT_COO

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES	12 Months Ended
	Dec. 31, 2020
Regulated Operations [Abstract]
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 3 . We have investments in jointly owned utility assets as shown in the table below as of December 31, 2020: Net Investments (a) (In millions of USD) Substations Lines ITCTransmission (b) $ — $ 29 METC (c) 17 41 ITC Midwest (d) 44 41 ITC Great Plains (e) 10 23 Total $ 71 $ 134 ____________________________ (a) Amount represents our investment in jointly held plant, which has been reduced by the ownership interest amounts of other parties. (b) ITCTransmission has joint ownership in two 345 kV transmission lines with a municipal power agency that has a 50.4% ownership interest in the transmission lines. An Ownership and Operating Agreement with the municipal power agency provides ITCTransmission with authority for construction of capital improvements and for the operation and management of the transmission lines. The municipal power agency is responsible for the capital and operation and maintenance costs allocable to their ownership interest. (c) METC has joint ownership in several assets within various substations with Consumers Energy, other municipal distribution systems and other generators. The rights, responsibilities and obligations for these jointly owned assets are documented in the DT Interconnection Agreement with Consumers Energy and in numerous interconnection facilities agreements with various municipalities and other generators. In addition, other municipal power agencies and cooperatives have an ownership interest in several METC 345 kV transmission lines. This ownership entitles these municipal power agencies and cooperatives to approximately 608 MW of network transmission service from the METC transmission system. As of December 31, 2020, 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, 2020. (e) ITC Great Plains has joint ownership in a transmission project with an electric cooperative. ITC Great Plains is responsible for construction and operation of the project and the electric cooperative is responsible for their ownership percentage of capital and operation and maintenance costs. As of December 31, 2020, ITC Great Plains’ ownership percentage in the project was 51.0%.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
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 less than $1 million at December 31, 2020 and December 31, 2019 and intercompany payables to Fortis and such subsidiaries of less than $1 million at December 31, 2020 and December 31, 2019. 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, 2020 and 2019 of $10 million and for the year ended December 31, 2018 of $8 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 the year ended December 31, 2020 and less than $1 million for the years ended December 31, 2019 and 2018. Dividends We paid dividends of $330 million, $250 million and $200 million during the years ended December 31, 2020, 2019 and 2018, respectively, to ITC Investment Holdings. ITC Holdings also paid dividends of $58 million to ITC Investment Holdings in January 2021. 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 will not have a material impact on our consolidated results of operations, cash flows or financial condition. 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. In April 2020, ITC Holdings paid $2 million to ITC Investment Holdings for matters related to the State of Michigan income taxes. During 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.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
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, establish standards for the management, treatment, storage, transportation and disposal of solid and hazardous wastes and hazardous materials, 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 results of operations, financial condition or liquidity. Our assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Many 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 aboveground 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 containment materials. Our facilities and equipment are often situated on or near property owned by others so that, if they are the source of contamination, others’ property may be affected. For example, aboveground 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 such as wetlands. 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 the 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. Related FERC Orders In April 2017, the D.C. Circuit Court vacated certain precedent-setting FERC orders that established and applied the two-step DCF methodology for the determination of base ROE for ISO New England TOs. The court remanded the orders to the FERC for further justification of its establishment of the new base ROE for the ISO New England TOs. The vacated orders in the ISO New England matters also provided the precedent for the September 2016 Order on the Initial Complaint and the ALJ initial decision on the Second Complaint for our MISO Regulated Operating Subsidiaries. On October 16, 2018, in the New England matters, the FERC issued an order on remand which proposed a new methodology for 1) determining when an existing ROE is no longer just and reasonable; and 2) setting a new just and reasonable ROE if an existing ROE has been found not to be just and reasonable. The FERC issued a similar order, the November 2018 Order, in the MISO ROE Complaints, establishing a paper hearing on the application of the proposed new methodology to the proceedings pending before the FERC involving the ROE of the MISO TOs, including our MISO Regulated Operating Subsidiaries. The November 2018 Order included illustrative, non-binding calculations for the ROE that could have been established for the Initial Complaint using the FERC's proposed methodology. The November 2018 Order and our response to the order through briefs and reply briefs did not provide a reasonable basis for a change to the reserve or ROEs utilized for any of the complaint refund periods nor all subsequent periods. November 2019 Order On November 21, 2019, the FERC issued an order on the MISO ROE Complaints. The FERC did not adopt the methodology proposed in the November 2018 Order, but rather 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, we reversed the aggregate estimated current liability we had previously recorded for the Second Complaint, as noted below in “Financial Statement Impacts”. 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 and, on December 18, 2019, the FERC granted an extension until December 23, 2020 for settlement of the refunds. 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 filed their request for rehearing primarily on the basis 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 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, 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, and on October 8, 2020, the FERC granted an extension to September 23, 2021. 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, 2020, we had recorded an aggregate current regulatory asset and current regulatory liability of $8 million and $13 million, respectively, and as of December 31, 2019, we had recorded an aggregate current regulatory liability of $70 million 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, 2020, we refunded $31 million of the regulatory liability to customers. We had recorded an aggregate estimated current regulatory liability in the consolidated statements of financial position of $151 million as of December 31, 2018 for the Second Complaint, which was reversed in November 2019 following the November 2019 Order. Although the November 2019 Order and May 2020 Order dismissed the Second Complaint with no refunds required, it is possible upon appeal that our MISO Regulated Operating Subsidiaries will be required to provide refunds related to the Second Complaint and these refunds could be material. 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 6 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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Revenue increase $ 32 $ 69 $ 1 Interest expense (decrease) increase (3) (12) 7 Estimated net income increase (reduction) 25 61 (4) As of December 31, 2020, 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, 2020, we had purchase obligations of $83 million representing commitments for materials, services and equipment that had not been received as of December 31, 2020, primarily for construction and maintenance projects for which we have an executed contract. Of these purchase obligations, $73 million is expected to be paid in 2021, 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 21.6%, 23.9% and 23.9%, respectively, or $265 million, $292 million and $292 million, respectively, of our consolidated billed revenues for the year ended December 31, 2020. These percentages and amounts of total billed revenues of DTE Electric, Consumers Energy and IP&L include the collection of 2018 revenue accruals and deferrals and exclude any amounts for the 2020 revenue accruals and deferrals that were included in our 2020 operating revenues but will not be billed to our customers until 2022. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2020
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. Regulated Operating ITC Holdings Reconciliations/ 2020 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,333 $ 1 $ (36) $ 1,298 Depreciation and amortization 218 1 — 219 Interest expense, net 118 122 — 240 Income (loss) before income taxes 683 (140) — 543 Income tax provision (benefit) 179 (43) — 136 Net income 504 407 (504) 407 Property, plant and equipment, net 9,319 8 — 9,327 Goodwill 950 — — 950 Total assets (a) 10,710 5,830 (5,715) 10,825 Capital expenditures 886 — (1) 885 Regulated Operating ITC Holdings Reconciliations/ 2019 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,358 $ — $ (31) $ 1,327 Depreciation and amortization 201 2 — 203 Interest expense, net 105 119 — 224 Income (loss) before income taxes 710 (150) — 560 Income tax provision (benefit) 179 (47) — 132 Net income 531 428 (531) 428 Property, plant and equipment, net 8,573 9 — 8,582 Goodwill 950 — — 950 Total assets (a) 9,946 5,402 (5,290) 10,058 Capital expenditures 874 — (9) 865 Regulated Operating ITC Holdings Reconciliations/ 2018 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,185 $ — $ (29) $ 1,156 Depreciation and amortization 179 1 — 180 Interest expense, net 110 114 — 224 Income (loss) before income taxes 585 (144) — 441 Income tax provision (benefit) 148 (37) — 111 Net income 437 330 (437) 330 Property, plant and equipment, net 7,901 9 — 7,910 Goodwill 950 — — 950 Total assets (a) 9,224 4,977 (4,872) 9,329 Capital expenditures 773 — (4) 769 ____________________________ (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.

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure	ITC HOLDINGS CORP. CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENT COMPANY ONLY) December 31, (In millions of USD, except share data) 2020 2019 ASSETS Current assets Cash and cash equivalents $ 2 $ 2 Accounts receivable from subsidiaries 9 17 Intercompany tax receivable from subsidiaries 8 3 Prepaid and other current assets — 5 Total current assets 19 27 Other assets Investment in subsidiaries 5,496 5,136 Deferred income taxes 160 140 Advances to subsidiaries 54 5 Other assets 101 94 Total other assets 5,811 5,375 TOTAL ASSETS $ 5,830 $ 5,402 LIABILITIES AND STOCKHOLDER’S EQUITY Current liabilities Accrued compensation $ 55 $ 61 Accrued interest 23 21 Debt maturing within one year 67 200 Other current liabilities 8 11 Total current liabilities 153 293 Accrued pension and postretirement liabilities 59 73 Other liabilities 58 37 Long-term debt (net of deferred financing fees and discount of $21 and $17, respectively) 3,266 2,767 TOTAL LIABILITIES 3,536 3,170 STOCKHOLDER’S EQUITY Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2020 and 2019 892 892 Retained earnings 1,410 1,333 Accumulated other comprehensive (loss) income (8) 7 Total stockholder’s equity 2,294 2,232 TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY $ 5,830 $ 5,402 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) Year Ended December 31, (In millions of USD) 2020 2019 2018 Other income (expense), net $ 5 $ 5 $ 1 General and administrative expense (20) (25) (7) Taxes other than income taxes (1) (2) — Interest expense (122) (119) (114) LOSS BEFORE INCOME TAXES (138) (141) (120) INCOME TAX BENEFIT (43) (44) (30) LOSS AFTER TAXES (95) (97) (90) EQUITY IN SUBSIDIARIES’ NET EARNINGS 502 525 420 NET INCOME 407 428 330 OTHER COMPREHENSIVE (LOSS) INCOME Derivative instruments (net of tax of $7 for the year ended December 31, 2020, $1 for the year ended December 31, 2019 and less than $1 for the year ended December 31, 2018) (15) 3 1 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX (15) 3 1 TOTAL COMPREHENSIVE INCOME $ 392 $ 431 $ 331 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) Year Ended December 31, (In millions of USD) 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 407 $ 428 $ 330 Adjustments to reconcile net income to net cash used in operating activities: Equity in subsidiaries' earnings (502) (525) (420) Dividends from subsidiaries 3 3 26 Deferred and other income taxes (46) (51) (23) Net intercompany tax payments from (to) subsidiaries 33 14 59 Other 2 6 2 Changes in assets and liabilities, exclusive of changes shown separately: Accounts receivable from subsidiaries 9 9 (4) Intercompany tax receivable from subsidiaries (4) 11 (13) Income tax receivable — 1 14 Accrued compensation (6) 31 2 Other current and non-current assets and liabilities, net 6 9 13 Net cash used in operating activities (98) (64) (14) CASH FLOWS FROM INVESTING ACTIVITIES Equity contributions to subsidiaries (88) (120) (202) Return of capital from subsidiaries 228 239 324 Advances to subsidiaries (50) — — Other (2) (1) (1) Net cash provided by investing activities 88 118 121 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of long-term debt 700 — — Borrowings under revolving credit agreement 293 72 37 Borrowings under term loan credit agreements 200 200 — Net issuance of commercial paper (133) 200 — Retirement of long-term debt — including extinguishment of debt costs — (203) — Repayments of revolving credit agreement (290) (75) — Repayments of term loan credit agreement (400) — — Dividends to ITC Investment Holdings (330) (250) (200) Settlement of interest rate swaps (23) — — Other (7) — (1) Net cash provided by (used in) financing activities 10 (56) (164) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH — (2) (57) CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 2 4 61 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 2 $ 2 $ 4 See notes to condensed financial statements (parent company only). For 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. 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, 2020 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 recent outbreak of COVID-19 have resulted in impacts to businesses and facilities in various industries around the world, such as operating restrictions and closures, and disruptions to the global economy and supply chains. To date, COVID-19 has not had a material impact on our results of operations, cash flows or financial condition. The duration and total impact on our operations from COVID-19 is unknown at this time and will ultimately depend on the duration and severity of the pandemic, the length that the various business restrictions are in effect, the impact of recent resurgences of COVID-19 cases and deaths in the United States, and the efficacy and distribution of COVID-19 vaccines. We are continuing to monitor developments and cannot predict whether COVID-19 will have a material impact on our results of operations, cash flows or financial condition. We are also monitoring the evolving situation and guidance from federal, state and local public health authorities. We are taking steps to mitigate the potential risks to us and our employees posed by COVID-19, including enabling remote work arrangements for employees when appropriate, and are following all government requirements to reduce the transmission of COVID-19. As of December 31, 2020, the maturities of our debt outstanding were as follows: (In millions of USD) 2021 $ 67 2022 500 2023 287 2024 400 2025 — 2026 and thereafter 2,100 Total $ 3,354 Refer to Note 10 to the consolidated financial statements for additional information on the ITC Holdings Senior Notes, the ITC Holdings Revolving and Term Loan 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 $3,670 million and $2,752 million at December 31, 2020 and 2019, respectively. The total book value of the ITC Holdings Senior Notes, net of discount and deferred financing fees, was $3,229 million and $2,533 million at December 31, 2020 and 2019, respectively. The fair values of the ITC Holdings Senior Notes represent Level 2 under the three-tier hierarchy described in Note 13 to the consolidated financial statements. Revolving and Term Loan Credit Agreements At December 31, 2020 and 2019, we had $37 million and $234 million respectively, outstanding under our revolving and term loan 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 and term loan credit agreements represent Level 2 under the three-tier hierarchy described in Note 13 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. Our related-party transactions during were as follows: Year Ended December 31, (In millions of USD) 2020 2019 2018 Equity contributions to subsidiaries $ (88) $ (120) $ (202) Dividends from subsidiaries (a) 3 3 26 Return of capital from subsidiaries (a) 228 239 324 Net income tax payments (to) from: (b) ITCTransmission $ 17 $ 7 $ 39 METC 9 4 7 ITC Midwest 1 3 3 ITC Great Plains 6 (1) 9 ITC Interconnection — 1 1 ____________________________ (a) Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries. (b) 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. Net 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. 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. 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. Intercompany Loan Agreement On September 21, 2020, we advanced an intercompany loan to ITC Transmission totaling $50 million, which remained outstanding at December 31, 2020. We received interest payments of less than $1 million during the year ended December 31, 2020 from ITC Transmission associated with this intercompany loan. Additionally, at December 31, 2020 we had a $4 million intercompany loan with ITC Interconnection. During the year ended December 31, 2020, we received principal and interest payments of less than $1 million from ITC Interconnection associated with this intercompany loan. 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: December 31, (In millions of USD) 2020 2019 2018 2017 Cash and cash equivalents $ 2 $ 2 $ 3 $ 60 Restricted cash included in: Other non-current assets — — 1 1 Total cash, cash equivalents and restricted cash $ 2 $ 2 $ 4 $ 61 Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2020 2019 2018 Supplementary cash flows information: Interest paid $ 116 $ 117 $ 117 Income taxes paid 2 — — Income tax refunds received 2 3 13

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
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, 2020, 2019 and 2018 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. 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 2020, 2019 and 2018. 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 the 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 $7 million for 2020, $8 million for 2019 and $9 million for 2018. 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.
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 16. 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.
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 12. Gains and losses associated with our mutual funds as described in Note 13 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. 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, 2020 and determined that no impairment exists. There were no events subsequent to October 1, 2020 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 9 for additional discussion on our goodwill and 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 issue. 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 issue.
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 10 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 and other risks. We periodically evaluate our exposure to such risks and record liabilities for those matters when 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. The adequacy of liabilities 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 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 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 operating 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 5 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 $5 million , $7 million and $5 million for the years ended December 31, 2020, 2019 and 2018, 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 6 for more information on our 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. We also have an Employee Share Purchase Plan which enables ITC employees to purchase shares of Fortis common stock. Our cost of the plan is based on the value of our contribution, as additional compensation to a participating employee, equal to 10% of an employee’s contribution up to a maximum
Comprehensive Income (Loss)	Comprehensive income (loss) is the change in common 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, 2020, 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 2016 to 2019. 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)

REVENUE (Policies)	12 Months Ended
	Dec. 31, 2020
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 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 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 operating 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 5 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 $5 million , $7 million and $5 million for the years ended December 31, 2020, 2019 and 2018, 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 6 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2020
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: December 31, (In millions of USD) 2020 2019 2018 2017 Trade accounts receivable $ 2 $ 2 $ 2 $ 2 Unbilled accounts receivable 102 102 92 108 Other 10 13 8 9 Total accounts receivable $ 114 $ 117 $ 102 $ 119

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 2020
Regulated Operations [Abstract]
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: December 31, (In millions of USD) 2020 2019 Current regulatory assets $ 44 $ 12 Non-current regulatory assets 19 43 Current regulatory liabilities (1) (51) Non-current regulatory liabilities (12) (1) Net regulatory assets $ 50 $ 3
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, 2020: (In millions of USD) Total Net regulatory assets as of December 31, 2019 $ 3 Net refund of 2018 revenue deferrals and accruals, including accrued interest 40 Net revenue accrual for the year ended December 31, 2020 8 Net accrued interest payable for the year ended December 31, 2020 (1) Net regulatory assets as of December 31, 2020 $ 50

REGULATORY ASSETS AND LIABILI_2

REGULATORY ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Regulatory Assets and Liabilities Disclosure [Abstract]
Schedule of Regulatory Assets	The following table summarizes the regulatory asset balances: December 31, (In millions of USD) 2020 2019 Regulatory Assets: Current: Revenue accruals (including accrued interest of $2 and $1 as of December 31, 2020 and 2019, respectively) (a) $ 44 $ 12 Refund related to the Initial Complaint (including accrued interest of $2 as of December 31, 2020) (b) 8 — Total current 52 12 Non-current: Revenue accruals (including accrued interest of less than $1 and $1 as of December 31, 2020 and 2019, respectively) (a) 19 43 ITCTransmission ADIT deferral (net of accumulated amortization of $54 and $51 as of December 31, 2020 and 2019, respectively) 7 10 METC ADIT deferral (net of accumulated amortization of $33 and $31 as of December 31, 2020 and 2019, respectively) 10 12 METC regulatory deferrals (net of accumulated amortization of $11 and $10 as of December 31, 2020 and 2019, respectively) 4 5 Income taxes recoverable related to AFUDC equity 106 99 ITC Great Plains start-up, development and pre-construction (net of accumulated amortization of $7 and $6 as of December 31, 2020 and 2019, respectively) 6 7 Pensions and postretirement 30 25 Income taxes recoverable related to implementation of the Michigan Corporate Income Tax 6 7 Accrued asset removal costs 24 21 Total non-current 212 229 Total $ 264 $ 241 ____________________________ (a) Refer to discussion of revenue accruals in Note 6 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 liability in Note 18 under “Rate of Return on Equity Complaints.”	[1],[2]
Schedule of Regulatory Liabilities	The following table summarizes the regulatory liability balances: December 31, (In millions of USD) 2020 2019 Regulatory Liabilities: Current: Revenue deferrals (including accrued interest of less than $1 and $4 as of December 31, 2020 and 2019, respectively) (a) $ 1 $ 51 Refund related to the Initial Complaint (including accrued interest of $1 and $6 as of December 31, 2020 and 2019, respectively) (b) 13 70 Refund related to ITC Great Plains incentive adder complaint (c) — 2 Total current 14 123 Non-current: Revenue deferrals (including accrued interest of less than $1 as of December 31, 2020 and 2019) (a) 12 1 Accrued asset removal costs 73 72 Excess state income tax deductions 3 2 Income taxes refundable related to implementation of the TCJA 507 509 Pensions and postretirement 16 — Other 1 — Total non-current 612 584 Total $ 626 $ 707 ____________________________ (a) Refer to discussion of revenue deferrals in Note 6 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 liability in Note 18 under “Rate of Return on Equity Complaints.” (c) Refer to discussion of the ITC Great Plains incentive adder in Note 6 under “Incentive Adders for Transmission Rates.”	[3],[4],[5]
[1]	Refer to discussion of revenue accruals in Note 6 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.
[2]	Refer to discussion of the refund liability in Note 18 under “Rate of Return on Equity Complaints.”
[3]	Refer to discussion of revenue deferrals in Note 6 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.
[4]	Refer to discussion of the ITC Great Plains incentive adder in Note 6 under “Incentive Adders for Transmission Rates.”
[5]	Refer to discussion of the refund liability in Note 18 under “Rate of Return on Equity Complaints.”

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Expected Amortization Expense	We expect the annual amortization of our intangible assets that have been recorded as of December 31, 2020 to be as follows: (In millions of USD) 2021 $ 3 2022 3 2023 4 2024 3 2025 3 2026 and thereafter 13 Total $ 29

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
Public Utilities, Property, Plant and Equipment [Abstract]
Schedule of Public Utility Property, Plant, and Equipment	Property, plant and equipment — net consisted of the following: December 31, (In millions of USD) 2020 2019 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment in service $ 10,661 $ 9,973 Construction work in progress 523 375 Capital equipment inventory 103 99 Other 81 51 ITC Holdings and other 14 14 Total 11,382 10,512 Less: Accumulated depreciation and amortization (2,055) (1,930) Property, plant and equipment, net $ 9,327 $ 8,582

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
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: December 31, (In millions of USD) 2020 2019 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 4.05% Senior Notes, due July 1, 2023 250 250 ITC Holdings 3.65% Senior Notes, due June 15, 2024 400 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 2.70% Senior Notes, due November 15, 2022 500 500 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 — ITC Holdings Term Loan Credit Agreement, due June 11, 2021 — 200 ITC Holdings Revolving Credit Agreement, due October 21, 2023 37 34 ITC Holdings Commercial Paper Program (a) 67 200 ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission Revolving Credit Agreement, due October 21, 2023 33 24 METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, due July 10, 2049 50 50 METC 3.02% Senior Secured Notes, due October 14, 2055 150 — METC Revolving Credit Agreement, due October 21, 2023 20 79 ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 7.27% First Mortgage Bonds, Series C, due December 22, 2020 (a) — 35 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 75 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 — ITC Midwest Revolving Credit Agreement, due October 21, 2023 75 130 ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 150 150 ITC Great Plains Revolving Credit Agreement, due October 21, 2023 33 32 Total principal 6,405 5,844 Unamortized deferred financing fees and discount (43) (37) Total debt $ 6,362 $ 5,807 ____________________________ (a) As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, of debt included within debt maturing within one year in the consolidated statements of financial position.	[1]
Schedule of Maturities of Debt	The annual maturities of debt as of December 31, 2020 are as follows: (In millions of USD) 2021 $ 67 2022 500 2023 448 2024 475 2025 — 2026 and thereafter 4,915 Total $ 6,405 As of December 31, 2020, the maturities of our debt outstanding were as follows: (In millions of USD) 2021 $ 67 2022 500 2023 287 2024 400 2025 — 2026 and thereafter 2,100 Total $ 3,354
Schedule of Interest Rate Derivatives	A summary of the terminated interest rate swaps is provided below: Interest Rate Swaps Notional Amount Weighted Average Fixed Rate of Interest Rate Swaps Comparable Loss on Derivatives Settlement Date 5-year interest rate swaps $ 450 1.41 % 0.38% $ 23 May 2020
Schedule of Revolving Credit Agreements	At December 31, 2020, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ 37 $ 363 (d) 1.4% 0.175 % ITCTransmission 100 33 67 1.1% 0.10 % METC 100 20 80 1.1% 0.10 % ITC Midwest 225 75 150 1.1% 0.10 % ITC Great Plains 75 33 42 1.1% 0.10 % Total $ 900 $ 198 $ 702 ____________________________ (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 $296 million as of December 31, 2020.	[2],[3],[4],[5]
[1]	As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, of debt included within debt maturing within one year in the consolidated statements of financial position
[2]	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.
[3]	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 $296 million as of December 31, 2020.
[4]	Included within long-term debt in the consolidated statements of financial position.
[5]	nterest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Income tax expense at federal statutory rate (a) $ 114 $ 118 $ 93 State income taxes (net of federal benefit) (b) 28 22 31 AFUDC equity (4) (5) (6) Other, net (2) (3) (7) Total income tax provision $ 136 $ 132 $ 111 ____________________________ (a) The federal statutory rate is 21% for 2020, 2019 and 2018.	[1],[2]
Components of Income Tax Provision	Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2020 2019 2018 Current income tax (benefit) expense $ (2) $ (3) $ 4 Deferred income tax expense 138 135 107 Total income tax provision $ 136 $ 132 $ 111
Deferred Tax Assets and Liabilities	Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2020 2019 Property, plant and equipment $ (1,156) $ (1,071) Federal income tax NOLs and other credits 85 117 METC regulatory deferral (a) (4) (5) Acquisition adjustments — ADIT deferrals (a) (5) (7) Goodwill (139) (133) Refund liabilities (a) — 19 Regulatory liability gross up — TCJA 134 134 Pension and postretirement liabilities 20 18 State income tax NOLs (net of federal benefit) 58 52 True-up adjustment principal & interest (14) (1) Other, net 8 4 Net deferred tax liabilities $ (1,013) $ (873) Gross deferred income tax liabilities $ (1,333) $ (1,233) Gross deferred income tax assets 320 360 Net deferred tax liabilities $ (1,013) $ (873) ____________________________ (a) Deferred income tax assets for refund liabilities are related to the Initial Complaint and the ITC Great Plains incentive adder complaint. See Note 7 for additional details regarding these matters.	[3]
[1]	Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021.
[2]	The federal statutory rate is 21% for 2020, 2019 and 2018.
[3]	Deferred income tax assets for refund liabilities are related to the Initial Complaint and the ITC Great Plains incentive adder complaint. See Note 7 for additional details regarding these matters.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (in millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Cash equivalents $ 1 $ — $ — Mutual funds — fixed income securities 52 — $ — Mutual funds — equity securities 10 — — Total $ 63 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2019, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (in millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 50 $ — $ — Mutual funds — equity securities 8 — — Interest rate swap derivatives — 3 — Total $ 58 $ 3 $ —

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	12 Months Ended
	Dec. 31, 2020
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: Pension Plans Postretirement Benefit Plan Years Ended December 31, Years Ended December 31, (In millions of USD) 2020 2019 2018 2020 2019 2018 Service cost $ 8 $ 7 $ 7 $ 11 $ 9 $ 10 Interest cost 4 5 4 4 4 3 Expected return on plan assets (6) (5) (5) (5) (4) (3) Amortization of unrecognized loss 1 1 1 — — — Net benefit cost $ 7 $ 8 $ 7 $ 10 $ 9 $ 10
Assumptions Used	Actuarial assumptions used to determine the benefit obligations for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, 2020 2019 2018 2020 2019 2018 Weighted average discount rate 2.49% 3.27% 4.28% 2.94% 3.61% 4.47% Weighted average interest crediting rate 4.00% 4.00% 4.50% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.00% 6.25% 6.50% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 Weighted average discount rate — service cost 3.47% 4.42% 3.70% 3.80% 4.58% 3.80% Weighted average discount rate — interest cost 2.91% 3.99% 3.26% 3.30% 4.28% 3.58% Weighted average interest crediting rate 4.00% 4.50% 4.50% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.25% 6.50% 6.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Expected long-term rate of return on plan assets 6.00% 6.60% 6.40% 4.50% 5.00% 4.90%
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: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2020 2019 2020 2019 Change in Benefit Obligation: Beginning projected benefit obligation $ (141) $ (123) $ (113) $ (90) Service cost (8) (7) (11) (9) Interest cost (4) (5) (4) (4) Plan amendments — — 2 — Actuarial net gain/(loss) (16) (12) 3 (11) Benefits paid 7 6 1 1 Ending projected benefit obligation (162) (141) (122) (113) Change in Plan Assets: Beginning plan assets at fair value 91 73 95 72 Actual return on plan assets 15 16 16 15 Employer contributions 4 4 10 9 Benefits paid (3) (2) (1) (1) Ending plan assets at fair value 107 91 120 95 Funded status, underfunded $ (55) $ (50) $ (2) $ (18) Accumulated benefit obligation: Retirement plan $ (95) $ (78) N/A N/A Supplemental benefit plans (60) (57) N/A N/A Total accumulated benefit obligation $ (155) $ (135) $ — $ — Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (57) $ (55) $ (2) $ (18) Other non-current assets 6 9 N/A N/A Other current liabilities (4) (4) N/A N/A Total $ (55) $ (50) $ (2) $ (18) Unrecognized Amounts in Non-current Regulatory Assets/(Liabilities): Net actuarial loss/(gain) $ 30 $ 24 $ (14) $ 1 Net prior service cost/(credit) — — (2) — Total $ 30 $ 24 $ (16) $ 1
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: Pension Plans December 31, (In millions of USD) 2020 2019 Accumulated benefit obligation $ (60) $ (57) Fair value of plan assets (a) — — ____________________________ (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.	[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: Pension Plans December 31, (In millions of USD) 2020 2019 Projected benefit obligation $ (61) $ (59) Fair value of plan assets (a) — — ____________________________	[2]
Projected Benefit Payments	At December 31, 2020, 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: (In millions of USD) Pension Plans Postretirement Benefit Plan 2021 $ 7 $ 2 2022 8 2 2023 9 2 2024 9 2 2025 10 3 2026 through 2030 59 21
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, 2020 and 2019, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2020 2020 2019 2020 2019 Fixed income securities 50 % 50 % 50 % 50 % 50 % Equity securities 50 % 50 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 %
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, 2020 and 2019, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2020 2019 2020 2019 Mutual funds — U.S. equity securities $ 43 $ 36 $ 57 $ 45 Mutual funds — international equity securities 11 9 3 2 Mutual funds — fixed income securities 53 46 60 48 Total $ 107 $ 91 $ 120 $ 95
[1]	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.
[2]	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.

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Balance at the beginning of period $ 7 $ 4 $ 2 Reclassification of deferred tax effects on interest rate cash flow hedges stranded in AOCI, subject to the TCJA, into retained earnings — — 1 Other Comprehensive Income Derivative Instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2020 and less than $1 for each of the years ended December 31, 2019 and 2018) (a) 3 1 1 (Loss) gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $8 and $1 for the years ended December 31, 2020 and 2019, respectively) (18) 2 — Total other comprehensive (loss) income, net of tax (15) 3 1 Balance at the end of period $ (8) $ 7 $ 4 ____________________________ (a) The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis.	[1]
[1]	The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Tables)	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Operation and maintenance expenses $ 2 $ 2 $ 1 General and administrative expenses 23 30 7 Amounts capitalized to property, plant and equipment 7 8 3 Total share-based compensation costs $ 32 $ 40 $ 11 Total tax benefit recognized in the consolidated statements of comprehensive income $ 8 $ 8 $ 4
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, 2020: Number of Service Based Units SBUs at December 31, 2019 745,250 Granted 246,714 Vested and paid out (266,918) Forfeited (37,336) SBUs at December 31, 2020 687,710
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, 2020: Number of Performance Based Units PBUs at December 31, 2019 976,228 Granted 319,440 Vested and paid out (335,619) Forfeited (59,098) PBUs at December 31, 2020 900,951
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: December 31, (In millions of USD) 2020 2019 Accrued compensation $ 20 $ 17 Other long-term liabilities 22 19 Total $ 42 $ 36
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: December 31, (In millions of USD) 2020 2019 Accrued compensation $ 9 $ 10 Other long-term liabilities 10 10 Total $ 19 $ 20

JOINTLY OWNED UTILITY PLANT_C_2

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020: Net Investments (a) (In millions of USD) Substations Lines ITCTransmission (b) $ — $ 29 METC (c) 17 41 ITC Midwest (d) 44 41 ITC Great Plains (e) 10 23 Total $ 71 $ 134 ____________________________ (a) Amount represents our investment in jointly held plant, which has been reduced by the ownership interest amounts of other parties. (b) ITCTransmission has joint ownership in two 345 kV transmission lines with a municipal power agency that has a 50.4% ownership interest in the transmission lines. An Ownership and Operating Agreement with the municipal power agency provides ITCTransmission with authority for construction of capital improvements and for the operation and management of the transmission lines. The municipal power agency is responsible for the capital and operation and maintenance costs allocable to their ownership interest. (c) METC has joint ownership in several assets within various substations with Consumers Energy, other municipal distribution systems and other generators. The rights, responsibilities and obligations for these jointly owned assets are documented in the DT Interconnection Agreement with Consumers Energy and in numerous interconnection facilities agreements with various municipalities and other generators. In addition, other municipal power agencies and cooperatives have an ownership interest in several METC 345 kV transmission lines. This ownership entitles these municipal power agencies and cooperatives to approximately 608 MW of network transmission service from the METC transmission system. As of December 31, 2020, 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, 2020. (e) ITC Great Plains has joint ownership in a transmission project with an electric cooperative. ITC Great Plains is responsible for construction and operation of the project and the electric cooperative is responsible for their ownership percentage of capital and operation and maintenance costs. As of December 31, 2020, ITC Great Plains’ ownership percentage in the project was 51.0%.	[1],[2],[3],[4],[5]
[1]	Amount represents our investment in jointly held plant, which has been reduced by the ownership interest amounts of other parties.
[2]	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, 2020.
[3]	ITCTransmission has joint ownership in two 345 kV transmission lines with a municipal power agency that has a 50.4% ownership interest in the transmission lines. An Ownership and Operating Agreement with the municipal power agency provides ITCTransmission with authority for construction of capital improvements and for the operation and management of the transmission lines. The municipal power agency is responsible for the capital and operation and maintenance costs allocable to their ownership interest.
[4]	METC has joint ownership in several assets within various substations with Consumers Energy, other municipal distribution systems and other generators. The rights, responsibilities and obligations for these jointly owned assets are documented in the DT Interconnection Agreement with Consumers Energy and in numerous interconnection facilities agreements with various municipalities and other generators. In addition, other municipal power agencies and cooperatives have an ownership interest in several METC 345 kV transmission lines. This ownership entitles these municipal power agencies and cooperatives to approximately 608 MW of network transmission service from the METC transmission system. As of December 31, 2020, 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.
[5]	TC Great Plains has joint ownership in a transmission project with an electric cooperative. ITC Great Plains is responsible for construction and operation of the project and the electric cooperative is responsible for their ownership percentage of capital and operation and maintenance costs. As of December 31, 2020, ITC Great Plains’ ownership percentage in the project was 51.0%.

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Revenue increase $ 32 $ 69 $ 1 Interest expense (decrease) increase (3) (12) 7 Estimated net income increase (reduction) 25 61 (4)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	Regulated Operating ITC Holdings Reconciliations/ 2020 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,333 $ 1 $ (36) $ 1,298 Depreciation and amortization 218 1 — 219 Interest expense, net 118 122 — 240 Income (loss) before income taxes 683 (140) — 543 Income tax provision (benefit) 179 (43) — 136 Net income 504 407 (504) 407 Property, plant and equipment, net 9,319 8 — 9,327 Goodwill 950 — — 950 Total assets (a) 10,710 5,830 (5,715) 10,825 Capital expenditures 886 — (1) 885 Regulated Operating ITC Holdings Reconciliations/ 2019 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,358 $ — $ (31) $ 1,327 Depreciation and amortization 201 2 — 203 Interest expense, net 105 119 — 224 Income (loss) before income taxes 710 (150) — 560 Income tax provision (benefit) 179 (47) — 132 Net income 531 428 (531) 428 Property, plant and equipment, net 8,573 9 — 8,582 Goodwill 950 — — 950 Total assets (a) 9,946 5,402 (5,290) 10,058 Capital expenditures 874 — (9) 865 Regulated Operating ITC Holdings Reconciliations/ 2018 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,185 $ — $ (29) $ 1,156 Depreciation and amortization 179 1 — 180 Interest expense, net 110 114 — 224 Income (loss) before income taxes 585 (144) — 441 Income tax provision (benefit) 148 (37) — 111 Net income 437 330 (437) 330 Property, plant and equipment, net 7,901 9 — 7,910 Goodwill 950 — — 950 Total assets (a) 9,224 4,977 (4,872) 9,329 Capital expenditures 773 — (4) 769 ____________________________ (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.	[1]
[1]	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.

GENERAL (Details)

GENERAL (Details)	Apr. 20, 2016
Business Acquisition [Line Items]
Ownership Percentage of Minority Investor Upon Completion of Merger	19.90%

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS Restricted Cash (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted Cash - Beginning Balance	$ 2	$ 4	$ 2
Restricted Cash, Ending Balance	2	2	4
Increase (Decrease) in Other Operating Assets and Liabilities, Net	$ (16)	$ (4)	$ 1

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS Service Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
General and administrative	$ 115	$ 138	$ 127
Other Nonoperating Income (Expense)	$ (3)	$ 0	$ 3

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Depreciation and amortization expense	$ 209	$ 194	$ 170
Composite depreciation rate	2.00%	2.00%	2.00%
Property, Plant and Equipment [Line Items]
AFUDC debt	$ 7	$ 8	$ 9
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
Maximum Annual Contribution Percentage of Pay	1.00%
Employer Match Contribution	10.00%
Percent of Dividends Payable	10.00%
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)

REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Transmission services	$ 1,290	$ 1,286	$ 1,192
Other services
Disaggregation of Revenue [Line Items]
Transmission services	$ 5	$ 7	$ 5

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 114	$ 117	$ 102	$ 119
Unbilled accounts receivable	102	102	92	108
Other	10	13	8	9
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2	$ 2	$ 2	$ 2

REGULATORY MATTERS Changes in R

REGULATORY MATTERS Changes in Regulatory Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Revenue Accruals and Deferrals
Net regulatory assets as of December 31, 2019	$ 3
Net refund of 2018 revenue deferrals and accruals, including accrued interest	40
Net revenue accrual for the year ended December 31, 2020	8
Net accrued interest payable for the year ended December 31, 2020	(1)
Net regulatory assets as of December 31, 2020	$ 50

REGULATORY MATTERS Schedule of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets		$ 52	$ 12
Non-current regulatory assets		212	229
Current regulatory liabilities		(14)	(123)
Non-current regulatory liabilities		(612)	(584)
Net regulatory assets		50	3
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	[1]	(1)	(51)
Non-current regulatory liabilities	[1]	(12)	(1)
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	[2]	44	12
Non-current regulatory assets	[2]	$ 19	$ 43
[1]	Refer to discussion of revenue deferrals in Note 6 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.
[2]	Refer to discussion of revenue accruals in Note 6 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.

REGULATORY MATTERS Additional I

REGULATORY MATTERS Additional Information (Details) $ in Millions		12 Months Ended
		Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	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
Regulatory liabilities		$ 14	$ 123
Operating revenues		1,298	1,327	$ 1,156
Regulatory assets		52	12
Revenue Accruals, Including Accrued Interest
Public Utilities, General Disclosures [Line Items]
Regulatory assets	[1]	44	12
Refund related to the Initial Complaint, Including Accrued Interest
Public Utilities, General Disclosures [Line Items]
Regulatory assets		$ 8	$ 0
MISO Operating Subsidiaries
Public Utilities, General Disclosures [Line Items]
Basis Point Incentive Adder for RTO Participation		50
Incentive Adder for Independent Transmission Ownership		10					25
ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity		11.41%	12.16%	12.16%
Revised base rate of return on equity		10.66%	10.66%	10.66%
Basis Point Incentive Adder for RTO Participation		50	50	50
Incentive Adder for Independent Transmission Ownership		25	100	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 Initial Complaint
Public Utilities, General Disclosures [Line Items]
Required customer refund paid				$ 7
Rate of Return on Equity and Capital Structure Complaints
Public Utilities, General Disclosures [Line Items]
Required customer refund paid		$ 31
Rate of Return on Equity and Capital Structure Complaints | ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Required customer refund paid		4
Rate of Return on Equity and Capital Structure Complaints | Impact from Recognition of Liability
Public Utilities, General Disclosures [Line Items]
Operating revenues		32	$ 69	1
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		$ 13	70	$ 151
Estimated Refund Related to Return on Equity Complaint | ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Regulatory liabilities			$ 2
[1]	Refer to discussion of revenue accruals in Note 6 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.

REGULATORY ASSETS AND LIABILI_3

REGULATORY ASSETS AND LIABILITIES Regulatory Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2007	Feb. 28, 2003
Regulatory Assets
Current regulatory assets		$ 52,000	$ 12,000
Non-current regulatory assets		212,000	229,000
Regulatory assets		264,000	241,000
Revenue Accruals, Including Accrued Interest
Regulatory Assets
Current regulatory assets	[1]	44,000	12,000
Non-current regulatory assets	[1]	19,000	43,000
Revenue Accruals, Accrued Interest Less Than $1 Million
Regulatory Assets
Current regulatory assets	[1]	2,000	1,000
Non-current regulatory assets	[1]	1,000	1,000
Income Taxes Recoverable Related to AFUDC Equity
Regulatory Assets
Non-current regulatory assets		106,000	99,000
Pensions and Postretirement
Regulatory Assets
Non-current regulatory assets		30,000	25,000
Income Taxes Recoverable Related to Implementation of the Michigan Corporate Income Tax
Regulatory Assets
Non-current regulatory assets		6,000	7,000
Accrued Asset Removal Costs
Regulatory Assets
Non-current regulatory assets		24,000	21,000
Refund related to the Initial Complaint, Including Accrued Interest
Regulatory Assets
Current regulatory assets		8,000	0
Refund related to the Initial Complaint, Accrued Interest
Regulatory Assets
Current regulatory assets		2,000	0
ITCTransmission | ADIT Deferral
Regulatory Assets
Non-current regulatory assets		7,000	10,000
Regulatory assets, accumulated amortization		54,000	51,000
Regulatory assets					$ 61,000
METC | ADIT Deferral
Regulatory Assets
Non-current regulatory assets		10,000	12,000
Regulatory assets, accumulated amortization		33,000	31,000
Regulatory assets				$ 43,000
METC | Regulatory Deferrals
Regulatory Assets
Non-current regulatory assets		4,000	5,000
Regulatory assets, accumulated amortization		11,000	10,000
Regulatory assets				$ 15,000
ITC Great Plains | Start-up, Development and Pre-construction Expenses, Including Associated Carrying Charges
Regulatory Assets
Non-current regulatory assets		6,000	7,000
Regulatory assets, accumulated amortization		$ 7,000	$ 6,000
[1]	Refer to discussion of revenue accruals in Note 6 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.

REGULATORY ASSETS AND LIABILI_4

REGULATORY ASSETS AND LIABILITIES Regulatory Liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Regulatory Liabilities
Current regulatory liabilities		$ 14	$ 123
Non-current regulatory liabilities		612	584
Regulatory liabilities		626	707
Income taxes refundable related to implementation of Tax Reform
Regulatory Liabilities
Non-current regulatory liabilities		507	509
Revenue Deferrals, Including Accrued Interest
Regulatory Liabilities
Current regulatory liabilities	[1]	1	51
Non-current regulatory liabilities	[1]	12	1
Estimated Refund Related to Return on Equity Complaint
Regulatory Liabilities
Current regulatory liabilities		13	70	$ 151
Accrued Asset Removal Costs
Regulatory Liabilities
Non-current regulatory liabilities		73	72
Excess State Income Tax Deduction
Regulatory Liabilities
Non-current regulatory liabilities		3	2
Refund related to the Initial Complaint, Including Interest
Regulatory Liabilities
Current regulatory liabilities		13	70
Pensions and Postretirement
Regulatory Liabilities
Non-current regulatory liabilities		16	0
Other Liabilities [Member]
Regulatory Liabilities
Non-current regulatory liabilities		1	0
ITC Great Plains | Estimated Refund Related to Return on Equity Complaint
Regulatory Liabilities
Current regulatory liabilities			2
ITC Great Plains | Refund related to ITC Great Plains Incentive Adder
Regulatory Liabilities
Current regulatory liabilities		$ 0	$ 2
[1]	Refer to discussion of revenue deferrals in Note 6 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.

REGULATORY ASSETS AND LIABILI_5

REGULATORY ASSETS AND LIABILITIES Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2007	Feb. 28, 2003	Jun. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2007
Regulatory Liabilities
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	21.00%	21.00%	35.00%
Document Period End Date				Dec. 31, 2020
Regulatory liabilities				$ 14	$ 123
Regulatory liabilities				612	584
Regulatory Assets
Regulatory assets				$ 264	241
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				$ 2	1
Regulatory liabilities				507	509
Revenue Deferrals, Accrued Interest [Member]
Regulatory Liabilities
Regulatory liabilities				1	4
Regulatory liabilities				1	1
Refund related to the Initial Complaint, Accrued Interest
Regulatory Liabilities
Regulatory liabilities				1	6
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 ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets
Goodwill	$ 950	$ 950	$ 950
Intangible assets	29
Accumulated amortization	46	42
Amortization expense	4	3	$ 4
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	12	14
Accumulated amortization	$ 28	26
Intangible asset, useful life	20 years
METC | ADIT Deferral
Goodwill and Intangible Assets
Intangible assets	$ 4	5
Accumulated amortization	$ 15	14
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	14
Accumulated amortization	$ 3	$ 2
Intangible asset, useful life	50 years

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS Future Amortization Expense (Details) $ in Millions	Dec. 31, 2020USD ($)
Future Amortization Expense
2019	$ 3
2020	3
2021	4
2022	3
2023	3
2024 and thereafter	13
Total	$ 29

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment
Total	$ 11,382	$ 10,512
Less: Accumulated depreciation and amortization	(2,055)	(1,930)
Property, plant and equipment, net	9,327	8,582
Regulated Operating Subsidiaries
Property, Plant and Equipment
Property, plant and equipment in service	10,661	9,973
Construction work in progress	523	375
Capital equipment inventory	103	99
Other	81	51
ITC Holding and Other
Property, Plant and Equipment
ITC Holdings and other	$ 14	$ 14

DEBT Schedule of Debt (Details)

DEBT Schedule of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020		Oct. 14, 2020	Jul. 15, 2020	May 14, 2020	Jan. 23, 2020	Dec. 31, 2019		Aug. 28, 2019	Jul. 31, 2019	Jun. 12, 2019	Jan. 15, 2019
Debt Instrument
Commercial Paper	$ 67,000,000						$ 200,000,000
Debt maturing within one year	67,000,000						235,000,000
Total principal	6,405,000,000						5,844,000,000
Unamortized deferred financing fees and discount	(43,000,000)						(37,000,000)
Total debt	$ 6,362,000,000						5,807,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	0.30%
Short-Term Debt, Weighted Average Days to Maturity	14 days
ITC Holdings Corp.
Debt Instrument
Line of Credit Facility, Remaining Borrowing Capacity Adjusted for Commercial Paper Outstanding	$ 296,000,000
Commercial Paper	67,000,000	[1]					200,000,000
ITC Holdings Corp. | Line of Credit | Revolving Credit Agreement due October 21, 2022
Debt Instrument
Long-term debt	37,000,000						$ 34,000,000	[2]
ITC Holdings Corp. | Commercial Paper [Member]
Debt Instrument
Extinguishment of Debt, Amount	$ 92,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Note, Due May 14, 2030 [Member]
Debt Instrument
Interest rate	2.95%				2.95%
Principle amount					$ 700,000,000
Long-term debt	$ 700,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, due September 30, 2036
Debt Instrument
Interest rate	6.375%						6.375%
Long-term debt	$ 200,000,000						$ 200,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, due January 15, 2020
Debt Instrument
Interest rate	5.50%						5.50%
Long-term debt							$ 200,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	2.27%
ITC Holdings Corp. | Unsecured Debt | Senior Notes, due July 1, 2023
Debt Instrument
Interest rate	4.05%						4.05%
Long-term debt	$ 250,000,000						$ 250,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, due June 15, 2024
Debt Instrument
Interest rate	3.65%						3.65%
Long-term debt	$ 400,000,000						$ 400,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, due July 1, 2043
Debt Instrument
Interest rate	5.30%						5.30%
Long-term debt	$ 300,000,000						$ 300,000,000
ITC Holdings Corp. | Unsecured Debt | Unsecured Notes, due June 30, 2026
Debt Instrument
Interest rate	3.25%						3.25%
Long-term debt	$ 400,000,000						$ 400,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, Due November 15, 2022
Debt Instrument
Interest rate	2.70%						2.70%
Long-term debt	$ 500,000,000						$ 500,000,000
ITC Holdings Corp. | Unsecured Debt | Senior Notes, Due November 15, 2027
Debt Instrument
Interest rate	3.35%						3.35%
Long-term debt	$ 500,000,000						$ 500,000,000
ITC Holdings Corp. | Unsecured Debt | Term Loan Credit Agreement, Due June 11, 2021 [Member] [Member]
Debt Instrument
Principle amount											$ 400,000,000
Debt Instrument, Unused Borrowing Capacity, Amount											200,000,000
Other long-term debt											$ 200,000,000
ITC Holdings Corp. | Revolving Credit Facility [Member]
Debt Instrument
Extinguishment of Debt, Amount	$ 122,000,000
ITCTransmission | Secured Debt | First Mortgage Bonds, Series H, due August 28, 2049 [Member]
Debt Instrument
Interest rate	3.30%						3.30%		3.30%
Principle amount									$ 75,000,000
Long-term debt	$ 75,000,000						$ 75,000,000
ITCTransmission | Secured Debt | First Mortgage Bonds, Series C, due March 31, 2036
Debt Instrument
Interest rate	6.125%						6.125%
Long-term debt	$ 100,000,000						$ 100,000,000
ITCTransmission | Secured Debt | First Mortgage Bonds, Series E, due August 15, 2043
Debt Instrument
Interest rate	4.625%						4.625%
Long-term debt	$ 285,000,000						$ 285,000,000
ITCTransmission | Secured Debt | First Mortgage Bonds, Series F, due June 10, 2044
Debt Instrument
Interest rate	4.27%						4.27%
Long-term debt	$ 100,000,000						$ 100,000,000
ITCTransmission | Secured Debt | First Mortgage Bonds, Series G, due March 30, 2053
Debt Instrument
Interest rate	4.00%						4.00%
Long-term debt	$ 225,000,000						$ 225,000,000
ITCTransmission | Line of Credit | Revolving Credit Agreement due October 21, 2022
Debt Instrument
Long-term debt	$ 33,000,000						$ 24,000,000
METC | Secured Debt
Debt Instrument
Interest rate										4.65%
Principle amount										$ 50,000,000
METC | Secured Debt | Senior Secured Notes, due January 15, 2049
Debt Instrument
Interest rate												4.55%
Principle amount												$ 50,000,000
METC | Secured Debt | Senior Secured Notes, due May 6, 2040
Debt Instrument
Interest rate	5.64%						5.64%
Long-term debt	$ 50,000,000						$ 50,000,000
METC | Secured Debt | Senior Secured Notes, due October 26, 2042
Debt Instrument
Interest rate	3.98%						3.98%
Long-term debt	$ 75,000,000						$ 75,000,000
METC | Secured Debt | Senior Secured Notes, due December 15, 2044
Debt Instrument
Interest rate	4.19%						4.19%
Long-term debt	$ 150,000,000						$ 150,000,000
METC | Secured Debt | Senior Secured Notes, due April 26, 2046
Debt Instrument
Interest rate	3.90%						3.90%
Long-term debt	$ 200,000,000						$ 200,000,000
METC | Secured Debt | Senior Secured Notes, due January 15, 2049 [Member] [Member]
Debt Instrument
Interest rate	4.55%						4.55%
Long-term debt	$ 50,000,000
METC | Secured Debt | Senior Secured Notes, due July 10, 2049[Member] [Member]
Debt Instrument
Interest rate	4.65%						4.65%
Long-term debt	$ 50,000,000						$ 50,000,000
METC | Secured Debt | Senior Secured Notes due October 14, 2055 [Member]
Debt Instrument
Interest rate	3.02%
METC | Line of Credit | Revolving Credit Agreement due October 21, 2022
Debt Instrument
Long-term debt	$ 20,000,000						79,000,000	[2]
METC | Unsecured Debt | Term Loan Credit Agreement, Due December 7, 2018 [Member]
Debt Instrument
Other long-term debt							$ 50,000,000
METC | Unsecured Debt | Term Loan Credit Agreement, Due June 11, 2021 [Member] [Member]
Debt Instrument
Principle amount						$ 75,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	1.08%
METC | Unsecured Debt | Senior Secured Notes due October 14, 2055 [Member]
Debt Instrument
Interest rate			3.02%
Principle amount			$ 150,000,000
Long-term debt	$ 150,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series A, due January 31, 2038
Debt Instrument
Interest rate	6.15%						6.15%
Long-term debt	$ 175,000,000						$ 175,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series C, due December 22, 2020
Debt Instrument
Interest rate	7.27%						7.27%
Long-term debt	$ 0						$ 35,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series D, due December 17, 2024
Debt Instrument
Interest rate	4.60%						4.60%
Long-term debt	$ 75,000,000						$ 75,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series E, due January 19, 2027
Debt Instrument
Interest rate	3.50%						3.50%
Long-term debt	$ 100,000,000						$ 100,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series F, due April 30, 2043
Debt Instrument
Interest rate	4.09%						4.09%
Long-term debt	$ 100,000,000						$ 100,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series G, due April 7, 2055
Debt Instrument
Interest rate	3.83%						3.83%
Long-term debt	$ 225,000,000						$ 225,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series H, due April 18, 2047
Debt Instrument
Interest rate	4.16%						4.16%
Long-term debt	$ 200,000,000						$ 200,000,000
ITC Midwest | Secured Debt | First Mortgage Bonds, Series I, due November 1, 2051
Debt Instrument
Interest rate	4.32%						4.32%
Long-term debt	$ 175,000,000						$ 175,000,000
ITC Midwest | Line of Credit | Revolving Credit Agreement due October 21, 2022
Debt Instrument
Long-term debt	$ 75,000,000						$ 130,000,000	[2]
ITC Midwest | Unsecured Debt | First Mortgage Bonds due July 15, 2051 [Member]
Debt Instrument
Interest rate	3.13%			3.13%
Principle amount				$ 180,000,000
Long-term debt	$ 180,000,000
ITC Great Plains | Secured Debt | First Mortgage Bonds, Series A, due November 26, 2044
Debt Instrument
Interest rate	4.16%						4.16%
Long-term debt	$ 150,000,000						$ 150,000,000
ITC Great Plains | Line of Credit | Revolving Credit Agreement due October 21, 2022
Debt Instrument
Long-term debt	33,000,000						32,000,000	[2]
ITC Holdings
Debt Instrument
Long-term debt	3,354,000,000
Unamortized deferred financing fees and discount	(21,000,000)						(17,000,000)
ITC Holdings | Unsecured Debt | Term Loan Credit Agreement, Due September 30, 2016 [Member]
Debt Instrument
Other long-term debt	$ 0						$ 200,000,000
[1]	As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, of debt included within debt maturing within one year in the consolidated statements of financial position
[2]	.

DEBT Annual Maturities (Details

DEBT Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Maturities of Debt
2019	$ 67
2020	500
2021	448
2022	475
2023	0
2026 and thereafter	4,915
Total	$ 6,405	$ 5,844

DEBT Interest Rate Swap Agreeme

DEBT Interest Rate Swap Agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest Rate Swaps
Derivative, Average Variable Interest Rate	0.38%
Document Period End Date	Dec. 31, 2020
Line of Credit Facilities and Other Debt, Total Amount Outstanding	$ 198,000,000
Commercial Paper	67,000,000	$ 200,000,000
Derivative, Notional Amount	450,000,000	200,000,000
Gain (Loss) on Sale of Derivatives	23,000,000
Interest Rate Swap [Member]
Interest Rate Swaps
Derivative, Notional Amount	$ 450,000,000
Derivative, Fixed Interest Rate	1.41%
ITC Holdings
Interest Rate Swaps
Line of Credit Facilities and Other Debt, Total Amount Outstanding	$ 37,000,000	$ 234,000,000

DEBT Revolving Credit Agreement

DEBT Revolving Credit Agreements (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Line of Credit Facility
Total available capacity	$ 900,000,000
Outstanding balance	198,000,000	[1]
Unused capacity	702,000,000
ITC Holdings Corp.
Line of Credit Facility
Total available capacity	400,000,000
Outstanding balance	37,000,000	[1]
Unused capacity	$ 363,000,000	[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	33,000,000	[1]
Unused capacity	$ 67,000,000
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	20,000,000	[1]
Unused capacity	$ 80,000,000
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	75,000,000	[1]
Unused capacity	$ 150,000,000
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]
[1]	Included within long-term debt in the consolidated statements of financial position.
[2]	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 $296 million as of December 31, 2020.
[3]	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.

DEBT Additional Information (De

DEBT Additional Information (Details) - USD ($)	Dec. 31, 2020		May 14, 2020	Dec. 31, 2019	Jul. 31, 2019	Jan. 15, 2019
Debt Instrument
Commercial Paper	$ 67,000,000			$ 200,000,000
ITC Holdings Corp.
Debt Instrument
Commercial Paper	67,000,000	[1]		$ 200,000,000
Commercial Paper Program, Maximum Authorized Amount Outstanding	$ 400,000,000
Weighted average interest rate	1.40%
ITC Holdings Corp. | Senior Note, Due May 14, 2030 [Member] | Unsecured Debt
Debt Instrument
Interest rate	2.95%		2.95%
ITCTransmission
Debt Instrument
Weighted average interest rate	1.10%
METC
Debt Instrument
Weighted average interest rate	1.10%
METC | Secured Debt
Debt Instrument
Interest rate					4.65%
METC | Senior Secured Notes, due January 15, 2049 | Secured Debt
Debt Instrument
Interest rate						4.55%
ITC Midwest
Debt Instrument
Weighted average interest rate	1.10%
ITC Great Plains
Debt Instrument
Weighted average interest rate	1.10%
[1]	As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, of debt included within debt maturing within one year in the consolidated statements of financial position

INCOME TAXES Income Tax Reconci

INCOME TAXES Income Tax Reconciliation (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense at statutory rate	[1]			$ 114	$ 118	$ 93
State income taxes (net of federal benefit)	[2]			28	22	31
AFUDC equity				(4)	(5)	(6)
Other - net				(2)	(3)	(7)	[3]
Total income tax provision				$ 136	$ 132	$ 111
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	21.00%	21.00%		35.00%
Change in Tax Rate Income Tax Expense (Benefit)				$ 2	$ 1	$ 6
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		9.80%	12.00%
Document Period End Date				Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent				25.00%	23.60%	25.20%
[1]	The federal statutory rate is 21% for 2020, 2019 and 2018.
[2]	Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021.
[3]	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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Income tax expense at federal statutory rate (a) $ 114 $ 118 $ 93 State income taxes (net of federal benefit) (b) 28 22 31 AFUDC equity (4) (5) (6) Other, net (2) (3) (7) Total income tax provision $ 136 $ 132 $ 111 ____________________________ (a) The federal statutory rate is 21% for 2020, 2019 and 2018. (b) Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021.

INCOME TAXES Components of Inco

INCOME TAXES Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Income Tax Provision [Line Items]
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	$ (2)	$ (3)	$ (7)	[1]
Effective Income Tax Rate Reconciliation, Percent	25.00%	23.60%	25.20%
Document Period End Date	Dec. 31, 2020
Current income tax (benefit) expense	$ (2)	$ (3)	$ 4	[2]
Total income tax provision	$ 136	$ 132	$ 111
[1]	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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Income tax expense at federal statutory rate (a) $ 114 $ 118 $ 93 State income taxes (net of federal benefit) (b) 28 22 31 AFUDC equity (4) (5) (6) Other, net (2) (3) (7) Total income tax provision $ 136 $ 132 $ 111 ____________________________ (a) The federal statutory rate is 21% for 2020, 2019 and 2018. (b) Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021.
[2]	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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Income tax expense at federal statutory rate (a) $ 114 $ 118 $ 93 State income taxes (net of federal benefit) (b) 28 22 31 AFUDC equity (4) (5) (6) Other, net (2) (3) (7) Total income tax provision $ 136 $ 132 $ 111 ____________________________ (a) The federal statutory rate is 21% for 2020, 2019 and 2018. (b) Amounts for the years ended December 31, 2020, 2019 and 2018 include $2 million, $1 million and $6 million, respectively, related to the remeasurement of Iowa NOLs due to the rate change from 12.0% to 9.8% effective January 1, 2021.

INCOME TAXES Deferred Tax Asset

INCOME TAXES Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets and Liabilities [Line Items]
Deferred Income Tax Expense (Benefit)		$ 138	$ 135	$ 107
Property, plant and equipment		(1,156)	(1,071)
Federal income tax NOLs and other credits		85	117
Goodwill		(139)	(133)
Deferred Tax Assets, Other		8	4
Pension and postretirement liabilities		20	18
State income tax NOLs (net of federal benefit)		58	52
Net deferred tax liabilities		(1,013)	(873)
Gross deferred income tax liabilities		(1,333)	(1,233)
Gross deferred income tax assets		320	360
Regulatory liabilities		612	584
Regulatory assets		212	229
True up adjustment principal and interest
Deferred Tax Assets and Liabilities [Line Items]
Revenue Accruals And Deferrals Including Accrued Interest		(14)	(1)
ADIT Deferral
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities, regulatory assets	[1]	(5)	(7)
Refund Liability
Deferred Tax Assets and Liabilities [Line Items]
Revenue Accruals And Deferrals Including Accrued Interest	[1]	0	19
Regulatory liability gross up - TCJA
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Liabilities, Regulatory Assets and Liabilities		134	134
METC | Regulatory Deferrals
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax liabilities, regulatory assets	[1]	$ (4)	$ (5)
[1]	Deferred income tax assets for refund liabilities are related to the Initial Complaint and the ITC Great Plains incentive adder complaint. See Note 7 for additional details regarding these matters.

INCOME TAXES INCOME TAXES Addit

INCOME TAXES INCOME TAXES Additional Information (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent	25.00%	23.60%	25.20%

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis
Book value of revolving credit agreements and term loan credit agreements	$ 198
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Total - assets	63	$ 58
Cash Equivalents	1
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Total - assets	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Total - assets		3
Mutual fund - fixed income securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Equity Securities, FV-NI	52	50
Mutual fund - equity securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Equity Securities, FV-NI	$ 10	8
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Equity Securities, FV-NI		$ 3

FAIR VALUE MEASUREMENTS Additio

FAIR VALUE MEASUREMENTS Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
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	$ 7,119	$ 5,672
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	6,097	$ 5,108
Book value of revolving credit agreements and term loan credit agreements	$ 198

RETIREMENT BENEFITS AND ASSET_3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans
Defined Benefit Plan Disclosure
Service cost	$ 8	$ 7	$ 7
Interest cost	4	5	4
Expected return on plan assets	(6)	(5)	(5)
Amortization of unrecognized loss	1	1	1
Net cost	7	8	7
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
Service cost	11	9	10
Interest cost	4	4	3
Defined Benefit Plan, Plan Amendment [Abstract]	2
Expected return on plan assets	(5)	(4)	(3)
Amortization of unrecognized loss		0	0
Net cost	10	$ 9	$ 10
Increase (Decrease) in Regulatory Liabilities	(16)
Other Postretirement Benefits Plan | Net Prior Service Credit
Defined Benefit Plan Disclosure
Increase (Decrease) in Regulatory Liabilities	(2)
Other Postretirement Benefits Plan | Net Actuarial Loss
Defined Benefit Plan Disclosure
Increase (Decrease) in Regulatory Liabilities	$ (14)

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$ (60)	$ (57)
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ (61)	$ (59)
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Funded Status:
Accrued pension and postretirement liabilities	$ (59)	$ (73)
Unrecognized Amounts in Non-current Regulatory Assets:
Regulatory liabilities	612	584
Regulatory assets	212	229
Defined Contribution Plan, Cost	6	5	$ 5
Supplemental Benefit Plans
Change in Plans' Assets:
Employer contributions	3	1	3
Accumulated benefit obligation
Accumulated benefit obligation	(60)	(57)
Funded Status:
Other non-current assets	$ 56	$ 54
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	$ (141)	$ (123)
Service cost	(8)	(7)	(7)
Interest cost	(4)	(5)	(4)
Actuarial net gain (loss)	(16)	(12)
Benefits paid	7	6
Ending obligation	(162)	(141)	(123)
Change in Plans' Assets:
Beginning plan assets at fair value	91	73
Actual return on plan assets	15	16
Employer contributions	4	4	4
Benefits Paid	(3)	(2)
Ending plan assets at fair value	107	91	73
Funded status, underfunded	(55)	(50)
Accumulated benefit obligation
Accumulated benefit obligation	(155)	(135)
Funded Status:
Accrued pension and postretirement liabilities	(57)	(55)
Other non-current assets	6	9
Other current liabilities	(4)	(4)
Total	(55)	(50)
Unrecognized Amounts in Non-current Regulatory Assets:
Regulatory assets	30	24
Defined Benefit Plans | Net Actuarial Gain
Unrecognized Amounts in Non-current Regulatory Assets:
Regulatory assets	30	24
Retirement Plan
Accumulated benefit obligation
Accumulated benefit obligation	(95)	(78)
Other Postretirement Benefits Plan
Change in Benefit Obligation:
Beginning obligation	(113)	(90)
Service cost	(11)	(9)	(10)
Interest cost	(4)	(4)	(3)
Defined Benefit Plan, Plan Amendment [Abstract]	2
Actuarial net gain (loss)	3	(11)
Benefits paid	1	1
Ending obligation	(122)	(113)	(90)
Change in Plans' Assets:
Beginning plan assets at fair value	95	72
Actual return on plan assets	16	15
Employer contributions	10	9	9
Benefits Paid	(1)	(1)
Ending plan assets at fair value	120	95	$ 72
Funded status, underfunded	(2)	(18)
Funded Status:
Accrued pension and postretirement liabilities	(2)	(18)
Total	(2)	(18)
Unrecognized Amounts in Non-current Regulatory Assets:
Regulatory assets		1
Other Postretirement Benefits Plan | Net Actuarial Gain
Unrecognized Amounts in Non-current Regulatory Assets:
Regulatory assets		1
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Defined Benefit Plans
Change in Plans' Assets:
Beginning plan assets at fair value	91
Ending plan assets at fair value	107	91
Fair Value, Inputs, Level 1 | Fair Value, Recurring [Member] | Other Postretirement Benefits Plan
Change in Plans' Assets:
Beginning plan assets at fair value	95
Ending plan assets at fair value	120	95
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	36
Ending plan assets at fair value	43	36
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	45
Ending plan assets at fair value	57	45
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	9
Ending plan assets at fair value	11	9
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	2
Ending plan assets at fair value	$ 3	$ 2
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	$ 46
Ending plan assets at fair value	53	$ 46
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	48
Ending plan assets at fair value	$ 60	$ 48
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 ASSET_5

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans
Benefit Obligation Assumptions
Discount rate	2.49%	3.27%	4.28%
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%	4.50%
Annual rate of salary increases	4.00%	4.00%	4.00%
Expected long-term rate of return on plan assets	6.00%	6.60%	6.40%
Defined Benefit Plans | Benefit Cost
Benefit Cost Assumptions
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate	4.00%	4.50%	4.50%
Other Postretirement Benefits Plan
Benefit Obligation Assumptions
Discount rate	2.94%	3.61%	4.47%
Annual rate of salary increases	4.00%	4.00%	4.00%
Benefit Cost Assumptions
Annual rate of salary increases	4.00%	4.00%	4.00%
Expected long-term rate of return on plan assets	4.50%	5.00%	4.90%
Other Postretirement Benefits Plan | Defined Benefit Plan, Benefit Obligation [Member]
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
Annual rate of increase in dental benefit costs	4.50%	4.50%	4.50%
Other Postretirement Benefits Plan | Benefit Cost
Assumed Health Care Cost Trend Rates
Health care cost trend rate	6.25%	6.50%	6.75%
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	3.47%	4.42%	3.70%
Service Costs | Other Postretirement Benefits Plan
Benefit Cost Assumptions
Discount rate	3.80%	4.58%	3.80%
Interest Costs | Defined Benefit Plans
Benefit Cost Assumptions
Discount rate	2.91%	3.99%	3.26%
Interest Costs | Other Postretirement Benefits Plan
Benefit Cost Assumptions
Discount rate	3.30%	4.28%	3.58%

RETIREMENT BENEFITS AND ASSET_6

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Projected Benefit Payments (Details) $ in Millions	Dec. 31, 2020USD ($)
Defined Benefit Plans
Defined Benefit Plan Disclosure
2018	$ 7
2019	8
2020	9
2021	9
2022	10
2023 through 2027	59
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
2018	2
2019	2
2020	2
2021	2
2022	3
2023 through 2027	$ 21

RETIREMENT BENEFITS AND ASSET_7

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 107,000,000	$ 91,000,000	$ 73,000,000
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	$ 120,000,000	$ 95,000,000	$ 72,000,000
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	$ 107,000,000	$ 91,000,000
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure
Fair value amount	53,000,000	46,000,000
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | U.S. Equity Securities [Member]
Defined Benefit Plan Disclosure
Fair value amount	43,000,000	36,000,000
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | International Equity Funds [Member]
Defined Benefit Plan Disclosure
Fair value amount	11,000,000	9,000,000
Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure
Fair value amount	120,000,000	95,000,000
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	60,000,000	48,000,000
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	57,000,000	45,000,000
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	$ 2,000,000

RETIREMENT BENEFITS AND ASSET_8

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure
Defined Contribution Plan, Cost	$ 6	$ 5	$ 5
Defined Benefit Plans
Defined Benefit Plan Disclosure
Employer contributions	4	4	4
Expected Future Employer Contributions, Next Fiscal Year	4
Other non-current assets	6	9
Supplemental Benefit Plans
Defined Benefit Plan Disclosure
Employer contributions	3	1	3
Other non-current assets	56	54
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
Employer contributions	10	$ 9	$ 9
Expected Future Employer Contributions, Next Fiscal Year	$ 11

STOCKHOLDER'S EQUITY Changes in

STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at the beginning of period		$ 7	$ 4	$ 2
Derivatives Instruments [Abstract]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		0	0	1
Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2020 and less than $1 for each of the years ended December 31, 2019 and 2018) (a)	[1]	3	1	1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax		1	1	1
Derivative instruments, net of tax (Note 14)		(18)	2	0
Other Comprehensive Income (Loss), Gain (Loss) on Derivatives Qualifying as Hedges, Tax		1	0	1
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX		(15)	3	1
Balance at the end of period		$ (8)	$ 7	$ 4
[1]	The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis

STOCKHOLDER'S EQUITY Additional

STOCKHOLDER'S EQUITY Additional Information (Details) - Scenario, Forecast $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ 4
Other Comprehensive Income (Loss), Tax (less than $1 million)	$ 2

SHARE-BASED COMPENSATION AND _3

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Amounts capitalized to property, plant and equipment	$ 7	$ 8	$ 3
Total share-based compensation	32	40	11
Total tax benefit recognized in the consolidated statements of operations	8	8	4
Operation and maintenance expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	2	2	1
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	$ 23	$ 30	$ 7

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Performance Based Units (Details) - Performance Based Units (PBUs) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ 42	$ 36
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	$ 59	54
PBUs or SBUs at December 31, 2018	976,228
Granted	319,440
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	(335,619)
Forfeited	(59,098)
PBUs or SBUs at December 31, 2019	900,951
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	$ 20	17
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	$ 22	$ 19

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Service Based Units (Details) - Service Based Units (SBUs) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ 19	$ 20
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	$ 28	30
PBUs or SBUs at December 31, 2018	745,250
Granted	246,714
Vested	(266,918)
Forfeited	(37,336)
PBUs or SBUs at December 31, 2019	687,710
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	$ 9	10
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	$ 10	$ 10

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Document Period End Date	Dec. 31, 2020
Employer Match Contribution	10.00%
Maximum Annual Contribution Percentage of Pay	1.00%
Percent of Dividends Payable	10.00%
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	$ 42	$ 36
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	$ 19	20
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	59	$ 54
Total unrecognized compensation cost	$ 17
Weighted average period for recognition	1 year 7 months 6 days
Share-based payment awards outstanding, equity instruments other than options	900,951	976,228
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	$ 28	$ 30
Total unrecognized compensation cost	$ 9
Weighted average period for recognition	1 year 7 months 6 days
Share-based payment awards outstanding, equity instruments other than options	687,710	745,250
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_C_3

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES Schedule of Jointly Owned Utility Plant (Details) $ in Millions	Dec. 31, 2020USD ($)
Substations
Jointly Owned Utility Plant Interests
Net investment	$ 71	[1]
Lines
Jointly Owned Utility Plant Interests
Net investment	134	[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 | Substations
Jointly Owned Utility Plant Interests
Net investment	44	[4]
ITC Midwest | Lines
Jointly Owned Utility Plant Interests
Net investment	41	[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	50.40%
[1]	Amount represents our investment in jointly held plant, which has been reduced by the ownership interest amounts of other parties.
[2]	ITCTransmission has joint ownership in two 345 kV transmission lines with a municipal power agency that has a 50.4% ownership interest in the transmission lines. An Ownership and Operating Agreement with the municipal power agency provides ITCTransmission with authority for construction of capital improvements and for the operation and management of the transmission lines. The municipal power agency is responsible for the capital and operation and maintenance costs allocable to their ownership interest.
[3]	METC has joint ownership in several assets within various substations with Consumers Energy, other municipal distribution systems and other generators. The rights, responsibilities and obligations for these jointly owned assets are documented in the DT Interconnection Agreement with Consumers Energy and in numerous interconnection facilities agreements with various municipalities and other generators. In addition, other municipal power agencies and cooperatives have an ownership interest in several METC 345 kV transmission lines. This ownership entitles these municipal power agencies and cooperatives to approximately 608 MW of network transmission service from the METC transmission system. As of December 31, 2020, 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.
[4]	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, 2020.
[5]	TC Great Plains has joint ownership in a transmission project with an electric cooperative. ITC Great Plains is responsible for construction and operation of the project and the electric cooperative is responsible for their ownership percentage of capital and operation and maintenance costs. As of December 31, 2020, ITC Great Plains’ ownership percentage in the project was 51.0%.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	Jan. 28, 2021	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2020
Related Party Transaction [Line Items]
Intercompany receivables (less than $1 million)			$ 1	$ 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	10	$ 8
Related Party Transaction, Other Revenues from Transactions with Related Party (2016 less than $1 million)			2	1	1
Payments of Dividends		$ 200	330	250	$ 200
Revenue from Related Parties			$ 2	$ 2
Intercompany tax payable to subsidiaries						$ 2
Subsequent Event
Related Party Transaction [Line Items]
Payments of Dividends	$ 58

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions

12 Months Ended

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

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

Current regulatory liabilities

$ 14

$ 123

OPERATING REVENUES

1,298

1,327

$ 1,156

Interest expense

240

224

224

NET INCOME

(407)

(428)

(330)

Purchase obligations

83

Purchase Obligation, Due in Next Twelve Months

73

Other Commitments

Regulatory assets

$ 52

12

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: Year Ended December 31, (In millions of USD) 2020 2019 2018 Revenue increase $ 32 $ 69 $ 1 Interest expense (decrease) increase (3) (12) 7 Estimated net income increase (reduction) 25 61 (4)

Estimated Refund Related to Return on Equity Complaint

Other Commitments

Regulatory assets

$ 8

Customer Concentration Risk | DTE Electric

Commitments and Contingent Liabilities

OPERATING REVENUES

265

Customer Concentration Risk | Consumers Energy

Commitments and Contingent Liabilities

OPERATING REVENUES

292

Customer Concentration Risk | IP&L

Commitments and Contingent Liabilities

OPERATING REVENUES

$ 292

Customer Concentration Risk | Billed Revenues | DTE Electric

Other Commitments

Concentration percentage

21.60%

Customer Concentration Risk | Billed Revenues | Consumers Energy

Other Commitments

Concentration percentage

23.90%

Customer Concentration Risk | Billed Revenues | IP&L

Other Commitments

Concentration percentage

23.90%

Estimated Refund Related to Return on Equity Complaint

Commitments and Contingent Liabilities

Current regulatory liabilities

$ 13

70

151

Rate of Return on Equity and Capital Structure Initial Complaint

Commitments and Contingent Liabilities

Required customer refund paid

7

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

$ 31

Rate of Return on Equity and Capital Structure Complaints | Impact from Recognition of Liability

Commitments and Contingent Liabilities

OPERATING REVENUES

32

69

1

Increase (decrease) in Interest Expense

3

(12)

Interest expense

7

NET INCOME

25

$ 61

$ (4)

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

10

25

Effect on net income from 10 basis point reduction in the authorized base return on equity

$ 5

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%

12.16%

Incentive Adder for Independent Transmission Ownership

25

100

100

ITC Great Plains | Maximum

Commitments and Contingent Liabilities

Incentive Adder for Independent Transmission Ownership

25

100

ITC Great Plains | Estimated Refund Related to Return on Equity Complaint

Commitments and Contingent Liabilities

Current regulatory liabilities

$ 2

ITC Great Plains | Rate of Return on Equity and Capital Structure Complaints

Commitments and Contingent Liabilities

Required customer refund paid

$ 4

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Operating revenues		$ 1,298	$ 1,327	$ 1,156
Depreciation and amortization		219	203	180
Interest expense, net		240	224	224
Income (loss) before income taxes		543	560	441
Total income tax provision		136	132	111
NET INCOME		407	428	330
Property, plant and equipment, net		9,327	8,582	7,910
Goodwill		950	950	950
Total assets	[1]	10,825	10,058	9,329
Capital expenditures		885	865	769
Regulated Operating Subsidiaries
Segment Reporting Information
Operating revenues		1,333	1,358	1,185
Depreciation and amortization		218	201	179
Interest expense, net		118	105	110
Income (loss) before income taxes		683	710	585
Total income tax provision		179	179	148
NET INCOME		504	531	437
Property, plant and equipment, net		9,319	8,573	7,901
Goodwill		950	950	950
Total assets		10,710	9,946	9,224
Capital expenditures		886	874	773
ITC Holdings and Other
Segment Reporting Information
Operating revenues		1	0	0
Depreciation and amortization		1	2	1
Interest expense, net		122	119	114
Income (loss) before income taxes		(140)	(150)	(144)
Total income tax provision		(43)	(47)	(37)
NET INCOME		407	428	330
Property, plant and equipment, net		8	9	9
Total assets		5,830	5,402	4,977
Capital expenditures		0	0	0
Reconciliations and Eliminations
Segment Reporting Information
Operating revenues		(36)	(31)	(29)
NET INCOME		(504)	(531)	(437)
Total assets		(5,715)	(5,290)	(4,872)
Capital expenditures		$ (1)	$ (9)	$ (4)
[1]	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.

SUPPLEMENTARY QUARTERLY FINANCI

SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (Unaudited) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
OPERATING REVENUES	$ 1,298	$ 1,327	$ 1,156
Operating income	753	755	635
NET INCOME	$ 407	$ 428	$ 330

SCHEDULE I - CONDENSED FINANC_2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Financial Position (Parent Company Only) (Details) - USD ($) $ / shares in Units, $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents		$ 4	$ 4	$ 6	$ 66
Accounts receivable from subsidiaries		1	1
Prepaid and other current assets		12	15
Total current assets		224	187
Other assets
Other assets		83	77
TOTAL ASSETS	[1]	10,825	10,058	9,329
Current liabilities
Accounts payable		130	82
Accrued compensation		55	61
Accrued interest		55	48
Other current liabilities		18	16
Total current liabilities		437	658
Accrued pension and postretirement liabilities		59	73
Other liabilities		50	47
Long-term debt (net of deferred financing fees and discount of $21 and $17, respectively)		6,295	5,572
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2020 and 2019		892	892
Retained earnings		1,410	1,333
Accumulated other comprehensive (loss) income		(8)	7	4	2
Total stockholder’s equity		2,294	2,232	2,051	1,920
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY		10,825	10,058
Balance Sheet Additional Disclosures
Deferred financing fees and discount		$ 43	$ 37
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		$ 8,531	$ 7,826
ITC Holdings
Current assets
Cash and cash equivalents		2	2	$ 3	$ 60
Accounts receivable from subsidiaries		9	17
Intercompany tax receivable from subsidiaries		8	3
Prepaid and other current assets		0	5
Total current assets		19	27
Other assets
Investment in subsidiaries		5,496	5,136
Deferred Income Tax Assets, Net		160	140
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures		54	5
Other assets		101	94
Total other assets		5,811	5,375
TOTAL ASSETS		5,830	5,402
Current liabilities
Accrued compensation		55	61
Accrued interest		23	21
Debt maturing within one year		67	200
Other current liabilities		8	11
Total current liabilities		153	293
Accrued pension and postretirement liabilities		59	73
Other liabilities		58	37
Long-term debt (net of deferred financing fees and discount of $21 and $17, respectively)		3,266	2,767
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2020 and 2019		892	892
Retained earnings		1,410	1,333
Accumulated other comprehensive (loss) income		(8)	7
Total stockholder’s equity		2,294	2,232
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY		5,830	5,402
Balance Sheet Additional Disclosures
Deferred financing fees and discount		$ 21	$ 17
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		$ 3,536	$ 3,170
[1]	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.

SCHEDULE I - CONDENSED FINANC_3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Comprehensive Income (Parent Company Only) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Other income (expense), net	$ 0	$ 0	$ 4
General and administrative expense	(115)	(138)	(127)
Taxes other than income taxes	(124)	(118)	(109)
Interest expense	(240)	(224)	(224)
INCOME BEFORE INCOME TAXES	543	560	441
INCOME TAX PROVISION	136	132	111
NET INCOME	407	428	330
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(15)	3	1
TOTAL COMPREHENSIVE INCOME	392	431	331
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	7	1	1
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Other income (expense), net	5	5	1
General and administrative expense	(20)	(25)	(7)
Taxes other than income taxes	(1)	2	0
Interest expense	(122)	(119)	(114)
INCOME BEFORE INCOME TAXES	(138)	(141)	(120)
INCOME TAX PROVISION	(43)	(44)	(30)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	(95)	(97)	(90)
EQUITY IN SUBSIDIARIES’ NET EARNINGS	502	525	420
NET INCOME	407	428	330
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(15)	3	1
TOTAL COMPREHENSIVE INCOME	$ 392	$ 431	$ 331

SCHEDULE I - CONDENSED FINANC_4

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, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME		$ 407	$ 428	$ 330
Adjustments to reconcile net income to net cash used in operating activities:
Other		4	10	4
Changes in assets and liabilities, exclusive of changes shown separately:
Income tax receivable		0	1	14
Accrued taxes		(3)	3	7
Net cash provided by operating activities		632	629	653
CASH FLOWS FROM INVESTING ACTIVITIES
Other		5	1	1
Net cash used in investing activities		(878)	(854)	(747)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt		1,030	175	400
Borrowings under revolving credit agreements		1,495	1,090	832
Borrowings under term loan credit agreements		275	200	0
Net (repayment) issuance of commercial paper		(133)	200	0
Retirement of long-term debt — including extinguishment of debt costs		(35)	(203)	(100)
Repayments of revolving credit agreement		(1,596)	(999)	(844)
Repayments of term loan credit agreements		(475)	0	(50)
Dividends to ITC Investment Holdings	$ (200)	(330)	(250)	(200)
Other		(12)	(3)	(5)
Net cash provided by financing activities		246	221	36
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		0	(4)	(58)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period		6	10	68
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	10	6	6	10
Interest Rate Swap [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for (Proceeds from) Hedge, Financing Activities		(23)	0	0
ITC Holdings
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME		407	428	330
Adjustments to reconcile net income to net cash used in operating activities:
Equity in subsidiaries' earnings		(502)	(525)	(420)
Dividends from subsidiaries		3	3	26
Deferred and other income taxes		(46)	(51)	(23)
Net intercompany tax payments from (to) subsidiaries		33	14	59
Other		2	6	2
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable from subsidiaries		9	9	(4)
Intercompany tax receivable from subsidiaries		(4)	11	(13)
Income tax receivable		0	1	14
Accrued compensation		(6)	31	2
Other current and non-current assets and liabilities, net		6	9	13
Net cash provided by operating activities		(98)	(64)	(14)
CASH FLOWS FROM INVESTING ACTIVITIES
Equity contributions to subsidiaries		88	120	202
Return of capital from subsidiaries		228	239	324
Payments to Fund Long-term Loans to Related Parties		(50)	0	0
Other		(2)	(1)	(1)
Net cash used in investing activities		88	118	121
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt		700	0	0
Borrowings under revolving credit agreements		293	72	37
Borrowings under term loan credit agreements		200	200	0
Net (repayment) issuance of commercial paper		(133)	200	0
Retirement of long-term debt — including extinguishment of debt costs		0	(203)	0
Repayments of revolving credit agreement		(290)	(75)	0
Repayments of term loan credit agreements		(400)	0	0
Dividends to ITC Investment Holdings		(330)	(250)	(200)
Other		(7)	0	(1)
Net cash provided by financing activities		10	(56)	(164)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		0	(2)	(57)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period		2	4	61
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 4	2	2	4
Parent | Interest Rate Swap [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for (Proceeds from) Hedge, Financing Activities		$ (23)	$ 0	$ 0

SCHEDULE I - CONDENSED FINANC_5

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT General (Details) - Regulated Operating Subsidiaries	Dec. 31, 2020
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 FINANC_6

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020		Dec. 31, 2019
Maturities of Debt
2019	$ 67
2020	500
2021	448
2022	475
2023	0
2026 and thereafter	4,915
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	7,119		$ 5,672
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	6,097		5,108
Book value of revolving credit agreements and term loan credit agreements	198
Commercial Paper	67		200
ITC Holdings
Maturities of Debt
2019	67
2020	500
2021	287
2022	400
2023	0
2026 and thereafter	2,100
Total	3,354
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	3,670		2,752
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	3,229		2,533
Book value of revolving credit agreements and term loan credit agreements	37		234
ITC Holdings Corp.
Fair Value Disclosures [Abstract]
Commercial Paper	$ 67	[1]	$ 200
[1]	As of December 31, 2020 and 2019 there was $67 million and $235 million, respectively, of debt included within debt maturing within one year in the consolidated statements of financial position

SCHEDULE I - CONDENSED FINANC_7

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Related-party Transactions (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 21, 2020
Related Party Transactions Parent Company [Abstract]
Schedule of Related Party Transactions [Table Text Block]	[1],[2]	Our related-party transactions during were as follows: Year Ended December 31, (In millions of USD) 2020 2019 2018 Equity contributions to subsidiaries $ (88) $ (120) $ (202) Dividends from subsidiaries (a) 3 3 26 Return of capital from subsidiaries (a) 228 239 324 Net income tax payments (to) from: (b) ITCTransmission $ 17 $ 7 $ 39 METC 9 4 7 ITC Midwest 1 3 3 ITC Great Plains 6 (1) 9 ITC Interconnection — 1 1 ____________________________ (a) Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries. (b) 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.
Subsidiaries | ITCTransmission
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	[2]	$ 17	$ 7	$ 39
Subsidiaries | METC
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	[2]	9	4	7
Subsidiaries | ITC Midwest
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	[2]	1	3	3
Subsidiaries | ITC Great Plains
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	[2]	6	(1)	9
Subsidiaries | ITC Interconnection LLC [Member]
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement		0	1	1
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Equity contributions to subsidiaries		(88)	(120)	(202)
Interest and Fee Income, Other Loans		1
Dividends from subsidiaries		3	3	26
Payments to Fund Long-term Loans to Related Parties		$ (50)	0	0
Intercompany Loans, Description		4 million
Return of capital from subsidiaries		$ 228	239	324
Related Party Transaction [Line Items]
Payments to Fund Long-term Loans to Related Parties		$ (50)	$ 0	$ 0
Notes Receivable, Related Parties, Noncurrent					$ 50
[1]	Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries.
[2]	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

SCHEDULE I - CONDENSED FINANC_8

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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 4	$ 4	$ 6	$ 66
Restricted Cash, included in other non-current assets	2	2	4	2
Total cash, cash equivalents and restricted cash	6	6	10	68
Interest Paid, Excluding Capitalized Interest, Operating Activities	236	228	223
Income tax refunds received	2	3	13
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2	2	3	60
Restricted Cash, included in other non-current assets	0	0	1	1
Total cash, cash equivalents and restricted cash	2	2	4	$ 61
Interest Paid, Excluding Capitalized Interest, Operating Activities	116	117	117
Income tax refunds received	$ 2	$ 3	$ 13