ITC (ITC) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 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
Entity Central Index Key	0001317630
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 130	$ 328
Accounts receivable	168	137
Inventory	73	63
Regulatory assets	23	30
Prepaid and other current assets	24	21
Total current assets	418	579
Property, plant and equipment (net of accumulated depreciation and amortization of $2,687 and $2,579, respectively)	11,862	11,274
Other assets
Goodwill	950	950
Regulatory assets	179	175
Other assets	140	146
Total other assets	1,269	1,271
TOTAL ASSETS	13,549	13,124
Current liabilities
Accounts payable	122	117
Accrued compensation	47	59
Accrued interest	85	81
Accrued taxes	38	75
Regulatory liabilities	40	41
Refundable deposits and advances for construction	44	31
Debt maturing within one year	75	475
Other current liabilities	15	18
Total current liabilities	466	897
Accrued pension and postretirement liabilities	40	42
Deferred income taxes	1,503	1,411
Regulatory liabilities	771	721
Refundable deposits	15	33
Long-term debt	7,733	7,123
Other liabilities	47	43
Commitments and contingent liabilities (Notes 5 and 12)
TOTAL LIABILITIES	10,575	10,270
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at September 30, 2024 and December 31, 2023	892	892
Retained earnings	2,056	1,933
Accumulated other comprehensive income	26	29
Total stockholder’s equity	2,974	2,854
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 13,549	$ 13,124

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 2,687	$ 2,579
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OPERATING REVENUES
Transmission and other services	$ 488	$ 464	$ 1,278	$ 1,203
Formula Rate true-up	(80)	(76)	(57)	(45)
Total operating revenues	408	388	1,221	1,158
OPERATING EXPENSES
Operation and maintenance	30	30	84	87
General and administrative	30	26	89	86
Depreciation and amortization	80	77	242	228
Taxes other than income taxes	35	34	116	109
Other operating expenses (income), net	0	0	(1)	(1)
Total operating expenses	175	167	530	509
OPERATING INCOME	233	221	691	649
OTHER EXPENSES (INCOME)
Interest expense, net	88	82	257	234
Allowance for equity funds used during construction	(12)	(10)	(34)	(32)
Other expenses (income), net	(6)	(5)	(19)	(10)
Total other expenses (income)	70	67	204	192
INCOME BEFORE INCOME TAXES	163	154	487	457
INCOME TAX PROVISION	39	44	114	117
Net Income (Loss) Attributable to Parent, Total	124	110	373	340
OTHER COMPREHENSIVE (LOSS) INCOME
Derivative instruments, net of tax	0	0	(3)	2
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	0	0	(3)	2
TOTAL COMPREHENSIVE INCOME	$ 124	$ 110	$ 370	$ 342

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]
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2022	$ 2,672	$ 892	$ 1,753	$ 27
NET INCOME	112		112
Dividends to ITC Investment Holdings	(70)		(70)
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2023	2,714	892	1,795	27
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2022	2,672	892	1,753	27
NET INCOME	340
Dividends to ITC Investment Holdings	(211)
Total other comprehensive (loss) income, net of tax	2
Stockholders' Equity Attributable to Parent, balance at end of period at Sep. 30, 2023	2,803	892	1,882	29
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2023	2,714	892	1,795	27
NET INCOME	118		118
Dividends to ITC Investment Holdings	(70)		(70)
Total other comprehensive (loss) income, net of tax	2			2
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2023	2,764	892	1,843	29
NET INCOME	110		110
Dividends to ITC Investment Holdings	(71)		(71)
Total other comprehensive (loss) income, net of tax	0
Stockholders' Equity Attributable to Parent, balance at end of period at Sep. 30, 2023	2,803	892	1,882	29
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2023	2,854	892	1,933	29
NET INCOME	123		123
Dividends to ITC Investment Holdings	(86)		(86)
Total other comprehensive (loss) income, net of tax	(1)			(1)
Stockholders' Equity Attributable to Parent, balance at end of period at Mar. 31, 2024	2,890	892	1,970	28
Stockholders' Equity Attributable to Parent, balance at beginning of period at Dec. 31, 2023	2,854	892	1,933	29
NET INCOME	373
Dividends to ITC Investment Holdings	(250)
Total other comprehensive (loss) income, net of tax	(3)
Stockholders' Equity Attributable to Parent, balance at end of period at Sep. 30, 2024	2,974	892	2,056	26
Stockholders' Equity Attributable to Parent, balance at beginning of period at Mar. 31, 2024	2,890	892	1,970	28
NET INCOME	126		126
Dividends to ITC Investment Holdings	(76)		(76)
Total other comprehensive (loss) income, net of tax	(2)			(2)
Stockholders' Equity Attributable to Parent, balance at end of period at Jun. 30, 2024	2,938	892	2,020	26
NET INCOME	124		124
Dividends to ITC Investment Holdings	(88)		(88)
Total other comprehensive (loss) income, net of tax	0
Stockholders' Equity Attributable to Parent, balance at end of period at Sep. 30, 2024	$ 2,974	$ 892	$ 2,056	$ 26

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$ 373	$ 340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	242	228
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	51	39
Deferred income tax expense	72	84
Allowance for equity funds used during construction	(34)	(32)
Share-based compensation	12	11
Other	(14)	13
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	(30)	(34)
Accounts payable	5	(2)
Accrued compensation	(13)	(10)
Accrued interest	4	25
Accrued taxes	(37)	(34)
Other current and non-current assets and liabilities, net	(14)	(33)
Net cash provided by operating activities	617	595
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(751)	(622)
Other	(9)	(13)
Net cash used in investing activities	(760)	(635)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt, net	634	799
Borrowings under revolving credit agreements	841	894
Net repayment of commercial paper	0	(134)
Repayment of long-term debt	(450)	(250)
Repayments of revolving credit agreements	(814)	(745)
Dividends to ITC Investment Holdings	(250)	(211)
Refundable deposits from generators for transmission network upgrades	6	47
Repayment of refundable deposits from generators for transmission network upgrades	(17)	(21)
Other	(4)	(9)
Net cash (used in) provided by financing activities	(54)	370
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(197)	330
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	333	6
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 136	$ 336

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2024
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 transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin 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, 2023 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.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Pronouncements Improvements to Reportable Segment Disclosures In November 2023, the FASB issued authoritative guidance to improve reportable segment disclosure requirements, thereby enabling investors to better understand an entity’s performance and assess potential future cash flows. The new guidance requires that public entities disclose, on an annual and interim basis, additional information related to significant segment expenses regularly provided to the chief operating decision maker and other segment items. The guidance also contains several other provisions, notably requiring disclosure in interim periods of all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 of the FASB’s Accounting Standards Codification. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the new guidance, but do not anticipate significant changes to our disclosures. Enhancements to Income Tax Disclosures In December 2023, the FASB issued authoritative guidance modifying the disclosure requirements for income tax. This update is intended to provide investors information to better assess how an entity’s operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Notable changes in the new guidance include disaggregation of income tax information by jurisdiction and changes to the presentation of information for the reconciliation of effective tax rates. The guidance is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We are evaluating the new guidance, but do not anticipate significant changes to our disclosures.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE 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. 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 4 for information on changes in unbilled accounts receivable. 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 Note 5 for more information on our Formula Rates. Other Services Other services revenue consists of ancillary services relating to customer-owned plant, easement and rental revenues. A portion of other services revenue is treated as a revenue credit and taken as a reduction to gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue included in transmission and other services in the condensed consolidated statements of comprehensive income for the three months ended September 30, 2024 and 2023 was $1 million and $2 million, respectively. Total other services revenue for the nine months ended September 30, 2024 and 2023 was $3 million and $5 million, respectively.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: September 30, December 31, (In millions of USD) 2024 2023 Trade accounts receivable $ 3 $ 2 Unbilled accounts receivable 150 122 Other 15 13 Total accounts receivable $ 168 $ 137

REGULATORY MATTERS

REGULATORY MATTERS	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS Cost-Based Formula Rates with True-Up Mechanism Our Regulated Operating Subsidiaries recover expenses and earn an authorized return on and recover investments in property, plant and equipment using cost-based Formula Rates. Each of our Regulated Operating Subsidiaries separately calculates a transmission revenue requirement under their cost-based formula based on financial information specific to each company. The calculation of projected revenue requirement for a future period, generally a calendar year, is used to establish the transmission rate used for billing purposes. The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually and remain in effect for a one 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 Note 12 for detail on the MISO ROE Complaints. 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. This annual true-up ensures that our Regulated Operating Subsidiaries recover their allowed costs and earn their authorized returns while also ensuring that our customers pay the actual revenue requirement. 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 nine months ended September 30, 2024: (In millions of USD) Total Net regulatory liabilities as of December 31, 2023 $ (28) Net refund of 2022 revenue deferrals and accruals, including accrued interest 9 Net revenue deferral, including accrued interest (57) Net accrued interest payable (3) Net regulatory liabilities as of September 30, 2024 $ (79) Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded on the condensed consolidated statements of financial position as follows: September 30, December 31, (In millions of USD) 2024 2023 Current regulatory assets $ 23 $ 30 Non-current regulatory assets 15 20 Current regulatory liabilities (40) (41) Non-current regulatory liabilities (77) (37) Net regulatory liabilities $ (79) $ (28) 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 a supplemental NOPR on April 15, 2021, proposing to update its transmission incentives policy to remove incentives for independent transmission ownership and RTO participation and to grant incentives for certain transmission projects. As of September 30, 2024, 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 nine months ended September 30, 2024 and 2023, 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 Note 12 for a discussion of the MISO ROE Complaints. ITC Great Plains For the three and nine months ended September 30, 2024 and 2023, 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.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT ITC Holdings Senior Unsecured Notes On May 9, 2024, ITC Holdings completed a debt issuance of $400 million aggregate principal amount of unsecured 5.65% Senior Notes, due May 9, 2034. The 5.65% Senior Notes are redeemable prior to February 9, 2034, in whole or in part and at the option of ITC Holdings, by paying an applicable make whole premium. The net proceeds from this offering, after discount and costs related to the issuance, were used to partially fund the repayment of the $400 million aggregate principal amount of ITC Holdings 3.65% Senior Notes due June 15, 2024 and for general corporate purposes. The Senior Notes were issued under ITC Holdings’ indenture, dated April 18, 2013, between ITC Holdings and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as supplemented from time to time, including by the Eighth Supplemental Indenture, dated as of May 9, 2024. 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. At September 30, 2024 and December 31, 2023, ITC Holdings did not have any commercial paper issued and outstanding under the program. The Company’s Revolving Credit Agreement may be used to repay commercial paper issued pursuant to the commercial paper program. ITCTransmission First Mortgage Bonds On January 23, 2024, ITCTransmission issued an aggregate principal amount of $75 million of 5.11% First Mortgage Bonds, Series K, due January 23, 2029 and an aggregate principal amount of $75 million of 5.38% First Mortgage Bonds, Series L, due January 23, 2034. The proceeds were used to repay existing indebtedness under the Revolving Credit Agreement, 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 November 1, 2023, METC completed a private offering of Senior Secured Notes totaling an aggregate principal amount of $175 million. The offering consisted of an issuance of $90 million on November 1, 2023 of 5.65% Series A Senior Secured Notes due November 1, 2028 and an issuance of $85 million on January 16, 2024 of 5.98% Series B Senior Secured Notes due January 16, 2034. The proceeds from the Senior Secured Notes were used to repay indebtedness under the 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. ITC Great Plains First Mortgage Bonds On June 24, 2024, ITC Great Plains completed a partial redemption of $50 million of the $150 million aggregate principal amount of 4.16% First Mortgage Bonds, Series A, due November 26, 2044. There was no make-whole premium payment associated with the redemption. Revolving Credit Agreement At September 30, 2024, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unguaranteed, unsecured revolving credit facility available and outstanding: (In millions of USD) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 350 $ — $ 350 — % 0.175 % ITCTransmission 175 43 132 5.89 % 0.100 % METC 175 29 146 5.89 % 0.100 % ITC Midwest 225 200 25 5.89 % 0.100 % ITC Great Plains 75 66 9 5.89 % 0.100 % Total $ 1,000 $ 338 $ 662 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain maximum individual sublimits and the aggregate limit under the Revolving Credit Agreement. In June 2024, we adjusted our current borrowing sublimits, which resulted in an increase to ITC Great Plains of $50 million and a decrease to ITC Holdings of $50 million. (b) Included within long-term debt on the condensed consolidated statements of financial position. (c) Interest charged on borrowings depends on the variable rate structure we elect at the time of each borrowing. (d) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. Derivative Instruments and Hedging Activities We use derivative financial instruments to manage our exposure to fluctuations in interest rates. ITC Holdings entered into the following derivative instruments that qualified for cash flow hedge accounting treatment. The contracts are used to manage interest rate risk associated with forecasted debt issuances at ITC Holdings. (In millions of USD) Notional Amount Weighted Average Fixed Rate Loss on Derivatives (a) Term Effective Date Outstanding derivative instruments Interest rate swaps $ 105 3.17 % $ — 5 Q2 2026 Settled derivative instruments U.S. Treasury rate lock contracts (b) 300 4.66 % 3 5 Q2 2024 ____________________________ (a) This amount, recorded net of tax in AOCI, is amortized as a component of interest expense over the term of the derivative instrument as the forecasted transactions affect earnings. See Note 9 for additional information. (b) The settlement payment was recognized within cash flows from operating activities in the condensed consolidated statements of cash flows.

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	9 Months Ended
	Sep. 30, 2024
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 adjust our funding as necessary based on consideration of federal funding requirements, the funded status of the plan, and other considerations as we deem appropriate. 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. Net periodic benefit cost for the pension plans, by component, was as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Service cost $ 2 $ 1 $ 6 $ 5 Interest cost 1 2 5 5 Expected return on plan assets (2) (2) (6) (5) Net pension cost $ 1 $ 1 $ 5 $ 5 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 (the “postretirement benefit plan”). Net postretirement benefit plan (credit) cost, by component, was as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 5 $ 5 Interest cost 1 2 4 4 Expected return on plan assets (2) (2) (6) (5) Amortization of unrecognized gain (1) (1) (4) (3) Net postretirement (credit) cost $ (1) $ — $ (1) $ 1 The components of net postretirement (credit) 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 $1 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $6 million for each of the nine months ended September 30, 2024 and 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and the year ended December 31, 2023, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at September 30, 2024, 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 and cash equivalents $ 1 $ — $ — Mutual funds — fixed income securities 43 — — Mutual funds — equity securities 15 — — Total $ 59 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2023, 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 $ 44 $ — $ — Mutual funds — equity securities 14 — — Total $ 58 $ — $ — As of September 30, 2024 and December 31, 2023, we held certain assets that are required to be measured at fair value on a recurring basis. The assets 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 7 and certain deferred compensation plan investments. 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 expenses (income), net in the condensed consolidated statements of comprehensive income. As of September 30, 2024, the fair value of both assets and liabilities related to the gains and losses on the interest rate swap derivatives, discussed in Note 6, were less than $1 million. The fair value of these derivatives is determined based on a discounted cash flow method using 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 nine months ended September 30, 2024 and 2023. 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 borrowings on the Revolving Credit Agreement, was $7,061 million and $6,660 million at September 30, 2024 and December 31, 2023, 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 borrowings on the Revolving Credit Agreement, was $7,470 million and $7,287 million at September 30, 2024 and December 31, 2023, respectively. Revolving Credit Agreement At September 30, 2024 and December 31, 2023, we had a consolidated total of $338 million and $311 million, respectively, outstanding under our Revolving Credit Agreement, which is a variable rate loan. The fair value of the loan approximates book value based on the borrowing rates currently available for a variable rate loan obtained from third party lending institutions. The fair value represents Level 2 under the three-tier hierarchy described above. Other Financial Instruments The carrying value of other financial instruments included in current assets, including cash and cash equivalents, approximates their fair value due to the short-term nature of these instruments.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDER'S EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income The following table provides the components of changes in AOCI: Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Balance at the beginning of period $ 26 $ 29 $ 29 $ 27 Derivative instruments Reclassification of net gain relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $—, $—, $(1) and $—, respectively) (a) — — (1) (1) (Loss) gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $—, $(1) and $1, respectively) — — (2) 3 Total other comprehensive (loss) income, net of tax — — (3) 2 Balance at the end of period $ 26 $ 29 $ 26 $ 29 ____________________________ (a) The reclassification of the net gain relating to interest rate cash flow hedges is reported in interest expense, net in the condensed consolidated statements of comprehensive income on a pre-tax basis. The amount of net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings for the 12-month period ending September 30, 2025 is expected to be approximately $3 million (net of tax of $1 million).

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	SHARE-BASED COMPENSATION In 2024, 316,690 PBUs and 267,700 SBUs were granted pursuant to our long-term incentive plans. Beginning in 2024, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the New York Stock Exchange. All PBUs and SBUs are classified as liability awards and generally vest on the third January 1st following the grant date, provided the service and performance criteria, as applicable, are satisfied, and will generally be settled during the same quarter. However, certain awards may vest over a different period or on the grant date based on retirement eligibility criteria or other award terms.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	RELATED PARTY TRANSACTIONS ITC Holdings may incur charges from Fortis and other affiliates of Fortis that are not subsidiaries of ITC Holdings (“Fortis and Fortis affiliates”) 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. Periodically, we pay dividends to ITC Investment Holdings as shown in the condensed consolidated statements of cash flows. In October 2024, we paid dividends of $93 million. 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. See Note 13 for information on income tax payments made to ITC Investment Holdings. September 30, December 31, (In millions of USD) 2024 2023 Statements of financial position activity: Accounts receivable from Fortis and Fortis affiliates $ — $ 1 Net income tax receivable from ITC Investment Holdings (a) 2 — Net income tax payable to ITC Investment Holdings (b) — 6 ____________________________ (a) Recorded in prepaid and other current assets on the condensed consolidated statements of financial position. (b) Recorded in accrued taxes on the condensed consolidated statements of financial position. Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Comprehensive income statements activity: Billed from Fortis and Fortis affiliates (a) $ 2 $ 2 $ 10 $ 9 Billed to Fortis and Fortis affiliates (b) — 1 3 2 ____________________________ (a) Recorded in general and administrative expenses in the condensed consolidated statements of comprehensive income. (b) Recorded as an offset to general and administrative expenses for ITC Holdings.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
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 polychlorinated biphenyls. 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 may include proceedings such as 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 under Section 206 of the FPA requesting that the FERC find the MISO regional base ROE rate (the “base ROE”) for all MISO TOs, 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 MISO 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. 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 administrative law judge 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 an order issued by the FERC on November 21, 2019 and the dismissal of the complaint was reaffirmed in the May 2020 Order. Previous FERC Orders Since the filing of the Initial Complaint, the FERC issued three separate orders in these proceedings resulting in multiple revisions to the base ROE and refund settlements. The MISO TOs, along with our MISO Regulated Operating Subsidiaries, and various other parties have challenged certain aspects of these orders through requests for rehearing. In the May 2020 Order, the FERC determined that a methodology using three financial models should be used to determine the base ROE. 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 order issued by the FERC on September 28, 2016 prospectively. The FERC ordered refunds to be made in accordance with the May 2020 Order. Refund settlements were finalized in 2022. August 2022 D.C. Circuit Court Decision On August 9, 2022, in response to appeals of the FERC's orders on the MISO ROE Complaints, the D.C. Circuit Court issued an opinion that rejected the FERC’s use of a risk premium model in the methodology used to determine the revised base ROE for MISO TOs. The D.C. Circuit Court decision vacated the FERC’s orders on the MISO ROE Complaints, dismissed the remaining outstanding appeals of these orders and remanded the matter to the FERC for further proceedings. October 2024 Order On October 17, 2024, in response to the August 2022 D.C. Circuit Court decision, the FERC issued an order on the MISO ROE Complaints that revised the methodology used to determine base ROE put forth in the May 2020 Order. In this order, the FERC removed the use of the risk premium model from the calculation, while maintaining other modifications to the methodology as described in previous orders on the MISO ROE Complaints. By applying the revised methodology, the FERC determined that the base ROE for the Initial Complaint should be 9.98% for all MISO TOs, including our MISO Regulated Operating Subsidiaries, and the top of the range of reasonableness for that period should be 12.58%. 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 order issued by the FERC on September 28, 2016 prospectively. The FERC ordered refunds to be made in accordance with the order by December 1, 2025. The FERC also reaffirmed its previous finding that no refunds would be ordered on the Second Complaint. We expect to record an aggregate refund liability of approximately $26 million, including interest, in the fourth quarter of 2024 in accordance with the refund provisions of the order. See Note 5 for a summary of our authorized ROE, which is composed of our base ROE and incentive adders for transmission rates.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2024
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: September 30, December 31, (In millions of USD) 2024 2023 2023 2022 Cash and cash equivalents $ 130 $ 331 $ 328 $ 4 Restricted cash included in other non-current assets 6 5 5 2 Total cash, cash equivalents and restricted cash $ 136 $ 336 $ 333 $ 6 Supplementary Cash Flows Information Nine Months Ended September 30, (In millions of USD) 2024 2023 Interest paid (net of interest capitalized) $ 247 $ 204 Income taxes paid (a) 50 43 Non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (b) 128 94 Allowance for equity funds used during construction 34 32 Other — 1 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million and less than $1 million for the nine months ended September 30, 2024 and 2023, respectively. (b) 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 September 30, 2024 or 2023, 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	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended OPERATING REVENUES: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 416 $ 397 $ 1,249 $ 1,185 Intercompany eliminations (8) (9) (28) (27) Total operating revenues $ 408 $ 388 $ 1,221 $ 1,158 Three Months Ended Nine Months Ended INCOME (LOSS) BEFORE INCOME TAXES: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 207 $ 194 $ 613 $ 578 ITC Holdings and other (44) (40) (126) (121) Total income before income taxes $ 163 $ 154 $ 487 $ 457 Three Months Ended Nine Months Ended NET INCOME: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 157 $ 150 $ 465 $ 440 ITC Holdings and other 124 110 373 340 Intercompany eliminations (157) (150) (465) (440) Total net income $ 124 $ 110 $ 373 $ 340 TOTAL ASSETS: September 30, December 31, (In millions of USD) 2024 2023 Regulated Operating Subsidiaries $ 13,292 $ 12,664 ITC Holdings and other 7,087 6,988 Reconciliations / intercompany eliminations (a) (6,830) (6,528) Total assets $ 13,549 $ 13,124 ____________________________ (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 on our condensed consolidated statements of financial position.

GENERAL (Policies)

GENERAL (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023 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)	9 Months Ended
	Sep. 30, 2024
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. 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 4 for information on changes in unbilled accounts receivable. 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 Note 5 for more information on our Formula Rates. Other Services

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Components of accounts receivable	The following table presents the components of accounts receivable on the condensed consolidated statements of financial position: September 30, December 31, (In millions of USD) 2024 2023 Trade accounts receivable $ 3 $ 2 Unbilled accounts receivable 150 122 Other 15 13 Total accounts receivable $ 168 $ 137

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024: (In millions of USD) Total Net regulatory liabilities as of December 31, 2023 $ (28) Net refund of 2022 revenue deferrals and accruals, including accrued interest 9 Net revenue deferral, including accrued interest (57) Net accrued interest payable (3) Net regulatory liabilities as of September 30, 2024 $ (79)
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 on the condensed consolidated statements of financial position as follows: September 30, December 31, (In millions of USD) 2024 2023 Current regulatory assets $ 23 $ 30 Non-current regulatory assets 15 20 Current regulatory liabilities (40) (41) Non-current regulatory liabilities (77) (37) Net regulatory liabilities $ (79) $ (28)

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Revolving Credit Agreements	At September 30, 2024, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unguaranteed, unsecured revolving credit facility available and outstanding: (In millions of USD) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 350 $ — $ 350 — % 0.175 % ITCTransmission 175 43 132 5.89 % 0.100 % METC 175 29 146 5.89 % 0.100 % ITC Midwest 225 200 25 5.89 % 0.100 % ITC Great Plains 75 66 9 5.89 % 0.100 % Total $ 1,000 $ 338 $ 662 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain maximum individual sublimits and the aggregate limit under the Revolving Credit Agreement. In June 2024, we adjusted our current borrowing sublimits, which resulted in an increase to ITC Great Plains of $50 million and a decrease to ITC Holdings of $50 million. (b) Included within long-term debt on the condensed consolidated statements of financial position. (c) Interest charged on borrowings depends on the variable rate structure we elect at the time of each borrowing. (d) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.
Schedule of Derivative Instruments	We use derivative financial instruments to manage our exposure to fluctuations in interest rates. ITC Holdings entered into the following derivative instruments that qualified for cash flow hedge accounting treatment. The contracts are used to manage interest rate risk associated with forecasted debt issuances at ITC Holdings. (In millions of USD) Notional Amount Weighted Average Fixed Rate Loss on Derivatives (a) Term Effective Date Outstanding derivative instruments Interest rate swaps $ 105 3.17 % $ — 5 Q2 2026 Settled derivative instruments U.S. Treasury rate lock contracts (b) 300 4.66 % 3 5 Q2 2024 ____________________________ (a) This amount, recorded net of tax in AOCI, is amortized as a component of interest expense over the term of the derivative instrument as the forecasted transactions affect earnings. See Note 9 for additional information. (b) The settlement payment was recognized within cash flows from operating activities in the condensed consolidated statements of cash flows.

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Service cost $ 2 $ 1 $ 6 $ 5 Interest cost 1 2 5 5 Expected return on plan assets (2) (2) (6) (5) Net pension cost $ 1 $ 1 $ 5 $ 5
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net Defined Benefit Cost Components	Net postretirement benefit plan (credit) cost, by component, was as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Service cost $ 1 $ 1 $ 5 $ 5 Interest cost 1 2 4 4 Expected return on plan assets (2) (2) (6) (5) Amortization of unrecognized gain (1) (1) (4) (3) Net postretirement (credit) cost $ (1) $ — $ (1) $ 1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, 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 and cash equivalents $ 1 $ — $ — Mutual funds — fixed income securities 43 — — Mutual funds — equity securities 15 — — Total $ 59 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2023, 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 $ 44 $ — $ — Mutual funds — equity securities 14 — — Total $ 58 $ — $ —

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides the components of changes in AOCI: Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Balance at the beginning of period $ 26 $ 29 $ 29 $ 27 Derivative instruments Reclassification of net gain relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $—, $—, $(1) and $—, respectively) (a) — — (1) (1) (Loss) gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $—, $(1) and $1, respectively) — — (2) 3 Total other comprehensive (loss) income, net of tax — — (3) 2 Balance at the end of period $ 26 $ 29 $ 26 $ 29 ____________________________ (a) The reclassification of the net gain relating to interest rate cash flow hedges is reported in interest expense, net in the condensed consolidated statements of comprehensive income on a pre-tax basis.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	September 30, December 31, (In millions of USD) 2024 2023 Statements of financial position activity: Accounts receivable from Fortis and Fortis affiliates $ — $ 1 Net income tax receivable from ITC Investment Holdings (a) 2 — Net income tax payable to ITC Investment Holdings (b) — 6 ____________________________ (a) Recorded in prepaid and other current assets on the condensed consolidated statements of financial position. (b) Recorded in accrued taxes on the condensed consolidated statements of financial position. Three Months Ended Nine Months Ended September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Comprehensive income statements activity: Billed from Fortis and Fortis affiliates (a) $ 2 $ 2 $ 10 $ 9 Billed to Fortis and Fortis affiliates (b) — 1 3 2 ____________________________ (a) Recorded in general and administrative expenses in the condensed consolidated statements of comprehensive income. (b) Recorded as an offset to general and administrative expenses for ITC Holdings.

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, December 31, (In millions of USD) 2024 2023 2023 2022 Cash and cash equivalents $ 130 $ 331 $ 328 $ 4 Restricted cash included in other non-current assets 6 5 5 2 Total cash, cash equivalents and restricted cash $ 136 $ 336 $ 333 $ 6
Supplementary Cash Flow Information	Supplementary Cash Flows Information Nine Months Ended September 30, (In millions of USD) 2024 2023 Interest paid (net of interest capitalized) $ 247 $ 204 Income taxes paid (a) 50 43 Non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (b) 128 94 Allowance for equity funds used during construction 34 32 Other — 1 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million and less than $1 million for the nine months ended September 30, 2024 and 2023, respectively. (b) 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 September 30, 2024 or 2023, 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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	The following tables show our financial information by reportable segment: Three Months Ended Nine Months Ended OPERATING REVENUES: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 416 $ 397 $ 1,249 $ 1,185 Intercompany eliminations (8) (9) (28) (27) Total operating revenues $ 408 $ 388 $ 1,221 $ 1,158 Three Months Ended Nine Months Ended INCOME (LOSS) BEFORE INCOME TAXES: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 207 $ 194 $ 613 $ 578 ITC Holdings and other (44) (40) (126) (121) Total income before income taxes $ 163 $ 154 $ 487 $ 457 Three Months Ended Nine Months Ended NET INCOME: September 30, September 30, (In millions of USD) 2024 2023 2024 2023 Regulated Operating Subsidiaries $ 157 $ 150 $ 465 $ 440 ITC Holdings and other 124 110 373 340 Intercompany eliminations (157) (150) (465) (440) Total net income $ 124 $ 110 $ 373 $ 340 TOTAL ASSETS: September 30, December 31, (In millions of USD) 2024 2023 Regulated Operating Subsidiaries $ 13,292 $ 12,664 ITC Holdings and other 7,087 6,988 Reconciliations / intercompany eliminations (a) (6,830) (6,528) Total assets $ 13,549 $ 13,124 ____________________________ (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 on our condensed consolidated statements of financial position.

GENERAL (Details)

GENERAL (Details)	9 Months Ended
	Sep. 30, 2024
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 488	$ 464	$ 1,278	$ 1,203
Other services
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 1	$ 2	$ 3	$ 5

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 168	$ 137
Unbilled accounts receivable	150	122
Other Receivables	15	13
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 3	$ 2

REGULATORY MATTERS Net Changes

REGULATORY MATTERS Net Changes in Regulatory Assets and Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue Accruals and Deferrals
Net Regulatory Asset (Liability) Associated with Revenue Accruals and Deferrals	$ (28)
Net refund of 2022 revenue deferrals and accruals, including accrued interest	9
Net revenue deferral, including accrued interest	(57)
Net accrued interest payable	(3)
Net Regulatory Asset (Liability) Associated with Revenue Accruals and Deferrals	$ (79)

REGULATORY MATTERS Schedule of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	$ 23	$ 30
Non-current regulatory assets	179	175
Current regulatory liabilities	(40)	(41)
Non-current regulatory liabilities	(771)	(721)
Net regulatory liabilities	(79)	(28)
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	(40)	(41)
Non-current regulatory liabilities	(77)	(37)
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	23	30
Non-current regulatory assets	$ 15	$ 20

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Regulatory Liabilities [Line Items]
Transmission Rate, Applicable Period			1 year
Revenue true-up amount reflected in customer bill, period of recognition			2 years
MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.77%	10.77%	10.77%	10.77%
Incentive Adder for Independent Transmission Ownership	25	25	25	25
Basis Point Incentive Adder for RTO Participation	50	50	50	50
ITC Great Plains LLC
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage	11.41%	11.41%	11.41%	11.41%
Incentive Adder for Independent Transmission Ownership	25	25	25	25
Basis Point Incentive Adder for RTO Participation	50	50	50	50
Minimum [Member] | MISO Operating Subsidiaries
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.02%	10.02%	10.02%	10.02%
Minimum [Member] | ITC Great Plains LLC
Regulatory Liabilities [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.66%	10.66%	10.66%	10.66%

DEBT Schedule of Revolving Cred

DEBT Schedule of Revolving Credit Agreements (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total available capacity		$ 1,000
Outstanding Balance		338	$ 311
Unused Capacity		662
ITC Holdings Corp.
Line of Credit Facility [Line Items]
Total available capacity		350
Outstanding Balance		0
Unused Capacity		$ 350
Debt, Weighted Average Interest Rate		0%
Commitment Fee Rate		0.175%
Line of Credit Facility, Increase (Decrease), Net	$ (50)
ITCTransmission
Line of Credit Facility [Line Items]
Total available capacity		$ 175
Outstanding Balance		43
Unused Capacity		$ 132
Debt, Weighted Average Interest Rate		5.89%
Commitment Fee Rate		0.10%
METC LLC
Line of Credit Facility [Line Items]
Total available capacity		$ 175
Outstanding Balance		29
Unused Capacity		$ 146
Debt, Weighted Average Interest Rate		5.89%
Commitment Fee Rate		0.10%
ITC Midwest LLC
Line of Credit Facility [Line Items]
Total available capacity		$ 225
Outstanding Balance		200
Unused Capacity		$ 25
Debt, Weighted Average Interest Rate		5.89%
Commitment Fee Rate		0.10%
ITC Great Plains LLC
Line of Credit Facility [Line Items]
Total available capacity		$ 75
Outstanding Balance		66
Unused Capacity		$ 9
Debt, Weighted Average Interest Rate		5.89%
Commitment Fee Rate		0.10%
Line of Credit Facility, Increase (Decrease), Net	$ 50

DEBT Schedule of Derivative Ins

DEBT Schedule of Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount		$ 105
Derivative, Average Fixed Interest Rate		3.17%
Gain (Loss) on Sale of Derivatives		$ 0
Derivative, Term of Contract		5 years
Treasury Lock [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 300
Derivative, Average Fixed Interest Rate	4.66%
Gain (Loss) on Sale of Derivatives	$ (3)
Derivative, Term of Contract	5 years

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 24, 2024	Sep. 30, 2024	Sep. 30, 2023	May 09, 2024	Jan. 23, 2024	Jan. 16, 2024	Dec. 31, 2023	Nov. 01, 2023	Nov. 26, 2014
Debt Instrument [Line Items]
Repayment of long-term debt		$ 450	$ 250
ITC Holdings Corp.
Debt Instrument [Line Items]
Commercial Paper Program, Maximum Authorized Amount Outstanding		400
Commercial Paper		0					$ 0
ITC Holdings Corp. | Senior Notes, due May 9, 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 400
Interest Rate				5.65%
ITC Holdings Corp. | Senior Note, due June 15, 2024 | Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400
Interest Rate		3.65%
ITCTransmission | First Mortgage Bonds, Series K due January 23, 2029 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 75
Interest Rate					5.11%
ITCTransmission | First Mortgage Bonds, Series L due January 23, 2034 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 75
Interest Rate					5.38%
METC LLC | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 175
METC LLC | Senior Secured Notes, Series A due November 1, 2028 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 90
Interest Rate								5.65%
METC LLC | Senior Secured Notes, Series B due January 16, 2034 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 85
Interest Rate						5.98%
ITC Great Plains LLC | First Mortgage Bonds, Series A, due November 26, 2044 | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 150
Interest Rate									4.16%
Repayment of long-term debt	$ 50

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 1	$ 6	$ 5
Interest cost	1	2	5	5
Expected return on plan assets	(2)	(2)	(6)	(5)
Net cost	1	1	5	5
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	5	5
Interest cost	1	2	4	4
Expected return on plan assets	(2)	(2)	(6)	(5)
Amortization of unrecognized gain	(1)	(1)	(4)	(3)
Net cost	$ (1)	$ 0	$ (1)	$ 1

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 1	$ 2	$ 6	$ 6

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash and cash equivalents	$ 1
Fair Value, Net Asset (Liability)	59	$ 58
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair Value, Net Asset (Liability)	0	0
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	43	44
Mutual fund - equity securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Mutual funds	$ 15	$ 14

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of consolidated long-term debt and debt maturing within one year, excluding borrowings on the Revolving Credit Agreement	$ 7,061	$ 6,660
Book value of consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding borrowings on the Revolving Credit Agreement	7,470	7,287
Outstanding balance under Revolving Credit Agreement	338	$ 311
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative Asset (less than $1 million)	1
Derivative Liability (less than $1 million)	$ 1

STOCKHOLDER'S EQUITY Changes in

STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Balance at the beginning of period	$ 26		$ 29	$ 29		$ 29	$ 27
Reclassification of net gain relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $—, $—, $(1) and $—, respectively) (a)	0			0		(1)	(1)
(Loss) gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $—, $(1) and $1, respectively)	0			0		(2)	3
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	0	$ (2)	$ (1)	0	$ 2	(3)	2
Balance at the end of period	26	$ 26		29	$ 29	26	29
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	0			0		(1)	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	$ 0			$ 0		$ (1)	$ 1

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2025
Net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings	$ 0	$ 0	$ 1	$ 1
Net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings, Tax	$ 0	$ 0	$ 1	$ 0
Forecast [Member]
Net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings					$ 3
Net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings, Tax					$ 1

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	316,690
Aggregate fair value of PBUs or SBUs	$ 36
Total unrecognized compensation cost	$ 12
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	267,700
Aggregate fair value of PBUs or SBUs	$ 33
Total unrecognized compensation cost	$ 13

RELATED PARTY TRANSACTIONS Sche

RELATED PARTY TRANSACTIONS Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts receivable	$ 168		$ 168		$ 137
Accrued taxes	38		38		75
General and administrative	30	$ 26	89	$ 86
Other operating expenses (income), net	0	0	1	1
Fortis and Fortis affiliates [Member] | Affiliated Entity
Accounts receivable	0		0		1
General and administrative	2	2	10	9
Other operating expenses (income), net	0	$ 1	3	$ 2
ITC Investment Holdings | Affiliated Entity | Prepaid Expenses and Other Current Assets
Income Taxes Receivable, Current	2		2		0
ITC Investment Holdings | Affiliated Entity | Other Current Liabilities
Accrued taxes	$ 0		$ 0		$ 6

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Payments of Dividends		$ 88	$ 76	$ 86	$ 71	$ 70	$ 70	$ 250	$ 211
Subsequent Event | ITC Investment Holdings | Affiliated Entity
Payments of Dividends	$ 93

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	Oct. 17, 2024	Sep. 30, 2024	Dec. 31, 2023	May 21, 2020	Sep. 27, 2016	Jun. 30, 2016	Feb. 12, 2015	Nov. 12, 2013
Commitments and Contingent Liabilities [Line Items]
Regulatory liabilities		$ 771	$ 721
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity					12.38%			9.15%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Second Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity							8.67%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Subsequent Event | Refund related to the October 2024 Order, Including Accrued Interest
Commitments and Contingent Liabilities [Line Items]
Regulatory liabilities	$ 26
Minimum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity				10.02%
Minimum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Complaint Structure Administrative Law Judge Decision
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity						9.70%
Minimum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Subsequent Event
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity	9.98%
Maximum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity				12.62%
Maximum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Complaint Structure Administrative Law Judge Decision
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity						10.68%
Maximum [Member] | MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Subsequent Event
Commitments and Contingent Liabilities [Line Items]
Revised Rate Of Return On Equity	12.58%

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION Restricted cash reconciliation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 130	$ 328	$ 331	$ 4
Restricted cash included in other non-current assets	6	5	5	2
Cash, Cash Equivalents and Restricted Cash	$ 136	$ 333	$ 336	$ 6

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid (net of interest capitalized)			$ 247	$ 204
Income Taxes Paid			50	43
Additions to property, plant and equipment and other long-lived assets			128	94
Allowance for equity funds used during construction	$ 12	$ 10	34	32
Other Non-cash Investing and Financing			0	1
Income Tax Paid, State and Local, after Refund Received			$ 1	$ 1

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
OPERATING REVENUES:
Operating revenues	$ 408			$ 388			$ 1,221	$ 1,158
INCOME (LOSS) BEFORE INCOME TAXES:
Income (loss) before income taxes	163			154			487	457
NET INCOME:
Net income	124	$ 126	$ 123	110	$ 118	$ 112	373	340
TOTAL ASSETS:
Assets	13,549						13,549		$ 13,124
Regulated Operating Subsidiaries
OPERATING REVENUES:
Operating revenues	416			397			1,249	1,185
INCOME (LOSS) BEFORE INCOME TAXES:
Income (loss) before income taxes	207			194			613	578
NET INCOME:
Net income	157			150			465	440
TOTAL ASSETS:
Assets	13,292						13,292		12,664
Intercompany eliminations
OPERATING REVENUES:
Operating revenues	(8)			(9)			(28)	(27)
NET INCOME:
Net income	(157)			(150)			(465)	(440)
TOTAL ASSETS:
Assets	(6,830)						(6,830)		(6,528)
ITC Holdings and other
INCOME (LOSS) BEFORE INCOME TAXES:
INCOME (LOSS) BEFORE INCOME TAXES:	(44)			(40)			(126)	(121)
NET INCOME:
Net income	124			$ 110			373	$ 340
TOTAL ASSETS:
Assets	$ 7,087						$ 7,087		$ 6,988