ITC (ITC) 10-K 14 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 13, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
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	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Detroit, Michigan

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 19	$ 328
Accounts receivable	160	137
Inventory	78	63
Regulatory assets	21	30
Prepaid and other current assets	23	21
Total current assets	301	579
Property, plant and equipment (net of accumulated depreciation and amortization of $2,715 and $2,579, respectively)	12,129	11,274
Other assets
Goodwill	950	950
Regulatory assets	187	175
Other assets	154	146
Total other assets	1,291	1,271
TOTAL ASSETS	13,721	13,124
Current liabilities
Accounts payable	142	117
Accrued compensation	57	59
Accrued interest	77	81
Accrued taxes	77	75
Regulatory liabilities	67	41
Refundable deposits and advances for construction	44	31
Debt maturing within one year	0	475
Other current liabilities	20	18
Total current liabilities	484	897
Accrued pension and postretirement liabilities	39	42
Deferred income taxes	1,521	1,411
Regulatory liabilities	729	721
Refundable deposits	11	33
Long-term debt	7,892	7,123
Other liabilities	51	43
Commitments and contingent liabilities (Notes 6 and 17)
TOTAL LIABILITIES	10,727	10,270
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2024 and 2023	892	892
Retained earnings	2,074	1,933
Accumulated other comprehensive income	28	29
Total stockholder’s equity	2,994	2,854
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 13,721	$ 13,124

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 2,715	$ 2,579
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Issued	224,203,112	224,203,112
Common Stock, Shares, Outstanding	224,203,112	224,203,112

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING REVENUES
Transmission and other services	$ 1,613	$ 1,562	$ 1,476
Formula Rate true-up	12	(17)	(10)
Total operating revenues	1,625	1,545	1,466
OPERATING EXPENSES
Operation and maintenance	111	109	107
General and administrative	121	111	105
Depreciation and amortization	326	307	295
Taxes other than income taxes	154	145	139
Other operating expenses (income), net	(1)	(1)	(1)
Total operating expenses	711	671	645
OPERATING INCOME	914	874	821
OTHER EXPENSES (INCOME)
Interest expense, net	348	315	269
Allowance for equity funds used during construction	(44)	(43)	(37)
Other expenses (income), net	(22)	(17)	1
Total other expenses (income)	282	255	233
INCOME BEFORE INCOME TAXES	632	619	588
INCOME TAX PROVISION	148	156	146
NET INCOME	484	463	442
OTHER COMPREHENSIVE (LOSS) INCOME
Derivative instruments, net of tax	(1)	2	29
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(1)	2	29
TOTAL COMPREHENSIVE INCOME	$ 483	$ 465	$ 471

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Stockholder's equity beginning of period at Dec. 31, 2021	$ 2,474	$ 892	$ 1,584	$ (2)
Net income	442		442
Dividends to ITC Investment Holdings	(273)		(273)
Other Comprehensive Income (Loss), Net of Tax	29			29
Stockholder's equity end of period at Dec. 31, 2022	2,672	892	1,753	27
Net income	463		463
Dividends to ITC Investment Holdings	(283)		(283)
Other Comprehensive Income (Loss), Net of Tax	2			2
Stockholder's equity end of period at Dec. 31, 2023	2,854	892	1,933	29
Net income	484		484
Dividends to ITC Investment Holdings	(343)		(343)
Other Comprehensive Income (Loss), Net of Tax	(1)			(1)
Stockholder's equity end of period at Dec. 31, 2024	$ 2,994	$ 892	$ 2,074	$ 28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 484	$ 463	$ 442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	326	307	295
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	(20)	8	18
Deferred income tax expense	93	105	131
Allowance for equity funds used during construction	(44)	(43)	(37)
Share-based compensation	15	15	11
Other	(15)	10	57
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	(13)	2	(8)
Accounts payable	8	(4)	10
Accrued interest	(3)	12	12
Accrued compensation	(7)	(9)	(15)
Accrued taxes	3	3	7
Other current and non-current assets and liabilities, net	11	(20)	(31)
Net cash provided by operating activities	838	849	892
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,062)	(818)	(933)
Other	(14)	(18)	8
Net cash used in investing activities	(1,076)	(836)	(925)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, net	884	889	975
Borrowings under revolving credit agreements	1,134	1,196	1,119
Net repayments of commercial paper	0	(134)	(21)
Repayments of long-term debt	(525)	(250)	(500)
Repayments of revolving credit agreements	(1,198)	(1,093)	(1,240)
Dividends to ITC Investment Holdings	(343)	(283)	(273)
Refundable deposits from generators for transmission network upgrades	9	34	1
Repayments of refundable deposits from generators for transmission network upgrades	(23)	(35)	(19)
Other	(6)	(10)	(10)
Net cash (used in) provided by financing activities	(68)	314	32
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(306)	327	(1)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	333	6	7
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 27	$ 333	$ 6

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 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. Our Regulated Operating Subsidiaries are independent electric transmission utilities, with cost-based rates regulated by the FERC. ITCTransmission’s service area is located in southeastern Michigan, while METC’s service area covers approximately two-thirds of Michigan’s Lower Peninsula and is contiguous with ITCTransmission’s service area. ITC Midwest’s service area is located in portions of Iowa, Minnesota, Illinois, Missouri and Wisconsin. ITC Great Plains currently owns assets located in Kansas and Oklahoma.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted 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 CODM 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. We have adopted the required disclosure modifications in fiscal year reporting for the period ended December 31, 2024 and will adopt required modifications for interim period reporting beginning in 2025. See Note 19 for disclosures of segment information incorporating these requirements. Recently Issued Pronouncements 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. Disaggregation of Income Statement Expenses In November 2024, the FASB issued authoritative guidance requiring public entities to, on an annual and interim basis, disaggregate certain income statement expense captions into specified categories within the footnotes to the financial statements. This update is intended to provide investors with more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. The guidance requires disclosure which disaggregates, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following expenses: purchases of inventory; employee compensation; depreciation; intangible asset amortization; and depreciation, depletion and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The tabular disclosure would also include amounts that are already required to be disclosed under current GAAP, as applicable. The guidance also requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the total amount of an entity’s selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of the new guidance on our disclosures.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES A summary of the major accounting policies followed in the preparation of the accompanying consolidated financial statements, which conform to GAAP, is presented below: Principles of Consolidation — ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions. Use of Estimates — The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. Regulation — Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded in the statements of comprehensive income in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers. Cash and Cash Equivalents — We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash — Restricted cash includes cash that is legally or contractually restricted for use or withdrawal or formally set aside for a specific purpose. Restricted cash 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. Inventories — Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned. Property, Plant and Equipment — Property, plant and equipment at our Regulated Operating Subsidiaries, including capital equipment expected to be used exclusively for capital projects, is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically, we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.4% for each of the years ended December 31, 2024, 2023 and 2022. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 43 to 70 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment not recorded at our Regulated Operating Subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Generator Interconnection Projects and Contributions in Aid of Construction — Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. However, we may fund construction of certain projects without contributions from the generators. Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of assets as described in Note 15. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the transmission assets. Generally, each party is responsible for the capital, operation and maintenance, and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets is primarily recorded within operation and maintenance expense in our consolidated statements of comprehensive income. Fair Value Through Net Income — We have certain investments in mutual funds, including fixed income securities and equity securities, that are classified as fair value through net income. The investments fund our two supplemental nonqualified, noncontributory retirement benefit plans for selected management employees as described in Note 11, as well as other deferred compensation plans. Gains and losses associated with these investments are recorded in other expenses (income), net in the consolidated statements of comprehensive income. Impairment of Long-Lived Assets — Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income. Goodwill — Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2024 and 2023, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively. In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units. We completed our annual goodwill impairment test for our reporting units as of October 1, 2024 and determined that no impairment exists. There were no events subsequent to October 1, 2024 that indicated impairment of our goodwill. Deferred Financing Fees and Discount on Debt — Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt. Asset Retirement Obligations — A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing polychlorinated biphenyls and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries. Our asset retirement obligations of $4 million and $5 million as of December 31, 2024 and 2023, respectively, are included in other liabilities on the consolidated statements of financial position. Derivatives and Hedging — We may use derivative financial instruments to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to derivative instruments that are designated in hedging relationships are generally classified in the consolidated statements of cash flows within cash flows from operating activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. See Note 9 for additional discussion regarding derivative instruments. Contingent Obligations — We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable and disclose matters that are considered probable but not reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements. Revenues — Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented in our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line in our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. See Note 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Share-Based Payment — Under long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs to employees, including executive officers, of ITC Holdings. For awards granted prior to 2024, 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 generally settled only in cash. For grant years beginning in 2024, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the NYSE and generally settled only in cash. However, certain SBUs granted to the executives may settle only 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. 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 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. 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. Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount. See Note 14 for additional discussion of the plans. Comprehensive Income (Loss) — Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from derivative financial instruments. Income Taxes — Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current on our consolidated statements of financial position. The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2024, we have not recognized any uncertain income tax positions. We file our federal and Michigan income tax returns as part of the FortisUS consolidated tax returns and we are a party to an intercompany tax sharing agreement that establishes the method for determining tax liabilities that are due and allocating tax attributes that are utilized on the consolidated income tax returns. We continue to file with various other state and city jurisdictions where we have a separate return filing obligation. Our prior consolidated federal tax returns are no longer subject to U.S. federal tax examinations for tax years 2020 and earlier. State and city jurisdictions that remain subject to examination range from tax years 2020 to 2023. In the event we are assessed interest or penalties by any income tax jurisdictions, interest and penalties would be recorded to interest expense, net and other expenses (income), net, respectively, in our consolidated statements of comprehensive income. See Note 10 for additional discussion on income taxes.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	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 5 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 6 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 consolidated statements of comprehensive income was $4 million for the year ended December 31, 2024 and $6 million for each of the years ended December 31, 2023 and 2022.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the consolidated statements of financial position: December 31, (In millions of USD) 2024 2023 Trade accounts receivable $ 2 $ 2 Unbilled accounts receivable 135 122 Other 23 13 Total accounts receivable $ 160 $ 137

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	Dec. 31, 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 17 for details 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 year ended December 31, 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 11 Net revenue accruals, including accrued interest 11 Net accrued interest payable (2) Net regulatory liabilities as of December 31, 2024 $ (8) 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 December 31, 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 Prior to the issuance of the October 2024 Order, the authorized ROE used by the MISO Regulated Operating Subsidiaries was 10.77% and was 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. Based on the October 2024 Order, the authorized ROE used by the MISO Regulated Operating Subsidiaries was revised to 10.73% and is composed of a base ROE of 9.98% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. See Note 17 for a discussion regarding the October 2024 Order and the related aggregate refund liability. ITC Great Plains 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.

REGULATORY ASSETS AND LIABILITI

REGULATORY ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2024
Regulatory Assets and Liabilities Disclosure [Abstract]
REGULATORY ASSETS AND LIABILITIES	REGULATORY ASSETS AND LIABILITIES The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2024 2023 Regulatory assets: Current: Revenue accruals (including accrued interest of $2 and $2, respectively) (a) $ 21 $ 30 Total current 21 30 Non-current: Revenue accruals (including accrued interest of $1 and $1, respectively) (a) 26 20 Income taxes recoverable related to AFUDC equity 141 130 Pensions and postretirement 8 9 Other 12 16 Total non-current 187 175 Total regulatory assets $ 208 $ 205 Regulatory liabilities: Current: Revenue deferrals (including accrued interest of $4 and $3, respectively) (a) $ 40 $ 41 Refund related to the October 2024 Order (including accrued interest of $6 and $—, respectively) (b) 27 — Total current 67 41 Non-current: Revenue deferrals (including accrued interest of $1 and $1, respectively) (a) 15 37 Pensions and postretirement 68 62 Accrued asset removal costs 141 111 Refundable excess deferred state income taxes 52 46 Refundable excess deferred federal income taxes 453 465 Total non-current 729 721 Total regulatory liabilities $ 796 $ 762 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 6 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods. (b) Refer to discussion of the refund liability in Note 17 under “Rate of Return of Equity Complaints.” Income Taxes Recoverable Related to AFUDC Equity Accounting standards for income taxes provide that a regulatory asset be recorded if it is probable that a future increase in taxes payable, relating to the book depreciation of AFUDC equity that has been capitalized to property, plant and equipment, will be recovered from customers through future rates. The regulatory asset for the tax effects of AFUDC equity is recovered over the life of the underlying book asset in a manner that is consistent with the depreciation of the AFUDC equity that has been capitalized to property, plant and equipment. Pensions and Postretirement Accounting standards for defined benefit pension and other postretirement plans for rate-regulated entities allow for amounts that otherwise would have been recorded to AOCI to be recorded as regulatory assets or liabilities, as appropriate. As the unrecognized amounts recorded to these regulatory assets and liabilities are recognized, the amounts will be recovered from or returned to customers in future rates under our cost-based Formula Rates. Accrued Asset Removal Costs The carrying amount of the accrued asset removal costs represents the difference between incurred costs to remove property, plant and equipment and the estimated removal costs included and collected in rates. The portions of depreciation expense included in our depreciation rates related to asset removal costs are recorded as increases to the related regulatory liability. Removal costs incurred reduce the related regulatory liability. Refundable Excess Deferred State Income Taxes As a result of a reduction in corporate income tax rates in certain states we operate in, we revalued our deferred tax balances at the new corporate income tax rates, which resulted in lower net deferred tax liabilities and the recording of a regulatory liability for excess deferred taxes at our Regulated Operating Subsidiaries. Amortization of the excess deferred taxes is determined based on the remaining book lives of utility plant. During each of the years ended December 31, 2024 and 2023, we recorded $1 million of amortization related to the excess deferred taxes to income tax provision in our consolidated statements of comprehensive income. Refundable Excess Deferred Federal Income Taxes Under the Tax Cuts and Jobs Act of 2017, we were required to revalue our deferred tax assets and liabilities at the new federal corporate income tax rate as of the date of the enactment of the act, which resulted in lower net deferred tax liabilities and the establishment of a net regulatory liability for excess deferred taxes at our Regulated Operating Subsidiaries. Amortization of the excess deferred taxes is determined based on a method associated with the related public utility property and returned to customers. During each of the years ended December 31, 2024 and 2023, we recorded $9 million of amortization related to the excess deferred taxes to income tax provision in our consolidated statements of comprehensive income.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
Public Utilities, Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following: December 31, (In millions of USD) 2024 2023 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment $ 13,913 $ 12,902 Construction work in progress 670 712 Capital equipment 160 134 Other 87 91 ITC Holdings and other 14 14 Total 14,844 13,853 Less: Accumulated depreciation and amortization (2,715) (2,579) Property, plant and equipment, net $ 12,129 $ 11,274 Additions to property, plant and equipment and construction work in progress during 2024 and 2023 were due primarily to projects to upgrade or replace existing transmission plant and update grid security to improve the reliability of our transmission systems as well as transmission infrastructure to support generator interconnections and investments that provide regional benefits. Depreciation and amortization expense on property, plant and equipment was $320 million, $300 million and $286 million for the years ended December 31, 2024, 2023 and 2022, respectively. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $12 million, $11 million and $9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Amounts of outstanding debt were classified as debt maturing within one year and long-term debt on the consolidated statements of financial position as follows: December 31, (In millions of USD) 2024 2023 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 3.65% Senior Notes, due June 15, 2024 (a) — 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 700 ITC Holdings 4.95% Senior Notes, due September 22, 2027 900 900 ITC Holdings 5.40% Senior Notes, due June 1, 2033 500 500 ITC Holdings 5.65% Senior Notes, due May 9, 2034 400 — ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission 2.93% First Mortgage Bonds, Series I, due January 14, 2052 20 20 ITCTransmission 2.93% First Mortgage Bonds, Series J, due January 14, 2052 130 130 ITCTransmission 5.11% First Mortgage Bonds, Series K, due January 23, 2029 75 — ITCTransmission 5.38% First Mortgage Bonds, Series L, due January 23, 2034 75 — METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, Series A, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, Series B, due July 10, 2049 50 50 METC 3.02% Senior Secured Notes, due October 14, 2055 150 150 METC 2.90% Senior Secured Notes, Series A, due August 3, 2051 75 75 METC 3.05% Senior Secured Notes, Series B, due May 10, 2052 75 75 METC 5.65% Senior Secured Notes, Series A, due November 1, 2028 90 90 METC 5.98% Senior Secured Notes, Series B, due January 16, 2034 85 — ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 (a) — 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 180 ITC Midwest 3.87% First Mortgage Bonds, Series K, due October 12, 2027 75 75 ITC Midwest 4.53% First Mortgage Bonds, Series L, due October 12, 2052 75 75 ITC Midwest 4.88% First Mortgage Bonds, Series M, due December 10, 2035 125 — ITC Midwest 5.25% First Mortgage Bonds, Series N, due December 10, 2043 125 — ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 100 150 Revolving Credit Agreement, due April 14, 2028 247 311 Other 2 3 Total principal 7,939 7,644 Unamortized deferred financing fees and discount (b) (47) (46) Total debt $ 7,892 $ 7,598 ____________________________ (a) As of December 31, 2024 there was no debt maturing within one year on the consolidated statements of financial position. At December 31, 2023 there was $475 million, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year on the consolidated statements of financial position. (b) We recorded $7 million for the year ended December 31, 2024 and $6 million for each of the years ended December 31, 2023 and 2022 to interest expense for the amortization of deferred financing fees and debt discounts. The annual maturities of debt as of December 31, 2024 are as follows: (In millions of USD) 2025 $ — 2026 400 2027 1,575 2028 338 2029 75 2030 and thereafter 5,551 Total $ 7,939 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. On June 1, 2023, ITC Holdings completed a private offering of Senior Notes totaling $800 million, which included $500 million aggregate principal amount of unsecured 5.40% Senior Notes, due June 1, 2033, and an additional $300 million aggregate principal amount issued of its existing unsecured 4.95% Senior Notes, due September 22, 2027. The issuance increased the total aggregate principal amount issued of the 4.95% Senior Notes to $900 million. The 5.40% and the 4.95% Senior Notes are redeemable prior to March 1, 2033 and August 22, 2027, respectively, in whole or in part and at the option of ITC Holdings, by paying an applicable make whole premium. A portion of the total net proceeds from the offering, after discount and costs related to the issuances, was used to redeem in full $250 million aggregate principal amount of ITC Holdings 4.05% Senior Notes, due July 1, 2023, to repay indebtedness outstanding under the commercial paper program and for general corporate purposes. The 4.95% and 5.40% 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 Sixth and Seventh Supplemental Indentures, dated as of September 22, 2022 and June 1, 2023, respectively. Commercial Paper Program ITC Holdings has an ongoing commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate amount not to exceed $400 million outstanding at any one time. As of December 31, 2024 and 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 Midwest First Mortgage Bonds On December 10, 2024, ITC Midwest issued an aggregate principal amount of $125 million of 4.88% First Mortgage Bonds, Series M, due December 10, 2035 and an aggregate principal amount of $125 million of 5.25% First Mortgage Bonds, Series N, due December 10, 2043. 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 ITC Midwest’s First Mortgage Bonds were issued under its First Mortgage and Deed of Trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. 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 December 31, 2024, we 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 62 113 5.38 % 0.100 % METC 175 72 103 5.38 % 0.100 % ITC Midwest 225 46 179 5.38 % 0.100 % ITC Great Plains 75 67 8 5.38 % 0.100 % Total $ 1,000 $ 247 $ 753 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain individual sublimits and the aggregate limit under the Revolving Credit Agreement not to exceed $1 billion. 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 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. During 2023 and 2024, 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 Gain (Loss) on Derivatives (a) Term Effective Date Outstanding derivative instruments Interest rate swaps $ 135 3.27 % $ — 5 Q2 2026 Settled derivative instruments U.S. Treasury rate lock contracts (b) 300 4.66 % (3) 5 Q2 2024 U.S. Treasury rate lock contracts (b) 500 3.46 % 4 10 Q2 2023 ____________________________ (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 13 for additional information. (b) The settlement payment was recognized within cash flows from operating activities in the consolidated statements of cash flows. In 2025, ITC Holdings entered into interest rate swaps with notional amounts totaling $95 million, increasing the notional amount of outstanding interest rate swaps to $230 million and the weighted average fixed rate to 3.56%. The contracts manage interest rate risk associated with the forecasted future issuance of fixed-rate debt at ITC Holdings. The interest rate swaps are expected to qualify for cash flow hedge accounting treatment.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the years ended December 31, 2024, 2023 and 2022, our effective tax rates were 23.4%, 25.2% and 24.8%, respectively. Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Income tax expense at 21% federal statutory rate $ 133 $ 130 $ 123 State income taxes (net of federal benefit) (a) 30 43 36 AFUDC equity (7) (7) (6) Amortization of revalued deferred federal income taxes (9) (9) (9) Valuation allowance 1 (2) 1 Other, net — 1 1 Total income tax provision $ 148 $ 156 $ 146 ____________________________ (a) Amounts for the years ended December 31, 2023 and 2022 include the impact of the remeasurement of certain deferred tax balances and NOLs for Iowa due to the corporate tax rate change discussed herein. Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Current income tax expense $ 55 $ 51 $ 15 Deferred income tax expense 93 105 131 Total income tax provision $ 148 $ 156 $ 146 Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2024 2023 Property, plant and equipment $ (1,573) $ (1,461) Goodwill (147) (148) Regulatory liability gross up due to change in federal income tax rate 115 119 Pension and postretirement liabilities 21 22 State income tax NOLs (net of federal benefit) 41 39 Valuation allowance (4) (3) Other, net 26 21 Net deferred income tax liabilities $ (1,521) $ (1,411) Gross deferred income tax liabilities $ (1,752) $ (1,642) Gross deferred income tax assets 235 234 Valuation allowance (4) (3) Net deferred income tax liabilities $ (1,521) $ (1,411) We had state income tax NOLs as of December 31, 2024, which expire in the years 2025 to 2043 or are indefinite. We expect to utilize the majority of these state NOLs prior to their expiration. We believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized and have recorded a valuation allowance accordingly. Iowa Corporate Tax Rate On March 1, 2022, the governor of Iowa signed an act into law that contains provisions to reduce Iowa’s corporate tax rates if a certain threshold of the state’s annual net corporate income tax receipts is met. Adjustments to reduce the corporate income tax rate are calculated annually after the end of each fiscal year and may continue until the currently targeted corporate income tax rate of 5.5% is reached. In September 2022, a reduction in Iowa’s top corporate income tax rate from 9.8% to 8.4% was certified, effective January 1, 2023, and in September 2023, an additional reduction from 8.4% to 7.1% was certified, effective January 1, 2024. Following the reduction, we revalued certain deferred tax balances and net operating losses impacted by the change in the Iowa corporate income tax rate. As a result, deferred income tax expense of $6 million and $7 million was recorded during the years ended December 31, 2023 and 2022, respectively. In addition, an increase to the regulatory liability of $21 million and $22 million was recorded as of December 31, 2023 and 2022, respectively, to offset deferred taxes associated with rate base at ITC Midwest. There was no change in the Iowa state income tax rate in 2024. See Note 7 for additional information on the regulatory liability related to reductions in corporate income tax rates.

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT AND BENEFITS AND ASSETS HELD IN TRUST	RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Pension and Postretirement Plan Benefits We have a qualified defined benefit pension plan (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 made contributions to the retirement plan of $4 million and $3 million in 2024 and 2022, respectively. We did not contribute to the retirement plan in 2023. We expect to contribute $3 million to the retirement plan in 2025. We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and, collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. The obligations under these supplemental benefit plans are included in the pension benefit obligation calculations below. The investments held in trust for the supplemental benefit plans of $45 million and $48 million at December 31, 2024 and 2023, respectively, are not included in the plan asset amounts presented throughout this footnote, but are included in other assets on our consolidated statements of financial position. We contributed $1 million to the supplemental benefits plan in each of 2024 and 2023. We did not contribute to the supplemental benefit plans in 2022. We provide certain postretirement health care, dental and life insurance benefits for eligible employees (the “postretirement benefit plan”). We contributed $1 million and $7 million to the postretirement benefit plan in 2023 and 2022, respectively. We did not contribute to the postretirement benefit plan in 2024. We do not expect to contribute to the postretirement benefit plan in 2025. Net periodic benefit cost/(credit) by component for the pension plans and postretirement benefit plan was as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, (In millions of USD) 2024 2023 2022 2024 2023 2022 Service cost $ 8 $ 7 $ 8 $ 7 $ 7 $ 12 Interest cost 7 6 4 5 5 4 Expected return on plan assets (8) (6) (7) (8) (6) (7) Amortization of prior service credit — — — — (1) — Amortization of unrecognized loss/(gain) — — 1 (5) (4) (2) Net periodic benefit cost/(credit) $ 7 $ 7 $ 6 $ (1) $ 1 $ 7 The following table reconciles the obligations, assets and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans on the consolidated statements of financial position: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2024 2023 2024 2023 Change in Benefit Obligation: Beginning projected benefit obligation / accumulated postretirement benefit obligation $ (140) $ (124) $ (97) $ (90) Service cost (8) (7) (7) (7) Interest cost (7) (6) (5) (5) Actuarial net gain/(loss) 6 (11) (3) 3 Benefits paid 8 8 3 2 Settlements 2 — — — Plan participants’ contributions — — (1) — Ending projected benefit obligation / accumulated postretirement benefit obligation (139) (140) (110) (97) Change in Plan Assets: Beginning plan assets at fair value 105 96 141 122 Actual return on plan assets 9 13 16 20 Employer contributions 4 — — 1 Benefits paid (4) (4) (3) (2) Plan participants’ contributions — — 1 — Ending plan assets at fair value 114 105 155 141 Funded status, (underfunded)/overfunded $ (25) $ (35) $ 45 $ 44 Accumulated benefit obligation: Retirement plan $ (92) $ (89) N/A N/A Supplemental benefit plans (42) (45) N/A N/A Total accumulated benefit obligation $ (134) $ (134) N/A N/A Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (39) $ (42) $ — $ — Other non-current assets 19 12 45 44 Other current liabilities (5) (5) — — Total $ (25) $ (35) $ 45 $ 44 Unrecognized Amounts in Non-Current Regulatory Assets: Net actuarial loss $ 8 $ 9 $ — $ — Total $ 8 $ 9 $ — $ — Unrecognized Amounts in Non-Current Regulatory Liabilities: Net actuarial (gain) $ (8) $ (1) $ (61) $ (61) Net prior service cost/(credit) 1 1 — (1) Total $ (7) $ — $ (61) $ (62) The unrecognized amounts that otherwise would have been charged and/or credited to AOCI in accordance with the GAAP guidance on accounting for retirement benefits are recorded as a regulatory asset or regulatory liability on our consolidated statements of financial position, as discussed in Note 7. The amounts recorded as a regulatory asset or regulatory liability represent a net periodic benefit cost or credit to be recognized in our operating income in future periods. Our measurement of the accumulated benefit obligation for the postretirement benefit plan reflects anticipated future receipts of subsidies under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which we have applied for beginning in 2023. The net actuarial gain for the year ended December 31, 2024 within the change in benefit obligation for the pension plans is primarily the result of increases in the discount rates. The net actuarial loss for the year ended December 31, 2023 within the change in benefit obligation for the pension plans is primarily the result of decreases in the discount rates and increases in the rate of salary increases and the interest crediting rate. The net actuarial loss for the year ended December 31, 2024 within the change in benefit obligation for the postretirement benefit plan is due to impacts of $8 million for demographic assumption changes and experience and $5 million due to financial assumptions changes, primarily an updated healthcare cost trend rate, partially offset by an impact of $10 million from the increase in the discount rate. The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2024 2023 Projected benefit obligation $ (44) $ (47) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2024 2023 Accumulated benefit obligation $ (42) $ (45) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. Actuarial assumptions used to determine the net periodic benefit obligations for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, 2024 2023 2022 2024 2023 2022 Weighted average discount rate 5.66% 5.19% 5.52% 5.86% 5.30% 5.65% Weighted average interest crediting rate 4.50% 4.50% 4.00% N/A N/A N/A Annual rate of salary increases 4.50% 4.50% 4.00% 4.50% 4.50% 4.00% Health care cost trend rate N/A N/A N/A 7.00% 6.50% 6.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2033 2030 2030 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Weighted average discount rate — service cost 5.26% 5.59% 3.05% 5.48% 5.83% 3.32% Weighted average discount rate — interest cost 5.10% 5.40% 2.44% 5.17% 5.51% 2.87% Weighted average interest crediting rate 4.50% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.50% 4.00% 4.00% 4.50% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.50% 6.75% 5.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2030 2030 2025 Expected long-term rate of return on plan assets 7.30% 6.90% 5.90% 5.50% 5.20% 4.50% At December 31, 2024, the projected benefit payments for the pension plans and postretirement benefit plan (including prescription drug benefits) calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows: (In millions of USD) Pension Plans Postretirement Benefit Plan 2025 $ 11 $ 3 2026 10 3 2027 11 4 2028 10 4 2029 12 5 2030 through 2034 72 33 Investment Objectives and Fair Value Measurement The general investment objectives of the retirement plan and postretirement benefit plan include maximizing the return within reasonable and prudent levels of risk and controlling administrative and management costs. Investment decisions are made by our retirement benefits board as delegated by our board of directors. Equity investments may include various types of U.S. and international equity securities, such as large-cap, mid-cap, and small-cap stocks. Fixed income investments may include cash and short-term instruments, U.S. Government securities, corporate bonds, mortgages, and other fixed income investments. No investments are prohibited for use in the retirement plan or postretirement benefit plan, including derivatives, but our exposure to derivatives currently is not material. We intend that the long-term capital growth of the retirement and postretirement benefit plans, together with employer contributions, will provide for the payment of the benefit obligations. As of December 31, 2024 and 2023, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2024 2024 2023 2024 2023 Fixed income securities 50 % 51 % 50 % 50 % 50 % Equity securities 50 % 49 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 % We determine our expected long-term rate of return on plan assets based on the current and expected target allocations of the retirement plan and postretirement benefit plan investments and considering historical and expected long-term rates of return on comparable fixed income investments and equity investments. The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2024 and 2023, there were no transfers between levels. For the years ended December 31, 2024 and 2023, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2024 2023 2024 2023 Mutual funds — U.S. equity securities $ 45 $ 42 $ 74 $ 68 Mutual funds — international equity securities 11 11 3 3 Mutual funds — fixed income securities 58 52 78 70 Total $ 114 $ 105 $ 155 $ 141 The mutual funds consist primarily of publicly traded mutual funds and are recorded at fair value based on observable trades for identical securities in an active market. Defined Contribution Plan We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $7 million for each of the years ended December 31, 2024, 2023 and 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024 and 2023, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at December 31, 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 42 — — Mutual funds — equity securities 15 — — Interest rate swap derivatives — 4 — Total $ 58 $ 4 $ — 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 December 31, 2024 and 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 11 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 consolidated statements of comprehensive income. As of December 31, 2024, the assets related to derivatives consist of interest rate swaps as discussed in Note 9. The fair value of these derivatives is determined based on a discounted cash flow method using Secured Overnight Financing Rate swap rates, which are observable at commonly quoted intervals. We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the years ended December 31, 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 $6,918 million and $6,660 million at December 31, 2024 and 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 $7,645 million and $7,287 million at December 31, 2024 and 2023, respectively. Revolving Credit Agreement At December 31, 2024 and 2023, we had a consolidated total of $247 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. 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, including cash and cash equivalents, approximates their fair value due to the short-term nature of these instruments.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income (Loss) The following table provides the components of changes in AOCI: Year Ended December 31, (In millions of USD) 2024 2023 2022 Balance at the beginning of period $ 29 $ 27 $ (2) Derivative instruments Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $(1), $— and $1, respectively) (a) (2) (1) 3 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $1 and $11, respectively) 1 3 26 Total other comprehensive (loss) income, net of tax (1) 2 29 Balance at the end of period $ 28 $ 29 $ 27 ____________________________ (a) The reclassification of the net (gain) loss relating to interest rate cash flow hedges is reported in interest expense, net in the consolidated statements of comprehensive income on a pre-tax basis.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION ADN EMPLOYEE SHARE PURCHASE PLAN	SHARE-BASED COMPENSATION We recorded share-based compensation costs as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Operation and maintenance expenses $ 2 $ 2 $ 2 General and administrative expenses 13 13 9 Amounts capitalized to property, plant and equipment 12 8 8 Total share-based compensation costs $ 27 $ 23 $ 19 Total tax benefit recognized in the consolidated statements of comprehensive income $ 7 $ 6 $ 5 Long-Term Incentive Plans Performance-Based Units The PBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock and the level of achievement of the financial performance criteria, including a market condition and a performance condition. The payout may range from 0% - 200% of the target award, depending on actual performance relative to the performance criteria. The PBUs earn dividend equivalents which are also re-measured consistent with the target award and settled in cash at the end of the vesting period. The following table shows the changes in PBUs during the year ended December 31, 2024: Number of Performance Based Units PBUs at December 31, 2023 851,048 Granted 353,948 Vested and paid out (286,072) Forfeited (19,930) PBUs at December 31, 2024 898,994 The following table presents the classification on the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled: December 31, (In millions of USD) 2024 2023 Accrued compensation $ 10 $ 18 Other long-term liabilities 17 12 Total $ 27 $ 30 The aggregate fair value of PBUs as of December 31, 2024 and 2023 was $37 million and $40 million, respectively. At December 31, 2024, $10 million of total unrecognized compensation cost related to PBUs not yet vested is expected to be recognized over the remaining weighted average period of 1.7 years. Service-Based Units The SBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock. The SBUs earn dividend equivalents which are also re-measured based on the price of Fortis common stock and settled in cash at the end of the vesting period. The following table shows the changes in SBUs during the year ended December 31, 2024: Number of Service Based Units SBUs at December 31, 2023 658,207 Granted 296,990 Vested and paid out (223,294) Forfeited (19,930) SBUs at December 31, 2024 711,973 The following table presents the classification on the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled: December 31, (In millions of USD) 2024 2023 Accrued compensation $ 9 $ 9 Other long-term liabilities 13 10 Total $ 22 $ 19 The aggregate fair value of SBUs as of December 31, 2024 and 2023 was $31 million and $26 million, respectively. At December 31, 2024, $9 million of the total unrecognized compensation cost related to SBUs not yet vested is expected to be recognized over the remaining weighted average period of 1.8 years.

JOINTLY OWNED UTILITY PLANT_COO

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES	12 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICE	JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES As of December 31, 2024, the following summarizes our Regulated Operating Subsidiaries’ jointly-owned transmission assets: (In millions of USD except for ownership interest) Ownership Interest Property, Plant and Equipment Accumulated Depreciation Construction Work in Progress Huntley Wilmarth (a) 50.0 % $ 57 $ 5 $ — Cardinal Hickory Creek (b) 91.0 % 303 6 — Other (c) ITCTransmission 49.6 % 29 20 13 METC various 58 40 — ITC Midwest various 96 20 2 ITC Great Plains 49.0 % 33 5 — ____________________________ (a) Jointly owned between ITC Midwest and Northern States Power Company. (b) Jointly owned between ITC Midwest and Dairyland Power Cooperative. (c) Jointly owned with various parties.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS We 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, we 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 consolidated statements of cash flows. On February 4, 2025, our Board of Directors approved a $72 million dividend to ITC Investment Holdings that is expected to be paid on February 27, 2025. 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 18 for information on income tax payments made to ITC Investment Holdings. December 31, (In millions of USD) 2024 2023 Statements of financial position activity: Accounts receivable from Fortis and Fortis affiliates $ 1 $ 1 Net income tax payable to ITC Investment Holdings (a) 7 6 __________________________ (a) Recorded in accrued taxes on the consolidated statements of financial position. Year Ended December 31, (In millions of USD) 2024 2023 2022 Comprehensive income statements activity: Billed from Fortis and Fortis affiliates (a) $ 13 $ 12 $ 13 Billed to Fortis and Fortis affiliates (b) 4 3 2 ____________________________ (a) Recorded in general and administrative expenses in the consolidated statements of comprehensive income. (b)

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 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 reasonably estimable and 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 and during the year ended December 31, 2022, we received net settlement payments of less than $1 million owed from customers. 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 the October 2024 Order 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. Certain MISO TOs, including us, filed a request for rehearing on November 18, 2024 and filed an appeal of the order with the D.C. Circuit Court on January 31, 2025. The request for rehearing and appeal primarily focused on the prospective refund period and the related interest. As of December 31, 2024, we recorded an aggregate refund liability of $27 million, including interest of $6 million, in accordance with the refund provisions of the order. See Note 6 for a summary of our authorized ROE, which is composed of our base ROE and incentive adders for transmission rates. Purchase Obligations At December 31, 2024, we had purchase obligations of $156 million representing commitments for materials, services and equipment that had not been received as of December 31, 2024, primarily for construction and maintenance projects for which we have an executed contract. Of these purchase obligations, $136 million is expected to be paid in 2025, with the majority of the items related to materials and equipment that have long production lead times. Other Commitments METC Amended and Restated Purchase and Sale Agreement for Ancillary Services. Since METC does not own any generating facilities, it must procure ancillary services from third party suppliers, such as Consumers Energy. Currently, under the Ancillary Services Agreement, METC pays Consumers Energy for providing certain generation-based services necessary to support the reliable operation of the bulk power grid, such as voltage support and generation capability and capacity to balance loads and generation. Amended and Restated Easement Agreement. Under the Easement Agreement, Consumers Energy provides METC with an easement to the land on which a majority of METC’s transmission towers, poles, lines and other transmission facilities used to transmit electricity for Consumers Energy and others are located. The term of the Easement Agreement runs through December 31, 2050 and is subject to 10 automatic 50-year renewals thereafter unless METC gives notice of nonrenewal at least one year in advance. METC pays Consumers Energy $10 million in annual rent per year for the easement and also pays for any rentals, property, taxes, and other fees related to the property covered by the Easement Agreement. Payments to Consumers Energy under the Easement Agreement are charged to operation and maintenance expense in our consolidated statements of comprehensive income. ITC Midwest Operations Services Agreement For 34.5 kV Transmission Facilities. ITC Midwest and IP&L entered into the OSA under which IP&L performs certain operations functions for ITC Midwest’s 34.5 kV transmission system. ITC Great Plains Amended and Restated Maintenance Agreement. Sunflower and ITC Great Plains have entered into the Sunflower Agreement pursuant to which Sunflower has agreed to perform various field operations and maintenance services related to certain ITC Great Plains assets. Concentration of Credit Risk Our credit risk is primarily with DTE Electric, Consumers Energy and IP&L, which were responsible for approximately 23.0%, 21.9% and 22.7%, respectively, or $375 million, $357 million and $370 million, respectively, of our consolidated billed revenues for the year ended December 31, 2024. This portion of total billed revenues of DTE Electric, Consumers Energy and IP&L include the refund of 2022 revenue accruals and deferrals and exclude any amounts for the 2024 revenue accruals and deferrals that were included in our 2024 operating revenues but will not be billed to our customers until 2026. Under DTE Electric’s and Consumers Energy’s current rate structure, DTE Electric and Consumers Energy include in their retail rates the actual cost of transmission services provided by ITCTransmission and METC, respectively, in their billings to their customers, effectively passing through to end-use consumers the total cost of transmission service. IP&L currently includes in their retail rates an allowance for transmission services provided by ITC Midwest in their billings to their customers. However, any financial difficulties experienced by DTE Electric, Consumers Energy or IP&L may affect their ability to make payments for transmission service to ITCTransmission, METC, and ITC Midwest, which could negatively impact our business. MISO, as our MISO Regulated Operating Subsidiaries’ billing agent, bills DTE Electric, Consumers Energy, IP&L and other customers on a monthly basis and collects fees for the use of the MISO Regulated Operating Subsidiaries’ transmission systems. SPP is the billing agent for ITC Great Plains and bills transmission customers for the use of ITC Great Plains transmission systems. MISO and SPP have implemented strict credit policies for its members’ customers, which include customers using our transmission systems. Specifically, MISO and SPP require a letter of credit or cash deposit equal to the credit exposure, which is determined by a credit scoring model and other factors, from any customer using a member’s transmission system.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 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 consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2024 2023 2022 Cash and cash equivalents $ 19 $ 328 $ 4 Restricted cash included in other non-current assets 8 5 2 Total cash, cash equivalents and restricted cash $ 27 $ 333 $ 6 Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2024 2023 2022 Interest paid (net of interest capitalized) $ 340 $ 296 $ 247 Income taxes paid (a) 54 49 11 Non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (b) 153 130 117 Allowance for equity funds used during construction 44 43 37 Other — 1 1 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million for the year ended December 31, 2024 and less than $1 million for each of the years ended December 31, 2023 and 2022. (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 December 31, 2024, 2023 or 2022, 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	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We identify reportable segments based on factors including the regulatory environment of our subsidiaries and the business activities performed to earn revenues and incur expenses. Regulated Operating Subsidiaries We aggregate our Regulated Operating Subsidiaries into one reportable operating segment based on their similar regulatory environment and economic characteristics, among other factors. They are engaged in the transmission of electricity within the United States, earn revenues from the same types of customers and are regulated by the FERC. ITC Holdings and Other Information below for ITC Holdings and Other consists primarily of a holding company whose activities include debt financings and general corporate activities. The other subsidiaries of ITC Holdings, excluding the Regulated Operating Subsidiaries, do not have significant operations. Chief Operating Decision Maker and Use of Net Income Measure ITC Holdings’ CODM is the Chief Executive Officer, who allocates resources to, and assesses the performance of, ITC Holdings and its Regulated Operating Subsidiaries. The CODM monitors segment performance primarily based on a comparison of actual capital spending, including accrued amounts, and net income relative to budget and uses those metrics to identify opportunities to adjust operations or reallocate resources to achieve corporate objectives. Regulated Operating ITC Holdings Reconciliations/ 2024 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,662 $ — $ (37) $ 1,625 Depreciation and amortization 326 — — 326 Interest expense, net 173 175 — 348 Other segment items (a) 357 (1) (37) 319 Income (loss) before income taxes 806 (174) — 632 Income tax provision (benefit) 194 (46) — 148 Subsidiary net earnings — 612 (612) — Net income 612 484 (612) 484 Property, plant and equipment, net 12,122 7 — 12,129 Goodwill 950 — — 950 Total assets (b) 13,556 7,135 (6,970) 13,721 Capital expenditures 1,072 — (10) 1,062 Regulated Operating ITC Holdings Reconciliations/ 2023 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,581 $ 1 $ (37) $ 1,545 Depreciation and amortization 307 — — 307 Interest expense, net 154 161 — 315 Other segment items (a) 344 (3) (37) 304 Income (loss) before income taxes 776 (157) — 619 Income tax provision (benefit) 184 (28) — 156 Subsidiary net earnings — 592 (592) — Net income 592 463 (592) 463 Property, plant and equipment, net 11,267 7 — 11,274 Goodwill 950 — — 950 Total assets (b) 12,664 6,988 (6,528) 13,124 Capital expenditures 824 — (6) 818 Regulated Operating ITC Holdings Reconciliations/ 2022 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,503 $ 1 $ (38) $ 1,466 Depreciation and amortization 295 — — 295 Interest expense, net 134 135 — 269 Other segment items (a) 338 14 (38) 314 Income (loss) before income taxes 736 (148) — 588 Income tax provision (benefit) 179 (33) — 146 Subsidiary net earnings — 557 (557) — Net income 557 442 (557) 442 Property, plant and equipment, net 10,630 7 — 10,637 Goodwill 950 — — 950 Total assets (b) 12,005 6,378 (6,252) 12,131 Capital expenditures 933 — — 933 ____________________________ (a) Other segment items includes taxes other than income taxes, general and administrative expense, operation and maintenance expense, allowance for equity funds used during construction and other expense and income items. (b) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure	ITC HOLDINGS CORP. CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENT COMPANY ONLY) December 31, (In millions of USD, except share data) 2024 2023 ASSETS Current assets Cash and cash equivalents $ 16 $ 325 Accounts receivable from subsidiaries 20 21 Intercompany tax receivable from subsidiaries 21 19 Prepaid and other current assets 5 1 Total current assets 62 366 Other assets Investment in subsidiaries 6,872 6,431 Deferred income taxes 65 66 Other assets 136 125 Total other assets 7,073 6,622 TOTAL ASSETS $ 7,135 $ 6,988 LIABILITIES AND STOCKHOLDER’S EQUITY Current liabilities Accrued compensation $ 57 $ 59 Accrued interest 34 38 Debt maturing within one year — 400 Other current liabilities 17 14 Total current liabilities 108 511 Accrued pension and postretirement liabilities 39 42 Long-term debt (net of deferred financing fees and discount of $22 and $22, respectively) 3,878 3,478 Other liabilities 113 95 TOTAL LIABILITIES 4,138 4,126 STOCKHOLDER’S EQUITY Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2024 and 2023 892 892 Retained earnings 2,077 1,941 Accumulated other comprehensive income 28 29 Total stockholder’s equity 2,997 2,862 TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY $ 7,135 $ 6,988 See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (PARENT COMPANY ONLY) Year Ended December 31, (In millions of USD) 2024 2023 2022 Other (expenses) income, net $ 13 $ 13 $ (5) General and administrative expense (11) (10) (8) Taxes other than income taxes (1) — — Interest expense, net (175) (161) (135) LOSS BEFORE INCOME TAXES (174) (158) (148) INCOME TAX BENEFIT (46) (29) (35) LOSS AFTER TAXES (128) (129) (113) EQUITY IN SUBSIDIARIES’ NET EARNINGS 612 592 555 NET INCOME 484 463 442 OTHER COMPREHENSIVE (LOSS) INCOME Derivative instruments (net of tax of $(1), $1 and $12, respectively) (1) 2 29 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX (1) 2 29 TOTAL COMPREHENSIVE INCOME $ 483 $ 465 $ 471 See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF CASH FLOWS (PARENT COMPANY ONLY) Year Ended December 31, (In millions of USD) 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 484 $ 463 $ 442 Adjustments to reconcile net income to net cash used in operating activities: Equity in subsidiaries' earnings (612) (592) (555) Dividends from subsidiaries 60 128 88 Deferred and other income taxes (99) (90) (41) Net intercompany tax payments from subsidiaries 101 113 82 Share-based compensation 4 6 3 Other (10) 4 50 Changes in assets and liabilities, exclusive of changes shown separately: Accounts receivable from subsidiaries 1 (2) 2 Intercompany tax receivable from subsidiaries (2) 7 (10) Accrued compensation (3) (4) (13) Other current and non-current assets and liabilities, net 5 6 2 Net cash (used in) provided by operating activities (71) 39 50 CASH FLOWS FROM INVESTING ACTIVITIES Equity contributions to subsidiaries (189) (58) (58) Return of capital from subsidiaries 295 223 185 Proceeds from repayment of advances to subsidiaries — 4 50 Other 4 — 2 Net cash provided by investing activities 110 169 179 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of long-term debt, net 399 799 600 Borrowings under revolving credit agreements — 16 89 Net repayment of commercial paper — (134) (21) Repayment of long-term debt (400) (250) (500) Repayments of revolving credit agreements — (26) (118) Dividends to ITC Investment Holdings (343) (283) (273) Other (4) (7) (6) Net cash (used in) provided by financing activities (348) 115 (229) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (309) 323 — CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 326 3 3 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 17 $ 326 $ 3 See notes to condensed financial statements (parent company only). For ITC Holdings Corp.’s (“ITC Holdings,” “we,” “our” and “us”) presentation (parent company only), the investment in subsidiaries is accounted for using the equity method. The condensed parent company financial statements and notes should be read in conjunction with the consolidated financial statements and notes of ITC Holdings appearing in this Annual Report on Form 10-K. As a holding company with no business operations, ITC Holdings’ assets consist primarily of investments in our subsidiaries. ITC Holdings’ material cash inflows are only from dividends and other payments received from our subsidiaries, the proceeds raised from the sale of debt securities, issuances under our commercial paper program and borrowings under our Revolving Credit Agreement. ITC Holdings may not be able to access cash generated by our subsidiaries in order to fulfill cash commitments. The ability of our subsidiaries to make dividend and other payments to us is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the FPA and applicable state laws. In addition, there are practical limitations on using the net assets of each of our Regulated Operating Subsidiaries as of December 31, 2024 for dividends based on management's intent to maintain the FERC-approved capital structure targeting 60% equity and 40% debt for each of our Regulated Operating Subsidiaries. These net assets are included in Schedule I as the line-item “investment in subsidiaries.” Each of our subsidiaries, however, is legally distinct from us and has no obligation, contingent or otherwise, to make funds available to us. As of December 31, 2024, the maturities of our debt outstanding were as follows: (In millions of USD) 2025 $ — 2026 400 2027 1,400 2028 — 2029 — 2030 and thereafter 2,100 Total $ 3,900 See Note 9 to the consolidated financial statements for additional information on the ITC Holdings Senior Notes, the ITC Holdings Notes, the ITC Holdings Revolving Credit Agreement, the ITC Holdings commercial paper program and the ITC Holdings derivative instruments and hedging activities. Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of the ITC Holdings long-term debt and debt maturing within one year was $3,806 million and $3,792 million at December 31, 2024 and 2023, respectively. The total book value of the ITC Holdings long-term debt and debt maturing within one year, net of discount and deferred financing fees, was $3,878 million at December 31, 2024 and 2023. These fair values of the ITC Holdings long-term debt and debt maturing within one year represent Level 2 under the three-tier hierarchy described in Note 12 to the consolidated financial statements. Other Financial Instruments The carrying value of other financial instruments included in current assets, including cash and cash equivalents, approximates their fair value due to the short-term nature of these instruments. We may incur charges from our subsidiaries for general corporate expenses incurred. In addition, we may perform additional services for, or receive additional services from our subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We generally settle our intercompany balances with our affiliates on a net basis monthly. Periodically, we pay dividends to ITC Investment Holdings as shown in the condensed statements of cash flows. Additionally, we may receive dividends and return of capital from our subsidiaries and may make equity contributions to our subsidiaries as shown in the condensed statements of cash flows. We are the plan sponsor for a pension plan, other postretirement plans and a defined contribution plan discussed in Note 11 to the consolidated financial statements. The benefits-related expenses recorded by our subsidiaries result from the inclusion of benefit costs as a component of the total charge for services performed by our employees under the cost assignment and allocation methods used by us and our subsidiaries. We may enter into intercompany loan agreements with our subsidiaries. The total of these intercompany loan advances or repayments is presented as a net cash outflow or inflow from investing activities in the condensed statements of cash flows. We received principal and interest payments of $4 million and less than $1 million for the years ended December 31, 2023 and 2022, respectively, from subsidiaries associated with intercompany loans. There were no intercompany loans outstanding at December 31, 2024 and 2023. Intercompany Tax Sharing Arrangement We file consolidated income tax returns that include our affiliates, which are taxed as a corporation for federal and Michigan income tax purposes. We operate under an intercompany tax sharing arrangement with our subsidiaries and as a result may receive or pay federal and state income tax based on their stand-alone company tax positions. The total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows: December 31, (In millions of USD) 2024 2023 2022 Cash and cash equivalents $ 16 $ 325 $ 2 Restricted cash included in other non-current assets 1 1 1 Total cash, cash equivalents and restricted cash $ 17 $ 326 $ 3 Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2024 2023 2022 Interest paid $ 176 $ 150 $ 121 Income taxes paid (a) 54 49 11 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million for the year ended December 31, 2024 and less than $1 million for each of the years ended December 31, 2023 and 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 484	$ 463	$ 442

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions.
Use of Estimates	The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates.
Regulation	Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded in the statements of comprehensive income in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash — Restricted cash includes cash that is legally or contractually restricted for use or withdrawal or formally set aside for a specific purpose. Restricted cash 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.
Inventories	Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned.
Property, Plant and Equipment	Property, plant and equipment at our Regulated Operating Subsidiaries, including capital equipment expected to be used exclusively for capital projects, is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically, we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.4% for each of the years ended December 31, 2024, 2023 and 2022. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 43 to 70 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment not recorded at our Regulated Operating Subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $12 million, $11 million and $9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
General Interconnection Projects and Contributions in Aid of Construction	Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. However, we may fund construction of certain projects without contributions from the generators. Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of assets as described in Note 15. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the transmission assets. Generally, each party is responsible for the capital, operation and maintenance, and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets is primarily recorded within operation and maintenance expense in our consolidated statements of comprehensive income.
Available-For-Sale Securities	We have certain investments in mutual funds, including fixed income securities and equity securities, that are classified as fair value through net income. The investments fund our two supplemental nonqualified, noncontributory retirement benefit plans for selected management employees as described in Note 11, as well as other deferred compensation plans. Gains and losses associated with these investments are recorded in other expenses (income), net in the consolidated statements of comprehensive income.
Impairment of Long-Lived Assets	Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income.
Goodwill and Intangible Assets, Goodwill, Policy	Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2024 and 2023, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively. In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units.
Deferred Financing Fees and Discount or Premium On Debt	Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt.
Asset Retirement Obligations	A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing polychlorinated biphenyls and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries. Our asset retirement obligations of $4 million and $5 million as of December 31, 2024 and 2023, respectively, are included in other liabilities on the consolidated statements of financial position.
Financial Instruments	We may use derivative financial instruments to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to derivative instruments that are designated in hedging relationships are generally classified in the consolidated statements of cash flows within cash flows from operating activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. See Note 9 for additional discussion regarding derivative instruments.
Contingent Obligations	We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable and disclose matters that are considered probable but not reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements.
Revenues	Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented in our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line in our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. See Note 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. 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 5 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 6 for more information on our Formula Rates. Other Services
Share-based Payment and Employee Share Purchase Plan	Under long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs to employees, including executive officers, of ITC Holdings. For awards granted prior to 2024, 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 generally settled only in cash. For grant years beginning in 2024, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the NYSE and generally settled only in cash. However, certain SBUs granted to the executives may settle only 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. 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 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. 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. Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount.
Comprehensive Income (Loss)	Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from derivative financial instruments.
Income Taxes	Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current on our consolidated statements of financial position. The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2024, we have not recognized any uncertain income tax positions.

REVENUE (Policies)

REVENUE (Policies)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented in our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line in our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. See Note 6 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 4 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. 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 5 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 6 for more information on our Formula Rates. Other Services

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Policies)	12 Months Ended
	Dec. 31, 2024
Public Utilities, Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment at our Regulated Operating Subsidiaries, including capital equipment expected to be used exclusively for capital projects, is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically, we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.4% for each of the years ended December 31, 2024, 2023 and 2022. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 43 to 70 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment not recorded at our Regulated Operating Subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $12 million, $11 million and $9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table presents the components of accounts receivable on the consolidated statements of financial position: December 31, (In millions of USD) 2024 2023 Trade accounts receivable $ 2 $ 2 Unbilled accounts receivable 135 122 Other 23 13 Total accounts receivable $ 160 $ 137

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 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 11 Net revenue accruals, including accrued interest 11 Net accrued interest payable (2) Net regulatory liabilities as of December 31, 2024 $ (8)

REGULATORY ASSETS AND LIABILI_2

REGULATORY ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
Regulatory Assets and Liabilities Disclosure [Abstract]
Schedule of Regulatory Assets	The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2024 2023 Regulatory assets: Current: Revenue accruals (including accrued interest of $2 and $2, respectively) (a) $ 21 $ 30 Total current 21 30 Non-current: Revenue accruals (including accrued interest of $1 and $1, respectively) (a) 26 20 Income taxes recoverable related to AFUDC equity 141 130 Pensions and postretirement 8 9 Other 12 16 Total non-current 187 175 Total regulatory assets $ 208 $ 205 Regulatory liabilities: Current: Revenue deferrals (including accrued interest of $4 and $3, respectively) (a) $ 40 $ 41 Refund related to the October 2024 Order (including accrued interest of $6 and $—, respectively) (b) 27 — Total current 67 41 Non-current: Revenue deferrals (including accrued interest of $1 and $1, respectively) (a) 15 37 Pensions and postretirement 68 62 Accrued asset removal costs 141 111 Refundable excess deferred state income taxes 52 46 Refundable excess deferred federal income taxes 453 465 Total non-current 729 721 Total regulatory liabilities $ 796 $ 762 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 6 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods. (b) Refer to discussion of the refund liability in Note 17 under “Rate of Return of Equity Complaints.”
Schedule of Regulatory Liabilities	The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2024 2023 Regulatory assets: Current: Revenue accruals (including accrued interest of $2 and $2, respectively) (a) $ 21 $ 30 Total current 21 30 Non-current: Revenue accruals (including accrued interest of $1 and $1, respectively) (a) 26 20 Income taxes recoverable related to AFUDC equity 141 130 Pensions and postretirement 8 9 Other 12 16 Total non-current 187 175 Total regulatory assets $ 208 $ 205 Regulatory liabilities: Current: Revenue deferrals (including accrued interest of $4 and $3, respectively) (a) $ 40 $ 41 Refund related to the October 2024 Order (including accrued interest of $6 and $—, respectively) (b) 27 — Total current 67 41 Non-current: Revenue deferrals (including accrued interest of $1 and $1, respectively) (a) 15 37 Pensions and postretirement 68 62 Accrued asset removal costs 141 111 Refundable excess deferred state income taxes 52 46 Refundable excess deferred federal income taxes 453 465 Total non-current 729 721 Total regulatory liabilities $ 796 $ 762 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 6 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods. (b) Refer to discussion of the refund liability in Note 17 under “Rate of Return of Equity Complaints.”

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
Public Utilities, Property, Plant and Equipment [Abstract]
Schedule of Public Utility Property, Plant, and Equipment	Property, plant and equipment, net consisted of the following: December 31, (In millions of USD) 2024 2023 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment $ 13,913 $ 12,902 Construction work in progress 670 712 Capital equipment 160 134 Other 87 91 ITC Holdings and other 14 14 Total 14,844 13,853 Less: Accumulated depreciation and amortization (2,715) (2,579) Property, plant and equipment, net $ 12,129 $ 11,274

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Amounts of outstanding debt were classified as debt maturing within one year and long-term debt on the consolidated statements of financial position as follows: December 31, (In millions of USD) 2024 2023 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 3.65% Senior Notes, due June 15, 2024 (a) — 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 700 ITC Holdings 4.95% Senior Notes, due September 22, 2027 900 900 ITC Holdings 5.40% Senior Notes, due June 1, 2033 500 500 ITC Holdings 5.65% Senior Notes, due May 9, 2034 400 — ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission 2.93% First Mortgage Bonds, Series I, due January 14, 2052 20 20 ITCTransmission 2.93% First Mortgage Bonds, Series J, due January 14, 2052 130 130 ITCTransmission 5.11% First Mortgage Bonds, Series K, due January 23, 2029 75 — ITCTransmission 5.38% First Mortgage Bonds, Series L, due January 23, 2034 75 — METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, Series A, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, Series B, due July 10, 2049 50 50 METC 3.02% Senior Secured Notes, due October 14, 2055 150 150 METC 2.90% Senior Secured Notes, Series A, due August 3, 2051 75 75 METC 3.05% Senior Secured Notes, Series B, due May 10, 2052 75 75 METC 5.65% Senior Secured Notes, Series A, due November 1, 2028 90 90 METC 5.98% Senior Secured Notes, Series B, due January 16, 2034 85 — ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 (a) — 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 180 ITC Midwest 3.87% First Mortgage Bonds, Series K, due October 12, 2027 75 75 ITC Midwest 4.53% First Mortgage Bonds, Series L, due October 12, 2052 75 75 ITC Midwest 4.88% First Mortgage Bonds, Series M, due December 10, 2035 125 — ITC Midwest 5.25% First Mortgage Bonds, Series N, due December 10, 2043 125 — ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 100 150 Revolving Credit Agreement, due April 14, 2028 247 311 Other 2 3 Total principal 7,939 7,644 Unamortized deferred financing fees and discount (b) (47) (46) Total debt $ 7,892 $ 7,598 ____________________________ (a) As of December 31, 2024 there was no debt maturing within one year on the consolidated statements of financial position. At December 31, 2023 there was $475 million, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year on the consolidated statements of financial position. (b) We recorded $7 million for the year ended December 31, 2024 and $6 million for each of the years ended December 31, 2023 and 2022 to interest expense for the amortization of deferred financing fees and debt discounts.
Schedule of Maturities of Debt	The annual maturities of debt as of December 31, 2024 are as follows: (In millions of USD) 2025 $ — 2026 400 2027 1,575 2028 338 2029 75 2030 and thereafter 5,551 Total $ 7,939
Schedule of Revolving Credit Agreements	At December 31, 2024, we 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 62 113 5.38 % 0.100 % METC 175 72 103 5.38 % 0.100 % ITC Midwest 225 46 179 5.38 % 0.100 % ITC Great Plains 75 67 8 5.38 % 0.100 % Total $ 1,000 $ 247 $ 753 ____________________________ (a) Represents the current borrowing sublimit. Individual sublimits may be adjusted, subject to certain individual sublimits and the aggregate limit under the Revolving Credit Agreement not to exceed $1 billion. 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 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	Derivative Instruments and Hedging Activities We use derivative financial instruments to manage our exposure to fluctuations in interest rates. During 2023 and 2024, 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 Gain (Loss) on Derivatives (a) Term Effective Date Outstanding derivative instruments Interest rate swaps $ 135 3.27 % $ — 5 Q2 2026 Settled derivative instruments U.S. Treasury rate lock contracts (b) 300 4.66 % (3) 5 Q2 2024 U.S. Treasury rate lock contracts (b) 500 3.46 % 4 10 Q2 2023 ____________________________ (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 13 for additional information. (b) The settlement payment was recognized within cash flows from operating activities in the consolidated statements of cash flows.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Reconciliation	Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Income tax expense at 21% federal statutory rate $ 133 $ 130 $ 123 State income taxes (net of federal benefit) (a) 30 43 36 AFUDC equity (7) (7) (6) Amortization of revalued deferred federal income taxes (9) (9) (9) Valuation allowance 1 (2) 1 Other, net — 1 1 Total income tax provision $ 148 $ 156 $ 146 ____________________________ (a) Amounts for the years ended December 31, 2023 and 2022 include the impact of the remeasurement of certain deferred tax balances and NOLs for Iowa due to the corporate tax rate change discussed herein.
Components of Income Tax Provision	Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Current income tax expense $ 55 $ 51 $ 15 Deferred income tax expense 93 105 131 Total income tax provision $ 148 $ 156 $ 146
Deferred Tax Assets and Liabilities	Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2024 2023 Property, plant and equipment $ (1,573) $ (1,461) Goodwill (147) (148) Regulatory liability gross up due to change in federal income tax rate 115 119 Pension and postretirement liabilities 21 22 State income tax NOLs (net of federal benefit) 41 39 Valuation allowance (4) (3) Other, net 26 21 Net deferred income tax liabilities $ (1,521) $ (1,411) Gross deferred income tax liabilities $ (1,752) $ (1,642) Gross deferred income tax assets 235 234 Valuation allowance (4) (3) Net deferred income tax liabilities $ (1,521) $ (1,411)

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Net Defined Benefit Cost Components	Net periodic benefit cost/(credit) by component for the pension plans and postretirement benefit plan was as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, (In millions of USD) 2024 2023 2022 2024 2023 2022 Service cost $ 8 $ 7 $ 8 $ 7 $ 7 $ 12 Interest cost 7 6 4 5 5 4 Expected return on plan assets (8) (6) (7) (8) (6) (7) Amortization of prior service credit — — — — (1) — Amortization of unrecognized loss/(gain) — — 1 (5) (4) (2) Net periodic benefit cost/(credit) $ 7 $ 7 $ 6 $ (1) $ 1 $ 7
Defined Benefit Plans Disclosures	The following table reconciles the obligations, assets and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans on the consolidated statements of financial position: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2024 2023 2024 2023 Change in Benefit Obligation: Beginning projected benefit obligation / accumulated postretirement benefit obligation $ (140) $ (124) $ (97) $ (90) Service cost (8) (7) (7) (7) Interest cost (7) (6) (5) (5) Actuarial net gain/(loss) 6 (11) (3) 3 Benefits paid 8 8 3 2 Settlements 2 — — — Plan participants’ contributions — — (1) — Ending projected benefit obligation / accumulated postretirement benefit obligation (139) (140) (110) (97) Change in Plan Assets: Beginning plan assets at fair value 105 96 141 122 Actual return on plan assets 9 13 16 20 Employer contributions 4 — — 1 Benefits paid (4) (4) (3) (2) Plan participants’ contributions — — 1 — Ending plan assets at fair value 114 105 155 141 Funded status, (underfunded)/overfunded $ (25) $ (35) $ 45 $ 44 Accumulated benefit obligation: Retirement plan $ (92) $ (89) N/A N/A Supplemental benefit plans (42) (45) N/A N/A Total accumulated benefit obligation $ (134) $ (134) N/A N/A Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (39) $ (42) $ — $ — Other non-current assets 19 12 45 44 Other current liabilities (5) (5) — — Total $ (25) $ (35) $ 45 $ 44 Unrecognized Amounts in Non-Current Regulatory Assets: Net actuarial loss $ 8 $ 9 $ — $ — Total $ 8 $ 9 $ — $ — Unrecognized Amounts in Non-Current Regulatory Liabilities: Net actuarial (gain) $ (8) $ (1) $ (61) $ (61) Net prior service cost/(credit) 1 1 — (1) Total $ (7) $ — $ (61) $ (62)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]	The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2024 2023 Projected benefit obligation $ (44) $ (47) Fair value of plan assets (a) — — ____________________________ (a)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]	The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2024 2023 Accumulated benefit obligation $ (42) $ (45) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position.
Assumptions Used	Actuarial assumptions used to determine the net periodic benefit obligations for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, 2024 2023 2022 2024 2023 2022 Weighted average discount rate 5.66% 5.19% 5.52% 5.86% 5.30% 5.65% Weighted average interest crediting rate 4.50% 4.50% 4.00% N/A N/A N/A Annual rate of salary increases 4.50% 4.50% 4.00% 4.50% 4.50% 4.00% Health care cost trend rate N/A N/A N/A 7.00% 6.50% 6.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2033 2030 2030 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Weighted average discount rate — service cost 5.26% 5.59% 3.05% 5.48% 5.83% 3.32% Weighted average discount rate — interest cost 5.10% 5.40% 2.44% 5.17% 5.51% 2.87% Weighted average interest crediting rate 4.50% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.50% 4.00% 4.00% 4.50% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.50% 6.75% 5.75% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2030 2030 2025 Expected long-term rate of return on plan assets 7.30% 6.90% 5.90% 5.50% 5.20% 4.50%
Projected Benefit Payments	At December 31, 2024, the projected benefit payments for the pension plans and postretirement benefit plan (including prescription drug benefits) calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows: (In millions of USD) Pension Plans Postretirement Benefit Plan 2025 $ 11 $ 3 2026 10 3 2027 11 4 2028 10 4 2029 12 5 2030 through 2034 72 33
Schedule of Allocation of Plan Assets	As of December 31, 2024 and 2023, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2024 2024 2023 2024 2023 Fixed income securities 50 % 51 % 50 % 50 % 50 % Equity securities 50 % 49 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 % For the years ended December 31, 2024 and 2023, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2024 2023 2024 2023 Mutual funds — U.S. equity securities $ 45 $ 42 $ 74 $ 68 Mutual funds — international equity securities 11 11 3 3 Mutual funds — fixed income securities 58 52 78 70 Total $ 114 $ 105 $ 155 $ 141

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 42 — — Mutual funds — equity securities 15 — — Interest rate swap derivatives — 4 — Total $ 58 $ 4 $ — 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)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table provides the components of changes in AOCI: Year Ended December 31, (In millions of USD) 2024 2023 2022 Balance at the beginning of period $ 29 $ 27 $ (2) Derivative instruments Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $(1), $— and $1, respectively) (a) (2) (1) 3 Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $1 and $11, respectively) 1 3 26 Total other comprehensive (loss) income, net of tax (1) 2 29 Balance at the end of period $ 28 $ 29 $ 27 ____________________________ (a) The reclassification of the net (gain) loss relating to interest rate cash flow hedges is reported in interest expense, net in the consolidated statements of comprehensive income on a pre-tax basis.

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Tables)	12 Months Ended
	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	We recorded share-based compensation costs as follows: Year Ended December 31, (In millions of USD) 2024 2023 2022 Operation and maintenance expenses $ 2 $ 2 $ 2 General and administrative expenses 13 13 9 Amounts capitalized to property, plant and equipment 12 8 8 Total share-based compensation costs $ 27 $ 23 $ 19 Total tax benefit recognized in the consolidated statements of comprehensive income $ 7 $ 6 $ 5
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	The following table shows the changes in PBUs during the year ended December 31, 2024: Number of Performance Based Units PBUs at December 31, 2023 851,048 Granted 353,948 Vested and paid out (286,072) Forfeited (19,930) PBUs at December 31, 2024 898,994
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	The following table shows the changes in SBUs during the year ended December 31, 2024: Number of Service Based Units SBUs at December 31, 2023 658,207 Granted 296,990 Vested and paid out (223,294) Forfeited (19,930) SBUs at December 31, 2024 711,973
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table presents the classification on the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled: December 31, (In millions of USD) 2024 2023 Accrued compensation $ 10 $ 18 Other long-term liabilities 17 12 Total $ 27 $ 30
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table presents the classification on the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled: December 31, (In millions of USD) 2024 2023 Accrued compensation $ 9 $ 9 Other long-term liabilities 13 10 Total $ 22 $ 19

JOINTLY OWNED UTILITY PLANT_C_2

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES (Tables)	12 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Schedule of Jointly Owned Utility Plant	As of December 31, 2024, the following summarizes our Regulated Operating Subsidiaries’ jointly-owned transmission assets: (In millions of USD except for ownership interest) Ownership Interest Property, Plant and Equipment Accumulated Depreciation Construction Work in Progress Huntley Wilmarth (a) 50.0 % $ 57 $ 5 $ — Cardinal Hickory Creek (b) 91.0 % 303 6 — Other (c) ITCTransmission 49.6 % 29 20 13 METC various 58 40 — ITC Midwest various 96 20 2 ITC Great Plains 49.0 % 33 5 — ____________________________ (a) Jointly owned between ITC Midwest and Northern States Power Company. (b) Jointly owned between ITC Midwest and Dairyland Power Cooperative. (c) Jointly owned with various parties.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	December 31, (In millions of USD) 2024 2023 Statements of financial position activity: Accounts receivable from Fortis and Fortis affiliates $ 1 $ 1 Net income tax payable to ITC Investment Holdings (a) 7 6 __________________________ (a) Recorded in accrued taxes on the consolidated statements of financial position. Year Ended December 31, (In millions of USD) 2024 2023 2022 Comprehensive income statements activity: Billed from Fortis and Fortis affiliates (a) $ 13 $ 12 $ 13 Billed to Fortis and Fortis affiliates (b) 4 3 2 ____________________________ (a) Recorded in general and administrative expenses in the consolidated statements of comprehensive income. (b) Recorded as an offset to general and administrative expenses in the consolidated statements of comprehensive income.

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2024 2023 2022 Cash and cash equivalents $ 19 $ 328 $ 4 Restricted cash included in other non-current assets 8 5 2 Total cash, cash equivalents and restricted cash $ 27 $ 333 $ 6
Supplementary Cash Flow Information	Year Ended December 31, (In millions of USD) 2024 2023 2022 Interest paid (net of interest capitalized) $ 340 $ 296 $ 247 Income taxes paid (a) 54 49 11 Non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (b) 153 130 117 Allowance for equity funds used during construction 44 43 37 Other — 1 1 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million for the year ended December 31, 2024 and less than $1 million for each of the years ended December 31, 2023 and 2022. (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 December 31, 2024, 2023 or 2022, 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)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	Regulated Operating ITC Holdings Reconciliations/ 2024 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,662 $ — $ (37) $ 1,625 Depreciation and amortization 326 — — 326 Interest expense, net 173 175 — 348 Other segment items (a) 357 (1) (37) 319 Income (loss) before income taxes 806 (174) — 632 Income tax provision (benefit) 194 (46) — 148 Subsidiary net earnings — 612 (612) — Net income 612 484 (612) 484 Property, plant and equipment, net 12,122 7 — 12,129 Goodwill 950 — — 950 Total assets (b) 13,556 7,135 (6,970) 13,721 Capital expenditures 1,072 — (10) 1,062 Regulated Operating ITC Holdings Reconciliations/ 2023 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,581 $ 1 $ (37) $ 1,545 Depreciation and amortization 307 — — 307 Interest expense, net 154 161 — 315 Other segment items (a) 344 (3) (37) 304 Income (loss) before income taxes 776 (157) — 619 Income tax provision (benefit) 184 (28) — 156 Subsidiary net earnings — 592 (592) — Net income 592 463 (592) 463 Property, plant and equipment, net 11,267 7 — 11,274 Goodwill 950 — — 950 Total assets (b) 12,664 6,988 (6,528) 13,124 Capital expenditures 824 — (6) 818 Regulated Operating ITC Holdings Reconciliations/ 2022 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,503 $ 1 $ (38) $ 1,466 Depreciation and amortization 295 — — 295 Interest expense, net 134 135 — 269 Other segment items (a) 338 14 (38) 314 Income (loss) before income taxes 736 (148) — 588 Income tax provision (benefit) 179 (33) — 146 Subsidiary net earnings — 557 (557) — Net income 557 442 (557) 442 Property, plant and equipment, net 10,630 7 — 10,637 Goodwill 950 — — 950 Total assets (b) 12,005 6,378 (6,252) 12,131 Capital expenditures 933 — — 933 ____________________________ (a) Other segment items includes taxes other than income taxes, general and administrative expense, operation and maintenance expense, allowance for equity funds used during construction and other expense and income items. (b) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.

SCHEDULE I - CONDENSED FINANC_2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
Schedule of Maturities of Debt	The annual maturities of debt as of December 31, 2024 are as follows: (In millions of USD) 2025 $ — 2026 400 2027 1,575 2028 338 2029 75 2030 and thereafter 5,551 Total $ 7,939
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2024 2023 2022 Cash and cash equivalents $ 19 $ 328 $ 4 Restricted cash included in other non-current assets 8 5 2 Total cash, cash equivalents and restricted cash $ 27 $ 333 $ 6
Supplementary Cash Flow Information	Year Ended December 31, (In millions of USD) 2024 2023 2022 Interest paid (net of interest capitalized) $ 340 $ 296 $ 247 Income taxes paid (a) 54 49 11 Non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (b) 153 130 117 Allowance for equity funds used during construction 44 43 37 Other — 1 1 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million for the year ended December 31, 2024 and less than $1 million for each of the years ended December 31, 2023 and 2022. (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 December 31, 2024, 2023 or 2022, 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.
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Schedule of Maturities of Debt	As of December 31, 2024, the maturities of our debt outstanding were as follows: (In millions of USD) 2025 $ — 2026 400 2027 1,400 2028 — 2029 — 2030 and thereafter 2,100 Total $ 3,900
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows: December 31, (In millions of USD) 2024 2023 2022 Cash and cash equivalents $ 16 $ 325 $ 2 Restricted cash included in other non-current assets 1 1 1 Total cash, cash equivalents and restricted cash $ 17 $ 326 $ 3
Supplementary Cash Flow Information	Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2024 2023 2022 Interest paid $ 176 $ 150 $ 121 Income taxes paid (a) 54 49 11 ____________________________ (a) Includes amounts paid to ITC Investment Holdings under a tax sharing agreement. Payments made directly to certain state jurisdictions were $1 million for the year ended December 31, 2024 and less than $1 million for each of the years ended December 31, 2023 and 2022.

GENERAL (Details)

GENERAL (Details)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Percentage of Minority Investor	19.90%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Composite depreciation rate	2.40%	2.40%	2.40%
Goodwill and Intangible Assets
Goodwill	$ 950	$ 950	$ 950
Goodwill impairment	0
Asset Retirement Obligations
Asset retirement obligations	4	5
ITCTransmission
Goodwill and Intangible Assets
Goodwill	173	173
METC
Goodwill and Intangible Assets
Goodwill	454	454
ITC Midwest
Goodwill and Intangible Assets
Goodwill	$ 323	$ 323
Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life	43 years
Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life	70 years

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 1,613	$ 1,562	$ 1,476
Other services
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 4	$ 6	$ 6

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 160	$ 137
Unbilled accounts receivable	135	122
Other Receivables	23	13
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2	$ 2

REGULATORY MATTERS Net changes

REGULATORY MATTERS Net changes in Regulatory Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue Accruals and Deferrals
Net regulatory liabilities as of December 31, 2023	$ (28)
Net refund of 2022 revenue deferrals and accruals, including accrued interest	11
Net revenue accruals, including accrued interest	11
Net accrued interest payable	(2)
Net regulatory liabilities as of December 31, 2024	$ (8)

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details)	12 Months Ended
	Dec. 31, 2024	Oct. 17, 2024
Public Utilities, General Disclosures [Line Items]
Transmission rate, applicable period	1 year
Revenue true-up amount reflected in customer bill, period of recognition	2 years
MISO Operating Subsidiaries
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.77%
Incentive Adder for Independent Transmission Ownership	25	25
Basis Point Incentive Adder for RTO Participation	50	50
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity		10.73%
ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Return on Equity, Percentage	11.41%
Incentive Adder for Independent Transmission Ownership	25
Basis Point Incentive Adder for RTO Participation	50
Minimum | MISO Operating Subsidiaries
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.02%
Minimum | MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity		9.98%
Minimum | ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Return on Equity, Percentage	10.66%

REGULATORY ASSETS AND LIABILI_3

REGULATORY ASSETS AND LIABILITIES Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Regulatory Asset [Line Items]
Regulatory Asset, Current	$ 21	$ 30
Regulatory Asset, Noncurrent	187	175
Regulatory assets	208	205
Current regulatory liabilities	67	41
Non-current regulatory liabilities	729	721
Regulatory liabilities	796	762
Revenue Deferrals, Including Accrued Interest
Regulatory Asset [Line Items]
Current regulatory liabilities	40	41
Non-current regulatory liabilities	15	37
Refund related to the October 2024 Order, Including Accrued Interest | Rate of Return on Equity and Capital Structure October 2024 Order | MISO Operating Subsidiaries
Regulatory Asset [Line Items]
Current regulatory liabilities	27
Pensions and Postretirement
Regulatory Asset [Line Items]
Non-current regulatory liabilities	68	62
Accrued Asset Removal Costs
Regulatory Asset [Line Items]
Non-current regulatory liabilities	141	111
Refundable excess state income tax deductions
Regulatory Asset [Line Items]
Non-current regulatory liabilities	52	46
Refundable excess deferred federal income taxes
Regulatory Asset [Line Items]
Non-current regulatory liabilities	453	465
Revenue Deferrals, Accrued Interest
Regulatory Asset [Line Items]
Current regulatory liabilities	4	3
Non-current regulatory liabilities	1	1
Refund related to the October 2024 Order, Accrued Interest | Rate of Return on Equity and Capital Structure October 2024 Order | MISO Operating Subsidiaries
Regulatory Asset [Line Items]
Current regulatory liabilities	6
Revenue Accruals, Including Accrued Interest
Regulatory Asset [Line Items]
Regulatory Asset, Current	21	30
Regulatory Asset, Noncurrent	26	20
Income Taxes Recoverable Related to AFUDC Equity
Regulatory Asset [Line Items]
Regulatory Asset, Noncurrent	141	130
Pensions and Postretirement
Regulatory Asset [Line Items]
Regulatory Asset, Noncurrent	8	9
Other Assets
Regulatory Asset [Line Items]
Regulatory Asset, Noncurrent	12	16
Revenue Accruals, Accrued Interest
Regulatory Asset [Line Items]
Regulatory Asset, Current	2	2
Regulatory Asset, Noncurrent	$ 1	$ 1

REGULATORY ASSETS AND LIABILI_4

REGULATORY ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Refundable excess state income tax deductions
Regulatory Asset [Line Items]
Amortization Of Excess Deferred Taxes	$ 1	$ 1
Refundable excess deferred federal income taxes
Regulatory Asset [Line Items]
Amortization Of Excess Deferred Taxes	$ 9	$ 9

PROPERTY, PLANT AND EQUIPMENT T

PROPERTY, PLANT AND EQUIPMENT Table of PPE (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]
Total	$ 14,844	$ 13,853
Less: Accumulated depreciation and amortization	(2,715)	(2,579)
Property, plant and equipment, net	12,129	11,274
Regulated Operating Subsidiaries
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment	13,913	12,902
Construction work in progress	670	712
Capital equipment	160	134
Other	87	91
ITC Holding and Other
Public Utility, Property, Plant and Equipment [Line Items]
ITC Holdings and other	$ 14	$ 14

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Public Utilities, Property, Plant and Equipment [Abstract]
Depreciation and amortization expense on PPE	$ 320	$ 300	$ 286
AFUDC debt	$ 12	$ 11	$ 9

DEBT Schedule of Debt (Details)

DEBT Schedule of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 10, 2024	May 09, 2024	Jan. 23, 2024	Nov. 01, 2023	Jun. 01, 2023	Nov. 26, 2014
Debt Instrument
Total principal	$ 7,939	$ 7,644
Unamortized deferred financing fees and discount (b)	(47)	(46)
Total debt	7,892	7,598
Debt maturing within one year	0	475
Amortization of deferred financing fees and debt discount	7	6	$ 6
Secured Debt
Debt Instrument
Other long-term debt	$ 2	$ 3
Senior Notes, due September 30, 2036 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	6.375%	6.375%
Long-term debt	$ 200	$ 200
Senior Notes, due June 15, 2024 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	3.65%	3.65%
Long-term debt	$ 0	$ 400
Senior Notes, due July 1, 2043 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	5.30%	5.30%
Long-term debt	$ 300	$ 300
Notes, due June 30, 2026 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	3.25%	3.25%
Long-term debt	$ 400	$ 400
Senior Notes, Due November 15, 2027 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	3.35%	3.35%
Long-term debt	$ 500	$ 500
Senior Notes, Due May 14, 2030 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	2.95%	2.95%
Long-term debt	$ 700	$ 700
Senior Notes, Due September 22, 2027 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	4.95%	4.95%						4.95%
Long-term debt	$ 900	$ 900
Senior Notes, Due June 1, 2033 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	5.40%	5.40%						5.40%
Long-term debt	$ 500	$ 500
Senior Notes, due May 9, 2034 | Unsecured Debt | ITC Holdings Corp.
Debt Instrument
Interest rate	5.65%				5.65%
Long-term debt	$ 400
First Mortgage Bonds, Series C, due March 31, 2036 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	6.125%	6.125%
Long-term debt	$ 100	$ 100
First Mortgage Bonds, Series E, due August 15, 2043 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	4.625%	4.625%
Long-term debt	$ 285	$ 285
First Mortgage Bonds, Series F, due June 10, 2044 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	4.27%	4.27%
Long-term debt	$ 100	$ 100
First Mortgage Bonds, Series G, due March 30, 2053 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	4%	4%
Long-term debt	$ 225	$ 225
First Mortgage Bonds, Series H, due August 28, 2049 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	3.30%	3.30%
Long-term debt	$ 75	$ 75
First Mortgage Bonds, Series I due January 14, 2052 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	2.93%	2.93%
Long-term debt	$ 20	$ 20
First Mortgage Bonds, Series J due January 14, 2052 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	2.93%	2.93%
Long-term debt	$ 130	$ 130
First Mortgage Bonds, Series K due January 23, 2029 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	5.11%					5.11%
Long-term debt	$ 75
First Mortgage Bonds, Series L due January 23, 2034 | Secured Debt | ITCTransmission
Debt Instrument
Interest rate	5.38%					5.38%
Long-term debt	$ 75
Senior Secured Notes, due May 6, 2040 | Secured Debt | METC
Debt Instrument
Interest rate	5.64%	5.64%
Long-term debt	$ 50	$ 50
Senior Secured Notes, due October 26, 2042 | Secured Debt | METC
Debt Instrument
Interest rate	3.98%	3.98%
Long-term debt	$ 75	$ 75
Senior Secured Notes, due December 15, 2044 | Secured Debt | METC
Debt Instrument
Interest rate	4.19%	4.19%
Long-term debt	$ 150	$ 150
Senior Secured Notes, due April 26, 2046 | Secured Debt | METC
Debt Instrument
Interest rate	3.90%	3.90%
Long-term debt	$ 200	$ 200
Senior Secured Notes, Series A, due January 15, 2049 | Secured Debt | METC
Debt Instrument
Interest rate	4.55%	4.55%
Long-term debt	$ 50	$ 50
Senior Secured Notes, Series B, due July 10, 2049 | Secured Debt | METC
Debt Instrument
Interest rate	4.65%	4.65%
Long-term debt	$ 50	$ 50
Senior Secured Notes due October 14, 2055 | Secured Debt | METC
Debt Instrument
Interest rate	3.02%	3.02%
Long-term debt	$ 150	$ 150
Senior Secured Notes, Series A, due August 3, 2051 | Secured Debt | METC
Debt Instrument
Interest rate	2.90%	2.90%
Long-term debt	$ 75	$ 75
Senior Secured Notes, Series B due May 10, 2052 | Secured Debt | METC
Debt Instrument
Interest rate	3.05%	3.05%
Long-term debt	$ 75	$ 75
Senior Secured Notes, Series A, due November 1, 2028 | Secured Debt | METC
Debt Instrument
Interest rate	5.65%						5.65%
Long-term debt	$ 90	$ 90
Senior Secured Notes, Series B, due January 16, 2034 | Secured Debt | METC
Debt Instrument
Interest rate	5.98%
Long-term debt	$ 85
First Mortgage Bonds, Series A, due January 31, 2038 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	6.15%	6.15%
Long-term debt	$ 175	$ 175
First Mortgage Bonds, Series D, due December 17, 2024 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.60%	4.60%
Long-term debt	$ 0	$ 75
First Mortgage Bonds, Series E, due January 19, 2027 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	3.50%	3.50%
Long-term debt	$ 100	$ 100
First Mortgage Bonds, Series F, due April 30, 2043 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.09%	4.09%
Long-term debt	$ 100	$ 100
First Mortgage Bonds, Series G, due April 7, 2055 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	3.83%	3.83%
Long-term debt	$ 225	$ 225
First Mortgage Bonds, Series H, due April 18, 2047 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.16%	4.16%
Long-term debt	$ 200	$ 200
First Mortgage Bonds, Series I, due November 1, 2051 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.32%	4.32%
Long-term debt	$ 175	$ 175
First Mortgage Bonds, Series J, due July 15, 2051 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	3.13%	3.13%
Long-term debt	$ 180	$ 180
First Mortgage Bonds Series K, due October 12, 2027 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	3.87%	3.87%
Long-term debt	$ 75	$ 75
First Mortgage Bonds Series L, due October 12, 2052 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.53%	4.53%
Long-term debt	$ 75	$ 75
First Mortgage Bonds, Series M, due December 10, 2035 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	4.88%			4.88%
Long-term debt	$ 125
First Mortgage Bonds, Series N, due December 10, 2043 | Secured Debt | ITC Midwest
Debt Instrument
Interest rate	5.25%			5.25%
Long-term debt	$ 125
First Mortgage Bonds, Series A, due November 26, 2044 | Secured Debt | ITC Great Plains
Debt Instrument
Interest rate	4.16%	4.16%							4.16%
Long-term debt	$ 100	$ 150
Revolving Credit Agreement, due April 14, 2028 | Line of Credit
Debt Instrument
Long-term debt	$ 247	$ 311

DEBT Annual Maturities (Details

DEBT Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Maturities of Debt
2025	$ 0
2026	400
2027	1,575
2028	338
2029	75
2030 and thereafter	5,551
Total	$ 7,939	$ 7,644

DEBT Revolving Credit Agreement

DEBT Revolving Credit Agreements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility
Total available capacity		$ 1,000
Outstanding balance		247	$ 311
Unused capacity		753
Line of Credit Facility, Maximum Borrowing Capacity		1,000
ITC Holdings Corp.
Line of Credit Facility
Total available capacity		350
Outstanding balance		0
Unused capacity		$ 350
Weighted average interest rate		0%
Commitment fee rate		0.175%
Line of Credit Facility, Increase (Decrease), Net	$ (50)
ITCTransmission
Line of Credit Facility
Total available capacity		$ 175
Outstanding balance		62
Unused capacity		$ 113
Weighted average interest rate		5.38%
Commitment fee rate		0.10%
METC
Line of Credit Facility
Total available capacity		$ 175
Outstanding balance		72
Unused capacity		$ 103
Weighted average interest rate		5.38%
Commitment fee rate		0.10%
ITC Midwest
Line of Credit Facility
Total available capacity		$ 225
Outstanding balance		46
Unused capacity		$ 179
Weighted average interest rate		5.38%
Commitment fee rate		0.10%
ITC Great Plains
Line of Credit Facility
Total available capacity		$ 75
Outstanding balance		67
Unused capacity		$ 8
Weighted average interest rate		5.38%
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 - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount			$ 135
Derivative, Average Fixed Interest Rate			3.27%
Gain (Loss) on Sale of Derivatives			$ 0
Derivative, Term of Contract			5 years
Treasury Lock
Derivative [Line Items]
Derivative, Notional Amount	$ 300	$ 500
Derivative, Average Fixed Interest Rate	4.66%	3.46%
Gain (Loss) on Sale of Derivatives	$ (3)	$ 4
Derivative, Term of Contract	5 years	10 years

DEBT (Details)

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

12 Months Ended

Jun. 24, 2024

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Feb. 13, 2025

Dec. 10, 2024

May 09, 2024

Feb. 01, 2024

Jan. 23, 2024

Nov. 01, 2023

Jun. 01, 2023

Nov. 26, 2014

Debt Instrument

Commercial Paper

$ 0

$ 0

Repayments of Long-term Debt

525

$ 250

$ 500

Incremental interest rate swap | Cash Flow Hedging | Subsequent Event

Debt Instrument

Derivative, Notional Amount

$ 95

Total Interest Rate Swaps | Cash Flow Hedging | Subsequent Event

Debt Instrument

Derivative, Notional Amount

$ 230

Derivative, Average Fixed Interest Rate

3.56%

ITC Holdings Corp.

Debt Instrument

Commercial Paper Program, Maximum Authorized Amount Outstanding

$ 400

ITC Holdings Corp. | Unsecured Debt

Debt Instrument

Principal amount

$ 800

ITC Holdings Corp. | Senior Notes, due May 9, 2034 | Unsecured Debt

Debt Instrument

Principal amount

$ 400

Interest rate

5.65%

5.65%

ITC Holdings Corp. | Senior Note, due June 15, 2024 | Unsecured Debt

Debt Instrument

Principal amount

$ 400

Interest rate

3.65%

ITC Holdings Corp. | Senior Notes, Due June 1, 2033 | Unsecured Debt

Debt Instrument

Principal amount

$ 500

Interest rate

5.40%

5.40%

5.40%

ITC Holdings Corp. | Senior Notes Additional Principal, Due September 22, 2027 | Unsecured Debt

Debt Instrument

Principal amount

$ 300

Interest rate

4.95%

ITC Holdings Corp. | Senior Notes, Due September 22, 2027 | Unsecured Debt

Debt Instrument

Principal amount

$ 900

Interest rate

4.95%

4.95%

4.95%

ITC Holdings Corp. | Senior Notes, due July 1, 2023 | Unsecured Debt

Debt Instrument

Principal amount

$ 250

Interest rate

4.05%

ITCTransmission | First Mortgage Bonds, Series K due January 23, 2029 | Secured Debt

Debt Instrument

Principal amount

$ 75

Interest rate

5.11%

5.11%

ITCTransmission | First Mortgage Bonds, Series L due January 23, 2034 | Secured Debt

Debt Instrument

Principal amount

$ 75

Interest rate

5.38%

5.38%

METC | Secured Debt

Debt Instrument

Principal amount

$ 175

METC | Senior Secured Notes, Series A, due November 1, 2028 | Secured Debt

Debt Instrument

Principal amount

$ 90

Interest rate

5.65%

5.65%

METC | Senior Secured Notes, due January 2034 | Secured Debt

Debt Instrument

Principal amount

$ 85

Interest rate

5.98%

ITC Midwest | First Mortgage Bonds, Series M, due December 10, 2035 | Secured Debt

Debt Instrument

Principal amount

$ 125

Interest rate

4.88%

4.88%

ITC Midwest | First Mortgage Bonds, Series N, due December 10, 2043 | Secured Debt

Debt Instrument

Principal amount

$ 125

Interest rate

5.25%

5.25%

ITC Great Plains | First Mortgage Bonds, Series A, due November 26, 2044 | Secured Debt

Debt Instrument

Principal amount

$ 150

Interest rate

4.16%

4.16%

4.16%

Repayments of Long-term Debt

$ 50

INCOME TAXES Income Tax Reconci

INCOME TAXES Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%
Income tax expense at 21% federal statutory rate	$ 133	$ 130	$ 123
State income taxes (net of federal benefit) (a)	30	43	36
AFUDC equity	(7)	(7)	(6)
Amortization of revalued deferred federal income taxes	(9)	(9)	(9)
Valuation allowance	1	(2)	1
Other, net	0	1	1
Total income tax provision	$ 148	$ 156	$ 146

INCOME TAXES Components of Inco

INCOME TAXES Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Current income tax expense	$ 55	$ 51	$ 15
Deferred income tax expense	93	105	131
Total income tax provision	$ 148	$ 156	$ 146

INCOME TAXES Deferred Tax Asset

INCOME TAXES Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets and Liabilities [Line Items]
Property, plant and equipment	$ (1,573)	$ (1,461)
Goodwill	(147)	(148)
Pension and postretirement liabilities	21	22
State income tax NOLs (net of federal benefit)	41	39
Deferred Tax Assets, Valuation Allowance	(4)	(3)
Deferred Tax Assets, Other	26	21
Net deferred tax liabilities	(1,521)	(1,411)
Gross deferred income tax liabilities	(1,752)	(1,642)
Gross deferred income tax assets	235	234
Regulatory liability gross up due to change in federal income tax rate
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Liabilities, Regulatory Assets and Liabilities	$ 115	$ 119

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 21, 2023	Sep. 26, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent					23.40%	25.20%	24.80%
Deferred income tax expense					$ 93	$ 105	$ 131
State of Iowa
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	7.10%	8.40%	8.40%	9.80%
State of Iowa | State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred income tax expense						6	7
Deferred Tax Liabilities, Regulatory Assets and Liabilities	$ 21	$ 22				$ 21	$ 22
Minimum | State of Iowa
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent					5.50%

RETIREMENT BENEFITS AND ASSET_3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8	$ 7	$ 8
Interest cost	7	6	4
Expected return on plan assets	(8)	(6)	(7)
Amortization of prior service credit	0	0	0
Amortization of unrecognized loss/(gain)	0	0	1
Net periodic benefit cost/(credit)	7	7	6
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7	12
Interest cost	5	5	4
Expected return on plan assets	(8)	(6)	(7)
Amortization of prior service credit	0	(1)	0
Amortization of unrecognized loss/(gain)	(5)	(4)	(2)
Net periodic benefit cost/(credit)	$ (1)	$ 1	$ 7

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Funded Status:
Accrued pension and postretirement liabilities	$ (39)	$ (42)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory assets	187	175
Regulatory liabilities	(729)	(721)
Defined Benefit Plans
Change in Benefit Obligation:
Beginning obligation	(140)	(124)
Service cost	(8)	(7)	$ (8)
Interest cost	(7)	(6)	(4)
Actuarial net gain (loss)	6	(11)
Benefits paid	8	8
Settlements	2	0
Plan participants' contributions	0	0
Ending obligation	(139)	(140)	(124)
Change in Plan Assets:
Beginning plan assets at fair value	105	96
Actual return on plan assets	9	13
Employer contributions	4	0	3
Benefits Paid	(4)	(4)
Plan participants' contributions	0	0
Ending plan assets at fair value	114	105	96
Funded status, underfunded	(25)	(35)
Accumulated benefit obligation
Accumulated benefit obligation	(134)	(134)
Funded Status:
Accrued pension and postretirement liabilities	(39)	(42)
Other non-current assets	19	12
Other current liabilities	(5)	(5)
Total	(25)	(35)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory assets	8	9
Regulatory liabilities	(7)	0
Defined Benefit Plans | Net Actuarial (Gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	(8)	(1)
Defined Benefit Plans | Net Prior Service Cost (Credit)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	1	1
Defined Benefit Plans | Net Actuarial (Gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Other Regulatory Assets	8	9
Retirement Plan
Accumulated benefit obligation
Accumulated benefit obligation	(92)	(89)
Supplemental Benefit Plans
Change in Plan Assets:
Employer contributions	1	1	0
Accumulated benefit obligation
Accumulated benefit obligation	(42)	(45)
Funded Status:
Other non-current assets	45	48
Other Postretirement Benefits Plan
Change in Benefit Obligation:
Beginning obligation	(97)	(90)
Service cost	(7)	(7)	(12)
Interest cost	(5)	(5)	(4)
Actuarial net gain (loss)	(3)	3
Benefits paid	3	2
Settlements	0	0
Plan participants' contributions	(1)	0
Ending obligation	(110)	(97)	(90)
Change in Plan Assets:
Beginning plan assets at fair value	141	122
Actual return on plan assets	16	20
Employer contributions	0	1	7
Benefits Paid	(3)	(2)
Plan participants' contributions	1	0
Ending plan assets at fair value	155	141	$ 122
Funded status, underfunded	45	44
Funded Status:
Other non-current assets	45	44
Total	45	44
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory liabilities	(61)	(62)
Other Postretirement Benefits Plan | Net Actuarial (Gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	(61)	(61)
Other Postretirement Benefits Plan | Net Prior Service Cost (Credit)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	$ 0	$ (1)

RETIREMENT BENEFITS AND ASSET_5

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ (44)	$ (47)

RETIREMENT BENEFITS AND ASSET_6

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST ABO in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$ (42)	$ (45)

RETIREMENT BENEFITS AND ASSET_7

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.66%	5.19%	5.52%
Weighted average interest crediting rate	4.50%	4.50%	4%
Annual rate of salary increases	4.50%	4.50%	4%
Expected long-term rate of return on plan assets	7.30%	6.90%	5.90%
Defined Benefit Plans | Retirement Plan Name, Other
Defined Benefit Plan Disclosure [Line Items]
Weighted average interest crediting rate	4.50%	4%	4%
Annual rate of salary increases	4.50%	4%	4%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.86%	5.30%	5.65%
Annual rate of salary increases	4.50%	4.50%	4%
Health care cost trend rate	7%	6.50%	6.75%
Ultimate health care cost trend rate	5%	5%	5%
Year that the ultimate trend rate is reached	2033	2030	2030
Annual rate of increase in dental benefit costs	4.50%	4.50%	4.50%
Other Postretirement Benefits Plan | Retirement Plan Name, Other
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate	6.50%	6.75%	5.75%
Ultimate health care cost trend rate	5%	5%	5%
Year that the ultimate trend rate is reached	2030	2030	2025
Annual rate of salary increases	4.50%	4%	4%
Expected long-term rate of return on plan assets	5.50%	5.20%	4.50%
Service Costs | Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.26%	5.59%	3.05%
Service Costs | Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.48%	5.83%	3.32%
Interest Costs | Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.10%	5.40%	2.44%
Interest Costs | Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.17%	5.51%	2.87%

RETIREMENT BENEFITS AND ASSET_8

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Projected Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
2025	$ 11
2026	10
2027	11
2028	10
2029	12
2030 through 2034	72
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
2025	3
2026	3
2027	4
2028	4
2029	5
2030 through 2034	$ 33

RETIREMENT BENEFITS AND ASSET_9

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100%	100%
Fair value amount	$ 114	$ 105	$ 96
Defined Benefit Plans | Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	51%	50%
Defined Benefit Plans | Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	49%	50%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100%	100%
Fair value amount	$ 155	$ 141	$ 122
Other Postretirement Benefits Plan | Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Other Postretirement Benefits Plan | Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	$ 114	$ 105
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | Defined Benefit Plan, Equity Securities, US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	45	42
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | Defined Benefit Plan, Equity Securities, Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	11	11
Fair Value, Recurring [Member] | Defined Benefit Plans | Fair Value, Inputs, Level 1 | Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	58	52
Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	155	141
Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Defined Benefit Plan, Equity Securities, US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	74	68
Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Defined Benefit Plan, Equity Securities, Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	3	3
Fair Value, Recurring [Member] | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	$ 78	$ 70

RETIREMENT BENEFITS AND ASSE_10

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 7	$ 7	$ 7
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	4	0	3
Expected Future Employer Contributions, Next Fiscal Year	3
Other non-current assets	19	12
Fair value, level transfers	0	0
Actuarial net gain (loss)	6	(11)
Supplemental Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	1	1	0
Other non-current assets	45	48
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	0	1	$ 7
Other non-current assets	45	44
Actuarial net gain (loss)	(3)	$ 3
Other Postretirement Benefits Plan | Demographic changes and experience
Defined Benefit Plan Disclosure [Line Items]
Actuarial net gain (loss)	(8)
Other Postretirement Benefits Plan | Financial assumption changes
Defined Benefit Plan Disclosure [Line Items]
Actuarial net gain (loss)	(5)
Other Postretirement Benefits Plan | Increase in discount rate
Defined Benefit Plan Disclosure [Line Items]
Actuarial net gain (loss)	$ 10

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 1
Fair Value, Net Asset (Liability)	58	$ 58
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Asset (Liability)	4	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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 and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	42	44
Mutual fund - equity securities [Member] | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	15	$ 14
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 4

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt and debt maturing within one year	$ 6,918	$ 6,660
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees	7,645	7,287
Outstanding balance under the revolving credit agreement	$ 247	$ 311

STOCKHOLDER'S EQUITY Changes in

STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance at the beginning of period	$ 29	$ 27	$ (2)
Derivatives Instruments [Abstract]
Reclassification of net (gain) loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $(1), $— and $1, respectively) (a)	(2)	(1)	3
Gain on interest rate swaps relating to interest rate cash flow hedges (net of tax of $—, $1 and $11, respectively)	1	3	26
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(1)	2	29
Balance at the end of period	28	29	27
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(1)	0	1
Other Comprehensive Income (Loss), Gain (Loss) on Derivatives Qualifying as Hedges, Tax	$ 0	$ 1	$ 11

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		$ 2	$ 1	$ (3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax		$ 1	$ 0	$ (1)
Scenario, Forecast
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 1

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Allocation of Recognized Period Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Amounts capitalized to property, plant and equipment	$ 12	$ 8	$ 8
Total share-based compensation	27	23	19
Total tax benefit recognized in the consolidated statements of operations	7	6	5
Operation and maintenance expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	2	2	2
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	$ 13	$ 13	$ 9

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Vested and Expected to Vest PBUs (Details) - Performance Based Units (PBUs)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PBUs or SBUs at beginning of period	851,048
Granted	353,948
Vested	(286,072)
Forfeited	(19,930)
PBUs or SBUs at end of period	898,994

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Disclosure of shared based awards (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 37	$ 40
Performance Based Units (PBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	27	30
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	31	26
Service Based Units (SBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	22	19
Accounts Payable and Accrued Liabilities [Member] | Performance Based Units (PBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	10	18
Accounts Payable and Accrued Liabilities [Member] | Service Based Units (SBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	9	9
Other Noncurrent Liabilities | Performance Based Units (PBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	17	12
Other Noncurrent Liabilities | Service Based Units (SBUs) | Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 13	$ 10

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Vested and Expected to Vest SBUs (Details) - Service Based Units (SBUs)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PBUs or SBUs at beginning of period	658,207
Granted	296,990
Vested	(223,294)
Forfeited	(19,930)
PBUs or SBUs at end of period	711,973

SHARE-BASED COMPENSATION AND _7

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 37	$ 40
Total unrecognized compensation cost	$ 10
Weighted average period for recognition	1 year 8 months 12 days
Performance Based Units (PBUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent	0%
Performance Based Units (PBUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent	200%
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 31	$ 26
Total unrecognized compensation cost	$ 9
Weighted average period for recognition	1 year 9 months 18 days

JOINTLY OWNED UTILITY PLANT_C_3

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES Schedule of Jointly Owned Utility Plant (Details) $ in Millions	Dec. 31, 2024 USD ($)
ITCTransmission | Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	49.60%
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	$ 29
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	20
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	13
METC | Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	58
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	40
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0
ITC Midwest | Jointly Owned Electricity Transmission System – Huntley Wilmarth
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	50%
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	$ 57
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	5
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0
ITC Midwest | Jointly Owned Electricity Transmission System – Cardinal Hickory Creek
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	91%
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	$ 303
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	6
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	0
ITC Midwest | Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	96
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	20
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 2
ITC Great Plains | Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	49%
Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service	$ 33
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	5
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0

RELATED PARTY TRANSACTIONS Sche

RELATED PARTY TRANSACTIONS Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable	$ 160	$ 137
Accrued taxes	77	75
General and administrative	121	111	$ 105
Other (expenses) income, net	1	1	1
Fortis and Fortis affiliates | Affiliated Entity
Related Party Transaction [Line Items]
Accounts receivable	1	1
General and administrative	13	12	13
Other (expenses) income, net	4	3	$ 2
ITC Investment Holdings | Affiliated Entity | Other Current Liabilities
Related Party Transaction [Line Items]
Accrued taxes	$ 7	$ 6

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 27, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Payments of Dividends		$ 343	$ 283	$ 273
ITC Investment Holdings | Subsequent Event | Affiliated Entity
Related Party Transaction [Line Items]
Payments of Dividends	$ 72

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 17, 2024	May 21, 2020	Sep. 28, 2016	Jun. 30, 2016	Feb. 12, 2015	Nov. 12, 2013
Commitments and Contingent Liabilities
Regulatory liabilities	$ 67	$ 41
Purchase obligations	156
Purchase Obligation, Due in Next Twelve Months	136
Revenues	$ 1,625	$ 1,545	$ 1,466
Customer Concentration Risk | Billed Revenues | DTE Electric
Commitments and Contingent Liabilities
Concentration percentage	23%
Revenues	$ 375
Customer Concentration Risk | Billed Revenues | Consumers Energy
Commitments and Contingent Liabilities
Concentration percentage	21.90%
Revenues	$ 357
Customer Concentration Risk | Billed Revenues | IP&L
Commitments and Contingent Liabilities
Concentration percentage	22.70%
Revenues	$ 370
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities
Revised rate of return on equity						12.38%			9.15%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint | Minimum
Commitments and Contingent Liabilities
Revised rate of return on equity					10.02%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Initial Complaint | Maximum
Commitments and Contingent Liabilities
Revised rate of return on equity					12.62%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure Second Complaint
Commitments and Contingent Liabilities
Revised rate of return on equity								8.67%
MISO Operating Subsidiaries | Rate of Return on Equity and Complaint Structure ALJ Decision | Minimum
Commitments and Contingent Liabilities
Revised rate of return on equity							9.70%
MISO Operating Subsidiaries | Rate of Return on Equity and Complaint Structure ALJ Decision | Maximum
Commitments and Contingent Liabilities
Revised rate of return on equity							10.68%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order
Commitments and Contingent Liabilities
Revised rate of return on equity				10.73%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Refund related to the October 2024 Order, Including Accrued Interest
Commitments and Contingent Liabilities
Regulatory liabilities	27
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Minimum
Commitments and Contingent Liabilities
Revised rate of return on equity				9.98%
MISO Operating Subsidiaries | Rate of Return on Equity and Capital Structure October 2024 Order | Maximum
Commitments and Contingent Liabilities
Revised rate of return on equity				12.58%
METC | Easement Agreement | Consumers Energy
Commitments and Contingent Liabilities
Annual cost	$ 10

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION Restricted Cash Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 19	$ 328	$ 4
Restricted Cash, included in other non-current assets	8	5	2
Total cash, cash equivalents and restricted cash	$ 27	$ 333	$ 6	$ 7

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Debt Instruments [Line Items]
Interest paid (net of interest capitalized)	$ 340	$ 296	$ 247
Income Taxes Paid	54	49	11
Additions to property, plant and equipment and other long-lived assets	153	130	117
Allowance for funds used during construction	44	43	37
Other	0	1	1
Income Tax Paid, State Jurisdictions	$ 1	$ 1	$ 1

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Operating revenues	$ 1,625	$ 1,545	$ 1,466
Depreciation and amortization	326	307	295
Interest expense, net	348	315	269
Other segment items (a)	319	304	314
Income (loss) before income taxes	632	619	588
Income tax provision (benefit)	148	156	146
Subsidiary net earnings	0	0	0
Net income	484	463	442
Property, plant and equipment, net	12,129	11,274	10,637
Goodwill	950	950	950
Total assets	13,721	13,124	12,131
Capital expenditures	1,062	818	933
Operating Segments
Segment Reporting Information
Net income	612
Operating Segments | Regulated Operating Subsidiaries
Segment Reporting Information
Operating revenues	1,662	1,581	1,503
Depreciation and amortization	326	307	295
Interest expense, net	173	154	134
Other segment items (a)	357	344	338
Income (loss) before income taxes	806	776	736
Income tax provision (benefit)	194	184	179
Net income	612	592	557
Property, plant and equipment, net	12,122	11,267	10,630
Goodwill	950	950	950
Total assets	13,556	12,664	12,005
Capital expenditures	1,072	824	933
ITC Holdings and Other
Segment Reporting Information
Operating revenues	0	1	1
Depreciation and amortization	0	0	0
Interest expense, net	175	161	135
Other segment items (a)	(1)	(3)	14
LOSS BEFORE INCOME TAXES	(174)	(157)	(148)
Income tax provision (benefit)	(46)	(28)	(33)
Subsidiary net earnings	612	592	557
Net income	484	463	442
Property, plant and equipment, net	7	7	7
Total assets	7,135	6,988	6,378
Capital expenditures	0	0	0
Reconciliations and Eliminations
Segment Reporting Information
Operating revenues	(37)	(37)	(38)
Depreciation and amortization	0
Interest expense, net	0	0	0
Other segment items (a)	(37)	(37)	(38)
Income tax provision (benefit)	0
Subsidiary net earnings	(612)	(592)	(557)
Net income	(612)	(592)	(557)
Property, plant and equipment, net	0
Total assets	(6,970)	(6,528)	(6,252)
Capital expenditures	$ (10)	$ (6)	$ 0

SCHEDULE I - CONDENSED FINANC_3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Financial Position (Parent Company Only) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 19	$ 328	$ 4
Accounts receivable	160	137
Prepaid and other current assets	23	21
Total current assets	301	579
Other assets
Other assets	154	146
Total other assets	1,291	1,271
TOTAL ASSETS	13,721	13,124	12,131
Current liabilities
Accrued compensation	57	59
Accrued interest	77	81
Debt maturing within one year	0	475
Other current liabilities	20	18
Total current liabilities	484	897
Accrued pension and postretirement liabilities	39	42
Long-term debt (net of deferred financing fees and discount of $22 and $22, respectively)	7,892	7,123
Other liabilities	51	43
TOTAL LIABILITIES	10,727	10,270
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2024 and 2023	892	892
Retained earnings	2,074	1,933
Accumulated other comprehensive income	28	29	27	$ (2)
Total stockholder’s equity	2,994	2,854	2,672	$ 2,474
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	13,721	13,124
Balance Sheet Additional Disclosures
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 47	$ 46
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Outstanding	224,203,112	224,203,112
Common Stock, Shares, Issued	224,203,112	224,203,112
ITC Holdings
Current assets
Cash and cash equivalents	$ 16	$ 325	$ 2
Intercompany tax receivable from subsidiaries	21	19
Prepaid and other current assets	5	1
Total current assets	62	366
Other assets
Investment in subsidiaries	6,872	6,431
Deferred income taxes	65	66
Other assets	136	125
Total other assets	7,073	6,622
TOTAL ASSETS	7,135	6,988
Current liabilities
Accrued compensation	57	59
Accrued interest	34	38
Debt maturing within one year	0	400
Other current liabilities	17	14
Total current liabilities	108	511
Accrued pension and postretirement liabilities	39	42
Long-term debt (net of deferred financing fees and discount of $22 and $22, respectively)	3,878	3,478
Other liabilities	113	95
TOTAL LIABILITIES	4,138	4,126
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2024 and 2023	892	892
Retained earnings	2,077	1,941
Accumulated other comprehensive income	28	29
Total stockholder’s equity	2,997	2,862
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	7,135	6,988
Balance Sheet Additional Disclosures
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 22	$ 22
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Outstanding	224,203,112	224,203,112
Common Stock, Shares, Issued	224,203,112	224,203,112
ITC Holdings | Affiliated Entity
Current assets
Accounts receivable	$ 20	$ 21

SCHEDULE I - CONDENSED FINANC_4

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Comprehensive Income (Parent Company Only) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Other (expenses) income, net	$ 22	$ 17	$ (1)
General and administrative	(121)	(111)	(105)
Taxes other than income taxes	(154)	(145)	(139)
Interest expense, net	(348)	(315)	(269)
INCOME TAX PROVISION	148	156	146
EQUITY IN SUBSIDIARIES’ NET EARNINGS	0	0	0
NET INCOME	484	463	442
Derivative instruments (net of tax of $(1), $1 and $12, respectively)	(1)	2	29
Other Comprehensive Income (Loss), Net of Tax	(1)	2	29
TOTAL COMPREHENSIVE INCOME	483	465	471
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Other (expenses) income, net	13	13	(5)
General and administrative	(11)	(10)	(8)
Taxes other than income taxes	(1)	0	0
Interest expense, net	(175)	(161)	(135)
INCOME BEFORE INCOME TAXES	(174)	(158)	(148)
INCOME TAX PROVISION	(46)	(29)	(35)
LOSS AFTER TAXES	(128)	(129)	(113)
EQUITY IN SUBSIDIARIES’ NET EARNINGS	612	592	555
NET INCOME	484	463	442
Derivative instruments (net of tax of $(1), $1 and $12, respectively)	(1)	2	29
Other Comprehensive Income (Loss), Net of Tax	(1)	2	29
TOTAL COMPREHENSIVE INCOME	483	465	471
Other Comprehensive Income (Loss), Tax	$ (1)	$ 1	$ 12

SCHEDULE I - CONDENSED FINANC_5

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Cash Flows (Parent Company) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 484	$ 463	$ 442
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation	15	15	11
Other	(15)	10	57
Changes in assets and liabilities, exclusive of changes shown separately:
Accrued compensation	(7)	(9)	(15)
Other current and non-current assets and liabilities, net	11	(20)	(31)
Net cash provided by operating activities	838	849	892
CASH FLOWS FROM INVESTING ACTIVITIES
Other	(14)	(18)	8
Net cash used in investing activities	(1,076)	(836)	(925)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, net	884	889	975
Borrowings under revolving credit agreements	1,134	1,196	1,119
Net repayments of commercial paper	0	(134)	(21)
Repayments of long-term debt	(525)	(250)	(500)
Repayments of revolving credit agreements	(1,198)	(1,093)	(1,240)
Dividends to ITC Investment Holdings	(343)	(283)	(273)
Other	(6)	(10)	(10)
Net Cash Provided by (Used in) Financing Activities, Total	(68)	314	32
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(306)	327	(1)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	333	6	7
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	27	333	6
ITC Holdings
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	484	463	442
Adjustments to reconcile net income to net cash used in operating activities:
Equity in subsidiaries' earnings	(612)	(592)	(555)
Dividends from subsidiaries	60	128	88
Deferred and other income taxes	(99)	(90)	(41)
Net intercompany tax payments from subsidiaries	101	113	82
Share-based compensation	4	6	3
Other	(10)	4	50
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable from subsidiaries	1	(2)	2
Intercompany tax receivable from subsidiaries	(2)	7	(10)
Accrued compensation	(3)	(4)	(13)
Other current and non-current assets and liabilities, net	5	6	2
Net cash provided by operating activities	(71)	39	50
CASH FLOWS FROM INVESTING ACTIVITIES
Equity contributions to subsidiaries	(189)	(58)	(58)
Return of capital from subsidiaries	295	223	185
Proceeds from repayment of advances to subsidiaries	0	4	50
Other	4	0	2
Net cash used in investing activities	110	169	179
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, net	399	799	600
Borrowings under revolving credit agreements	0	16	89
Net repayments of commercial paper	0	(134)	(21)
Repayments of long-term debt	(400)	(250)	(500)
Repayments of revolving credit agreements	0	(26)	(118)
Dividends to ITC Investment Holdings	(343)	(283)	(273)
Other	(4)	(7)	(6)
Net Cash Provided by (Used in) Financing Activities, Total	(348)	115	(229)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(309)	323	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	326	3	3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 17	$ 326	$ 3

SCHEDULE I - CONDENSED FINANC_6

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT General (Details) - Regulated Operating Subsidiaries	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
FERC approved capital structure, equity percentage	60%
FERC approved capital structure, debt percentage	40%

SCHEDULE I - CONDENSED FINANC_7

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Maturities of Debt
2025	$ 0
2026	400
2027	1,575
2028	338
2029	75
2030 and thereafter	5,551
Total principal	7,939	$ 7,644
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year	6,918	6,660
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees	7,645	7,287
ITC Holdings
Maturities of Debt
2025	0
2026	400
2027	1,400
2028	0
2029	0
2030 and thereafter	2,100
Total principal	3,900
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year	3,806	3,792
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees	$ 3,878	$ 3,878

SCHEDULE I - CONDENSED FINANC_8

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Related-party Transactions (Details) - ITC Holdings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
Principal and interest payments received	$ 4	$ 1
Advances to subsidiaries	$ 0		$ 0

SCHEDULE I - CONDENSED FINANC_9

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Supplemental Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 19	$ 328	$ 4
Restricted Cash, included in other non-current assets	8	5	2
Total cash, cash equivalents and restricted cash	27	333	6	$ 7
Interest Paid, Excluding Capitalized Interest, Operating Activities	340	296	247
Income Taxes Paid	54	49	11
Income Tax Paid, State Jurisdictions	1	1	1
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	16	325	2
Restricted Cash, included in other non-current assets	1	1	1
Total cash, cash equivalents and restricted cash	17	326	3	$ 3
Interest Paid, Excluding Capitalized Interest, Operating Activities	176	150	121
Income Taxes Paid	54	49	11
Income Tax Paid, State Jurisdictions	$ 1	$ 1	$ 1