ITC (ITC) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
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
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,203,112

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 18	$ 5
Accounts receivable	184	128
Inventory	49	45
Regulatory assets	15	21
Prepaid and other current assets	51	18
Total current assets	317	217
Property, plant and equipment (net of accumulated depreciation and amortization of $2,297 and $2,199, respectively)	10,302	9,961
Other assets
Goodwill	950	950
Intangible assets (net of accumulated amortization of $50 and $49, respectively)	25	26
Regulatory assets	204	190
Other assets	95	101
Total other assets	1,274	1,267
TOTAL ASSETS	11,893	11,445
Current liabilities
Accounts payable	134	127
Accrued compensation	53	72
Accrued interest	59	56
Accrued taxes	76	64
Regulatory liabilities	17	14
Refundable deposits and advances for construction	60	44
Debt maturing within one year	784	654
Other current liabilities	12	16
Total current liabilities	1,195	1,047
Accrued pension and postretirement liabilities	51	52
Deferred income taxes	1,243	1,161
Regulatory liabilities	614	619
Refundable deposits	8	28
Other liabilities	42	55
Long-term debt	6,154	6,009
Commitments and contingent liabilities (Notes 4 and 11)
TOTAL LIABILITIES	9,307	8,971
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at June 30, 2022 and December 31, 2021	892	892
Retained earnings	1,673	1,584
Accumulated other comprehensive income (loss)	21	(2)
Total stockholder’s equity	2,586	2,474
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 11,893	$ 11,445

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 2,297	$ 2,199
Finite-Lived Intangible Assets, Accumulated Amortization	$ 50	$ 49
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

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
OPERATING REVENUES
Transmission and other services	$ 387	$ 346	$ 714	$ 645
Formula Rate true-up	(20)	(4)	18	33
Total operating revenues	367	342	732	678
OPERATING EXPENSES
Operation and maintenance	27	30	54	52
General and administrative	26	29	59	64
Depreciation and amortization	74	57	146	114
Taxes other than income taxes	37	35	73	70
Other operating expenses (income), net	0	1	0	1
Total operating expenses	164	152	332	301
OPERATING INCOME	203	190	400	377
OTHER EXPENSES (INCOME)
Interest expense, net	66	63	130	125
Allowance for equity funds used during construction	(8)	(7)	(17)	(14)
Other expenses (income), net	1	(2)	3	(3)
Total other expenses (income)	59	54	116	108
INCOME BEFORE INCOME TAXES	144	136	284	269
INCOME TAX PROVISION	33	34	67	67
NET INCOME	111	102	217	202
OTHER COMPREHENSIVE INCOME
Derivative instruments, net of tax (Note 8)	7	1	23	2
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX	7	1	23	2
TOTAL COMPREHENSIVE INCOME	$ 118	$ 103	$ 240	$ 204

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common Stock, balance at beginning of period at Dec. 31, 2020		$ 892
Retained Earnings, balance at beginning of period at Dec. 31, 2020			$ 1,410
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Dec. 31, 2020	$ (8)			$ (8)
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2020	2,294
NET INCOME	100		100
Dividends to ITC Investment Holdings Inc.	(58)		(58)
Total other comprehensive income, net of tax	1			1
Common Stock, balance at end of period at Mar. 31, 2021		892
Retained Earnings, balance at end of period at Mar. 31, 2021			1,452
Accumulated Other Comprehensive Income (Loss), balance at end of period at Mar. 31, 2021	(7)			(7)
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2021	2,337
Common Stock, balance at beginning of period at Dec. 31, 2020		892
Retained Earnings, balance at beginning of period at Dec. 31, 2020			1,410
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Dec. 31, 2020	(8)			(8)
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2020	2,294
NET INCOME	202
Dividends to ITC Investment Holdings Inc.	(115)
Total other comprehensive income, net of tax	2
Common Stock, balance at end of period at Jun. 30, 2021		892
Retained Earnings, balance at end of period at Jun. 30, 2021			1,497
Accumulated Other Comprehensive Income (Loss), balance at end of period at Jun. 30, 2021	(6)			(6)
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2021	2,383
Common Stock, balance at beginning of period at Mar. 31, 2021		892
Retained Earnings, balance at beginning of period at Mar. 31, 2021			1,452
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Mar. 31, 2021	(7)			(7)
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2021	2,337
NET INCOME	102		102
Dividends to ITC Investment Holdings Inc.	(57)		(57)
Total other comprehensive income, net of tax	1			1
Common Stock, balance at end of period at Jun. 30, 2021		892
Retained Earnings, balance at end of period at Jun. 30, 2021			1,497
Accumulated Other Comprehensive Income (Loss), balance at end of period at Jun. 30, 2021	(6)			(6)
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2021	2,383
Common Stock, balance at beginning of period at Dec. 31, 2021	892	892
Retained Earnings, balance at beginning of period at Dec. 31, 2021	1,584		1,584
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Dec. 31, 2021	(2)			(2)
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2021	2,474
NET INCOME	106		106
Dividends to ITC Investment Holdings Inc.	(64)		(64)
Total other comprehensive income, net of tax	16			16
Common Stock, balance at end of period at Mar. 31, 2022		892
Retained Earnings, balance at end of period at Mar. 31, 2022			1,626
Accumulated Other Comprehensive Income (Loss), balance at end of period at Mar. 31, 2022	14			14
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2022	2,532
Common Stock, balance at beginning of period at Dec. 31, 2021	892	892
Retained Earnings, balance at beginning of period at Dec. 31, 2021	1,584		1,584
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Dec. 31, 2021	(2)			(2)
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2021	2,474
NET INCOME	217
Dividends to ITC Investment Holdings Inc.	(128)
Total other comprehensive income, net of tax	23
Common Stock, balance at end of period at Jun. 30, 2022	892	892
Retained Earnings, balance at end of period at Jun. 30, 2022	1,673		1,673
Accumulated Other Comprehensive Income (Loss), balance at end of period at Jun. 30, 2022	21			21
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2022	2,586
Common Stock, balance at beginning of period at Mar. 31, 2022		892
Retained Earnings, balance at beginning of period at Mar. 31, 2022			1,626
Accumulated Other Comprehensive Income (Loss), balance at beginning of period at Mar. 31, 2022	14			14
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2022	2,532
NET INCOME	111		111
Dividends to ITC Investment Holdings Inc.	(64)		64
Total other comprehensive income, net of tax	7			7
Common Stock, balance at end of period at Jun. 30, 2022	892	$ 892
Retained Earnings, balance at end of period at Jun. 30, 2022	1,673		$ 1,673
Accumulated Other Comprehensive Income (Loss), balance at end of period at Jun. 30, 2022	21			$ 21
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2022	$ 2,586

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 217	$ 202
Depreciation and amortization expense	146	114
Adjustments to reconcile net income to net cash provided by operating activities:
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	(14)	(12)
Deferred income tax expense	62	67
Allowance for equity funds used during construction	(17)	(14)
Share-based compensation	11	14
Other	10	1
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	(54)	(49)
Accounts payable	13	3
Accrued compensation	(18)	(8)
Accrued interest	3	0
Accrued taxes	12	11
Net refund settlements and adjustments related to return on equity complaints	0	9
Other current and non-current assets and liabilities, net	(22)	(12)
Net cash provided by operating activities	349	326
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(479)	(437)
Contributions in aid of construction	2	2
Other	1	2
Net cash used in investing activities	(476)	(433)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	225	0
Borrowings under revolving credit agreements	454	549
Net issuance of commercial paper	129	144
Repayments of revolving credit agreements	(534)	(460)
Dividends to ITC Investment Holdings Inc.	(128)	(115)
Refundable deposits from generators for transmission network upgrades	0	12
Repayment of refundable deposits from generators for transmission network upgrades	(4)	(20)
Other	(2)	(1)
Net cash provided by financing activities	140	109
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	13	2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	7	6
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 20	$ 8

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL ITC Holdings and its subsidiaries are engaged in the transmission of electricity in the United States. ITC Holdings is a wholly-owned subsidiary of ITC Investment Holdings. Fortis owns a majority indirect equity interest in ITC Investment Holdings, with GIC holding an indirect, passive, non-voting equity interest of 19.9%. Through our Regulated Operating Subsidiaries, we own, operate, maintain and invest in high-voltage electric transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to our transmission systems. Basis of Presentation These condensed consolidated interim financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2021 included in ITC Holdings’ annual report on Form 10-K for such period. The accompanying condensed consolidated interim financial statements have been prepared using GAAP and with the instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require 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. The condensed consolidated interim financial statements are unaudited but, in our opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	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 condensed consolidated statements of comprehensive income. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect 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 3 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 for each of the three months ended June 30, 2022 and 2021 were $1 million. Total other services revenue for each of the six months ended June 30, 2022 and 2021 were $2 million. 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 4 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: June 30, December 31, (In millions of USD) 2022 2021 Trade accounts receivable $ 2 $ 3 Unbilled accounts receivable 161 116 Other (a) 21 9 Total accounts receivable $ 184 $ 128 ____________________________ (a) Includes amounts due from affiliates, see “Intercompany Receivables and Payables” in Note 10 for additional information.

REGULATORY MATTERS

REGULATORY MATTERS	6 Months Ended
	Jun. 30, 2022
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 11 for detail on ROE matters for our MISO Regulated Operating Subsidiaries and “ROE and Incentive Adders for Transmission Rates” and “Capital Structure Complaint” discussed herein. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements. Revenue is recognized for services provided during each reporting period based on actual revenue requirements calculated using the formula. Our Regulated Operating Subsidiaries accrue or defer revenues to the extent that the actual revenue requirement for the reporting period is higher or lower, respectively, than the amounts billed relating to that reporting period. The amount of accrued or deferred revenues is reflected in future revenue requirements and thus flows through to customer bills within two years under the provisions of our Formula Rates. The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the six months ended June 30, 2022: (In millions of USD) Total Net regulatory liabilities as of December 31, 2021 $ (2) Net collection of 2020 revenue deferrals and accruals, including accrued interest (4) Net revenue accrual, including accrued interest 18 Net regulatory assets as of June 30, 2022 $ 12 Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the condensed consolidated statements of financial position as follows: June 30, December 31, (In millions of USD) 2022 2021 Current regulatory assets $ 15 $ 20 Non-current regulatory assets 33 10 Current regulatory liabilities (16) (13) Non-current regulatory liabilities (20) (19) Net regulatory assets (liabilities) $ 12 $ (2) ROE and 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. The FERC issued a NOPR on March 20, 2020, and issued a supplemental NOPR on April 15, 2021, proposing to update its transmission incentives policy. As of June 30, 2022, no final determination had been made on these NOPRs and we cannot predict whether this will have a material impact on us. MISO Regulated Operating Subsidiaries For the three and six months ended June 30, 2022 and 2021, the authorized ROE used by the MISO Regulated Operating Subsidiaries was 10.77% and is composed of a base ROE of 10.02% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. See “Rate of Return on Equity Complaints” in Note 11 for a discussion of the MISO ROE Complaints. ITC Great Plains For the three and six months ended June 30, 2022 and 2021, the authorized ROE used by ITC Great Plains was 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. Capital Structure Complaint On May 10, 2022, the Iowa Coalition for Affordable Transmission, including IP&L, filed a complaint with the FERC under Section 206 of the FPA. Specifically, the complaint alleges that ITC Midwest does not meet the FERC’s three-part test for authorizing the use of a utility’s actual capital structure for ratemaking purposes which requires that ITC Midwest 1) issue its own debt without guarantees, 2) have its own credit rating, and 3) have a capital structure within the range of capital structures previously approved by the Commission. The Iowa Coalition for Affordable Transmission asked FERC to reduce ITC Midwest’s equity from 60% to 53%. Responsive pleadings have been filed by parties to the complaint proceeding, including ITC Midwest. As of June 30, 2022, ITC Midwest has not recorded any liability related to the complaint. The timing and outcome of this proceeding remains uncertain. Depreciation Rate Filings During 2021, our MISO Regulated Operating Subsidiaries filed revised depreciation rates for their assets which were approved by the FERC in December 2021. The overall depreciation expense at our MISO Regulated Operating Subsidiaries increased beginning on January 1, 2022, which will result in higher revenue as the increase in depreciation expense flows through to customer bills.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT ITC Holdings 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. Borrowings under ITC Holdings’ $400 million revolving credit facility may be used to repay the notes under the commercial paper program, if necessary. As of June 30, 2022, ITC Holdings had $284 million of commercial paper issued and outstanding under the program, with a weighted-average interest rate of 1.7% and weighted-average remaining days to maturity of 19 days. The amount outstanding as of June 30, 2022 was classified as debt maturing within one year in the condensed consolidated statements of financial position. As of December 31, 2021 ITC Holdings had $155 million of commercial paper issued and outstanding. ITCTransmission First Mortgage Bonds On January 14, 2022, ITCTransmission issued $130 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series J, due January 14, 2052. The proceeds were used to repay existing indebtedness under the revolving credit agreement and intercompany loan agreement and will also be used to partially fund capital expenditures and for general corporate purposes. ITCTransmission also issued an additional $20 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series I, due January 14, 2052, the proceeds of which are expected to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. All of ITCTransmission’s First Mortgage Bonds are issued under its First Mortgage and Deed of Trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. METC Senior Secured Notes On May 10, 2022, METC issued $75 million of 3.05% Series B Senior Secured Notes due May 10, 2052. The proceeds from the Series B Senior Secured Notes 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. Derivative Instruments and Hedging Activities We have entered into interest rate swaps to manage interest rate risk associated with the forecasted future issuance of fixed-rate debt at ITC Holdings, the proceeds of which will be used for the expected repayment of the ITC Holdings 2.70% Senior Notes, due November 15, 2022. At June 30, 2022, ITC Holdings had the following interest rate swaps: Interest Rate Swaps Notional Amount Weighted Average Fixed Rate Benchmark Rate Interest Received Interest Paid July 2021 swap $ 45 1.113% LIBOR Quarterly Semi-annually November 2021 swap 45 1.581% LIBOR Quarterly Semi-annually November 2021 swap 45 1.492% LIBOR Quarterly Semi-annually November 2021 swap 45 1.497% LIBOR Quarterly Semi-annually November 2021 swap 50 1.544% LIBOR Quarterly Semi-annually December 2021 swap 50 1.560% LIBOR Quarterly Semi-annually December 2021 swap 50 1.489% LIBOR Quarterly Semi-annually December 2021 swap 45 1.475% LIBOR Quarterly Semi-annually March 2022 swap 40 1.546% SOFR Annually Annually March 2022 swap 35 1.533% SOFR Annually Annually Total $ 450 1.483% The interest rate swaps call for ITC Holdings to receive interest, either quarterly or annually, at a variable rate equal to LIBOR or SOFR and to pay interest, either semi-annually or annually, at various fixed rates effective for the 5-year period beginning November 15, 2022. The transactions include mandatory early termination provisions and will be terminated no later than the effective date of the interest rate swaps of November 15, 2022. The interest rate swaps have been determined to be highly effective at offsetting changes in the fair value of the forecasted interest cash flows associated with the debt issuance, resulting from changes in benchmark interest rates from the trade date of the interest rate swaps to the issuance date of the debt obligation. The interest rate swaps qualify for cash flow hedge accounting treatment, whereby any gain or loss recognized from the trade date to the effective date is recorded net of tax in AOCI. This amount will be accumulated and amortized as a component of interest expense over the life of the forecasted debt. As of June 30, 2022, the fair value of the derivative instruments of $33 million was recorded in prepaid and other current assets in the condensed consolidated statements of financial position. The interest rate swaps do not contain credit-risk-related contingent features. Refer to Note 7 for additional fair value information. ITC Holdings had interest rate swaps outstanding with a total notional amount of $375 million at December 31, 2021. Revolving Credit Agreements At June 30, 2022, 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 $ — $ 400 (d) —% 0.175 % ITC Transmission 100 30 70 2.7% 0.10 % METC 100 3 97 2.7% 0.10 % ITC Midwest 225 188 37 2.7% 0.10 % ITC Great Plains 75 28 47 2.7% 0.10 % Total $ 900 $ 249 $ 651 ____________________________ (a) Included within long-term debt in the condensed 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 $116 million as of June 30, 2022.

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure	RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Pension Plan Benefits We have a qualified defined benefit pension plan (the “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. During the second quarter of 2022, we contributed $3 million to the retirement plan. We do not expect to make additional contributions to this plan in 2022. We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and, collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. We do not expect to contribute to the supplemental benefit plans in 2022. Net periodic benefit cost for the pension plans, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 1 — 2 1 Expected return on plan assets (2) (2) (3) (3) Amortization of unrecognized loss — 1 — 1 Net pension cost $ 1 $ 2 $ 3 $ 4 The components of net pension cost other than the service cost component are included in Other expenses (income), net in the condensed consolidated statements of comprehensive income. Other Postretirement Benefits We provide certain postretirement health care, dental and life insurance benefits for eligible employees. During the second quarter of 2022, we contributed $3 million to the postretirement benefit plan. We expect to make additional contributions of $4 million to the postretirement benefit plan during the second half of 2022. Net postretirement benefit plan cost, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Service cost $ 3 $ 3 $ 6 $ 5 Interest cost 1 1 2 2 Expected return on plan assets (1) (2) (3) (3) Amortization of unrecognized gain (1) — (1) — Net postretirement cost $ 2 $ 2 $ 4 $ 4 The components of net postretirement cost other than the service cost component are included in Other expenses (income), net in the condensed consolidated statements of comprehensive income. 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 $2 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $5 million and $4 million for the six months ended June 30, 2022 and 2021, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe 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 six months ended June 30, 2022 and the year ended December 31, 2021, there were no transfers between levels. Our assets are measured at fair value subject to the three-tier hierarchy at June 30, 2022, 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 $ 46 $ — $ — Mutual funds — equity securities 11 — — Interest rate swap derivatives — 33 — Total $ 57 $ 33 $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, 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 $ 51 $ — $ — Mutual funds — equity securities 12 — — Interest rate swap derivatives — 2 — Total $ 63 $ 2 $ — As of June 30, 2022 and December 31, 2021, 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 other long-term assets, including investments held in a trust associated with our supplemental benefit plans described in Note 6. 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 June 30, 2022, the assets related to derivatives consist of interest rate swaps as discussed in Note 5. The fair value of our interest rate swap derivatives is determined based on a DCF method using benchmark interest rates of LIBOR or SOFR 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 three and six months ended June 30, 2022 and 2021. Fair Value of Financial Assets and Liabilities Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt and debt maturing within one year, excluding revolving credit agreements and commercial paper, was $6,028 million and $6,995 million at June 30, 2022 and December 31, 2021, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The total book value of our consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving credit agreements and commercial paper, was $6,405 million and $6,179 million at June 30, 2022 and December 31, 2021, respectively. Revolving Credit Agreements At June 30, 2022 and December 31, 2021, we had a consolidated total of $249 million and $329 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDER'S EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income (Loss) The following table provides the components of changes in AOCI: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Balance at the beginning of period $ 14 $ (7) $ (2) $ (8) Derivative instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of less than $1 for the three months ended June 30, 2021 and $1 for each of the six months ended June 30, 2022 and 2021) (a) — 1 1 2 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $3 and $9 for the three and six months ended June 30, 2022, respectively) 7 — 22 — Total other comprehensive income, net of tax 7 1 23 2 Balance at the end of period $ 21 $ (6) $ 21 $ (6) ____________________________ (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 June 30, 2023 is expected to be approximately $2 million (net of tax of $1 million). The reclassification is reported in Interest expense, net in the condensed consolidated statements of comprehensive income on a pre-tax basis.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	SHARE-BASED COMPENSATION Long-Term Incentive Plans In the first quarter of 2022, 253,476 PBUs and 197,926 SBUs were granted pursuant to our long-term incentive plans. 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, 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 a particular grant agreement, 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. The granted awards and related dividend equivalents have no shareholder rights. The aggregate fair value of all outstanding PBUs and SBUs as of June 30, 2022 was $58 million and $30 million, respectively. At June 30, 2022, the total unrecognized compensation cost related to the PBUs and SBUs was $22 million and $14 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	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 $9 million and $2 million at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022 and December 31, 2021 we had intercompany payables to Fortis and such subsidiaries of less than $1 million. Related party charges for corporate expenses from Fortis and such subsidiaries are recorded in general and administrative expenses in the condensed consolidated statements of comprehensive income. Such expense for each of the three months ended June 30, 2022 and 2021 for ITC Holdings was $3 million and $2 million, respectively, and for each of the six months ended June 30, 2022 and 2021 was $7 million and $5 million, respectively. Related party charges for services to Fortis and other subsidiaries, recorded as an offset to general and administrative expenses for ITC Holdings, were $2 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $4 million and $1 million for the six months ended June 30, 2022 and 2021, respectively. Dividends During the six months ended June 30, 2022 and 2021, we paid dividends of $128 million and $115 million, respectively, to ITC Investment Holdings. We also expect to pay dividends of $71 million to ITC Investment Holdings in July 2022. 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. We record income taxes based on our separate company tax position and make or receive tax-related payments with ITC Investment Holdings. During the six months ended June 30, 2022 we paid $5 million to ITC Investment Holdings associated with our income tax position. During the six months ended June 30, 2021 we did not make or receive any tax-related payments with ITC Investment Holdings.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters We are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, require reporting of emissions from certain equipment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances. Liabilities relating to investigation and remediation of contamination, as well as other liabilities concerning hazardous materials or contamination, such as claims for personal injury or property damage, may arise at many locations, including formerly owned or operated properties and sites where wastes have been treated or disposed of, as well as properties currently owned or operated by us. Such liabilities may arise even where the contamination does not result from noncompliance with applicable environmental laws. Under some environmental laws, such liabilities may also be joint and several, meaning that a party can be held responsible for more than its share of the liability involved, or even the entire share. Although environmental requirements generally have become more stringent and compliance with those requirements more expensive, we are not aware of any specific developments that would increase our costs for such compliance in a manner that would be expected to have a material adverse effect on our financial condition, results of operations or liquidity. Our assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Some of the properties that we own or operate have been used for many years and include older facilities and equipment that may be more likely than newer ones to contain or be made from such materials. Some of these properties include above ground or underground storage tanks and associated piping. Some of them also include large electrical equipment filled with mineral oil, which may contain or previously have contained PCBs. Some of our facilities and electrical equipment may also contain asbestos containing materials. Our facilities and equipment are often situated close to or on property owned by others so that, if they are the source of contamination, the property of others may be affected. For example, above ground and underground transmission lines sometimes traverse properties that we do not own and transmission assets that we own or operate are sometimes commingled at our transmission stations with distribution assets owned or operated by our transmission customers. Some properties in which we have an ownership interest or at which we operate are, or are suspected of being, affected by environmental contamination. We are not aware of any pending or threatened claims against us with respect to environmental contamination relating to these properties, or of any investigation or remediation of contamination at these properties, that entail costs likely to materially affect us. Some facilities and properties are located near environmentally sensitive areas, including wetlands and habitat for threatened and endangered species. Litigation We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These proceedings include certain contract disputes, eminent domain and vegetation management activities, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered probable of loss. Rate of Return on Equity Complaints Two complaints were filed with the FERC by combinations of consumer advocates, consumer groups, municipal parties and other parties challenging the base ROE in MISO. The complaints were filed with the FERC under Section 206 of the FPA requesting that the FERC find the MISO regional base ROE rate (the “base ROE”) for all MISO TO’s, including our MISO Regulated Operating Subsidiaries, to no longer be just and reasonable. Initial Complaint On November 12, 2013, the Association of Businesses Advocating Tariff Equity, Coalition of MISO Transmission Customers, Illinois Industrial Energy Consumers, Indiana Industrial Energy Consumers, Inc., Minnesota Large Industrial Group and Wisconsin Industrial Energy Group (collectively, the “complainants”) filed the Initial Complaint with the FERC. The complainants sought a FERC order to reduce the base ROE used in the formula transmission rates for our MISO Regulated Operating Subsidiaries to 9.15%, reducing the equity component of our capital structure and terminating the ROE adders approved for certain Regulated Operating Subsidiaries. The FERC set the base ROE for hearing and settlement procedures, while denying all other aspects of the Initial Complaint. The ROE collected through the MISO Regulated Operating Subsidiaries’ rates during the period November 12, 2013 through September 27, 2016 consisted of a base ROE of 12.38% plus applicable incentive adders. On September 28, 2016, the FERC issued the September 2016 Order that set the base ROE at 10.32%, with a maximum ROE of 11.35%, effective for the period from November 12, 2013 through February 11, 2015 based on a two-step DCF methodology adopted in previous complaint matters for other utilities. The September 2016 Order required our MISO Regulated Operating Subsidiaries to provide refunds, including interest, which were completed in 2017. Additionally, the base ROE established by the September 2016 Order was to be used prospectively from the date of that order until a new approved base ROE was established by the FERC. On October 28, 2016, the MISO TOs, including our MISO Regulated Operating Subsidiaries, filed a request with the FERC for rehearing of the September 2016 Order regarding the short-term growth projections in the two-step DCF analysis. Additional impacts to the base ROE for the period of the Initial Complaint and the related accrued refund liabilities resulted from the November 2019 Order and May 2020 Order issued by the FERC, as discussed below. Second Complaint On February 12, 2015, the Second Complaint was filed with the FERC by Arkansas Electric Cooperative Corporation, Mississippi Delta Energy Agency, Clarksdale Public Utilities Commission, Public Service Commission of Yazoo City and Hoosier Energy Rural Electric Cooperative, Inc., seeking a FERC order to reduce the base ROE used in the formula transmission rates of our MISO Regulated Operating Subsidiaries to 8.67%, with an effective date of February 12, 2015. On June 30, 2016, the presiding ALJ issued an initial decision that recommended a base ROE of 9.70% for the refund period from February 12, 2015 through May 11, 2016, with a maximum ROE of 10.68%, which also would be applicable going forward from the date of a final FERC order. The Second Complaint was dismissed as a result of the November 2019 Order and the dismissal of the complaint was reaffirmed in the May 2020 Order, as discussed below. November 2019 Order On November 21, 2019, the FERC issued an order in the MISO ROE Complaints which applied a methodology to the Initial Complaint period that used two financial models to determine the base ROE. The FERC determined that the base ROE for the Initial Complaint should be 9.88% and the top of the range of reasonableness for that period should be 12.24% and that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. In the November 2019 Order, the FERC also dismissed the Second Complaint. Therefore, based on the November 2019 Order, for the Second Complaint refund period from February 12, 2015 to May 11, 2016, no refund is due. As a result, in 2019, we reversed the aggregate estimated current liability we had previously recorded for the Second Complaint. In addition, for the period from May 12, 2016 to September 27, 2016, no refund is due because no complaint had been filed for that period. The FERC ordered refunds to be made in accordance with the November 2019 Order. The MISO TOs, including our MISO Regulated Operating Subsidiaries, and several other parties filed requests for rehearing of the November 2019 Order. The MISO TOs asserted that the methodology applied by the FERC in the November 2019 Order does not allow the MISO TOs to earn a reasonable rate of return on their investment, as required by precedent. On January 21, 2020, the FERC issued an order granting rehearing of the November 2019 Order for further consideration. May 2020 Order On May 21, 2020, the FERC issued an order on rehearing of the November 2019 Order. In this order, the FERC revised its November 2019 Order methodology, finding that three financial models should be used to determine the base ROE, among other revisions. By applying the new methodology, the FERC determined that the base ROE for the Initial Complaint should be 10.02% and the top of the range of reasonableness for that period should be 12.62%. The FERC determined that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. The FERC ordered refunds to be made in accordance with the May 2020 Order. Refund settlements were finalized during the three months ended March 31, 2022. In the May 2020 Order, the FERC also reaffirmed its decision to dismiss the Second Complaint and its finding that no refunds would be ordered on the Second Complaint. Our MISO Regulated Operating Subsidiaries are parties to multiple appeals of the September 2016 Order, November 2019 Order and May 2020 Order at the D.C. Circuit Court. Financial Statement Impacts As of December 31, 2021, we had recorded an aggregate current regulatory asset and liability of $1 million and less than $1 million, respectively, 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 six months ended June 30, 2022 and 2021, we received net settlement payments of less than $1 million and $9 million, respectively, owed from customers related to this matter. As of June 30, 2022, there are no remaining regulatory assets or liabilities recorded related to this matter. Although the November 2019 Order and May 2020 Order dismissed the Second Complaint with no refunds required, it is possible upon resolution of the pending appeals that our MISO Regulated Operating Subsidiaries could be required to provide material refunds related to the Second Complaint. Our MISO Regulated Operating Subsidiaries currently record revenues at the base ROE of 10.02% established in the May 2020 Order plus applicable ROE incentive adders. See Note 4 for a summary of incentive adders for transmission rates. As of June 30, 2022, 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

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	6 Months Ended
	Jun. 30, 2022
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 condensed consolidated statements of financial position that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, (In millions of USD) 2022 2021 2021 2020 Cash and cash equivalents $ 18 $ 3 $ 5 $ 4 Restricted cash included in: Other non-current assets 2 5 2 2 Total cash, cash equivalents and restricted cash $ 20 $ 8 $ 7 $ 6 Restricted cash included in other non-current assets primarily represents cash on deposit to pay for vegetation management, land easements and land purchases for the purpose of transmission line construction as well as amounts liquidated to make benefit payments related to our supplemental benefit plans. Supplementary Cash Flows Information Six months ended June 30, (In millions of USD) 2022 2021 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 121 $ 117 Income taxes paid 5 — Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 124 108 Allowance for equity funds used during construction 17 14 Other 1 — ____________________________ (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 June 30, 2022 or 2021, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
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. The following tables show our financial information by reportable segment: Three months ended Six months ended OPERATING REVENUES: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 376 $ 350 $ 750 $ 696 Intercompany eliminations (9) (8) (18) (18) Total operating revenues $ 367 $ 342 $ 732 $ 678 Three months ended Six months ended INCOME (LOSS) BEFORE INCOME TAXES: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 184 $ 173 $ 364 $ 344 ITC Holdings and other (40) (37) (80) (75) Total income before income taxes $ 144 $ 136 $ 284 $ 269 Three months ended Six months ended NET INCOME: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 138 $ 128 $ 273 $ 254 ITC Holdings and other 111 102 217 202 Intercompany eliminations (138) (128) (273) (254) Total net income $ 111 $ 102 $ 217 $ 202 TOTAL ASSETS: June 30, December 31, (In millions of USD) 2022 2021 Regulated Operating Subsidiaries $ 11,721 $ 11,317 ITC Holdings and other 6,305 6,134 Reconciliations / intercompany eliminations (a) (6,133) (6,006) Total assets $ 11,893 $ 11,445 ____________________________ (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 condensed consolidated statements of financial position.

GENERAL (Policies)

GENERAL (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated interim financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2021 included in ITC Holdings’ annual report on Form 10-K for such period. The accompanying condensed consolidated interim financial statements have been prepared using GAAP and with the instructions to Form 10-Q and Rule 10-01 of SEC Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require 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. The condensed consolidated interim financial statements are unaudited but, in our opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.

REVENUE (Policies)

REVENUE (Policies)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition, Policy	Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect 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 3 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 for each of the three months ended June 30, 2022 and 2021 were $1 million. Total other services revenue for each of the six months ended June 30, 2022 and 2021 were $2 million. 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 4 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Components of accounts receivable	The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: June 30, December 31, (In millions of USD) 2022 2021 Trade accounts receivable $ 2 $ 3 Unbilled accounts receivable 161 116 Other (a) 21 9 Total accounts receivable $ 184 $ 128 ____________________________ (a) Includes amounts due from affiliates, see “Intercompany Receivables and Payables” in Note 10 for additional information.

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	6 Months Ended
	Jun. 30, 2022
Regulated Operations [Abstract]
Net Changes in Regulatory Assets and Liabilities	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 six months ended June 30, 2022: (In millions of USD) Total Net regulatory liabilities as of December 31, 2021 $ (2) Net collection of 2020 revenue deferrals and accruals, including accrued interest (4) Net revenue accrual, including accrued interest 18 Net regulatory assets as of June 30, 2022 $ 12
Schedule of Other Assets and Other Liabilities	Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the condensed consolidated statements of financial position as follows: June 30, December 31, (In millions of USD) 2022 2021 Current regulatory assets $ 15 $ 20 Non-current regulatory assets 33 10 Current regulatory liabilities (16) (13) Non-current regulatory liabilities (20) (19) Net regulatory assets (liabilities) $ 12 $ (2)

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Interest Rate Derivatives [Table Text Block]	At June 30, 2022, ITC Holdings had the following interest rate swaps: Interest Rate Swaps Notional Amount Weighted Average Fixed Rate Benchmark Rate Interest Received Interest Paid July 2021 swap $ 45 1.113% LIBOR Quarterly Semi-annually November 2021 swap 45 1.581% LIBOR Quarterly Semi-annually November 2021 swap 45 1.492% LIBOR Quarterly Semi-annually November 2021 swap 45 1.497% LIBOR Quarterly Semi-annually November 2021 swap 50 1.544% LIBOR Quarterly Semi-annually December 2021 swap 50 1.560% LIBOR Quarterly Semi-annually December 2021 swap 50 1.489% LIBOR Quarterly Semi-annually December 2021 swap 45 1.475% LIBOR Quarterly Semi-annually March 2022 swap 40 1.546% SOFR Annually Annually March 2022 swap 35 1.533% SOFR Annually Annually Total $ 450 1.483%
Schedule of Revolving Credit Agreements	At June 30, 2022, 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 $ — $ 400 (d) —% 0.175 % ITC Transmission 100 30 70 2.7% 0.10 % METC 100 3 97 2.7% 0.10 % ITC Midwest 225 188 37 2.7% 0.10 % ITC Great Plains 75 28 47 2.7% 0.10 % Total $ 900 $ 249 $ 651 ____________________________ (a) Included within long-term debt in the condensed 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 $116 million as of June 30, 2022.

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	6 Months Ended
	Jun. 30, 2022
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Net Defined Benefit Cost Components	Net periodic benefit cost for the pension plans, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 1 — 2 1 Expected return on plan assets (2) (2) (3) (3) Amortization of unrecognized loss — 1 — 1 Net pension cost $ 1 $ 2 $ 3 $ 4
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net Defined Benefit Cost Components	Net postretirement benefit plan cost, by component, was as follows: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Service cost $ 3 $ 3 $ 6 $ 5 Interest cost 1 1 2 2 Expected return on plan assets (1) (2) (3) (3) Amortization of unrecognized gain (1) — (1) — Net postretirement cost $ 2 $ 2 $ 4 $ 4

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities at Fair Value Subject to Three-Tier Hierarchy	Our assets are measured at fair value subject to the three-tier hierarchy at June 30, 2022, 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 $ 46 $ — $ — Mutual funds — equity securities 11 — — Interest rate swap derivatives — 33 — Total $ 57 $ 33 $ —	Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, 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 $ 51 $ — $ — Mutual funds — equity securities 12 — — Interest rate swap derivatives — 2 — Total $ 63 $ 2 $ —

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides the components of changes in AOCI: Three months ended Six months ended June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Balance at the beginning of period $ 14 $ (7) $ (2) $ (8) Derivative instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of less than $1 for the three months ended June 30, 2021 and $1 for each of the six months ended June 30, 2022 and 2021) (a) — 1 1 2 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $3 and $9 for the three and six months ended June 30, 2022, respectively) 7 — 22 — Total other comprehensive income, net of tax 7 1 23 2 Balance at the end of period $ 21 $ (6) $ 21 $ (6) ____________________________ (a) The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis.

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION TABLE TAGS (Tables)	6 Months Ended
	Jun. 30, 2022
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 condensed consolidated statements of financial position that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, (In millions of USD) 2022 2021 2021 2020 Cash and cash equivalents $ 18 $ 3 $ 5 $ 4 Restricted cash included in: Other non-current assets 2 5 2 2 Total cash, cash equivalents and restricted cash $ 20 $ 8 $ 7 $ 6
Supplementary Cash Flow Information	Supplementary Cash Flows Information Six months ended June 30, (In millions of USD) 2022 2021 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 121 $ 117 Income taxes paid 5 — Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 124 108 Allowance for equity funds used during construction 17 14 Other 1 — ____________________________ (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 June 30, 2022 or 2021, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	The following tables show our financial information by reportable segment: Three months ended Six months ended OPERATING REVENUES: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 376 $ 350 $ 750 $ 696 Intercompany eliminations (9) (8) (18) (18) Total operating revenues $ 367 $ 342 $ 732 $ 678 Three months ended Six months ended INCOME (LOSS) BEFORE INCOME TAXES: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 184 $ 173 $ 364 $ 344 ITC Holdings and other (40) (37) (80) (75) Total income before income taxes $ 144 $ 136 $ 284 $ 269 Three months ended Six months ended NET INCOME: June 30, June 30, (In millions of USD) 2022 2021 2022 2021 Regulated Operating Subsidiaries $ 138 $ 128 $ 273 $ 254 ITC Holdings and other 111 102 217 202 Intercompany eliminations (138) (128) (273) (254) Total net income $ 111 $ 102 $ 217 $ 202 TOTAL ASSETS: June 30, December 31, (In millions of USD) 2022 2021 Regulated Operating Subsidiaries $ 11,721 $ 11,317 ITC Holdings and other 6,305 6,134 Reconciliations / intercompany eliminations (a) (6,133) (6,006) Total assets $ 11,893 $ 11,445 ____________________________ (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 condensed consolidated statements of financial position.

GENERAL (Details)

GENERAL (Details)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Percentage of Minority Investor	19.90%

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 387	$ 346	$ 714	$ 645
Other services
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 1	$ 1	$ 2	$ 2

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 184	$ 128
Unbilled accounts receivable	161	116
Other Receivables	21	9
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2	$ 3

REGULATORY MATTERS Net Changes

REGULATORY MATTERS Net Changes in Regulatory Assets and Liabilities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue Accruals and Deferrals
Net regulatory liabilities as of December 31, 2021	$ (2)
Net collection of 2020 revenue deferrals and accruals, including accrued interest	(4)
Net revenue accrual, including accrued interest	18
Net regulatory assets as of June 30, 2022	$ 12

REGULATORY MATTERS Schedule of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	$ 15	$ 21
Non-current regulatory assets	204	190
Current regulatory liabilities	(17)	(14)
Non-current regulatory liabilities	(614)	(619)
Net regulatory assets (liabilities)	12	(2)
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	(16)	(13)
Non-current regulatory liabilities	(20)	(19)
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	15	20
Non-current regulatory assets	$ 33	$ 10

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details)		6 Months Ended
	May 10, 2022	Jun. 30, 2022	Jun. 30, 2021	May 21, 2020	Nov. 21, 2019	Sep. 28, 2016
Regulatory Liabilities [Line Items]
Transmission Rate, Applicable Period		1 year
Revenue true-up amount reflected in customer bill, period of recognition		2 years
ITC Midwest LLC [Member]
Regulatory Liabilities [Line Items]
Public Utilities, Approved Equity Capital Structure, Percentage	60%
Requested Equity Capital Structure by ICAT	53%
MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Revised Rate Of Return On Equity		10.77%	10.77%
Incentive Adder for Independent Transmission Ownership		25	25
Basis Point Incentive Adder for RTO Participation		50	50
ITC Great Plains LLC [Member]
Regulatory Liabilities [Line Items]
Revised Rate Of Return On Equity		11.41%	11.41%
Incentive Adder for Independent Transmission Ownership		25	25
Basis Point Incentive Adder for RTO Participation		50	50
Minimum [Member] | MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Revised Rate Of Return On Equity		10.02%	10.02%	10.02%	9.88%	10.32%
Minimum [Member] | ITC Great Plains LLC [Member]
Regulatory Liabilities [Line Items]
Revised Rate Of Return On Equity		10.66%	10.66%
Maximum [Member] | MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Revised Rate Of Return On Equity				12.62%	12.24%	11.35%

DEBT (Details) Schedule of Inte

DEBT (Details) Schedule of Interest Rate Derivatives - USD ($) $ in Millions	Jun. 30, 2022	Mar. 04, 2022	Mar. 01, 2022	Dec. 31, 2021	Dec. 17, 2021	Dec. 16, 2021	Dec. 14, 2021	Nov. 30, 2021	Nov. 08, 2021	Nov. 05, 2021	Nov. 01, 2021	Jul. 20, 2021
Schedule of Debt Instruments [Line Items]
Notional Amount	$ 450			$ 375
Weighted Average Fixed Rate	1.483%	1.533%	1.546%		1.475%	1.489%	1.56%	1.544%	1.497%	1.492%	1.581%	1.113%
Interest Rate Swap [Member]
Schedule of Debt Instruments [Line Items]
Notional Amount		$ 35	$ 40		$ 45	$ 50	$ 50	$ 50	$ 45	$ 45	$ 45	$ 45

DEBT Schedule of Revolving Cred

DEBT Schedule of Revolving Credit Agreements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total available capacity	$ 900
Outstanding Balance	249
Unused Capacity	651
Commercial Paper	284	$ 155
Unused lines of Credit
Line of Credit Facility [Line Items]
Commercial Paper	116
ITC Holdings Corp. [Member]
Line of Credit Facility [Line Items]
Total available capacity	400
Outstanding Balance	0
Unused Capacity	$ 400
Debt, Weighted Average Interest Rate	0%
Commitment Fee Rate	0.175%
ITCTransmission [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 100
Outstanding Balance	30
Unused Capacity	$ 70
Debt, Weighted Average Interest Rate	2.70%
Commitment Fee Rate	0.10%
METC LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 100
Outstanding Balance	3
Unused Capacity	$ 97
Debt, Weighted Average Interest Rate	2.70%
Commitment Fee Rate	0.10%
ITC Midwest LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 225
Outstanding Balance	188
Unused Capacity	$ 37
Debt, Weighted Average Interest Rate	2.70%
Commitment Fee Rate	0.10%
ITC Great Plains LLC [Member]
Line of Credit Facility [Line Items]
Total available capacity	$ 75
Outstanding Balance	28
Unused Capacity	$ 47
Debt, Weighted Average Interest Rate	2.70%
Commitment Fee Rate	0.10%

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions

6 Months Ended

Jun. 30, 2022

May 10, 2022

Mar. 04, 2022

Mar. 01, 2022

Jan. 14, 2022

Dec. 31, 2021

Dec. 17, 2021

Dec. 16, 2021

Dec. 14, 2021

Nov. 30, 2021

Nov. 08, 2021

Nov. 05, 2021

Nov. 01, 2021

Jul. 20, 2021

Nov. 14, 2017

Debt Instrument [Line Items]

Commercial Paper Program, Maximum Authorized Amount Outstanding

$ 400

Commercial Paper

$ 284

$ 155

Short-term Debt, Weighted Average Interest Rate, at Point in Time

1.70%

Short-Term Debt, Weighted Average Days to Maturity

19 days

Notional Amount

$ 450

$ 375

Interest Rate Swap [Member]

Debt Instrument [Line Items]

Derivative Asset, Fair Value, Gross Asset

$ 33

Notional Amount

$ 35

$ 40

$ 45

$ 50

$ 50

$ 50

$ 45

$ 45

$ 45

$ 45

ITC Holdings Corp. [Member] | Unsecured Debt [Member] | Senior Note, Due November 15, 2022

Debt Instrument [Line Items]

Interest Rate

2.70%

ITCTransmission [Member] | Secured Debt | First Mortgage Bonds, Series J due January 14, 2052

Debt Instrument [Line Items]

Principal amount

$ 130

Interest Rate

2.93%

ITCTransmission [Member] | Secured Debt | First Mortgage Bonds, Series I due January 14, 2052

Debt Instrument [Line Items]

Principal amount

$ 20

Interest Rate

2.93%

METC LLC [Member] | Secured Debt | Senior Secured Notes, Series B due May 10, 2052

Debt Instrument [Line Items]

Principal amount

$ 75

Interest Rate

3.05%

RETIREMENT BENEFITS AND ASSET_3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 3	$ 4	$ 5
Interest cost	1	0	2	1
Expected return on plan assets	(2)	(2)	(3)	(3)
Amortization of unrecognized loss	0	1	0	1
Net cost	1	2	3	4
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	3	6	5
Interest cost	1	1	2	2
Expected return on plan assets	(1)	(2)	(3)	(3)
Amortization of unrecognized loss	(1)	0	(1)	0
Net cost	$ 2	$ 2	$ 4	$ 4

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 3
Defined Contribution Plan, Cost	2	$ 1	$ 5	$ 4
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	3
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 4		$ 4

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	$ 57	$ 63
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	33	2
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	0	0
Mutual fund - fixed income securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Mutual funds	46	51
Mutual fund - equity securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Mutual funds	11	12
Derivative | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 33	$ 2

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper	$ 6,028	$ 6,995
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	6,405	6,179
Book value of revolving credit and term loan credit agreements	$ 249	$ 329

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), balance at beginning of period	$ 14	$ (2)	$ (7)	$ (8)	$ (2)	$ (8)	$ 21
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		1		1	2
Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $3 and $9 for the three and six months ended June 30, 2022, respectively)	7		0		22	0
Total other comprehensive income, net of tax	7	16	1	1	23	2
Accumulated Other Comprehensive Income (Loss), balance at end of period	21	$ 14	(6)	$ (7)	21	(6)
Reclassification from AOCI, Current Period, Tax			$ 1			$ 1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	$ 3				$ 9
Forecast [Member]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax							2
Reclassification from AOCI, Current Period, Tax							$ 1

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted Award Vesting Rights	The granted awards and related dividend equivalents have no shareholder rights.
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	253,476
Aggregate fair value of PBUs or SBUs	$ 58
Total unrecognized compensation cost	$ 22
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	197,926
Aggregate fair value of PBUs or SBUs	$ 30
Total unrecognized compensation cost	$ 14

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts Receivable, Related Parties, Current		$ 9,000,000				$ 9,000,000		$ 2,000,000
Accounts Payable, Related Parties, Current		1,000,000				1,000,000		$ 1,000,000
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		3,000,000		$ 2,000,000		7,000,000	$ 5,000,000
Related Party Transaction, Expenses from Transactions with Related Party		2,000,000		1,000,000		4,000,000	1,000,000
Payments of Dividends		$ 64,000,000	$ 64,000,000	$ 57,000,000	$ 58,000,000	128,000,000	115,000,000
ITC Investment Holdings
Payments of Dividends						128,000,000	115,000,000
Income Taxes Paid						$ 5,000,000	$ 0
ITC Investment Holdings | Subsequent Event
Payments of Dividends	$ 71,000,000

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 21, 2020	Nov. 21, 2019	Sep. 30, 2017	Sep. 28, 2016	Feb. 12, 2015	Nov. 12, 2013
Commitments and Contingent Liabilities [Line Items]
Current regulatory assets	$ 15		$ 21
Current regulatory liability	$ 17		14
MISO Operating Subsidiaries
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity	10.77%	10.77%
Customer Refund Liability, Current	$ 1	$ 9
Equity in capital structure for ratemaking purposes	$ 5,000
Incentive Adder for Independent Transmission Ownership	10
Effect on net income from 10 basis point reduction in the authorized base return on equity	$ 5
METC LLC [Member]
Commitments and Contingent Liabilities [Line Items]
Reduced rate of return on equity								8.67%	9.15%
Rate Of Return On Equity							12.38%
ITCTransmission [Member]
Commitments and Contingent Liabilities [Line Items]
Reduced rate of return on equity								8.67%	9.15%
Rate Of Return On Equity							12.38%
ITC Midwest LLC [Member]
Commitments and Contingent Liabilities [Line Items]
Reduced rate of return on equity								8.67%	9.15%
Rate Of Return On Equity							12.38%
Estimated Potential Refund Related to Return on Equity Complaints
Commitments and Contingent Liabilities [Line Items]
Current regulatory assets			1
Minimum [Member] | MISO Operating Subsidiaries
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity	10.02%	10.02%		10.02%	9.88%		10.32%
Recommended rate of return on equity						9.70%
Maximum [Member] | MISO Operating Subsidiaries
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity				12.62%	12.24%		11.35%
Recommended rate of return on equity						10.68%
Estimated Potential Refund Related to Return on Equity Complaints
Commitments and Contingent Liabilities [Line Items]
Current regulatory liability			$ 1

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION Restricted cash reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 18	$ 5	$ 3	$ 4
Restricted Cash, included in other non-current assets	2	2	5	2
Cash, Cash Equivalents and Restricted Cash	$ 20	$ 7	$ 8	$ 6

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid (net of interest capitalized)			$ 121	$ 117
Additions to property, plant and equipment and other long-lived assets			124	108
Allowance for equity funds used during construction	$ 8	$ 7	17	14
Other Non-cash Investing and Financing			$ 1	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
OPERATING REVENUES:
Operating revenues	$ 367		$ 342		$ 732	$ 678
INCOME (LOSS) BEFORE INCOME TAXES:
INCOME BEFORE INCOME TAXES	144		136		284	269
NET INCOME:
NET INCOME	111	$ 106	102	$ 100	217	202
TOTAL ASSETS:
Assets	11,893				11,893		$ 11,445
Regulated Operating Subsidiaries
OPERATING REVENUES:
Operating revenues	376		350		750	696
INCOME (LOSS) BEFORE INCOME TAXES:
INCOME BEFORE INCOME TAXES	184		173		364	344
NET INCOME:
NET INCOME	138		128		273	254
TOTAL ASSETS:
Assets	11,721				11,721		11,317
Intercompany eliminations
OPERATING REVENUES:
Operating revenues	(9)		(8)		(18)	(18)
NET INCOME:
NET INCOME	(138)		(128)		(273)	(254)
TOTAL ASSETS:
Assets	(6,133)				(6,133)		(6,006)
ITC Holdings and other
INCOME (LOSS) BEFORE INCOME TAXES:
INCOME BEFORE INCOME TAXES	(40)		(37)		(80)	(75)
NET INCOME:
NET INCOME	111		$ 102		217	$ 202
TOTAL ASSETS:
Assets	$ 6,305				$ 6,305		$ 6,134