ITC (ITC) 10-Q 30 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 24, 2015
Entity Information [Line Items]
Entity Registrant Name	ITC HOLDINGS CORP.
Entity Central Index Key	1317630
Trading Symbol	ITC
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		155,210,615

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$9,114	$27,741
Accounts receivable	102,760	100,998
Inventory	30,964	30,892
Deferred income taxes	18,085	14,511
Regulatory assets	7,183	5,393
Prepaid and other current assets	17,201	7,281
Total current assets	185,307	186,816
Property, plant and equipment (net of accumulated depreciation and amortization of $1,414,073 and $1,388,217, respectively)	5,634,544	5,496,875
Other assets
Goodwill	950,163	950,163
Intangible assets (net of accumulated amortization of $25,748 and $24,917, respectively)	47,971	48,794
Regulatory assets	231,847	223,712
Deferred financing fees (net of accumulated amortization of $14,535 and $15,972, respectively)	31,516	30,311
Other	42,314	37,418
Total other assets	1,303,811	1,290,398
TOTAL ASSETS	7,123,662	6,974,089
Current liabilities
Accounts payable	95,149	107,969
Accrued payroll	11,959	23,502
Accrued interest	37,366	50,538
Accrued taxes	30,473	41,614
Regulatory liabilities	38,523	39,972
Refundable deposits from generators for transmission network upgrades	3,104	10,376
Debt maturing within one year	175,000	175,000
Other	4,383	14,043
Total current liabilities	395,957	463,014
Accrued pension and postretirement liabilities	71,876	69,562
Deferred income taxes	690,789	656,562
Regulatory liabilities	166,712	160,070
Refundable deposits from generators for transmission network upgrades	7,622	9,384
Other	19,104	17,354
Long-term debt	4,056,131	3,928,586
Commitments and contingent liabilities (Note 10)
STOCKHOLDERS’ EQUITY
Common stock, without par value, 300,000,000 shares authorized, 155,197,816 and 155,140,967 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	927,814	923,191
Retained earnings	783,462	741,550
Accumulated other comprehensive income	4,195	4,816
Total stockholders’ equity	1,715,471	1,669,557
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$7,123,662	$6,974,089

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Property, plant and equipment, accumulated depreciation and amortization	$1,414,073	$1,388,217
Intangible assets, accumulated amortization	25,748	24,917
Deferred financing fees, accumulated amortization	$14,535	$15,972
Common stock, par value	$0	$0
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	155,197,816	155,140,967
Common stock, shares outstanding	155,197,816	155,140,967

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING REVENUES	$272,487	$258,603
OPERATING EXPENSES
Operation and maintenance	25,562	24,861
General and administrative	40,894	27,962
Depreciation and amortization	34,435	31,378
Taxes other than income taxes	22,380	21,193
Other operating (income) and expenses — net	-236	-232
Total operating expenses	123,035	105,162
OPERATING INCOME	149,452	153,441
OTHER EXPENSES (INCOME)
Interest expense — net	48,474	45,309
Allowance for equity funds used during construction	-7,549	-5,012
Other income	-253	-161
Other expense	1,188	1,333
Total other expenses (income)	41,860	41,469
INCOME BEFORE INCOME TAXES	107,592	111,972
INCOME TAX PROVISION	40,460	42,836
NET INCOME	$67,132	$69,136
Basic earnings per common share	$0.43	$0.44
Diluted earnings per common share	$0.43	$0.43
Dividends declared per common share	$0.16	$0.14

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
NET INCOME	$67,132	$69,136
OTHER COMPREHENSIVE INCOME
Derivative instruments, net of tax (Note 6)	-727	106
Available-for-sale securities, net of tax (Note 6)	106	50
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	-621	156
TOTAL COMPREHENSIVE INCOME	$66,511	$69,292

CONDENSED_CONSOLIDATED_STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$67,132	$69,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	34,435	31,378
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	-12,484	-5,139
Deferred income tax expense	27,823	28,243
Allowance for equity funds used during construction	-7,549	-5,012
Other	6,777	3,841
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	-3,826	-11,555
Inventory	-72	1,775
Prepaid and other current assets	-9,920	-4,525
Accounts payable	-4,855	-23,339
Accrued payroll	-7,540	-8,011
Accrued interest	-13,172	-24,079
Accrued taxes	-11,140	-1,653
Other current liabilities	-1,676	-7,299
Other non-current assets and liabilities, net	3,000	1,954
Net cash provided by operating activities	66,933	45,715
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	-172,604	-159,145
Other	-5,637	128
Net cash used in investing activities	-178,241	-159,017
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under revolving credit agreements	349,800	488,000
Borrowings under term loan credit agreements	0	110,000
Repayments of revolving credit agreements	-222,400	-464,700
Issuance of common stock	1,246	2,906
Dividends on common and restricted stock	-25,220	-22,453
Refundable deposits from generators for transmission network upgrades	143	4,967
Repayment of refundable deposits from generators for transmission network upgrades	-9,178	-22,155
Other	-1,710	-3,568
Net cash provided by financing activities	92,681	92,997
NET DECREASE IN CASH AND CASH EQUIVALENTS	-18,627	-20,305
CASH AND CASH EQUIVALENTS — Beginning of period	27,741	34,275
CASH AND CASH EQUIVALENTS — End of period	$9,114	$13,970

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2015
GENERAL [Abstract]
GENERAL	GENERAL
	These condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements as of and for the year ended December 31, 2014 included in ITC Holdings’ annual report on Form 10-K for such period.
	The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Rule 10-01 of Securities and Exchange Commission (“SEC”) Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates.
	The condensed consolidated financial statements are unaudited, but in our opinion include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.
	Supplementary Cash Flows Information
		Three months ended
		March 31,
	(in thousands)	2015		2014
	Supplementary cash flows information:
	Interest paid (net of interest capitalized)	$	61,633	$	68,070
	Income taxes paid — net	19,817		16,101
	Supplementary non-cash investing and financing activities:
	Additions to property, plant and equipment and other long-lived assets (a)	$	71,219	$	96,186
	Allowance for equity funds used during construction	7,549		5,012
	____________________________
	(a)	Amounts consist of current liabilities for construction labor and materials that have not been included in investing activities. These amounts have not been paid for as of March 31, 2015 or 2014, respectively, but have been or will be included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid.

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS
	Revenue Recognition
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance requiring entities to apply a new model for recognizing revenue from contracts with customers. The guidance will supersede the current revenue recognition guidance and require entities to evaluate their revenue recognition arrangements using a five step model to determine when a customer obtains control of a transferred good or service. The guidance is effective for annual reporting periods beginning after December 15, 2017 and may be adopted using a full or modified retrospective application. We do not expect the guidance to have a material impact on our results of operations, cash flows, or financial position.
	Going Concern
	In August 2014, the FASB issued authoritative guidance on (1) how to perform a going concern assessment and (2) when going concern disclosures are required under U.S. GAAP. The guidance extends the responsibility for performing a going concern assessment to company management; previously this requirement existed only in auditing literature. The standard is expected to enhance the timeliness, clarity, and consistency of going concern disclosures. The guidance is effective for the annual period ending after December 15, 2016, and for interim periods and annual periods thereafter. Early application is permitted. We do not expect the standard to have a material impact on our consolidated financial statements, including our disclosure.
	Amendments to the Consolidation Analysis
	In February 2015, the FASB issued authoritative guidance that amends the variable interest entity consolidation analysis under U.S. GAAP. The new standard was issued to improve targeted areas of consolidation guidance; though the FASB’s deliberations were largely focused on the investment management industry, the standard is applicable for reporting entities across industries. Specifically, the guidance amends the consolidation analysis for limited partnerships, clarifies when fees paid to a decision maker should be a factor in the consolidation analysis and amends how variable interests held by related parties affect consolidation. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. We do not expect the standard to have a material impact on our consolidated financial statements.
	Amendment to the Balance Sheet Presentation of Debt Issuance Costs
	In April 2015, the FASB issued authoritative guidance that amends the balance sheet presentation of debt issuance costs. This new standard requires debt issuance costs to be shown as a direct deduction from the carrying amount of the related debt, consistent with debt discounts. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015 and will be applied retrospectively. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. We do not expect the standard to have a material impact on our consolidated financial statements.

REGULATORY_MATTERS

REGULATORY MATTERS	3 Months Ended
	Mar. 31, 2015
Regulated Operations [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS
	Start-Up, Development and Pre-Construction Regulatory Assets
	As of March 31, 2015, we have recorded a total of $14.1 million of regulatory assets for start-up, development and pre-construction expenses, including associated interest carrying charges, incurred by ITC Great Plains, which include certain costs incurred for the Kansas Electric Transmission Authority (“KETA”) Project and the Kansas V-Plan Project prior to construction. ITC Great Plains made a filing with the FERC under Section 205 of the FPA in May 2013 to recover these start-up, development and pre-construction expenses, including associated debt and equity carrying charges, in future rates. On March 26, 2015, FERC accepted ITC Great Plains’ request to commence amortization of the authorized regulatory assets, effective July 19, 2013, subject to refund, as well as set the matter for hearing and settlement judge procedures. As a result, ITC Great Plains will begin to include the unamortized balance of the regulatory assets in its rate base and commence amortization over a 10-year period. The amortization expense will be recovered through ITC Great Plains’ cost-based formula rate template, subject to refund. We do not expect the settlement of this proceeding to have a material impact on our results of operations, cash flows or financial condition.
	Order on Formula Rate Protocols
	In 2012, the FERC issued an order initiating a proceeding pursuant to Section 206 of the FPA to determine whether the formula rate protocols under the MISO Tariff are sufficient to ensure just and reasonable rates. Our MISO Regulated Operating Subsidiaries were named in the order. In May 2013, the FERC issued an order that determined the formula rate protocols are insufficient to ensure just and reasonable rates and directed MISO and its member transmission owners (“TOs”) to file revised formula rate protocols. In September 2013, MISO and its TOs, including our MISO Regulated Operating Subsidiaries, filed revised formula rate protocols which require our MISO Regulated Operating Subsidiaries to provide additional information for certain aspects of the formula rates used to calculate their respective annual revenue requirements. On March 20, 2014, FERC issued an order conditionally accepting MISO and its TOs’ September 2013 filing and required a further compliance filing, which MISO and its TOs made on May 19, 2014. On January 22, 2015, the FERC conditionally accepted the May 19, 2014 compliance filing, subject to a further compliance filing, which was made on February 13, 2015. We do not expect the revised formula rate protocols to impact our results of operations, cash flows or financial condition.
	Rate of Return on Equity and Capital Structure Complaints
	See “Rate of Return on Equity and Capital Structure Complaints” in Note 10 for a discussion of the complaints.
	Cost-Based Formula Rates with True-Up Mechanism
	The transmission rates at our Regulated Operating Subsidiaries are set annually, using the FERC-approved formula rates, and the rates remain in effect for a one-year period. By completing their formula rate templates on an annual basis, our Regulated Operating Subsidiaries are able to adjust their transmission rates to reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. The FERC-approved formula rates use approved return on equity (“ROE”) rates and do not require further action or FERC filings for the calculated joint zone rates to go into effect, although the rates are subject to legal challenge at the FERC. Our Regulated Operating Subsidiaries will continue to use formula rates to calculate their respective annual revenue requirements unless the FERC determines the rates to be unjust and unreasonable or another mechanism is determined by the FERC to be just and reasonable. See “Rate of Return on Equity and Capital Structure Complaints” in Note 10 for detail on ROE matters including incentive adders recently approved by FERC.
	Our cost-based formula rate templates include a true-up mechanism, whereby our Regulated Operating Subsidiaries compare their actual revenue requirements 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 rate templates. 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 customer bills within two years under the provisions of the formula rate templates.
	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 three months ended March 31, 2015:
	(in thousands)	Total
	Balance as of December 31, 2014	$	(56,103	)
	Net refund of 2013 revenue deferrals and accruals, including accrued interest	8,789
	Net revenue accrual for the three months ended March 31, 2015	4,202
	Net accrued interest payable for the three months ended March 31, 2015	(507		)
	Balance as of March 31, 2015	$	(43,619	)
	Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ formula rate revenue accruals and deferrals and associated accrued interest are recorded in the condensed consolidated statements of financial position at March 31, 2015 as follows:
	(in thousands)	Total
	Current assets	$	7,183
	Non-current assets	19,897
	Current liabilities	(38,523		)
	Non-current liabilities	(32,176		)
	Balance as of March 31, 2015	$	(43,619	)

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS
	Goodwill
	At March 31, 2015 and December 31, 2014, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173.4 million, $453.8 million and $323.0 million, respectively, which resulted from the ITCTransmission acquisition, the METC acquisition and ITC Midwest’s asset acquisition, respectively.
	Intangible Assets
	We have recorded intangible assets as a result of the METC acquisition in 2006. The carrying value of these assets was $33.5 million and $34.2 million (net of accumulated amortization of $24.9 million and $24.2 million) as of March 31, 2015 and December 31, 2014, respectively.
	We have also recorded intangible assets for payments and obligations made by ITC Great Plains to certain TOs to acquire rights which are required under the SPP tariff to designate ITC Great Plains to build, own and operate projects within the SPP region, including the KETA Project and the Kansas V-Plan Project. The carrying amount of these intangible assets was $14.5 million and $14.6 million (net of accumulated amortization of $0.8 million and $0.7 million) as of March 31, 2015 and December 31, 2014, respectively.
	During each of the three month periods ended March 31, 2015 and 2014, we recognized $0.8 million of amortization expense of our intangible assets. For each of the next five years, we expect the annual amortization of our intangible assets that have been recorded as of March 31, 2015 to be $3.3 million per year.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
DEBT	DEBT
	Derivative Instruments and Hedging Activities
	We may use derivative financial instruments, including interest rate swap contracts, to manage our exposure to fluctuations in interest rates. The use of these financial instruments mitigates exposure to these risks and the variability of our operating results. We are not a party to leveraged derivatives and do not enter into derivative financial instruments for trading or speculative purposes. The interest rate swaps listed below manage interest rate risk associated with the forecasted future issuance of fixed-rate debt related to the expected refinancing of the maturing ITC Holdings 5.875% Senior Notes, due September 30, 2016. As of March 31, 2015, ITC Holdings had $139.3 million outstanding under the 5.875% Senior Notes.
	Interest Rate Swaps		Notional Amount			Fixed Rate		Original Term		Effective Date
	(Amounts in millions)
	August 2014 swap		$	25		3.217	%	10 years		Sep-16
	October 2014 swap		25			3.075	%	10 years		Sep-16
	January 2015 swap		25			2.301	%	10 years		Sep-16
	Total		$	75
	The 10-year term interest rate swaps call for ITC Holdings to receive interest quarterly at a variable rate equal to LIBOR and to pay interest semi-annually at various fixed rates effective for the 10-year period beginning September 30, 2016 after the agreements have been terminated. The agreements include a mandatory early termination provision and will be terminated no later than the effective date of the interest rate swaps of September 30, 2016. The interest rate swaps have been determined to be highly effective at offsetting changes in the fair value of the forecasted interest cash flows associated with the expected debt issuance attributable to changes in benchmark interest rates from the trade date of the interest rate swaps to the issuance date of the debt obligation.
	As of March 31, 2015, there has been no material ineffectiveness recorded in the condensed consolidated statement of operations. The interest rate swaps qualify for hedge accounting treatment, whereby any gain or loss recognized from the trade date to the effective date for the effective portion of the hedge is recorded net of tax in accumulated other comprehensive income (“AOCI”). This amount will be accumulated and amortized as a component of interest expense over the life of the forecasted debt. As of March 31, 2015, the fair value of the derivative instruments was an asset of $0.1 million recorded to other non-current assets and a liability of $3.5 million recorded to other non-current liabilities. None of the interest rate swaps contain credit-risk-related contingent features. Refer to Note 9 for additional fair value information.
	ITC Midwest
	On April 7, 2015, ITC Midwest issued $225.0 million aggregate principal amount of 3.83% First Mortgage Bonds, Series G, due 2055. The proceeds from the issuance were used for general corporate purposes, including the repayment of borrowings under ITC Midwest’s revolving credit agreement. ITC Midwest’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 property.
	Revolving Credit Agreements
	At March 31, 2015, ITC Holdings and its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:
	(amounts in millions)	Total			Outstanding			Unused			Weighted Average		Commitment
		Available			Balance (a)			Capacity			Interest Rate on		Fee Rate (b)
		Capacity									Outstanding Balance
	ITC Holdings	$	400		$	125.1		$	274.9		1.40%	(c)	0.175	%
	ITCTransmission	100			32.8			67.2			1.10%	(d)	0.1	%
	METC	100			3.7			96.3			1.10%	(d)	0.1	%
	ITC Midwest	250			216.4			33.6			1.10%	(d)	0.1	%
	ITC Great Plains	150			62.2			87.8			1.10%	(d)	0.1	%
	Total	$	1,000.00		$	440.2		$	559.8
	____________________________
	(a)	Included within long-term debt.
	(b)	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.
	(c)	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.
	(d)	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.
	Covenants
	Our debt instruments contain numerous financial and operating covenants that place significant restrictions on certain transactions, such as incurring additional indebtedness, engaging in sale and lease-back transactions, creating liens or other encumbrances, entering into mergers, consolidations, liquidations or dissolutions, creating or acquiring subsidiaries, selling or otherwise disposing of all or substantially all of our assets and paying dividends. In addition, the covenants require us to meet certain financial ratios, such as maintaining certain debt to capitalization ratios and maintaining certain interest coverage ratios. As of March 31, 2015, we were not in violation of any debt covenant.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY
	The changes in stockholders’ equity for the three months ended March 31, 2015 were as follows:
											Accumulated
											Other			Total
		Common Stock						Retained			Comprehensive			Stockholders’
	(in thousands, except share and per share data)	Shares			Amount			Earnings			Income (Loss)			Equity
	BALANCE, DECEMBER 31, 2014	155,140,967			$	923,191		$	741,550		$	4,816		$	1,669,557
	Net income	—			—			67,132			—			67,132
	Repurchase and retirement of common stock	(11,917	)		(476		)	—			—			(476		)
	Dividends declared on common stock ($0.1625 per share)	—			—			(25,220		)	—			(25,220		)
	Stock option exercises	37,495			665			—			—			665
	Shares issued under the Employee Stock Purchase Plan	17,267			581			—			—			581
	Issuance of restricted stock	27,776			—			—			—			—
	Forfeiture of restricted stock	(13,772	)		—			—			—			—
	Share-based compensation, net of forfeitures	—			3,853			—			—			3,853
	Other comprehensive loss, net of tax	—			—			—			(621		)	(621		)
	BALANCE, MARCH 31, 2015	155,197,816			$	927,814		$	783,462		$	4,195		$	1,715,471
	The changes in stockholders’ equity for the three months ended March 31, 2014 were as follows:
											Accumulated
											Other			Total
		Common Stock						Retained			Comprehensive			Stockholders’
	(in thousands, except share and per share data)	Shares			Amount			Earnings			Income			Equity
	BALANCE, DECEMBER 31, 2013	157,500,795			$	1,014,435		$	592,970		$	6,327		$	1,613,732
	Net income	—			—			69,136			—			69,136
	Repurchase and retirement of common stock	(9,126	)		(312		)	—			—			(312		)
	Dividends declared on common stock ($0.1425 per share)	—			—			(22,453		)	—			(22,453		)
	Stock option exercises	126,769			2,384			—			—			2,384
	Shares issued under the Employee Stock Purchase Plan	18,150			522			—			—			522
	Issuance of restricted stock	13,286			—			—			—			—
	Forfeiture of restricted stock	(18,020	)		—			—			—			—
	Share-based compensation, net of forfeitures	—			4,026			—			—			4,026
	Other comprehensive income, net of tax	—			—			—			156			156
	BALANCE, MARCH 31, 2014	157,631,854			$	1,021,055		$	639,653		$	6,483		$	1,667,191
	Accumulated Other Comprehensive Income
	The following table provides the components of changes in AOCI for the three months ended March 31, 2015 and 2014:
		Three months ended
		March 31,
	(in thousands)	2015				2014
	Balance at the beginning of period	$	4,816			$	6,327
	Derivative instruments
	Reclassification of net loss relating to interest rate cash flow hedges from AOCI to interest expense — net (net of tax of $75 and $76 for the three months ended March 31, 2015 and 2014, respectively)	136				106
	Net unrealized loss on interest rate swaps relating to interest rate cash flow hedges (net of tax of $614 for the three months ended March 31, 2015)	(863		)		—
	Derivative instruments, net of tax	(727		)		106
	Available-for-sale securities
	Unrealized net gain on available-for-sale securities (net of tax of $76 and $36 for the three months ended March 31, 2015 and 2014, respectively)	106				50
	Available-for-sale securities, net of tax	106				50
	Total other comprehensive (loss) income, net of tax	(621		)		156
	Balance at the end of period	$	4,195			$	6,483
	Share Repurchase Program
	In April 2014, the Board of Directors authorized and ITC Holdings announced a share repurchase program for up to $250.0 million, which expires in December 2015. Pursuant to such authorization, ITC Holdings completed an accelerated share repurchase from June 2014 to December 2014 in which 3.6 million shares were repurchased and retired for a total of $130.0 million. No shares were repurchased under the share repurchase program during the three months ended March 31, 2015. Additionally, we had not entered into any agreement for the remaining amount available under the share repurchase program as of March 31, 2015.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE
	We report both basic and diluted earnings per share. Our restricted stock and deferred stock units contain rights to receive nonforfeitable dividends and thus, are participating securities requiring the two-class method of computing earnings per share. A reconciliation of both calculations for the three months ended March 31, 2015 and 2014 is presented in the following table:
		Three months ended
		March 31,
	(in thousands, except share, per share data and percentages)	2015				2014
	Numerator:
	Net income	$	67,132			$	69,136
	Less: dividends declared and paid — common and restricted shares	(25,220		)		(22,453		)
	Undistributed earnings	41,912				46,683
	Percentage allocated to common shares (a)	99.2		%		99.1		%
	Undistributed earnings — common shares	41,577				46,263
	Add: dividends declared and paid — common shares	25,024				22,262
	Numerator for basic and diluted earnings per common share	$	66,601			$	68,525
	Denominator:
	Basic earnings per common share — weighted average common shares outstanding	153,970,515				156,189,874
	Incremental shares for stock options and employee stock purchase plan — weighted average assumed conversion	1,444,202				1,505,205
	Diluted earnings per common share — adjusted weighted average shares and assumed conversion	155,414,717				157,695,079
	Per common share net income:
	Basic	$	0.43			$	0.44
	Diluted	$	0.43			$	0.43
	____________________________
	(a)	Weighted average common shares outstanding	153,970,515			156,189,874
		Weighted average restricted shares	1,209,468			1,361,045
		(participating securities)
		Total	155,179,983			157,550,919
		Percentage allocated to common shares	99.2	%		99.1	%
	The incremental shares for stock options and employee stock purchase plan (“ESPP”) shares are included in the diluted earnings per share calculation using the treasury stock method, unless the effect of including them would be anti-dilutive. The outstanding stock options and ESPP shares and the anti-dilutive stock options and ESPP shares excluded from the diluted earnings per share calculations were as follows:
		2015			2014
	Outstanding stock options and ESPP shares (as of March 31)	4,553,938			5,020,845
	Anti-dilutive stock options and ESPP shares (for the three months ended March 31)	542,312			765,710

RETIREMENT_BENEFITS_AND_ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	RETIREMENT BENEFITS AND ASSETS HELD IN TRUST
	Pension Plan Benefits
	We have a qualified defined benefit pension plan (“retirement plan”) for eligible employees, comprised of a traditional final average pay plan and a cash balance plan. The traditional final average pay plan is noncontributory, covers select employees, and provides retirement benefits based on years of benefit service, average final compensation and age at retirement. The cash balance plan is also noncontributory, covers substantially all employees, and provides retirement benefits based on eligible compensation and interest credits. Our funding practice for the retirement plan is to contribute amounts necessary to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, plus additional amounts as we determine appropriate. We expect to contribute $4.1 million to the retirement plan in 2015.
	We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. We expect to contribute $9.4 million to the supplemental benefit plans in 2015.
	Net periodic benefit cost for the pension plans, by component, was as follows for the three months ended March 31, 2015:
		Three months ended
		March 31,
	(in thousands)	2015			2014
	Service cost	$	1,624		$	1,266
	Interest cost	924			901
	Expected return on plan assets	(960		)	(885		)
	Amortization of prior service credit	(10		)	(10		)
	Amortization of unrecognized loss	1,061			386
	Net pension cost	$	2,639		$	1,658
	Other Postretirement Benefits
	We provide certain postretirement health care, dental, and life insurance benefits for eligible employees. We expect to contribute $9.3 million to the postretirement benefit plan in 2015.
	Net postretirement benefit plan cost, by component, was as follows for the three months ended March 31, 2015:
		Three months ended
		March 31,
	(in thousands)	2015			2014
	Service cost	$	2,122		$	1,461
	Interest cost	619			498
	Expected return on plan assets	(463		)	(340		)
	Amortization of unrecognized loss	125			—
	Net postretirement cost	$	2,403		$	1,619
	Defined Contribution Plan
	We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $1.5 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015 and the year ended December 31, 2014, there were no transfers between levels.
	Our assets and liabilities measured at fair value subject to the three-tier hierarchy at March 31, 2015, were as follows:
		Fair Value Measurements at Reporting Date Using
		Quoted Prices in		Significant			Significant
		Active Markets for		Other Observable			Unobservable
		Identical Assets		Inputs			Inputs
	(in thousands)	(Level 1)		(Level 2)			(Level 3)
	Financial assets measured on a recurring basis:
	Cash and cash equivalents — cash equivalents	$	49	$	—		$	—
	Mutual funds — fixed income securities	26,394		—			—
	Mutual funds — equity securities	802		—			—
	Interest rate swap derivative	—		111			—
	Financial liabilities measured on a recurring basis:
	Interest rate swap derivatives	—		(3,523		)	—
	Total	$	27,245	$	(3,412	)	$	—
	Our assets and liabilities measured at fair value subject to the three-tier hierarchy at December 31, 2014, were as follows:
		Fair Value Measurements at Reporting Date Using
		Quoted Prices in		Significant			Significant
		Active Markets for		Other Observable			Unobservable
		Identical Assets		Inputs			Inputs
	(in thousands)	(Level 1)		(Level 2)			(Level 3)
	Financial assets measured on a recurring basis:
	Cash and cash equivalents — cash equivalents	$	5,452	$	—		$	—
	Mutual funds — fixed income securities	26,715		—			—
	Mutual funds — equity securities	667		—			—
	Financial liabilities measured on a recurring basis:
	Interest rate swap derivatives	—		(1,934		)	—
	Total	$	32,834	$	(1,934	)	$	—
	As of March 31, 2015 and December 31, 2014, we held certain assets and liabilities 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 nonqualified, noncontributory, retirement benefit plans for selected management employees. Our cash and cash equivalents consist of money market mutual funds that are administered similar to money market funds recorded at cost plus accrued interest to approximate fair value. Our 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. Changes in the observed trading prices and liquidity of money market funds are monitored as additional support for determining fair value, and losses are recorded in earnings for investments classified as trading securities and other comprehensive income for investments classified as available for sale if fair value falls below recorded cost.
	The asset and liability related to derivatives consist of interest rate swaps as discussed in Note 5. The fair value of our interest rate swap derivatives as of March 31, 2015 is determined based on a discounted cash flow (“DCF”) method using LIBOR swap rates which are observable at commonly quoted intervals.
	We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the three months ended March 31, 2015. For additional information on our goodwill and intangible assets, please refer to the notes to the consolidated financial statements as of and for the year ended December 31, 2014 included in our Form 10-K for such period and to Note 4 of this Form 10-Q.
	Fair Value of Financial Assets and Liabilities
	Fixed Rate Debt
	Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements, was $4,076.7 million and $3,985.6 million at March 31, 2015 and December 31, 2014, 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, excluding revolving and term loan credit agreements, was $3,629.9 million and $3,629.8 million at March 31, 2015 and December 31, 2014, respectively.
	Revolving and Term Loan Credit Agreements
	At March 31, 2015 and December 31, 2014, we had a consolidated total of $601.2 million and $473.8 million, respectively, outstanding under our revolving and term loan credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above.
	Other Financial Instruments
	The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents and special deposits, approximates their fair value due to the short-term nature of these instruments.

COMMITMENTS_AND_CONTINGENT_LIA

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES
	Environmental Matters
	Our Regulated Operating Subsidiaries’ operations are subject to federal, state, and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances. Liabilities to investigate or remediate 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 at properties currently owned or operated by our Regulated Operating Subsidiaries. Such liabilities may arise even where the contamination does not result from noncompliance with applicable environmental laws. Under a number of 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 Regulated Operating Subsidiaries’ costs for such compliance in a manner that would be expected to have a material adverse effect on our results of operations, financial position or liquidity.
	Our Regulated Operating Subsidiaries’ assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Many of the properties our Regulated Operating Subsidiaries own or operate have been used for many years, and include older facilities and equipment that may be more likely than newer ones to contain or be made from such materials. Some of these properties include aboveground or underground storage tanks and associated piping. Some of them also include large electrical equipment filled with mineral oil, which may contain or previously have contained polychlorinated biphenyls, or PCBs. Our Regulated Operating Subsidiaries’ facilities and equipment are often situated close to or on property owned by others so that, if they are the source of contamination, others’ property may be affected. For example, aboveground and underground transmission lines sometimes traverse properties that our Regulated Operating Subsidiaries do not own, and, at some of our Regulated Operating Subsidiaries’ transmission stations, transmission assets (owned or operated by our Regulated Operating Subsidiaries) and distribution assets (owned or operated by our Regulated Operating Subsidiaries’ transmission customer) are commingled.
	Some properties in which our Regulated Operating Subsidiaries have an ownership interest or at which they operate are, and others are suspected of being, affected by environmental contamination. Our Regulated Operating Subsidiaries are not aware of any pending or threatened claims against them with respect to environmental contamination, or of any investigation or remediation of contamination at any properties, that entail costs likely to materially affect them. Some facilities and properties are located near environmentally sensitive areas such as wetlands.
	Claims have been made or threatened against electric utilities for bodily injury, disease or other damages allegedly related to exposure to electromagnetic fields associated with electric transmission and distribution lines. While our Regulated Operating Subsidiaries do not believe that a causal link between electromagnetic field exposure and injury has been generally established and accepted in the scientific community, if such a relationship is established or accepted, the liabilities and costs imposed on our business could be significant. We are not aware of any pending or threatened claims against our Regulated Operating Subsidiaries for bodily injury, disease or other damages allegedly related to exposure to electromagnetic fields and electric transmission and distribution lines that entail costs likely to have a material adverse effect on our results of operations, financial position or liquidity.
	Litigation
	We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These proceedings include certain contract disputes, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered probable of loss.
	Michigan Sales and Use Tax Audit
	The Michigan Department of Treasury has conducted sales and use tax audits of ITCTransmission for the audit periods April 1, 2005 through June 30, 2008 and October 1, 2009 through September 30, 2013. The Michigan Department of Treasury has denied ITCTransmission’s use of the industrial processing exemption from use tax it has taken beginning January 1, 2007.
	ITCTransmission believes that its utilization of the industrial processing exemption is appropriate and intends to defend itself against the denial of such exemption through certain administrative and judicial appeal rights. However, it is reasonably possible that the assessment of additional use tax could be sustained after all administrative appeals and litigation have been exhausted.
	The amount of use tax liability associated with the exemptions taken by ITCTransmission through March 31, 2015 is estimated to be approximately $16.1 million including interest. This amount includes approximately $10.1 million, including interest, assessed for the audit periods noted above. ITCTransmission has not recorded this contingent liability as of March 31, 2015. METC has also taken the industrial processing exemption, estimated to be approximately $10.5 million for periods still subject to audit and METC has also not recorded any contingent liabilities as of March 31, 2015 associated with this matter. In the event it becomes appropriate to record additional use tax liability relating to this matter, ITCTransmission and METC would record the additional use tax primarily as an increase to the cost of property, plant and equipment, which is a component of revenue requirement, as the majority of purchases for which the exemption was taken relate to equipment purchases associated with capital projects.
	Rate of Return on Equity and Capital Structure Complaints
	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 a complaint with the FERC under Section 206 of the FPA (the “Complaint”), requesting that the FERC find the current 12.38% MISO regional base ROE rate (the “base ROE”) for all MISO TOs, including ITCTransmission, METC and ITC Midwest, to no longer be just and reasonable. The complainants sought a FERC order reducing the base ROE used in our MISO Regulated Operating Subsidiaries’ formula transmission rates to 9.15%. The Complaint also alleged that the rates of any MISO TO using a capital structure with greater than 50% for the equity component are likewise not just and reasonable (our MISO Regulated Operating Subsidiaries use their actual capital structures, which target 60% equity, as FERC had previously authorized). The Complaint also alleged the ROE adders currently approved for certain ITC Holdings operating companies, including an adder currently charged by ITCTransmission for being a member of an RTO and adders charged by ITCTransmission and METC for being independent transmission owners, are no longer just and reasonable, and sought to have them eliminated.
	On June 19, 2014, in a separate Section 206 complaint against the regional base ROE rate for ISO New England TOs, FERC adopted a new methodology for establishing base ROE rates for electric transmission utilities. The new methodology is based on a two-step discounted cash flow analysis (“two-step DCF”) that uses both short-term and long-term growth projections in calculating ROE rates for a proxy group of electric utilities. The previous methodology used only short-term growth projections. FERC also reiterated that it can apply discretion in determining how ROE rates are established within a zone of reasonableness and reiterated its policy for limiting the overall ROE rate for any company, including the base and all applicable adders, at the high end of the zone of reasonableness set by the two-step DCF methodology. The new method presented in the ISO New England ROE case will be used in resolving the MISO ROE case.
	On October 16, 2014, FERC granted the complainants’ request in part by setting the base ROE for hearing and settlement procedures, while denying all other aspects of the Complaint. FERC found that the complainants failed to show that the use of actual or FERC-approved capital structures that include more than 50% equity are unjust and unreasonable. FERC also denied the request to terminate ITCTransmission’s and METC’s ROE incentives. The order reiterates that any TO’s total ROE rate is limited by the top end of a zone of reasonableness and the TO’s ability to implement the full amount of previously granted ROE adders may be affected by the outcome of the hearing. FERC set the refund effective date as November 12, 2013.
	During the fourth quarter of 2014, the MISO TOs engaged in the ordered FERC settlement procedures with the complainants but were not able to reach resolution. On January 5, 2015, the Chief Judge issued an order which terminated settlement procedures and set the matter for hearing. The order established a schedule for the proceeding that provides for a hearing within 32 weeks of the order and an initial decision within 47 weeks of the order. On April 6, 2015, the MISO TOs filed expert witness testimony in the Complaint proceeding supporting the existing base ROE as just and reasonable. However, in the event that FERC elects to change the base ROE, the testimony included a recommendation of 11.39% base ROE for the period of November 12, 2013 through February 12, 2015 (the “Initial Refund Period”). In resolving the Complaint, we expect FERC to establish a new base ROE to determine any potential refund liability for the Initial Refund Period. The new base ROE as well as any ROE adders, subject to the limitations of the top end of any zone of reasonableness that is established, are expected to be used to calculate the refund liability for the Initial Refund Period.
	On February 12, 2015, an additional complaint was filed with the FERC under Section 206 of the FPA (the “Second Complaint”) 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 our MISO Regulated Operating Subsidiaries’ formula transmission rates to 8.67% with an effective date of February 12, 2015. On March 11, 2015, the MISO TOs filed an answer to the Second Complaint with the FERC supporting the current base ROE as just and reasonable.
	We believe it is probable that refunds will be required for these matters, and the estimated range of refunds on a pre-tax basis is expected to be from $55.7 million to $106.4 million for the period from November 12, 2013 through March 31, 2015. The estimated range of refunds on a pre-tax basis as of December 31, 2014 was $47.8 million to $88.1 million for the period from November 12, 2013 through December 31, 2014. As of March 31, 2015 and December 31, 2014, our MISO Regulated Operating Subsidiaries had recorded an aggregate estimated regulatory liability of $55.7 million and $47.8 million, respectively, for the estimated potential refunds as there is no best estimate within the range of refunds. The recognition of this estimated liability resulted in a reduction in revenues of $7.5 million and $46.9 million and an increase in interest expense of $0.4 million and $0.9 million for the three months ended March 31, 2015 and December 31, 2014, respectively. This resulted in an estimated after-tax reduction to net income of $4.8 million and $28.9 million for the three months ended March 31, 2015 and December 31, 2014, respectively. No amounts related to these complaints were recorded as of or for the three months ended March 31, 2014.
	Based on the estimated range of refunds identified above, we believe that it is reasonably possible that this matter could result in an additional estimated pre-tax refund of up to $50.7 million (or a $30.7 million estimated after-tax reduction of net income) in excess of the amount recorded as of March 31, 2015. It is also possible the outcome of this matter could differ from the estimated range of losses and materially affect our results of operations due to the uncertainty of the calculation of an authorized base ROE along with the zone of reasonableness under the newly adopted two-step DCF methodology, which is subject to significant discretion by the FERC. As of March 31, 2015, our MISO Regulated Operating Subsidiaries had a total of approximately $2.7 billion of equity in their collective capital structures for ratemaking purposes. Based on this level of aggregate equity, we estimate that each 10 basis point reduction in the authorized ROE would reduce annual consolidated net income by approximately $2.7 million.
	In a separate but related matter, in November 2014, METC, ITC Midwest and other MISO TOs filed a request with FERC under FPA Section 205 for authority to include a 50 basis point incentive adder for RTO participation in each of the TOs’ formula rates. On January 5, 2015, FERC approved the use of this incentive adder, effective January 6, 2015. Additionally, ITC Midwest filed a request with FERC under FPA Section 205 in January 2015 for authority to include a 100 basis point incentive adder for independent transmission ownership, which is currently authorized for ITCTransmission and METC. On March 31, 2015, FERC approved the use of a 50 basis point incentive adder for independence, effective April 1, 2015. The RTO participation incentive adder will be applied to METC’s and ITC Midwest’s base ROEs and the independence incentive adder will be applied to ITC Midwest’s base ROE in establishing their total authorized ROE rates, subject to the limitations of the top end of any zone of reasonableness that is established. Collection of these recently approved incentive adders is being deferred pending the outcome of the complaints relating to the base ROE.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION
	We identify reportable segments based on the criteria set forth by the FASB regarding disclosures about segments of an enterprise, including the regulatory environment of our subsidiaries and the business activities performed to earn revenues and incur expenses. The following tables show our financial information by reportable segment:
		Three months ended
	OPERATING REVENUES:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	272,450		$	258,693
	ITC Holdings and other	177			92
	Intercompany eliminations	(140		)	(182		)
	Total Operating Revenues	$	272,487		$	258,603
		Three months ended
	INCOME BEFORE INCOME TAXES:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	148,818		$	141,592
	ITC Holdings and other	(41,226		)	(29,620		)
	Total Income Before Income Taxes	$	107,592		$	111,972
		Three months ended
	NET INCOME:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	91,439		$	86,553
	ITC Holdings and other	67,132			69,136
	Intercompany eliminations	(91,439		)	(86,553		)
	Total Net Income	$	67,132		$	69,136
	TOTAL ASSETS:	March 31,			December 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	7,017,521		$	6,867,411
	ITC Holdings and other	4,034,365			3,944,318
	Reconciliations / Intercompany eliminations (a)	(3,928,224		)	(3,837,640		)
	Total Assets	$	7,123,662		$	6,974,089
	____________________________
	(a)	Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities at our Regulated Operating Subsidiaries as compared to the classification in our condensed consolidated statements of financial position.

GENERAL_Tables

GENERAL (Tables)	3 Months Ended
	Mar. 31, 2015
GENERAL [Abstract]
Supplementary Cash Flows Information
		Three months ended
		March 31,
	(in thousands)	2015		2014
	Supplementary cash flows information:
	Interest paid (net of interest capitalized)	$	61,633	$	68,070
	Income taxes paid — net	19,817		16,101
	Supplementary non-cash investing and financing activities:
	Additions to property, plant and equipment and other long-lived assets (a)	$	71,219	$	96,186
	Allowance for equity funds used during construction	7,549		5,012
	____________________________
	(a)	Amounts consist of current liabilities for construction labor and materials that have not been included in investing activities. These amounts have not been paid for as of March 31, 2015 or 2014, respectively, but have been or will be included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid.

REGULATORY_MATTERS_Tables

REGULATORY MATTERS (Tables)	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015:
	(in thousands)	Total
	Balance as of December 31, 2014	$	(56,103	)
	Net refund of 2013 revenue deferrals and accruals, including accrued interest	8,789
	Net revenue accrual for the three months ended March 31, 2015	4,202
	Net accrued interest payable for the three months ended March 31, 2015	(507		)
	Balance as of March 31, 2015	$	(43,619	)
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ formula rate revenue accruals and deferrals and associated accrued interest are recorded in the condensed consolidated statements of financial position at March 31, 2015 as follows:
	(in thousands)	Total
	Current assets	$	7,183
	Non-current assets	19,897
	Current liabilities	(38,523		)
	Non-current liabilities	(32,176		)
	Balance as of March 31, 2015	$	(43,619	)

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Interest Rate Swap Contracts	The interest rate swaps listed below manage interest rate risk associated with the forecasted future issuance of fixed-rate debt related to the expected refinancing of the maturing ITC Holdings 5.875% Senior Notes, due September 30, 2016. As of March 31, 2015, ITC Holdings had $139.3 million outstanding under the 5.875% Senior Notes.
	Interest Rate Swaps		Notional Amount			Fixed Rate		Original Term		Effective Date
	(Amounts in millions)
	August 2014 swap		$	25		3.217	%	10 years		Sep-16
	October 2014 swap		25			3.075	%	10 years		Sep-16
	January 2015 swap		25			2.301	%	10 years		Sep-16
	Total		$	75
Schedule of Revolving Credit Agreements	At March 31, 2015, ITC Holdings and its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:
	(amounts in millions)	Total			Outstanding			Unused			Weighted Average		Commitment
		Available			Balance (a)			Capacity			Interest Rate on		Fee Rate (b)
		Capacity									Outstanding Balance
	ITC Holdings	$	400		$	125.1		$	274.9		1.40%	(c)	0.175	%
	ITCTransmission	100			32.8			67.2			1.10%	(d)	0.1	%
	METC	100			3.7			96.3			1.10%	(d)	0.1	%
	ITC Midwest	250			216.4			33.6			1.10%	(d)	0.1	%
	ITC Great Plains	150			62.2			87.8			1.10%	(d)	0.1	%
	Total	$	1,000.00		$	440.2		$	559.8
	____________________________
	(a)	Included within long-term debt.
	(b)	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.
	(c)	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.
	(d)	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.

STOCKHOLDERS_EQUITY_Tables

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Changes in Stockholders' Equity	The changes in stockholders’ equity for the three months ended March 31, 2015 were as follows:
											Accumulated
											Other			Total
		Common Stock						Retained			Comprehensive			Stockholders’
	(in thousands, except share and per share data)	Shares			Amount			Earnings			Income (Loss)			Equity
	BALANCE, DECEMBER 31, 2014	155,140,967			$	923,191		$	741,550		$	4,816		$	1,669,557
	Net income	—			—			67,132			—			67,132
	Repurchase and retirement of common stock	(11,917	)		(476		)	—			—			(476		)
	Dividends declared on common stock ($0.1625 per share)	—			—			(25,220		)	—			(25,220		)
	Stock option exercises	37,495			665			—			—			665
	Shares issued under the Employee Stock Purchase Plan	17,267			581			—			—			581
	Issuance of restricted stock	27,776			—			—			—			—
	Forfeiture of restricted stock	(13,772	)		—			—			—			—
	Share-based compensation, net of forfeitures	—			3,853			—			—			3,853
	Other comprehensive loss, net of tax	—			—			—			(621		)	(621		)
	BALANCE, MARCH 31, 2015	155,197,816			$	927,814		$	783,462		$	4,195		$	1,715,471
	The changes in stockholders’ equity for the three months ended March 31, 2014 were as follows:
											Accumulated
											Other			Total
		Common Stock						Retained			Comprehensive			Stockholders’
	(in thousands, except share and per share data)	Shares			Amount			Earnings			Income			Equity
	BALANCE, DECEMBER 31, 2013	157,500,795			$	1,014,435		$	592,970		$	6,327		$	1,613,732
	Net income	—			—			69,136			—			69,136
	Repurchase and retirement of common stock	(9,126	)		(312		)	—			—			(312		)
	Dividends declared on common stock ($0.1425 per share)	—			—			(22,453		)	—			(22,453		)
	Stock option exercises	126,769			2,384			—			—			2,384
	Shares issued under the Employee Stock Purchase Plan	18,150			522			—			—			522
	Issuance of restricted stock	13,286			—			—			—			—
	Forfeiture of restricted stock	(18,020	)		—			—			—			—
	Share-based compensation, net of forfeitures	—			4,026			—			—			4,026
	Other comprehensive income, net of tax	—			—			—			156			156
	BALANCE, MARCH 31, 2014	157,631,854			$	1,021,055		$	639,653		$	6,483		$	1,667,191
Changes in Accumulated Other Comprehensive Income	The following table provides the components of changes in AOCI for the three months ended March 31, 2015 and 2014:
		Three months ended
		March 31,
	(in thousands)	2015				2014
	Balance at the beginning of period	$	4,816			$	6,327
	Derivative instruments
	Reclassification of net loss relating to interest rate cash flow hedges from AOCI to interest expense — net (net of tax of $75 and $76 for the three months ended March 31, 2015 and 2014, respectively)	136				106
	Net unrealized loss on interest rate swaps relating to interest rate cash flow hedges (net of tax of $614 for the three months ended March 31, 2015)	(863		)		—
	Derivative instruments, net of tax	(727		)		106
	Available-for-sale securities
	Unrealized net gain on available-for-sale securities (net of tax of $76 and $36 for the three months ended March 31, 2015 and 2014, respectively)	106				50
	Available-for-sale securities, net of tax	106				50
	Total other comprehensive (loss) income, net of tax	(621		)		156
	Balance at the end of period	$	4,195			$	6,483

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	A reconciliation of both calculations for the three months ended March 31, 2015 and 2014 is presented in the following table:
		Three months ended
		March 31,
	(in thousands, except share, per share data and percentages)	2015				2014
	Numerator:
	Net income	$	67,132			$	69,136
	Less: dividends declared and paid — common and restricted shares	(25,220		)		(22,453		)
	Undistributed earnings	41,912				46,683
	Percentage allocated to common shares (a)	99.2		%		99.1		%
	Undistributed earnings — common shares	41,577				46,263
	Add: dividends declared and paid — common shares	25,024				22,262
	Numerator for basic and diluted earnings per common share	$	66,601			$	68,525
	Denominator:
	Basic earnings per common share — weighted average common shares outstanding	153,970,515				156,189,874
	Incremental shares for stock options and employee stock purchase plan — weighted average assumed conversion	1,444,202				1,505,205
	Diluted earnings per common share — adjusted weighted average shares and assumed conversion	155,414,717				157,695,079
	Per common share net income:
	Basic	$	0.43			$	0.44
	Diluted	$	0.43			$	0.43
	____________________________
	(a)	Weighted average common shares outstanding	153,970,515			156,189,874
		Weighted average restricted shares	1,209,468			1,361,045
		(participating securities)
		Total	155,179,983			157,550,919
		Percentage allocated to common shares	99.2	%		99.1	%
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The outstanding stock options and ESPP shares and the anti-dilutive stock options and ESPP shares excluded from the diluted earnings per share calculations were as follows:
		2015			2014
	Outstanding stock options and ESPP shares (as of March 31)	4,553,938			5,020,845
	Anti-dilutive stock options and ESPP shares (for the three months ended March 31)	542,312			765,710

RETIREMENT_BENEFITS_AND_ASSETS1

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	3 Months Ended
	Mar. 31, 2015
Defined Benefit Plans
Defined Benefit Plan Disclosure
Schedule of Net Defined Benefit Cost Components	Net periodic benefit cost for the pension plans, by component, was as follows for the three months ended March 31, 2015:
		Three months ended
		March 31,
	(in thousands)	2015			2014
	Service cost	$	1,624		$	1,266
	Interest cost	924			901
	Expected return on plan assets	(960		)	(885		)
	Amortization of prior service credit	(10		)	(10		)
	Amortization of unrecognized loss	1,061			386
	Net pension cost	$	2,639		$	1,658
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
Schedule of Net Defined Benefit Cost Components	Net postretirement benefit plan cost, by component, was as follows for the three months ended March 31, 2015:
		Three months ended
		March 31,
	(in thousands)	2015			2014
	Service cost	$	2,122		$	1,461
	Interest cost	619			498
	Expected return on plan assets	(463		)	(340		)
	Amortization of unrecognized loss	125			—
	Net postretirement cost	$	2,403		$	1,619

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Assets and Liabilities at Fair Value Subject to Three-Tier Hierarchy	Our assets and liabilities measured at fair value subject to the three-tier hierarchy at March 31, 2015, were as follows:
		Fair Value Measurements at Reporting Date Using
		Quoted Prices in		Significant			Significant
		Active Markets for		Other Observable			Unobservable
		Identical Assets		Inputs			Inputs
	(in thousands)	(Level 1)		(Level 2)			(Level 3)
	Financial assets measured on a recurring basis:
	Cash and cash equivalents — cash equivalents	$	49	$	—		$	—
	Mutual funds — fixed income securities	26,394		—			—
	Mutual funds — equity securities	802		—			—
	Interest rate swap derivative	—		111			—
	Financial liabilities measured on a recurring basis:
	Interest rate swap derivatives	—		(3,523		)	—
	Total	$	27,245	$	(3,412	)	$	—
	Our assets and liabilities measured at fair value subject to the three-tier hierarchy at December 31, 2014, were as follows:
		Fair Value Measurements at Reporting Date Using
		Quoted Prices in		Significant			Significant
		Active Markets for		Other Observable			Unobservable
		Identical Assets		Inputs			Inputs
	(in thousands)	(Level 1)		(Level 2)			(Level 3)
	Financial assets measured on a recurring basis:
	Cash and cash equivalents — cash equivalents	$	5,452	$	—		$	—
	Mutual funds — fixed income securities	26,715		—			—
	Mutual funds — equity securities	667		—			—
	Financial liabilities measured on a recurring basis:
	Interest rate swap derivatives	—		(1,934		)	—
	Total	$	32,834	$	(1,934	)	$	—

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	The following tables show our financial information by reportable segment:
		Three months ended
	OPERATING REVENUES:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	272,450		$	258,693
	ITC Holdings and other	177			92
	Intercompany eliminations	(140		)	(182		)
	Total Operating Revenues	$	272,487		$	258,603
		Three months ended
	INCOME BEFORE INCOME TAXES:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	148,818		$	141,592
	ITC Holdings and other	(41,226		)	(29,620		)
	Total Income Before Income Taxes	$	107,592		$	111,972
		Three months ended
	NET INCOME:	March 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	91,439		$	86,553
	ITC Holdings and other	67,132			69,136
	Intercompany eliminations	(91,439		)	(86,553		)
	Total Net Income	$	67,132		$	69,136
	TOTAL ASSETS:	March 31,			December 31,
	(in thousands)	2015			2014
	Regulated Operating Subsidiaries	$	7,017,521		$	6,867,411
	ITC Holdings and other	4,034,365			3,944,318
	Reconciliations / Intercompany eliminations (a)	(3,928,224		)	(3,837,640		)
	Total Assets	$	7,123,662		$	6,974,089
	____________________________
	(a)	Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities at our Regulated Operating Subsidiaries as compared to the classification in our condensed consolidated statements of financial position.

GENERAL_Details

GENERAL (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Supplementary cash flows information:
Interest paid (net of interest capitalized)	$61,633		$68,070
Income taxes paid — net	19,817		16,101
Supplementary non-cash investing and financing activities:
Additions to property, plant and equipment and other long-lived assets	71,219	[1]	96,186	[1]
Allowance for equity funds used during construction	$7,549		$5,012
[1]	Amounts consist of current liabilities for construction labor and materials that have not been included in investing activities. These amounts have not been paid for as of March 31, 2015 or 2014, respectively, but have been or will be included as a cash outflow from investing activities for expenditures for property, plant and equipment when paid.

REGULATORY_MATTERS_Net_Changes

REGULATORY MATTERS Net Changes in Regulatory Assets and Liabilities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Revenue Accruals and Deferrals
Beginning balance	($56,103)
Net refund of 2013 revenue deferrals and accruals, including accrued interest	8,789
Net revenue accrual for the three months ended March 31, 2015	4,202
Net accrued interest payable for the three months ended March 31, 2015	-507
Ending balance	($43,619)

REGULATORY_MATTERS_Schedule_of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	$7,183,000	$5,393,000
Non-current regulatory assets	231,847,000	223,712,000
Current regulatory liabilities	38,523,000	39,972,000
Non-current regulatory liabilities	166,712,000	160,070,000
Ending balance	-43,619,000	-56,103,000
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	38,523,000
Non-current regulatory liabilities	32,176,000
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	7,183,000
Non-current regulatory assets	$19,897,000

REGULATORY_MATTERS_Additional_

REGULATORY MATTERS Additional Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Regulatory Assets
Transmission rate, applicable period	1 year
Revenue true-up amount reflected in customer bill, period of recognition	2 years
ITC Great Plains | Start-up, Development and Pre-construction Expenses, Including Associated Carrying Charges
Regulatory Assets
Regulatory assets	14.1
Regulatory asset, amortization period	10 years

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Goodwill and Intangible Assets
Goodwill	$950,163,000		$950,163,000
Intangible assets	47,971,000		48,794,000
Accumulated amortization	25,748,000		24,917,000
Amortization expense	800,000	800,000
Expected amortization expense, year one	3,300,000
Expected amortization expense, year two	3,300,000
Expected amortization expense, year three	3,300,000
Expected amortization expense, year four	3,300,000
Expected amortization expense, year five	3,300,000
ITCTransmission
Goodwill and Intangible Assets
Goodwill	173,400,000		173,400,000
METC
Goodwill and Intangible Assets
Goodwill	453,800,000		453,800,000
Intangible assets	33,500,000		34,200,000
Accumulated amortization	24,900,000		24,200,000
ITC Midwest
Goodwill and Intangible Assets
Goodwill	323,000,000		323,000,000
ITC Great Plains
Goodwill and Intangible Assets
Intangible assets	14,500,000		14,600,000
Accumulated amortization	$800,000		$700,000

DEBT_Interest_Rate_Swap_Agreem

DEBT Interest Rate Swap Agreements (Details) (USD $)	0 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 31, 2015	Oct. 31, 2014	Aug. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Long-term debt	$3,629,900,000				$3,629,800,000
Notional Amount	75,000,000	25,000,000	25,000,000	25,000,000
Fixed Rate		2.30%	3.08%	3.22%
Recurring Basis | Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Derivative [Line Items]
Derivative asset	111,000
Derivative liability	3,523,000				1,934,000
Interest Rate Swap
Derivative [Line Items]
Term of contract		10 years	10 years	10 years
Ineffectiveness recorded in the condensed consolidated statement of operations	0
ITC Holdings | Senior Notes due September 30, 2016 | Unsecured Debt
Derivative [Line Items]
Long-term debt	$139,300,000

DEBT_Schedule_of_Revolving_Cre

DEBT Schedule of Revolving Credit Agreements (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Line of Credit Facility
Total available capacity	$1,000,000,000
Outstanding balance	440,200,000	[1]
Unused capacity	559,800,000
ITC Holdings
Line of Credit Facility
Total available capacity	400,000,000
Outstanding balance	125,100,000	[1]
Unused capacity	274,900,000
Weighted average interest rate	1.40%	[2]
Commitment fee rate	0.18%	[3]
Interest rate description	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.
ITCTransmission
Line of Credit Facility
Total available capacity	100,000,000
Outstanding balance	32,800,000	[1]
Unused capacity	67,200,000
Weighted average interest rate	1.10%	[4]
Commitment fee rate	0.10%	[3]
Interest rate description	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.
METC
Line of Credit Facility
Total available capacity	100,000,000
Outstanding balance	3,700,000	[1]
Unused capacity	96,300,000
Weighted average interest rate	1.10%	[4]
Commitment fee rate	0.10%	[3]
Interest rate description	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.
ITC Midwest
Line of Credit Facility
Total available capacity	250,000,000
Outstanding balance	216,400,000	[1]
Unused capacity	33,600,000
Weighted average interest rate	1.10%	[4]
Commitment fee rate	0.10%	[3]
Interest rate description	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.
ITC Great Plains
Line of Credit Facility
Total available capacity	150,000,000
Outstanding balance	62,200,000	[1]
Unused capacity	$87,800,000
Weighted average interest rate	1.10%
Commitment fee rate	0.10%	[3]
Interest rate description	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.
[1]	Included within long-term debt.
[2]	Loan bears interest at a rate equal to LIBOR plus an applicable margin of 1.25% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1.00% above the one month LIBOR, plus an applicable margin of 0.25%, subject to adjustments based on ITC Holdings’ credit rating.
[3]	Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.
[4]	Loans bear interest at a rate equal to LIBOR plus an applicable margin of 1.00% or at a base rate, which is defined as the higher of the prime rate, 0.50% above the federal funds rate or 1% above the one month LIBOR, subject to adjustments based on the borrower’s credit rating.

DEBT_Additional_Information_De

DEBT Additional Information (Details) (Subsequent Event, ITC Midwest, First Mortgage Bonds, Series G, due 2055, Secured Debt, USD $)	Apr. 07, 2015
Subsequent Event | ITC Midwest | First Mortgage Bonds, Series G, due 2055 | Secured Debt
Debt Instrument
Principal amount	$225,000,000
Interest rate	3.83%

STOCKHOLDERS_EQUITY_Changes_in

STOCKHOLDERS' EQUITY Changes in Stockholders' Equity (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Beginning balance, shares	155,140,967
Beginning balance	$1,669,557
NET INCOME	67,132	69,136
Other comprehensive income (loss), net of tax	-621	156
Ending balance, shares	155,197,816
Ending balance	1,715,471
Parenthetical Disclosures
Dividends declared per common share	$0.16	$0.14
Common Stock
Beginning balance, shares	155,140,967	157,500,795
Beginning balance	923,191	1,014,435
Repurchase and retirement of common stock, shares	-11,917	-9,126
Repurchase and retirement of common stock	-476	-312
Stock option exercises, shares	37,495	126,769
Stock option exercises	665	2,384
Shares issued under the Employee Stock Purchase Plan, shares	17,267	18,150
Shares issued under the Employee Stock Purchase Plan	581	522
Issuance of restricted stock, shares	27,776	13,286
Forfeiture of restricted stock, shares	-13,772	-18,020
Share-based compensation, net of forfeitures	3,853	4,026
Ending balance, shares	155,197,816	157,631,854
Ending balance	927,814	1,021,055
Retained Earnings
Beginning balance	741,550	592,970
NET INCOME	67,132	69,136
Dividends declared on common stock	-25,220	-22,453
Ending balance	783,462	639,653
Accumulated Other Comprehensive Income (Loss)
Beginning balance	4,816	6,327
Other comprehensive income (loss), net of tax	-621	156
Ending balance	4,195	6,483
Total Stockholders' Equity
Beginning balance	1,669,557	1,613,732
NET INCOME	67,132	69,136
Repurchase and retirement of common stock	-476	-312
Dividends declared on common stock	-25,220	-22,453
Stock option exercises	665	2,384
Shares issued under the Employee Stock Purchase Plan	581	522
Share-based compensation, net of forfeitures	3,853	4,026
Other comprehensive income (loss), net of tax	-621	156
Ending balance	$1,715,471	$1,667,191

STOCKHOLDERS_EQUITY_Changes_in1

STOCKHOLDERS' EQUITY Changes in Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Balance at the beginning of period	$4,816	$6,327
Derivative instruments
Reclassification of net loss relating to interest rate cash flow hedges from AOCI to interest expense — net (net of tax of $75 and $76 for the three months ended March 31, 2015 and 2014, respectively)	136	106
Net unrealized loss on interest rate swaps relating to interest rate cash flow hedges (net of tax of $614 for the three months ended March 31, 2015)	-863	0
Derivative instruments, net of tax	-727	106
Available-for-sale securities
Unrealized net gain on available-for-sale securities (net of tax of $76 and $36 for the three months ended March 31, 2015 and 2014, respectively)	106	50
Available-for-sale securities, net of tax	106	50
Total other comprehensive (loss) income, net of tax	-621	156
Balance at the end of period	4,195	6,483
Parenthetical Disclosures
Reclassification of net loss relating to interest rate cash flow hedges from AOCI to interest expense, tax	75	76
Net unrealized loss on interest rate swaps relating to interest rate cash flow hedges, tax	614
Unrealized net gain on available-for-sale securities, tax	$76	$36

STOCKHOLDERS_EQUITY_Additional

STOCKHOLDERS' EQUITY Additional Information (Details) (USD $)	3 Months Ended	7 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Apr. 30, 2014
Equity [Abstract]
Stock repurchase program, authorized amount			$250
Accelerated share repurchase agreement, share delivery and retirement	0	3.6
Accelerated share repurchase agreement, settlement amount		$130

EARNINGS_PER_SHARE_Schedule_of

EARNINGS PER SHARE Schedule of Basic and Diluted Earnings Per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Numerator:
NET INCOME	$67,132		$69,136
Less: dividends declared and paid - common and restricted shares	25,220		22,453
Undistributed earnings	41,912		46,683
Percentage allocated to common shares	99.20%	[1]	99.10%	[1]
Numerator for basic and diluted earnings per common share	66,601		68,525
Denominator:
Basic earnings per common share — weighted average common shares outstanding	153,970,515		156,189,874
Incremental shares for stock options and employee stock purchase plan — weighted average assumed conversion	1,444,202		1,505,205
Diluted earnings per common share — adjusted weighted average shares and assumed conversion	155,414,717		157,695,079
Per common share net income:
Basic	$0.43		$0.44
Diluted	$0.43		$0.43
Percentage allocated to common shares:
Weighted average restricted shares (participating securities)	1,209,468		1,361,045
Denominator for percentage allocated to common shares - total weighted-average shares outstanding	155,179,983		157,550,919
Common Stock
Numerator:
Less: dividends declared and paid - common and restricted shares	25,024		22,262
Undistributed earnings	$41,577		$46,263
[1]	Weighted average common shares outstanding153,970,515 156,189,874Weighted average restricted shares (participating securities)1,209,468 1,361,045 Total155,179,983 157,550,919 Percentage allocated to common shares99.2% 99.1%

EARNINGS_PER_SHARE_Additional_

EARNINGS PER SHARE Additional Information (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share, Basic and Diluted [Abstract]
Outstanding stock options and ESPP shares	4,553,938	5,020,845
Anti-dilutive stock options and ESPP shares	542,312	765,710

RETIREMENT_BENEFITS_AND_ASSETS2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Net Defined Benefit Cost Components (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Defined Benefit Plans
Defined Benefit Plan Disclosure
Service cost	$1,624	$1,266
Interest cost	924	901
Expected return on plan assets	-960	-885
Amortization of prior service credit	-10	-10
Amortization of unrecognized loss	1,061	386
Net cost	2,639	1,658
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure
Service cost	2,122	1,461
Interest cost	619	498
Expected return on plan assets	-463	-340
Amortization of unrecognized loss	125	0
Net cost	$2,403	$1,619

RETIREMENT_BENEFITS_AND_ASSETS3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Additional Information (Details) (USD $)	9 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2015	Mar. 31, 2015	Mar. 31, 2014
Other Pension Plan | Expectation
Retirement Benefits Disclosure
Expected current year contribution	$4.10
Supplemental Retirement Benefit Plans | Expectation
Retirement Benefits Disclosure
Expected current year contribution	9.4
Other Postretirement Benefits Plan | Expectation
Retirement Benefits Disclosure
Expected current year contribution	9.3
Defined Contribution Plan
Retirement Benefits Disclosure
Plan cost		$1.50	$1.30

FAIR_VALUE_MEASUREMENTS_Assets

FAIR VALUE MEASUREMENTS Assets Measured at Fair Value Subject to Three-Tier Hierarchy (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value, level transfers	$0	$0
Recurring Basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring Basis
Total - asset	-27,245,000	-32,834,000
Recurring Basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring Basis
Cash and cash equivalents	49,000	5,452,000
Recurring Basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Mutual funds	26,394,000	26,715,000
Recurring Basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis
Mutual funds	802,000	667,000
Recurring Basis | Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring Basis
Total - net liability	3,412,000	1,934,000
Recurring Basis | Fair Value Measurements at Reporting Date Using Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative asset	111,000
Derivative liability	($3,523,000)	($1,934,000)

FAIR_VALUE_MEASUREMENTS_Additi

FAIR VALUE MEASUREMENTS Additional Information (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements	$4,076.70	$3,985.60
Book value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements	3,629.90	3,629.80
Book value of revolving credit agreements and term loan credit agreements	$601.20	$473.80

COMMITMENTS_AND_CONTINGENT_LIA1

COMMITMENTS AND CONTINGENT LIABILITIES (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Apr. 06, 2015	Jan. 05, 2015	Nov. 30, 2014	Jan. 30, 2015
Commitments and Contingent Liabilities
Non-current regulatory liabilities	$166,712,000		$160,070,000
Increase in interest expense	48,474,000	45,309,000
Estimated Potential Refund Related to Return on Equity Complaint
Commitments and Contingent Liabilities
Non-current regulatory liabilities	55,700,000	0	47,800,000
Rate of Return on Equity and Capital Structure Complaints
Commitments and Contingent Liabilities
Reduction to revenues	7,500,000	0	46,900,000
Increase in interest expense	400,000	0	900,000
Reduction of net income	4,800,000	0	28,900,000
Additional potential estimated refund, pre-tax	50,700,000
Additional potential estimated reduction of net income	30,700,000
Rate of Return on Equity and Capital Structure Complaints | Minimum
Commitments and Contingent Liabilities
Estimated potential refund	55,700,000		47,800,000
Rate of Return on Equity and Capital Structure Complaints | Maximum
Commitments and Contingent Liabilities
Estimated potential refund	106,400,000		88,100,000
Subsequent Event | Rate of Return on Equity and Capital Structure Complaints | Complaint One | Expert Witness Testimony
Commitments and Contingent Liabilities
Recommended ROE rate				12.38%
Recommended ROE rate in the event FERC elects to change base ROE				11.39%
ITCTransmission
Commitments and Contingent Liabilities
ROE rate	12.38%
FERC approved capital structure, equity percentage	60.00%
ITCTransmission | Rate of Return on Equity and Capital Structure Complaints | Complaint One
Commitments and Contingent Liabilities
Reduced ROE rate	9.15%
Complaint capital structure, equity percentage	50.00%
ITCTransmission | Rate of Return on Equity and Capital Structure Complaints | Complaint Two
Commitments and Contingent Liabilities
Reduced ROE rate	8.67%
ITCTransmission | Sales and Use Tax Audit
Commitments and Contingent Liabilities
Potential liability	16,100,000
Recorded contingent liability	0
ITCTransmission | Sales and Use Tax Audit | Audit Period
Commitments and Contingent Liabilities
Potential liability	10,100,000
METC
Commitments and Contingent Liabilities
ROE rate	12.38%
FERC approved capital structure, equity percentage	60.00%
Requested incentive adder for RTO participation						0.50%
Approved incentive adder for RTO participation					0.50%
METC | Rate of Return on Equity and Capital Structure Complaints
Commitments and Contingent Liabilities
Complaint capital structure, equity percentage	50.00%
METC | Rate of Return on Equity and Capital Structure Complaints | Complaint One
Commitments and Contingent Liabilities
Reduced ROE rate	9.15%
METC | Rate of Return on Equity and Capital Structure Complaints | Complaint Two
Commitments and Contingent Liabilities
Reduced ROE rate	8.67%
METC | Sales and Use Tax Audit
Commitments and Contingent Liabilities
Potential liability	10,500,000
Recorded contingent liability	0
ITC Midwest
Commitments and Contingent Liabilities
ROE rate	12.38%
FERC approved capital structure, equity percentage	60.00%
Requested incentive adder for RTO participation						0.50%
Approved incentive adder for RTO participation					0.50%
Requested incentive adder for independence							1.00%
Approved incentive adder for independence	1.00%
ITC Midwest | Rate of Return on Equity and Capital Structure Complaints
Commitments and Contingent Liabilities
Complaint capital structure, equity percentage	50.00%
ITC Midwest | Rate of Return on Equity and Capital Structure Complaints | Complaint One
Commitments and Contingent Liabilities
Reduced ROE rate	9.15%
ITC Midwest | Rate of Return on Equity and Capital Structure Complaints | Complaint Two
Commitments and Contingent Liabilities
Reduced ROE rate	8.67%
MISO Operating Subsidiaries
Commitments and Contingent Liabilities
Equity in capital structure for ratemaking purposes	2,700,000,000
Effect on net income from 10 basis point reduction in the authorized base return on equity	$2,700,000

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
OPERATING REVENUES:
Operating revenues	$272,487		$258,603
INCOME BEFORE INCOME TAXES:
Income before income taxes	107,592		111,972
NET INCOME:
NET INCOME	67,132		69,136
TOTAL ASSETS:
Assets	7,123,662			6,974,089
Regulated Operating Subsidiaries
OPERATING REVENUES:
Operating revenues	272,450		258,693
INCOME BEFORE INCOME TAXES:
Income before income taxes	148,818		141,592
NET INCOME:
NET INCOME	91,439		86,553
TOTAL ASSETS:
Assets	7,017,521			6,867,411
ITC Holdings and other
OPERATING REVENUES:
Operating revenues	177		92
INCOME BEFORE INCOME TAXES:
Income before income taxes	41,226		29,620
NET INCOME:
NET INCOME	67,132		69,136
TOTAL ASSETS:
Assets	4,034,365			3,944,318
Intercompany eliminations
OPERATING REVENUES:
Operating revenues	140		182
NET INCOME:
NET INCOME	91,439		86,553
Reconciliations / Intercompany Eliminations
TOTAL ASSETS:
Assets	$3,928,224	[1]		$3,837,640	[1]
[1]	Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities at our Regulated Operating Subsidiaries as compared to the classification in our condensed consolidated statements of financial position.