ITC (ITC) 10-K10 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-32576
Entity Registrant Name	ITC HOLDINGS CORP.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	32-0058047
Entity Address, Address Line One	27175 Energy Way
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48377
City Area Code	248
Local Phone Number	946-3000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,203,112
Entity Central Index Key	0001317630
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 0

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor [Line Items]
Auditor Location	Detroit, Michigan
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 4	$ 5
Accounts receivable	139	128
Inventory	55	45
Regulatory assets	12	21
Prepaid and other current assets	19	18
Total current assets	229	217
Property, plant and equipment (net of accumulated depreciation and amortization of $2,382 and $2,199, respectively)	10,637	9,961
Other assets
Goodwill	950	950
Regulatory assets	181	190
Other assets	134	127
Total other assets	1,265	1,267
TOTAL ASSETS	12,131	11,445
Current liabilities
Accounts payable	112	127
Accrued compensation	59	72
Accrued interest	69	56
Accrued taxes	72	64
Regulatory liabilities	22	14
Refundable deposits and advances for construction	26	44
Debt maturing within one year	384	654
Other current liabilities	15	16
Total current liabilities	759	1,047
Accrued pension and postretirement liabilities	41	52
Deferred income taxes	1,303	1,161
Regulatory liabilities	676	619
Refundable deposits	29	28
Other liabilities	44	55
Long-term debt	6,607	6,009
Commitments and contingent liabilities (Notes 5 and 16)
TOTAL LIABILITIES	9,459	8,971
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2022 and 2021	892	892
Retained earnings	1,753	1,584
Accumulated other comprehensive income (loss)	27	(2)
Total stockholder’s equity	2,672	2,474
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	$ 12,131	$ 11,445

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 2,382	$ 2,199
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Issued	224,203,112	224,203,112
Common Stock, Shares, Outstanding	224,203,112	224,203,112

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING REVENUES
Transmission and other services	$ 1,476	$ 1,358	$ 1,290
Formula Rate true-up	(10)	(9)	8
Total operating revenue	1,466	1,349	1,298
OPERATING EXPENSES
Operation and maintenance	107	108	87
General and administrative	105	128	115
Depreciation and amortization	295	232	219
Taxes other than income taxes	139	133	124
Other operating (income) and expense, net	(1)	(1)	0
Total operating expenses	645	600	545
OPERATING INCOME	821	749	753
OTHER EXPENSES (INCOME)
Interest expense, net	269	251	240
Allowance for equity funds used during construction	(37)	(30)	(27)
Other expenses (income), net	1	(5)	(3)
Total other expenses (income)	233	216	210
INCOME BEFORE INCOME TAXES	588	533	543
INCOME TAX PROVISION	146	127	136
NET INCOME	442	406	407
OTHER COMPREHENSIVE INCOME (LOSS)
Derivative instruments, net of tax (Note 12)	29	6	(15)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	29	6	(15)
TOTAL COMPREHENSIVE INCOME	$ 471	$ 412	$ 392

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Stockholder's equity beginning of period at Dec. 31, 2019	$ 2,232	$ 892	$ 1,333	$ 7
Net income	407		407
Dividends to ITC Investment Holdings	(330)		(330)
Other Comprehensive Income (Loss), Net of Tax	(15)			(15)
Stockholder's equity end of period at Dec. 31, 2020	2,294	892	1,410	(8)
Net income	406		406
Dividends to ITC Investment Holdings	(232)		(232)
Other Comprehensive Income (Loss), Net of Tax	6			6
Stockholder's equity end of period at Dec. 31, 2021	2,474	892	1,584	(2)
Net income	442		442
Dividends to ITC Investment Holdings	(273)		(273)
Other Comprehensive Income (Loss), Net of Tax	29			29
Stockholder's equity end of period at Dec. 31, 2022	$ 2,672	$ 892	$ 1,753	$ 27

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 442	$ 406	$ 407
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	295	232	219
Recognition, refund and collection of revenue accruals and deferrals — including accrued interest	18	52	(47)
Deferred income tax expense	131	127	138
Allowance for equity funds used during construction	(37)	(30)	(27)
Share-based compensation	11	34	25
Other	57	6	4
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable	(8)	(18)	0
Accounts payable	10	(3)	4
Accrued interest	12	1	7
Accrued compensation	(15)	(3)	(14)
Accrued taxes	7	3	(3)
Net refund settlements and adjustments related to return on equity complaints	0	(5)	(65)
Other current and non-current assets and liabilities, net	(31)	(17)	(16)
Net cash provided by operating activities	892	785	632
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(933)	(834)	(885)
Other	8	10	7
Net cash used in investing activities	(925)	(824)	(878)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	975	75	1,030
Borrowings under revolving credit agreements	1,119	1,175	1,495
Borrowings under term loan credit agreements	0	0	275
Net (repayment) issuance of commercial paper	(21)	88	(133)
Repayment of long-term debt	(500)	0	(35)
Repayments of revolving credit agreements	(1,240)	(1,044)	(1,596)
Repayments of term loan credit agreements	0	0	(475)
Dividends to ITC Investment Holdings	(273)	(232)	(330)
Refundable deposits from generators for transmission network upgrades	1	18	60
Repayment of refundable deposits from generators for transmission network upgrades	(19)	(39)	(10)
Other	(10)	(1)	(35)
Net cash provided by financing activities	32	40	246
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1)	1	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	7	6	6
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 6	$ 7	$ 6

GENERAL

GENERAL	12 Months Ended
GENERAL	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL ITC Holdings and its subsidiaries are engaged in the transmission of electricity in the United States. ITC Holdings is a wholly-owned subsidiary of ITC Investment Holdings. Fortis owns a majority indirect equity interest in ITC Investment Holdings, with GIC holding an indirect, passive, non-voting equity interest of 19.9%. Through our Regulated Operating Subsidiaries, we own, operate, maintain and invest in high-voltage electric transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to our transmission systems. In addition, we have electric transmission system assets under construction in Wisconsin. Our Regulated Operating Subsidiaries are independent electric transmission utilities, with cost-based rates regulated by the FERC. ITCTransmission’s service area is located in southeastern Michigan, while METC’s service area covers approximately two-thirds of Michigan’s Lower Peninsula and is contiguous with ITCTransmission’s service area. ITC Midwest’s service area is located in portions of Iowa, Minnesota, Illinois and Missouri. ITC Great Plains currently owns assets located in Kansas and Oklahoma. MISO bills and collects revenues from the MISO Regulated Operating Subsidiaries’ customers. SPP bills and collects revenue from ITC Great Plains’ customers.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES A summary of the major accounting policies followed in the preparation of the accompanying consolidated financial statements, which conform to GAAP, is presented below: Principles of Consolidation — ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions. Use of Estimates — The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. Regulation — Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded in the statements of comprehensive income in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers. Cash and Cash Equivalents — We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash and Restricted Cash Equivalents — Restricted cash and restricted cash equivalents include cash and cash equivalents that are legally or contractually restricted for use or withdrawal or are formally set aside for a specific purpose. Inventories — Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned. Property, Plant and Equipment — Depreciation and amortization expense on property, plant and equipment was $286 million, $223 million and $209 million for the years ended December 31, 2022, 2021 and 2020, respectively. Property, plant and equipment in service at our Regulated Operating Subsidiaries is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.4% for the year ended December 31, 2022, and 2.0% for the years ended December 31, 2021 and 2020. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 43 to 70 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $9 million, $8 million and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment includes capital equipment stated at original cost consisting of items that are expected to be used exclusively for capital projects. Property, plant and equipment at our non-regulated subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Generator Interconnection Projects and Contributions in Aid of Construction — Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. However, we may fund construction of certain projects without contributions from the generators . Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Certain of our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of assets as described in Note 14. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the substations and lines. Generally, each party is responsible for the capital, operation and maintenance, and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets is primarily recorded within operation and maintenance expenses on our consolidated statements of comprehensive income. Fair Value Through Net Income — We have certain investments in mutual funds, including fixed income securities and equity securities that are classified as fair value through net income. The investments primarily fund our two supplemental nonqualified, noncontributory retirement benefit plans for selected management employees as described in Note 10, as well as other deferred compensation plans. Gains and losses associated with our mutual funds as described in Note 11 are recorded in earnings. Impairment of Long-Lived Assets — Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income. Goodwill — Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2022 and 2021, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively. In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units. We completed our annual goodwill impairment test for our reporting units as of October 1, 2022 and determined that no impairment exists. There were no events subsequent to October 1, 2022 that indicated impairment of our goodwill. Deferred Financing Fees and Discount or Premium on Debt — Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount or premium related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt. We recorded $6 million during the year ended December 31, 2022 and $5 million for each of the years ended December 31, 2021 and 2020 to interest expense for the amortization of deferred financing fees and debt discounts. Asset Retirement Obligations — A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing PCBs and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries. Our asset retirement obligations of $5 million as of December 31, 2022 and $6 million as of December 31, 2021 are included in other liabilities. Derivatives and Hedging — We may use derivative financial instruments, including interest rate swap contracts, to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to interest rate swaps that are designated in hedging relationships are generally classified on the consolidated statements of cash flows within cash flows from operating activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. Refer to Note 8 for additional discussion regarding derivative instruments. Contingent Obligations — We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements. Revenues — Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Share-Based Payment — Under long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs to employees, including executive officers, of ITC Holdings. Generally, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars and settled only in cash. However, certain SBUs granted to the executives may settle in cash, 100% Fortis common stock, or 50% cash and 50% Fortis common stock depending on executives’ settlement elections and whether certain share ownership requirements are met. All PBUs and SBUs are classified as liability awards and generally vest on the third January 1st following the grant date, provided the service and performance criteria, as applicable, are satisfied, and will be settled during the subsequent quarter. However, certain awards may vest over a shorter period or on the grant date if certain retirement eligibility criteria are met. The PBUs and SBUs earn dividend equivalents which are also re-measured and settled consistent with the target award at the end of the vesting period. The granted awards and related dividend equivalents have no shareholder rights. Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount. Refer to Note 13 for additional discussion of the plans. Comprehensive Income (Loss) — Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from our interest rate swaps. Income Taxes — Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current in our consolidated statements of financial position. The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2022, we have not recognized any uncertain income tax positions. We file our federal and Michigan income tax returns as part of the FortisUS consolidated tax returns and we are a party to an intercompany tax sharing agreement that establishes the method for determining tax liabilities that are due and allocating tax attributes that are utilized on the consolidated income tax returns. We continue to file with various other state and city jurisdictions where we have a separate return filing obligation. Our prior consolidated federal tax returns are no longer subject to U.S. federal tax examinations for tax years 2018 and earlier. State and city jurisdictions that remain subject to examination range from tax years 2018 to 2021. In the event we are assessed interest or penalties by any income tax jurisdictions, interest and penalties would be recorded as interest expense and other expense, respectively, in our consolidated statements of comprehensive income. Refer to Notes 6 and 9 for additional discussion on income taxes.

REVENUE

REVENUE	12 Months Ended
REVENUE	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE Our total revenues are comprised of revenues which arise from three classifications including transmission services, other services, and Formula Rate true-up. As other services revenue is immaterial, it is presented in combination with transmission services on the consolidated statements of comprehensive income. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
ACCOUNTS RECEIVABLE	Dec. 31, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE The following table presents the components of accounts receivable on the consolidated statements of financial position: December 31, (In millions of USD) 2022 2021 2020 2019 Trade accounts receivable $ 2 $ 3 $ 2 $ 2 Unbilled accounts receivable 124 116 102 102 Other (a) 13 9 10 13 Total accounts receivable $ 139 $ 128 $ 114 $ 117 ____________________________ (a) Includes amounts due from affiliates, see “Related Party Receivables and Payables” in Note 15 for additional information.

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
REGULATORY MATTERS	Dec. 31, 2022
Regulated Operations [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS Cost-Based Formula Rates with True-Up Mechanism The transmission revenue requirements at our Regulated Operating Subsidiaries are set annually using Formula Rates and remain in effect for a one-year period. By updating the inputs to the formula and resulting rates on an annual basis, the revenues at our Regulated Operating Subsidiaries reflect changing operational data and financial performance, including the amount of network load on their transmission systems (for our MISO Regulated Operating Subsidiaries), operating expenses and additions to property, plant and equipment when placed in service, among other items. The formula used to derive the rates does not require further action or FERC filings each year, although the formula inputs remain subject to legal challenge at the FERC. Our Regulated Operating Subsidiaries will continue to use the formula to calculate their respective annual revenue requirements unless the FERC determines the resulting rates to be unjust and unreasonable and another mechanism is determined by the FERC to be just and reasonable. See “Rate of Return on Equity Complaints” in Note 16 for detail on ROE matters for our MISO Regulated Operating Subsidiaries and "ROE and Incentive Adders for Transmission Rates" and “Capital Structure Complaint” discussed herein. The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements. Revenue is recognized for services provided during each reporting period based on actual revenue requirements calculated using the formula. Our Regulated Operating Subsidiaries accrue or defer revenues to the extent that the actual revenue requirement for the reporting period is higher or lower, respectively, than the amounts billed relating to that reporting period. The amount of accrued or deferred revenues is reflected in future revenue requirements and thus flows through to customer bills within two years under the provisions of our Formula Rates. The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the year ended December 31, 2022: (In millions of USD) Total Net regulatory liabilities as of December 31, 2021 $ (2) Net collection of 2020 revenue deferrals and accruals, including accrued interest (8) Net revenue deferral, including accrued interest (9) Net accrued interest payable (1) Net regulatory liabilities as of December 31, 2022 $ (20) Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the consolidated statements of financial position as follows: December 31, (In millions of USD) 2022 2021 Current regulatory assets $ 12 $ 20 Non-current regulatory assets 29 10 Current regulatory liabilities (22) (13) Non-current regulatory liabilities (39) (19) Net regulatory liabilities $ (20) $ (2) ROE and Incentive Adders for Transmission Rates The FERC has authorized the use of ROE incentives, or adders, that can be applied to the rates of TOs when certain conditions are met. Our MISO Regulated Operating Subsidiaries and ITC Great Plains utilize ROE adders related to independent transmission ownership and RTO participation. The FERC issued a NOPR on March 20, 2020 and a supplemental NOPR on April 15, 2021, proposing to update its transmission incentives policy. As of December 31, 2022, no final determination had been made on these NOPRs and we cannot predict whether this will have a material impact on us. MISO Regulated Operating Subsidiaries For each of the years ended December 31, 2022, 2021 and 2020, the authorized ROE used by the MISO Regulated Operating Subsidiaries was 10.77% and is composed of a base ROE of 10.02% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. See “Rate of Return on Equity Complaints” in Note 16 for a discussion of the MISO ROE Complaints. ITC Great Plains On July 16, 2020, in response to a complaint filed by the KCC under section 206 of the FPA, the FERC issued an order revising the adder for independent transmission ownership for ITC Great Plains from 100 basis points to 25 basis points, and requiring ITC Great Plains to include the revised adder, effective June 11, 2019, in their Formula Rate. In addition, the order directed ITC Great Plains to provide refunds, with interest, for the period from June 11, 2019 through July 16, 2020. During the fourth quarter of 2020, refunds of $4 million were made to settle the refund liability. Prior to the issuance of the FERC order on July 16, 2020, the authorized ROE used by ITC Great Plains was 12.16% and was composed of a base ROE of 10.66% with a 100 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. Since the July 16, 2020 order, the authorized ROE used by ITC Great Plains has been 11.41% and is composed of a base ROE of 10.66% with a 25 basis point adder for independent transmission ownership and a 50 basis point adder for RTO participation. Capital Structure Complaint On May 10, 2022, the Iowa Coalition for Affordable Transmission, including IP&L, filed a complaint with the FERC under Section 206 of the FPA. Specifically, the complaint alleged that ITC Midwest does not meet the FERC’s three-part test for authorizing the use of a utility’s actual capital structure for ratemaking purposes which requires that ITC Midwest 1) issue its own debt without guarantees, 2) have its own credit rating, and 3) have a capital structure within the range of capital structures previously approved by the Commission. The Iowa Coalition for Affordable Transmission asked the FERC to reduce ITC Midwest’s equity component from 60% to 53%. On November 2, 2022, the FERC issued an order denying the complaint. On December 2, 2022, the Iowa Coalition for Affordable Transmission filed a request for rehearing with the FERC. As of December 31, 2022, ITC Midwest has not recorded any liability related to the complaint. Depreciation Rate Filings During 2021, our MISO Regulated Operating Subsidiaries filed revised depreciation rates for their assets which were approved by the FERC in December 2021. The overall depreciation expense at our MISO Regulated Operating Subsidiaries increased beginning on January 1, 2022, which will result in higher revenue as the increase in depreciation expense flows through to customer bills.

REGULATORY ASSETS AND LIABILITI

REGULATORY ASSETS AND LIABILITIES	12 Months Ended
REGULATORY ASSETS AND LIABILITIES	Dec. 31, 2022
Regulatory Assets and Liabilities Disclosure [Abstract]
REGULATORY ASSETS AND LIABILITIES	REGULATORY ASSETS AND LIABILITIES The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2022 2021 Regulatory Assets: Current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) $ 12 $ 20 Other — 1 Total current 12 21 Non-current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) 29 10 Income taxes recoverable related to AFUDC equity 121 114 Pensions and postretirement 8 20 Accrued asset removal costs 1 16 Other 22 30 Total non-current 181 190 Total Regulatory Assets $ 193 $ 211 Regulatory Liabilities: Current: Revenue deferrals (including accrued interest of $1 as of December 31, 2022 and 2021) (a) $ 22 $ 13 Other — 1 Total current 22 14 Non-current: Revenue deferrals (including accrued interest of $1 and less than $1 as of December 31, 2022 and 2021, respectively) (a) 39 19 Pensions and postretirement 52 31 Accrued asset removal costs 80 70 Income taxes refundable due to change in federal income tax rate 480 495 Other 25 4 Total non-current 676 619 Total Regulatory Liabilities $ 698 $ 633 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods. Income Taxes Recoverable Related to AFUDC Equity Accounting standards for income taxes provide that a regulatory asset be recorded if it is probable that a future increase in taxes payable, relating to the book depreciation of AFUDC equity that has been capitalized to property, plant and equipment, will be recovered from customers through future rates. The regulatory asset for the tax effects of AFUDC equity is recovered over the life of the underlying book asset in a manner that is consistent with the depreciation of the AFUDC equity that has been capitalized to property, plant and equipment. Pensions and Postretirement Accounting standards for defined benefit pension and other postretirement plans for rate-regulated entities allow for amounts that otherwise would have been recorded to AOCI to be recorded as regulatory assets or liabilities, as appropriate. As the unrecognized amounts recorded to these regulatory assets and liabilities are recognized, the amounts will be recovered from or returned to customers in future rates under our cost-based Formula Rates. Accrued Asset Removal Costs The carrying amount of the accrued asset removal costs represents the difference between incurred costs to remove property, plant and equipment and the estimated removal costs included and collected in rates. The portions of depreciation expense included in our depreciation rates related to asset removal costs are recorded as increases to the related regulatory liability or reductions to the related regulatory asset. Removal costs incurred increase the related regulatory asset or reduce the related regulatory liability. Our Regulated Operating Subsidiaries include these regulatory assets and liabilities as reductions or increases, respectively, to accumulated depreciation for rate-making purposes when determining rate base. Income Taxes Refundable Due to Change in Federal Income Tax Rate Under the Tax Cuts and Jobs Act of 2017, we were required to revalue our deferred tax assets and liabilities at the new federal corporate income tax rate as of the date of the enactment of the act, which resulted in lower net deferred tax liabilities and the establishment of a net regulatory liability for excess deferred taxes at our Regulated Operating Subsidiaries. Amortization of the excess deferred taxes is determined based on a method associated with the related public utility property and returned to customers. During the years ended December 31, 2022 and 2021, we recorded $9 million and $8 million, respectively, of amortization related to the excess deferred taxes. The net regulatory liability is included within deferred taxes for rate-making purposes when determining rate base.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2022
Public Utilities, Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment — net consisted of the following: December 31, (In millions of USD) 2022 2021 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment in service $ 12,039 $ 11,434 Construction work in progress 748 529 Capital equipment 127 96 Other 91 87 ITC Holdings and other 14 14 Total 13,019 12,160 Less: Accumulated depreciation and amortization (2,382) (2,199) Property, plant and equipment, net $ 10,637 $ 9,961 Additions to property, plant and equipment in-service and construction work in progress during 2022 and 2021 were due primarily to projects to upgrade or replace existing transmission plant and update grid security to improve the reliability of our transmission systems as well as transmission infrastructure to support generator interconnections and investments that provide regional benefits such as our MVPs .

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Amounts of outstanding debt were classified as debt maturing within one year and long-term debt in the consolidated statements of financial position as follows: December 31, (In millions of USD) 2022 2021 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 4.05% Senior Notes, due July 1, 2023 (a) 250 250 ITC Holdings 3.65% Senior Notes, due June 15, 2024 400 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 2.70% Senior Notes, due November 15, 2022 (a) — 500 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 700 ITC Holdings 4.95% Senior Notes, due September 22, 2027 600 — ITC Holdings Revolving Credit Agreement, due October 18, 2024 10 39 ITC Holdings Commercial Paper Program (a) 134 155 ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission 2.93% First Mortgage Bonds, Series I, due January 14, 2052 20 — ITCTransmission 2.93% First Mortgage Bonds, Series J, due January 14, 2052 130 — ITCTransmission Revolving Credit Agreement, due October 18, 2024 61 88 METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, due July 10, 2049 50 50 METC 2.90% Senior Secured Notes, Series A, due August 3, 2051 75 75 METC 3.02% Senior Secured Notes, due October 14, 2055 150 150 METC 3.05% Senior Secured Notes, Series B, due May 10, 2052 75 — METC Revolving Credit Agreement, due October 18, 2024 36 30 ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 75 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 180 ITC Midwest 3.87% First Mortgage Bonds, Series K, due October 12, 2027 75 — ITC Midwest 4.53% First Mortgage Bonds, Series L, due October 12, 2052 75 — ITC Midwest Revolving Credit Agreement, due October 18, 2024 78 139 ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 150 150 ITC Great Plains Revolving Credit Agreement, due October 18, 2024 23 33 Other 3 3 Total principal 7,035 6,702 Unamortized deferred financing fees and discount (44) (39) Total debt $ 6,991 $ 6,663 ____________________________ (a) As of December 31, 2022 and 2021 there was $384 million and $654 million, respectively, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year in the consolidated statements of financial position. The annual maturities of debt as of December 31, 2022 are as follows: (In millions of USD) 2023 $ 384 2024 683 2025 — 2026 400 2027 1,275 2028 and thereafter 4,293 Total $ 7,035 ITC Holdings Senior Unsecured Notes On September 22, 2022, ITC Holdings completed the private offering of $600 million aggregate principal amount of unsecured 4.95% Senior Notes, due September 22, 2027. The Senior Notes are redeemable prior to August 22, 2027, in whole or in part and at the option of ITC Holdings, by paying an applicable make whole premium. The net proceeds from this offering, after discount and costs related to the issuance, were used to repay the $500 million aggregate principal amount of ITC Holdings 2.70% Senior Notes due November 15, 2022, to repay $89 million under ITC Holdings’ commercial paper program and for general corporate purposes. The Senior Notes were issued under ITC Holdings’ indenture, dated April 18, 2013, as supplemented from time to time, including by the Sixth Supplemental Indenture, dated as of September 22, 2022. Commercial Paper Program ITC Holdings has an ongoing commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate amount not to exceed $400 million outstanding at any one time. As of December 31, 2022, ITC Holdings had $134 million of commercial paper, net of discount, issued and outstanding under the program, with a weighted average interest rate of 4.67% and weighted average remaining days to maturity of 11 days. The amount outstanding as of December 31, 2022 was classified as debt maturing within one year in the consolidated statements of financial position. As of December 31, 2021, ITC Holdings had $155 million of commercial paper issued and outstanding. ITCTransmission First Mortgage Bonds On January 14, 2022, ITCTransmission issued $130 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series J due January 14, 2052. The proceeds were used to repay existing indebtedness under the revolving credit agreement and intercompany loan agreement, to partially fund capital expenditures and for general corporate purposes. ITCTransmission also issued an additional $20 million of aggregate principal amount of 2.93% First Mortgage Bonds, Series I due January 14, 2052. The proceeds from the First Mortgage Bonds, Series I were used to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. All of ITCTransmission’s First Mortgage Bonds are issued under its First Mortgage and Deed of Trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. METC Senior Secured Notes On May 10, 2022, METC issued $75 million of 3.05% Series B Senior Secured Notes due May 10, 2052. The proceeds from the Series B Senior Secured Notes were used to repay borrowings under the METC revolving credit agreement, to partially fund capital expenditures and for general corporate purposes. All of METC’s Senior Secured Notes are issued under its first mortgage indenture and secured by a first mortgage lien on substantially all of its real property and tangible personal property. On August 3, 2021, METC issued $75 million of 2.90% Series A Senior Secured Notes, due August 3, 2051. The proceeds from the Series A Senior Secured Notes were used to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. All of METC’s Senior Secured Notes are issued under its first mortgage indenture and secured by a first mortgage lien on substantially all of its real property and tangible personal property. ITC Midwest First Mortgage Bonds On October 12, 2022, ITC Midwest issued an aggregate of $75 million of 3.87% First Mortgage Bonds Series K, due October 12, 2027 and an aggregate of $75 million of 4.53% First Mortgage Bonds Series L, due October 12, 2052. The proceeds are expected to fund or refinance a portfolio of eligible renewable energy projects based on the green bond framework established by ITC Holdings. ITC Midwest’s First Mortgage Bonds were issued under its First Mortgage and Deed of Trust and secured by a first mortgage lien on substantially all of its real property and tangible personal property. Derivative Instruments and Hedging Activities In September 2022, we terminated $450 million of 5-year interest rate swap contracts that managed interest rate risk associated with the ITC Holdings 4.95% Senior Notes, due September 22, 2027. A summary of the terminated interest rate swaps is provided below: (In millions of USD, except percentages) Notional Amount Weighted Average Fixed Rate of Interest Rate Swaps Comparable Reference Rate of Notes Benchmark Rate Gain on Derivatives Settlement Date 5-year interest rate swaps $ 375 1.471% 3.441% LIBOR $ 33 September 2022 5-year interest rate swaps 75 1.540% 3.162% SOFR 6 September 2022 Total $ 450 $ 39 The interest rate swaps qualified for cash flow hedge accounting treatment, and the cumulative pre-tax gain of $39 million was recorded net of tax in AOCI. This amount is being amortized as a component of interest expense over the term of the related debt. The swap settlement payment was recognized within cash flows from operating activities in the consolidated statements of cash flows. At December 31, 2022, ITC Holdings did not have any interest rate swaps outstanding. ITC Holdings had interest rate swaps outstanding with a total notional amount of $375 million at December 31, 2021. Revolving Credit Agreements At December 31, 2022, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ 10 $ 390 (d) 5.69% 0.175 % ITCTransmission 100 61 39 5.44% 0.10 % METC 100 36 64 5.44% 0.10 % ITC Midwest 225 78 147 5.44% 0.10 % ITC Great Plains 75 23 52 5.44% 0.10 % Total $ 900 $ 208 $ 692 ____________________________ (a) Included within long-term debt in the consolidated statements of financial position. (b) Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (c) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. (d) ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $256 million as of December 31, 2022.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the years ended December 31, 2022, 2021 and 2020, our effective tax rates were 24.8%, 23.8% and 25.0%, respectively. Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Income tax expense at 21% federal statutory rate $ 123 $ 112 $ 114 State income taxes (net of federal benefit) (a) 36 24 28 AFUDC equity (6) (5) (4) Amortization of revalued deferred federal income taxes (9) (9) (2) Valuation allowance 1 4 — Other, net 1 1 — Total income tax provision $ 146 $ 127 $ 136 ____________________________ (a) Amount for the year ended December 31, 2022 includes the impact of the remeasurement of certain deferred tax balances and NOLs for Iowa due to the corporate tax rate change discussed herein. Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Current income tax expense (benefit) $ 15 $ — $ (2) Deferred income tax expense 131 127 138 Total income tax provision $ 146 $ 127 $ 136 On March 1, 2022, the governor of Iowa signed an act into law that contains provisions to reduce Iowa’s corporate tax rates if a certain threshold of the state’s annual net corporate income tax receipts is met. Adjustments to reduce the corporate income tax rate are calculated annually after the end of each fiscal year and may continue until the rate is 5.5%. For Iowa’s fiscal year ended June 30, 2022, net corporate income tax receipts exceeded the prescribed threshold. On September 27, 2022, the Iowa Department of Revenue certified a reduction in the top corporate income tax rate from 9.8% to 8.4%, effective January 1, 2023. We have revalued certain deferred tax balances and net operating losses impacted by the change in the future Iowa corporate income tax rate. As a result, deferred income tax expense of $7 million was recorded during the year ended December 31, 2022. In addition, a regulatory liability of $22 million was established as of December 31, 2022 to offset deferred taxes associated with rate base at ITC Midwest. Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2022 2021 Property, plant and equipment $ (1,363) $ (1,274) Federal income tax NOLs and other credits 5 49 Goodwill (148) (145) Regulatory liability gross up due to change in federal income tax rate 125 131 Pension and postretirement liabilities 24 22 State income tax NOLs (net of federal benefit) 47 57 Valuation allowance (5) (4) Other, net 12 3 Net deferred tax liabilities $ (1,303) $ (1,161) Gross deferred income tax liabilities $ (1,542) $ (1,434) Gross deferred income tax assets 244 277 Valuation allowance (5) (4) Net deferred tax liabilities $ (1,303) $ (1,161) We had federal income tax NOLs as of December 31, 2022. We expect to use our NOLs prior to their expirations. We also had state income tax NOLs as of December 31, 2022. While we expect to utilize the majority of these state NOLs prior to their expiration, we believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized and have recorded a valuation allowance accordingly.

RETIREMENT BENEFITS AND ASSETS

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	12 Months Ended
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST	Dec. 31, 2022
Retirement Benefits [Abstract]
RETIREMENT AND BENEFITS AND ASSETS HELD IN TRUST	RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Pension and Postretirement Plan Benefits We have a qualified defined benefit pension plan (“retirement plan”) for eligible employees, comprised of a traditional final average pay plan and a cash balance plan. The traditional final average pay plan is noncontributory, covers select employees, and provides retirement benefits based on years of benefit service, average final compensation, and age at retirement. The cash balance plan is also noncontributory, covers substantially all employees, and provides retirement benefits based on eligible compensation and interest credits. Our funding practice for the retirement plan is generally to fund the annual net pension cost, though we may adjust our funding as necessary based on consideration of federal funding requirements, the funded status of the plan, and other considerations as we deem appropriate. We made contributions to the retirement plan of $3 million in 2022 and $4 million in each of 2021 and 2020. We do not expect to contribute to the retirement plan in 2023. We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan. The obligations under these supplemental benefit plans are included in the pension benefit obligation calculations below. The investments held in trust for the supplemental benefit plans of $47 million and $54 million at December 31, 2022 and 2021, respectively, are not included in the plan asset amounts presented throughout this footnote, but are included in other assets on our consolidated statements of financial position. For the year ended December 31, 2022, we did not contribute to the supplemental benefit plans. For each of the years ended December 31, 2021 and 2020, we contributed $3 million to these supplemental benefit plans. We provide certain postretirement health care, dental, and life insurance benefits for eligible employees (the “postretirement benefit plan”). We contributed $7 million, $8 million, and $10 million to the postretirement benefit plan in 2022, 2021, and 2020, respectively. We expect to contribute $2 million to the postretirement benefit plan in 2023. Net periodic benefit costs by component for the pension plans and postretirement benefit plan were as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, (In millions of USD) 2022 2021 2020 2022 2021 2020 Service cost $ 8 $ 9 $ 8 $ 12 $ 11 $ 11 Interest cost 4 3 4 4 3 4 Expected return on plan assets (7) (6) (6) (7) (6) (5) Amortization of unrecognized loss/(gain) 1 1 1 (2) — — Net benefit cost $ 6 $ 7 $ 7 $ 7 $ 8 $ 10 The following table reconciles the obligations, assets, and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans in the consolidated statements of financial position: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2022 2021 2022 2021 Change in Benefit Obligation: Beginning projected benefit obligation / accumulated postretirement benefit obligation $ (160) $ (162) $ (127) $ (122) Service cost (8) (9) (12) (11) Interest cost (4) (3) (4) (3) Plan amendments — — — — Actuarial net gain 41 5 51 8 Benefits paid 7 7 2 1 Settlements — 2 — — Ending projected benefit obligation / accumulated postretirement benefit obligation (124) (160) (90) (127) Change in Plan Assets: Beginning plan assets at fair value 117 107 140 120 Actual return on plan assets (20) 10 (23) 13 Employer contributions 3 4 7 8 Benefits paid (4) (4) (2) (1) Ending plan assets at fair value 96 117 122 140 Funded status, (underfunded)/overfunded $ (28) $ (43) $ 32 $ 13 Accumulated benefit obligation: Retirement plan $ (76) $ (99) N/A N/A Supplemental benefit plans (44) (54) N/A N/A Total accumulated benefit obligation $ (120) $ (153) N/A N/A Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (41) $ (52) $ — $ — Other non-current assets 17 13 32 13 Other current liabilities (4) (4) — — Total $ (28) $ (43) $ 32 $ 13 Unrecognized Amounts in Non-Current Regulatory Assets: Net actuarial loss $ 8 $ 19 $ — $ — Net prior service cost — 1 — — Total $ 8 $ 20 $ — $ — Unrecognized Amounts in Non-Current Regulatory Liabilities: Net actuarial (gain) $ (3) $ — $ (49) $ (29) Net prior service cost/(credit) 1 — (1) (2) Total $ (2) $ — $ (50) $ (31) The unrecognized amounts that otherwise would have been charged and/or credited to AOCI in accordance with the GAAP guidance on accounting for retirement benefits are recorded as a regulatory asset or regulatory liability on our consolidated statements of financial position, as discussed in Note 6. The amounts recorded as a regulatory asset or regulatory liability represent a net periodic benefit cost or credit to be recognized in our operating income in future periods. Our measurement of the accumulated benefit obligation for the postretirement benefit plan as of December 31, 2022 reflects anticipated future receipts of subsidies under the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which we have applied for beginning in 2023. This resulted in a reduction in the accumulated postretirement benefit obligation of $7 million as of December 31, 2022 related to benefits attributed to past services. Our measurement of the accumulated benefit obligation for the postretirement benefit plan as of December 31, 2021 does not reflect the potential receipt of any prescription drug subsidies. The net actuarial gains for the year ended December 31, 2022 within the change in benefit obligation for both the pension plans and postretirement benefit plan are primarily the result of increases in the discount rates. The net actuarial gains for the year ended December 31, 2021 within the change in benefit obligation for both the pension plans and postretirement benefit plan are primarily the result of increases in the discount rates and actual returns on plan assets greater than expected. The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2022 2021 Projected benefit obligation $ (45) $ (56) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2022 2021 Accumulated benefit obligation $ (44) $ (54) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position. Actuarial assumptions used to determine the benefit obligations for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, 2022 2021 2020 2022 2021 2020 Weighted average discount rate 5.52% 2.86% 2.49% 5.65% 3.14% 2.94% Weighted average interest crediting rate 4.00% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.75% 5.75% 6.00% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2030 2025 2025 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Weighted average discount rate — service cost 3.05% 2.77% 3.47% 3.32% 3.20% 3.80% Weighted average discount rate — interest cost 2.44% 1.93% 2.91% 2.87% 2.50% 3.30% Weighted average interest crediting rate 4.00% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 5.75% 6.00% 6.25% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Expected long-term rate of return on plan assets 5.90% 5.70% 6.00% 4.50% 4.30% 4.50% At December 31, 2022, the projected benefit payments for the pension plans and postretirement benefit plan (including prescription drug benefits) calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows: (In millions of USD) Pension Plans Postretirement Benefit Plan 2023 $ 9 $ 2 2024 9 2 2025 10 3 2026 10 3 2027 10 3 2028 through 2032 67 25 Investment Objectives and Fair Value Measurement The general investment objectives of the retirement plan and postretirement benefit plan include maximizing the return within reasonable and prudent levels of risk and controlling administrative and management costs. Investment decisions are made by our retirement benefits board as delegated by our board of directors. Equity investments may include various types of U.S. and international equity securities, such as large-cap, mid-cap, and small-cap stocks. Fixed income investments may include cash and short-term instruments, U.S. Government securities, corporate bonds, mortgages, and other fixed income investments. No investments are prohibited for use in the retirement plan or postretirement benefit plan, including derivatives, but our exposure to derivatives currently is not material. We intend that the long-term capital growth of the retirement and postretirement benefit plans, together with employer contributions, will provide for the payment of the benefit obligations. As of December 31, 2022 and 2021, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2022 2022 2021 2022 2021 Fixed income securities 50 % 50 % 50 % 50 % 50 % Equity securities 50 % 50 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 % We determine our expected long-term rate of return on plan assets based on the current and expected target allocations of the retirement plan and postretirement benefit plan investments and considering historical and expected long-term rates of return on comparable fixed income investments and equity investments. The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore, requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2022 and 2021, there were no transfers between levels. For the years ended December 31, 2022 and 2021, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2022 2021 2022 2021 Mutual funds — U.S. equity securities $ 38 $ 47 $ 59 $ 67 Mutual funds — international equity securities 10 12 3 3 Mutual funds — fixed income securities 48 58 61 70 Total $ 96 $ 117 $ 123 $ 140 The mutual funds consist primarily of publicly traded mutual funds and are recorded at fair value based on observable trades for identical securities in an active market. Defined Contribution Plan We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $7 million for the year ended December 31, 2022 and $6 million for each of the years ended December 31, 2021 and 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the years ended December 31, 2022 and 2021, there were no transfers between levels. Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2022, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 11 — — Total $ 55 $ — $ — Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 51 $ — $ — Mutual funds — equity securities 12 — — Interest rate swap derivatives — 2 — Total $ 63 $ 2 $ — As of December 31, 2022 and 2021, we held certain assets that are required to be measured at fair value on a recurring basis. The assets consist of investments recorded within cash and cash equivalents and other long-term assets, including investments held in a trust associated with our supplemental benefit plans described in Note 10. The mutual funds we own are publicly traded and are recorded at fair value based on observable trades for identical securities in an active market. Changes in the observed trading prices and liquidity of money market funds are monitored as additional support for determining fair value. Gains and losses for all mutual fund investments are recorded in other income and expense. As of December 31, 2021, the assets related to derivatives consist of interest rate swaps as discussed in Note 8. The fair value of our interest rate swap derivatives is determined based on a DCF method using benchmark interest rates of LIBOR or SOFR swap rates, which are observable at commonly quoted intervals. We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the years ended December 31, 2022 and 2021. Fair Value of Financial Assets and Liabilities Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt and debt maturing within one year, excluding revolving credit agreements and commercial paper, was $5,849 million and $6,995 million at December 31, 2022 and 2021, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The total book value of our consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving credit agreements and commercial paper, was $6,649 million and $6,179 million at December 31, 2022 and 2021, respectively. Revolving Credit Agreements At December 31, 2022 and 2021, we had a consolidated total of $208 million and $329 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments.

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
STOCKHOLDER'S EQUITY	Dec. 31, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDER'S EQUITY Accumulated Other Comprehensive Income (Loss) The following table provides the components of changes in AOCI: Year Ended December 31, (In millions of USD) 2022 2021 2020 Balance at the beginning of period $ (2) $ (8) $ 7 Derivative Instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2022, $2 for the year ended December 31, 2021 and $1 for the year ended December 31, 2020) (a) 3 4 3 Gain (loss) on interest rate swaps relating to interest rate cash flow hedges (net of tax of $11 for the year ended December 31, 2022, $1 for the year ended December 31, 2021 and $8 for the year ended December 31, 2020) 26 2 (18) Total other comprehensive income (loss), net of tax 29 6 (15) Balance at the end of period $ 27 $ (2) $ (8) ____________________________ (a) The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis. The amount of net gain relating to interest rate cash flow hedges to be reclassified from AOCI to earnings for the 12-month period ending December 31, 2023 is expected to be approximately $1 million (net of tax of less than $1 million). The reclassification is reported in interest expense on a pre-tax basis.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	12 Months Ended
SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION ADN EMPLOYEE SHARE PURCHASE PLAN	SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN We recorded share-based compensation costs as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Operation and maintenance expenses $ 2 $ 2 $ 2 General and administrative expenses 9 32 23 Amounts capitalized to property, plant and equipment 8 9 7 Total share-based compensation costs $ 19 $ 43 $ 32 Total tax benefit recognized in the consolidated statements of comprehensive income $ 5 $ 9 $ 8 Long-Term Incentive Plans Performance-Based Units The PBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock and the level of achievement of the financial performance criteria, including a market condition and a performance condition. The payout may range from 0% - 200% of the target award, depending on actual performance relative to the performance criteria. The PBUs earn dividend equivalents which are also re-measured consistent with the target award and settled in cash at the end of the vesting period. The following table shows the changes in PBUs during the year ended December 31, 2022: Number of Performance Based Units PBUs at December 31, 2021 899,092 Granted 283,063 Vested and paid out (336,368) Forfeited (26,396) PBUs at December 31, 2022 819,391 The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled: December 31, (In millions of USD) 2022 2021 Accrued compensation $ 19 $ 28 Other long-term liabilities 16 25 Total $ 35 $ 53 The aggregate fair value of PBUs as of December 31, 2022 and 2021 was $46 million and $72 million, respectively. At December 31, 2022, $11 million of total unrecognized compensation cost related to PBUs not yet vested is expected to be recognized over the remaining weighted average period of 1.6 years. Service-Based Units The SBUs are measured at fair value at the end of each reporting period, which will fluctuate based on the price of Fortis common stock. The SBUs earn dividend equivalents which are also re-measured based on the price of Fortis common stock and settled in cash at the end of the vesting period. The following table shows the changes in SBUs during the year ended December 31, 2022: Number of Service Based Units SBUs at December 31, 2021 689,812 Granted 220,640 Vested and paid out (253,787) Forfeited (26,396) SBUs at December 31, 2022 630,269 The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled: December 31, (In millions of USD) 2022 2021 Accrued compensation $ 9 $ 11 Other long-term liabilities 10 11 Total $ 19 $ 22 The aggregate fair value of SBUs as of December 31, 2022 and 2021 was $27 million and $32 million, respectively. At December 31, 2022, $8 million of the total unrecognized compensation cost related to SBUs not yet vested is expected to be recognized over the remaining weighted average period of 1.7 years. Employee Share Purchase Plan ITC employees are permitted to purchase common shares of Fortis stock under the Fortis ESPP. ITC Holdings also makes contributions as additional compensation to participating employees’ ESPP accounts. The

JOINTLY OWNED UTILITY PLANT_COO

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES	12 Months Ended
JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES	Dec. 31, 2022
Regulated Operations [Abstract]
JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICE	JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES As of December 31, 2022, ITC Holdings was a participant in the following jointly-owned substation assets and transmission lines: (In millions of USD except for ownership interest) Ownership Interest Property, Plant and Equipment Accumulated Depreciation Construction Work in Progress Huntley Wilmarth (a) 50.0 % $ 57 $ 2 $ — Cardinal Hickory Creek (b) 45.5 % — — 144 Other (c) ITCTransmission 49.6 % 29 19 — METC various 58 40 — ITC Midwest various 91 17 1 ITC Great Plains 49.0 % 33 4 — ____________________________ (a) Jointly owned between ITC Midwest and Northern States Power Company. (b) Jointly owned between ITC Midwest, American Transmission Company and Dairyland Power Cooperative. (c) Jointly owned with various parties.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS Related Party Receivables and Payables ITC Holdings may incur charges from Fortis and other subsidiaries of Fortis that are not subsidiaries of ITC Holdings for general corporate expenses incurred. In addition, ITC Holdings may perform additional services for, or receive additional services from, Fortis and such subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We had receivables from Fortis and such subsidiaries of $1 million and $2 million at December 31, 2022 and 2021, respectively, and payables to Fortis and such subsidiaries of $1 million and less than $1 million at December 31, 2022 and 2021, respectively. Related party charges for corporate expenses from Fortis and such subsidiaries are recorded in general and administrative expense. ITC Holdings had such expense for the year ended December 31, 2022 of $13 million and for the years ended December 31, 2021 and 2020 of $10 million. Related party billings for services to Fortis and other subsidiaries recorded as an offset to general and administrative expenses for ITC Holdings were $2 million for each of the years ended December 31, 2022, 2021 and 2020. Dividends We paid dividends of $273 million, $232 million and $330 million during the years ended December 31, 2022, 2021 and 2020, respectively, to ITC Investment Holdings. ITC Holdings also paid dividends of $70 million to ITC Investment Holdings in January 2023. Intercompany Tax Sharing Agreement We are organized as a corporation for tax purposes and subject to a tax sharing agreement as a wholly-owned subsidiary of ITC Investment Holdings. Additionally, we record income taxes based on our separate company tax position and make or receive tax-related payments with ITC Investment Holdings. During the year ended December 31, 2022, we paid $11 million to ITC Investment Holdings associated with our income tax position. During year ended December 31, 2021, we did not make or receive any tax-related payments with ITC Investment Holdings. During the year ended December 31, 2020, we paid $2 million to ITC Investment Holdings for matters related to the State of Michigan income taxes. During the year ended December 31, 2020 we received a payment of $2 million from FortisUS for a tax refund that originated prior to establishing the tax sharing agreement.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters We are subject to federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, require reporting of emissions from certain equipment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances. Liabilities relating to investigation and remediation of contamination, as well as other liabilities concerning hazardous materials or contamination, such as claims for personal injury or property damage, may arise at many locations, including formerly owned or operated properties and sites where wastes have been treated or disposed of, as well as properties currently owned or operated by us. Such liabilities may arise even where the contamination does not result from noncompliance with applicable environmental laws. Under some environmental laws, such liabilities may also be joint and several, meaning that a party can be held responsible for more than its share of the liability involved, or even the entire share. Although environmental requirements generally have become more stringent and compliance with those requirements more expensive, we are not aware of any specific developments that would increase our costs for such compliance in a manner that would be expected to have a material adverse effect on our financial condition, results of operations or liquidity. Our assets and operations also involve the use of materials classified as hazardous, toxic or otherwise dangerous. Some of the properties that we own or operate have been used for many years and include older facilities and equipment that may be more likely than newer ones to contain or be made from such materials. Some of these properties include above ground or underground storage tanks and associated piping. Some of them also include large electrical equipment filled with mineral oil, which may contain or previously have contained PCBs. Some of our facilities and electrical equipment may also contain asbestos containing materials. Our facilities and equipment are often situated close to or on property owned by others so that, if they are the source of contamination, the property of others may be affected. For example, above ground and underground transmission lines sometimes traverse properties that we do not own and transmission assets that we own or operate are sometimes commingled at our transmission stations with distribution assets owned or operated by our transmission customers. Some properties in which we have an ownership interest or at which we operate are, or are suspected of being, affected by environmental contamination. We are not aware of any pending or threatened claims against us with respect to environmental contamination relating to these properties, or of any investigation or remediation of contamination at these properties, that entail costs likely to materially affect us. Some facilities and properties are located near environmentally sensitive areas, including wetlands and habitat for threatened and endangered species. Litigation We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These proceedings include certain contract disputes, eminent domain and vegetation management activities, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered probable of loss. Rate of Return on Equity Complaints Two complaints were filed with the FERC by combinations of consumer advocates, consumer groups, municipal parties and other parties challenging the base ROE in MISO. The complaints were filed with the FERC under Section 206 of the FPA requesting that the FERC find the MISO regional base ROE rate (the “base ROE”) for all MISO TO’s, including our MISO Regulated Operating Subsidiaries, to no longer be just and reasonable. Initial Complaint On November 12, 2013, the Association of Businesses Advocating Tariff Equity, Coalition of MISO Transmission Customers, Illinois Industrial Energy Consumers, Indiana Industrial Energy Consumers, Inc., Minnesota Large Industrial Group and Wisconsin Industrial Energy Group (collectively, the “complainants”) filed the Initial Complaint with the FERC. The complainants sought a FERC order to reduce the base ROE used in the formula transmission rates for our MISO Regulated Operating Subsidiaries to 9.15%, reducing the equity component of our capital structure and terminating the ROE adders approved for certain Regulated Operating Subsidiaries. The FERC set the base ROE for hearing and settlement procedures, while denying all other aspects of the Initial Complaint. The ROE collected through the MISO Regulated Operating Subsidiaries’ rates during the period November 12, 2013 through September 27, 2016 consisted of a base ROE of 12.38% plus applicable incentive adders. On September 28, 2016, the FERC issued the September 2016 Order that set the base ROE at 10.32%, with a maximum ROE of 11.35%, effective for the period from November 12, 2013 through February 11, 2015 based on a two-step DCF methodology adopted in previous complaint matters for other utilities. The September 2016 Order required our MISO Regulated Operating Subsidiaries to provide refunds, including interest, which were completed in 2017. Additionally, the base ROE established by the September 2016 Order was to be used prospectively from the date of that order until a new approved base ROE was established by the FERC. On October 28, 2016, the MISO TOs, including our MISO Regulated Operating Subsidiaries, filed a request with the FERC for rehearing of the September 2016 Order regarding the short-term growth projections in the two-step DCF analysis. Additional impacts to the base ROE for the period of the Initial Complaint and the related accrued refund liabilities resulted from the November 2019 Order and May 2020 Order issued by the FERC, as discussed below. Second Complaint On February 12, 2015, the Second Complaint was filed with the FERC by Arkansas Electric Cooperative Corporation, Mississippi Delta Energy Agency, Clarksdale Public Utilities Commission, Public Service Commission of Yazoo City and Hoosier Energy Rural Electric Cooperative, Inc., seeking a FERC order to reduce the base ROE used in the formula transmission rates of our MISO Regulated Operating Subsidiaries to 8.67%, with an effective date of February 12, 2015. On June 30, 2016, the presiding ALJ issued an initial decision that recommended a base ROE of 9.70% for the refund period from February 12, 2015 through May 11, 2016, with a maximum ROE of 10.68%, which also would be applicable going forward from the date of a final FERC order. The Second Complaint was dismissed as a result of the November 2019 Order and the dismissal of the complaint was reaffirmed in the May 2020 Order, as discussed below. November 2019 Order On November 21, 2019, the FERC issued an order in the MISO ROE Complaints which applied a methodology to the Initial Complaint period that used two financial models to determine the base ROE. The FERC determined that the base ROE for the Initial Complaint should be 9.88% and the top of the range of reasonableness for that period should be 12.24% and that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. In the November 2019 Order, the FERC also dismissed the Second Complaint. Therefore, based on the November 2019 Order, for the Second Complaint refund period from February 12, 2015 to May 11, 2016, no refund is due. As a result, in 2019, we reversed the aggregate estimated current liability we had previously recorded for the Second Complaint. In addition, for the period from May 12, 2016 to September 27, 2016, no refund is due because no complaint had been filed for that period. The FERC ordered refunds to be made in accordance with the November 2019 Order. The MISO TOs, including our MISO Regulated Operating Subsidiaries, and several other parties filed requests for rehearing of the November 2019 Order. The MISO TOs asserted that the methodology applied by the FERC in the November 2019 Order does not allow the MISO TOs to earn a reasonable rate of return on their investment, as required by precedent. On January 21, 2020, the FERC issued an order granting rehearing of the November 2019 Order for further consideration. May 2020 Order On May 21, 2020, the FERC issued an order on rehearing of the November 2019 Order. In this order, the FERC revised its November 2019 Order methodology, finding that three financial models should be used to determine the base ROE, among other revisions. By applying the new methodology, the FERC determined that the base ROE for the Initial Complaint should be 10.02% and the top of the range of reasonableness for that period should be 12.62%. The FERC determined that this base ROE should apply during the first refund period of November 12, 2013 to February 11, 2015 and from the date of the September 2016 Order prospectively. The FERC ordered refunds to be made in accordance with the May 2020 Order. Refund settlements were finalized during the three months ended March 31, 2022. In the May 2020 Order, the FERC also reaffirmed its decision to dismiss the Second Complaint and its finding that no refunds would be ordered on the Second Complaint. August 2022 D.C. Circuit Court Decision On August 9, 2022, in response to appeals of the FERC's orders on the MISO ROE Complaints, the D.C. Circuit Court issued an opinion that rejected the FERC’s use of a risk premium model in the methodology used to determine the revised base ROE for MISO TOs. The D.C. Circuit Court decision vacated the FERC’s orders on the MISO ROE Complaints, dismissed the remaining outstanding appeals of these orders and remanded the matter to the FERC for further proceedings. Financial Statement Impacts As of December 31, 2021, we had recorded an aggregate current regulatory asset and liability of $1 million and less than $1 million, respectively, in the consolidated statements of financial position. These impacts reflect amounts owed from or due to customers under the terms outlined in the May 2020 Order and the November 2019 Order on the Initial Complaint and the periods subsequent to the September 2016 Order. During the year ended December 31, 2022, we received net settlement payments of less than $1 million owed from customers related to this matter. During the years ended December 31, 2021 and 2020, we refunded net settlement payments of $5 million and $31 million, respectively, due to customers related to this matter. As of December 31, 2022, there are no remaining regulatory assets or liabilities recorded related to this matter. It is possible that the base ROE established in the May 2020 Order may be revised and that we could be required to provide additional material refunds upon resolution of the proceedings. We are determining next steps in response to the August 2022 D.C. Circuit Court decision and awaiting action by the FERC in these proceedings to provide further insight into possible changes to our base ROE and the periods for which a revised ROE applies. We cannot predict whether these proceedings will have a material impact, or estimate the possible impact, on our financial condition, results of operations or cash flows. The recognition of the obligations associated with the MISO ROE Complaints resulted in the following impacts to the consolidated statements of comprehensive income: Year Ended December 31, (In millions of USD) 2022 2021 2020 Revenue increase $ — $ — $ 32 Interest expense decrease — — (3) Estimated net income increase — — 25 See Note 5 for a summary of our base ROE and incentive adders for transmission rates. As of December 31, 2022, our MISO Regulated Operating Subsidiaries had a total of approximately $5 billion of equity in their collective capital structures for ratemaking purposes. Based on this level of aggregate equity, we estimate that each 10 basis point change in the authorized ROE would impact annual consolidated net income by approximately $5 million. Purchase Obligations At December 31, 2022, we had purchase obligations of $137 million representing commitments for materials, services and equipment that had not been received as of December 31, 2022, primarily for construction and maintenance projects for which we have an executed contract. Of these purchase obligations, $125 million is expected to be paid in 2023, with the majority of the items related to materials and equipment that have long production lead times. Other Commitments METC Amended and Restated Purchase and Sale Agreement for Ancillary Services. Since METC does not own any generating facilities, it must procure ancillary services from third party suppliers, such as Consumers Energy. Currently, under the Ancillary Services Agreement, METC pays Consumers Energy for providing certain generation-based services necessary to support the reliable operation of the bulk power grid, such as voltage support and generation capability and capacity to balance loads and generation. Amended and Restated Easement Agreement. Under the Easement Agreement, Consumers Energy provides METC with an easement to the land on which a majority of METC’s transmission towers, poles, lines and other transmission facilities used to transmit electricity for Consumers Energy and others are located. The term of the Easement Agreement runs through December 31, 2050 and is subject to 10 automatic 50-year renewals thereafter unless METC gives notice of nonrenewal at least one year in advance. METC pays Consumers Energy $10 million in annual rent per year for the easement and also pays for any rentals, property, taxes, and other fees related to the property covered by the Easement Agreement. Payments to Consumers Energy under the Easement Agreement are charged to operation and maintenance expense in our consolidated statements of comprehensive income. ITC Midwest Operations Services Agreement For 34.5 kV Transmission Facilities. ITC Midwest and IP&L entered into the OSA under which IP&L performs certain operations functions for ITC Midwest’s 34.5 kV transmission system. The OSA provides that when ITC Midwest upgrades 34.5 kV facilities to higher operating voltages it may notify IP&L of the change and the OSA is no longer applicable to those facilities. ITC Great Plains Amended and Restated Maintenance Agreement. Sunflower and ITC Great Plains have entered into the Sunflower Agreement pursuant to which Sunflower has agreed to perform various field operations and maintenance services related to certain ITC Great Plains assets. Concentration of Credit Risk Our credit risk is primarily with DTE Electric, Consumers Energy and IP&L, which were responsible for approximately 21.0%, 24.0% and 25.4%, respectively, or $310 million, $354 million and $375 million, respectively, of our consolidated billed revenues for the year ended December 31, 2022. This portion of total billed revenues of DTE Electric, Consumers Energy and IP&L include the collection of 2020 revenue accruals and deferrals and exclude any amounts for the 2022 revenue accruals and deferrals that were included in our 2022 operating revenues but will not be billed to our customers until 2024. Under DTE Electric’s and Consumers Energy’s current rate structure, DTE Electric and Consumers Energy include in their retail rates the actual cost of transmission services provided by ITCTransmission and METC, respectively, in their billings to their customers, effectively passing through to end-use consumers the total cost of transmission service. IP&L currently includes in their retail rates an allowance for transmission services provided by ITC Midwest in their billings to their customers. However, any financial difficulties experienced by DTE Electric, Consumers Energy or IP&L may affect their ability to make payments for transmission service to ITCTransmission, METC, and ITC Midwest, which could negatively impact our business. MISO, as our MISO Regulated Operating Subsidiaries’ billing agent, bills DTE Electric, Consumers Energy, IP&L and other customers on a monthly basis and collects fees for the use of the MISO Regulated Operating Subsidiaries’ transmission systems. SPP is the billing agent for ITC Great Plains and bills transmission customers for the use of ITC Great Plains transmission systems. MISO and SPP have implemented strict credit policies for its members’ customers, which include customers using our transmission systems. Specifically, MISO and SPP require a letter of credit or cash deposit equal to the credit exposure, which is determined by a credit scoring model and other factors, from any customer using a member’s transmission system.

SUPPLEMENTAL FINANCIAL INFORMAT

SUPPLEMENTAL FINANCIAL INFORMATION	12 Months Ended
SUPPLEMENTAL FINANCIAL INFORMATION	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL FINANCIAL INFORMATION	SUPPLEMENTAL FINANCIAL INFORMATION Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2022 2021 2020 2019 Cash and cash equivalents $ 4 $ 5 $ 4 $ 4 Restricted cash included in: Other non-current assets 2 2 2 2 Total cash, cash equivalents and restricted cash $ 6 $ 7 $ 6 $ 6 Restricted cash included in other non-current assets primarily represents cash on deposit to pay for vegetation management, land easements and land purchases for the purpose of transmission line construction as well as amounts liquidated to make benefit payments related to our supplemental benefit plans. Supplementary Cash Flow Information Year Ended December 31, (In millions of USD) 2022 2021 2020 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 247 $ 237 $ 236 Income taxes paid 11 — 2 Income tax refunds received — — 2 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 117 140 135 Allowance for equity funds used during construction 37 30 27 Other 1 3 — ____________________________ (a) Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of December 31, 2022, 2021 or 2020, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION We identify reportable segments based on the criteria set forth by the FASB regarding disclosures about segments of an enterprise, including the regulatory environment of our subsidiaries and the business activities performed to earn revenues and incur expenses. Regulated Operating Subsidiaries We aggregate our Regulated Operating Subsidiaries into one reportable operating segment based on their similar regulatory environment and economic characteristics, among other factors. They are engaged in the transmission of electricity within the United States, earn revenues from the same types of customers and are regulated by the FERC. ITC Holdings and Other Information below for ITC Holdings and Other consists primarily of a holding company whose activities include debt financings and general corporate activities. The other subsidiaries of ITC Holdings, excluding the Regulated Operating Subsidiaries, do not have significant operations. Regulated Operating ITC Holdings Reconciliations/ 2022 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,503 $ 1 $ (38) $ 1,466 Depreciation and amortization 295 — — 295 Interest expense, net 134 135 — 269 Income (loss) before income taxes 736 (148) — 588 Income tax provision (benefit) 179 (33) — 146 Net income 557 442 (557) 442 Property, plant and equipment, net 10,630 7 — 10,637 Goodwill 950 — — 950 Total assets (a) 12,005 6,378 (6,252) 12,131 Capital expenditures 933 — — 933 Regulated Operating ITC Holdings Reconciliations/ 2021 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,386 $ 1 $ (38) $ 1,349 Depreciation and amortization 231 1 — 232 Interest expense, net 123 129 (1) 251 Income (loss) before income taxes 691 (158) — 533 Income tax provision (benefit) 173 (46) — 127 Net income 518 406 (518) 406 Property, plant and equipment, net 9,954 7 — 9,961 Goodwill 950 — — 950 Total assets (a) 11,317 6,134 (6,006) 11,445 Capital expenditures 841 — (7) 834 Regulated Operating ITC Holdings Reconciliations/ 2020 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,333 $ 1 $ (36) $ 1,298 Depreciation and amortization 218 1 — 219 Interest expense, net 118 122 — 240 Income (loss) before income taxes 683 (140) — 543 Income tax provision (benefit) 179 (43) — 136 Net income 504 407 (504) 407 Property, plant and equipment, net 9,319 8 — 9,327 Goodwill 950 — — 950 Total assets (a) 10,710 5,830 (5,715) 10,825 Capital expenditures 886 — (1) 885 ____________________________ (a) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure	ITC HOLDINGS CORP. CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENT COMPANY ONLY) December 31, (In millions of USD, except share data) 2022 2021 ASSETS Current assets Cash and cash equivalents $ 2 $ 3 Accounts receivable from subsidiaries 18 20 Intercompany tax receivable from subsidiaries 26 16 Advances to subsidiaries — 50 Prepaid and other current assets 1 3 Total current assets 47 92 Other assets Investment in subsidiaries 6,124 5,784 Deferred income taxes 90 142 Advances to subsidiaries 4 4 Other assets 113 112 Total other assets 6,331 6,042 TOTAL ASSETS $ 6,378 $ 6,134 LIABILITIES AND STOCKHOLDER’S EQUITY Current liabilities Accrued compensation $ 59 $ 72 Accrued interest 30 23 Debt maturing within one year 384 654 Other current liabilities 12 8 Total current liabilities 485 757 Accrued pension and postretirement liabilities 41 52 Other liabilities 89 78 Long-term debt (net of deferred financing fees and discount of $19 and $17, respectively) 3,091 2,773 TOTAL LIABILITIES 3,706 3,660 STOCKHOLDER’S EQUITY Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2022 and 2021 892 892 Retained earnings 1,753 1,584 Accumulated other comprehensive income (loss) 27 (2) Total stockholder’s equity 2,672 2,474 TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY $ 6,378 $ 6,134 See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (PARENT COMPANY ONLY) Year Ended December 31, (In millions of USD) 2022 2021 2020 Other (expense) income, net $ (5) $ 3 $ 5 General and administrative expense (8) (30) (20) Taxes other than income taxes — (2) (1) Interest expense (135) (129) (122) LOSS BEFORE INCOME TAXES (148) (158) (138) INCOME TAX BENEFIT (35) (46) (43) LOSS AFTER TAXES (113) (112) (95) EQUITY IN SUBSIDIARIES’ NET EARNINGS 555 518 502 NET INCOME 442 406 407 OTHER COMPREHENSIVE INCOME (LOSS) Derivative instruments (net of tax of $12 for the year ended December 31, 2022, $2 for the year ended December 31, 2021, $7 for the year ended December 31, 2020) 29 6 (15) TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 29 6 (15) TOTAL COMPREHENSIVE INCOME $ 471 $ 412 $ 392 See notes to condensed financial statements (parent company only). SCHEDULE I — Condensed Financial Information of Registrant ITC HOLDINGS CORP. CONDENSED STATEMENTS OF CASH FLOWS (PARENT COMPANY ONLY) Year Ended December 31, (In millions of USD) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 442 $ 406 $ 407 Adjustments to reconcile net income to net cash used in operating activities: Equity in subsidiaries' earnings (555) (518) (502) Dividends from subsidiaries 88 10 3 Deferred and other income taxes (41) (41) (46) Net intercompany tax payments from subsidiaries 82 56 33 Share-based compensation 3 25 15 Other 50 4 2 Changes in assets and liabilities, exclusive of changes shown separately: Accounts receivable from subsidiaries 2 (2) 9 Intercompany tax receivable from subsidiaries (10) (9) (4) Accrued compensation (13) 4 (12) Other current and non-current assets and liabilities, net 2 (2) (3) Net cash provided by (used in) operating activities 50 (67) (98) CASH FLOWS FROM INVESTING ACTIVITIES Equity contributions to subsidiaries (58) (51) (88) Return of capital from subsidiaries 185 259 228 Advances to subsidiaries — — (50) Proceeds from repayment of advances to subsidiaries 50 — — Other 2 1 (2) Net cash provided by investing activities 179 209 88 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of long-term debt 600 — 700 Borrowings under revolving credit agreement 89 93 293 Borrowings under term loan credit agreements — — 200 Net (repayment) issuance of commercial paper (21) 88 (133) Repayment of long-term debt (500) — — Repayments of revolving credit agreement (118) (91) (290) Repayments of term loan credit agreement — — (400) Dividends to ITC Investment Holdings (273) (232) (330) Other (6) 1 (30) Net cash provided by (used in) financing activities (229) (141) 10 NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH — 1 — CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 3 2 2 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 3 $ 3 $ 2 See notes to condensed financial statements (parent company only). For ITC Holdings Corp.’s (“ITC Holdings,” “we,” “our” and “us”) presentation (Parent Company only), the investment in subsidiaries is accounted for using the equity method. The condensed parent company financial statements and notes should be read in conjunction with the consolidated financial statements and notes of ITC Holdings appearing in this Annual Report on Form 10-K. As a holding company with no business operations, ITC Holdings’ assets consist primarily of investments in our subsidiaries. ITC Holdings’ material cash inflows are only from dividends and other payments received from our subsidiaries, the proceeds raised from the sale of debt securities, issuances under our commercial paper program and borrowings under our revolving and term loan term credit agreements. ITC Holdings may not be able to access cash generated by our subsidiaries in order to fulfill cash commitments. The ability of our subsidiaries to make dividend and other payments to us is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the FPA and applicable state laws. In addition, there are practical limitations on using the net assets of each of our Regulated Operating Subsidiaries as of December 31, 2022 for dividends based on management's intent to maintain the FERC-approved capital structure targeting 60% equity and 40% debt for each of our Regulated Operating Subsidiaries. These net assets are included in Schedule I as the line-item “Investments in subsidiaries.” Each of our subsidiaries, however, is legally distinct from us and has no obligation, contingent or otherwise, to make funds available to us. As of December 31, 2022, the maturities of our debt outstanding were as follows: (In millions of USD) 2023 $ 384 2024 410 2025 — 2026 400 2027 1,100 2028 and thereafter 1,200 Total $ 3,494 Refer to Note 8 to the consolidated financial statements for additional information on the ITC Holdings Senior Notes, the ITC Holdings Revolving Credit Agreements, the ITC Holdings Commercial Paper Program and the ITC Holdings Derivative Instruments and Hedging Activities. Fixed Rate Debt Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of the ITC Holdings Senior Notes was $3,132 million and $3,516 million at December 31, 2022 and 2021, respectively. The total book value of the ITC Holdings Senior Notes, net of discount and deferred financing fees, was $3,331 million and $3,233 million at December 31, 2022 and 2021, respectively. The fair values of the ITC Holdings Senior Notes represent Level 2 under the three-tier hierarchy described in Note 11 to the consolidated financial statements. Revolving Credit Agreements At December 31, 2022 and 2021, we had $10 million and $39 million, respectively, outstanding under our revolving credit agreements, which are variable rate loans. The fair value of these loans approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. The fair values of the revolving credit agreements represent Level 2 under the three-tier hierarchy described in Note 11 to the consolidated financial statements. Other Financial Instruments The carrying value of other financial instruments included in current assets and current liabilities, including cash and cash equivalents, special deposits and commercial paper, approximates their fair value due to the short-term nature of these instruments. Net Intercompany Receivables and Payables We may incur charges from our subsidiaries for general corporate expenses incurred. In addition, we may perform additional services for, or receive additional services from our subsidiaries. These transactions are in the normal course of business and payments for these services are settled through accounts receivable and accounts payable, as necessary. We generally settle our intercompany balances with our affiliates on a net basis monthly. Retirement Benefits We are the plan sponsor for a pension plan, other postretirement plans and a defined contribution plan. The benefits-related expenses recorded by our affiliates result from the inclusion of benefit costs as a component of the total charge for services performed by our employees under the cost assignment and allocation methods used by us and our subsidiaries. Equity Transactions Year Ended December 31, (In millions of USD) 2022 2021 2020 Equity contributions to subsidiaries $ (58) $ (51) $ (88) Dividends from subsidiaries 88 10 3 Return of capital from subsidiaries 185 259 228 Intercompany Tax Sharing Arrangement We file consolidated income tax returns that include our affiliates, which are taxed as a corporation for federal and Michigan income tax purposes. We operate under an intercompany tax sharing arrangement with our subsidiaries and as a result may receive or pay federal and state income tax based on their stand-alone company tax positions. Year Ended December 31, (In millions of USD) 2022 2021 2020 Net income tax payments (to) from: (a) ITCTransmission $ 25 $ 24 $ 17 METC 19 15 9 ITC Midwest 33 10 1 ITC Great Plains 5 6 6 Other — 1 — ____________________________ (a) The net income tax payments were pursuant to intercompany tax sharing arrangements, and the total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed parent company statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Additionally, ITC Holdings paid its subsidiaries for NOLs utilized by the consolidated group. Intercompany Loan Agreement On September 21, 2020, we advanced an intercompany loan to ITCTransmission totaling $50 million, due September 21, 2022. On January 14, 2022, ITCTransmission repaid the intercompany loan in full with proceeds Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows: December 31, (In millions of USD) 2022 2021 2020 2019 Cash and cash equivalents $ 2 $ 3 $ 2 $ 2 Restricted cash included in: Other non-current assets 1 — — — Total cash, cash equivalents and restricted cash $ 3 $ 3 $ 2 $ 2 Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2022 2021 2020 Supplementary cash flows information: Interest paid $ 121 $ 119 $ 116 Income taxes paid 11 — 2 Income tax refunds received — — 2

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	ITC Holdings consolidates its majority owned subsidiaries. We eliminate all intercompany balances and transactions.
Use of Estimates	The preparation of the consolidated financial statements requires us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates.
Regulation	Our Regulated Operating Subsidiaries are subject to the regulatory jurisdiction of the FERC, which issues orders pertaining to rates, recovery of certain costs, including the costs of transmission assets and regulatory assets, conditions of service, accounting, financing authorization and operating-related matters. The utility operations of our Regulated Operating Subsidiaries meet the accounting standards set forth by the FASB for the accounting effects of certain types of regulation. These accounting standards recognize the cost-based rate setting process, which results in differences in the application of GAAP between regulated and non-regulated businesses. These standards require the recording of regulatory assets and liabilities for certain transactions that would have been recorded in the statements of comprehensive income in non-regulated businesses. Regulatory assets represent costs that will be included as a component of future tariff rates and regulatory liabilities represent amounts provided in the current tariff rates that are intended to recover costs expected to be incurred in the future or amounts to be refunded to customers.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	We consider all unrestricted highly-liquid temporary investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash and Restricted Cash Equivalents — Restricted cash and restricted cash equivalents include cash and cash equivalents that are legally or contractually restricted for use or withdrawal or are formally set aside for a specific purpose.
Inventories	Materials and supplies inventories are valued at average cost. Additionally, the costs of warehousing activities are recorded here and included in the cost of materials when requisitioned.
Property, Plant and Equipment	Property, plant and equipment in service at our Regulated Operating Subsidiaries is stated at its original cost when first devoted to utility service. The gross book value of assets retired less salvage proceeds is charged to accumulated depreciation. The provision for depreciation of transmission assets is a significant component of our Regulated Operating Subsidiaries’ cost of service under FERC-approved rates. Periodically we perform depreciation studies of the assets at our Regulated Operating Subsidiaries. The results of these studies are submitted to and require approval from the FERC prior to changing our depreciation rates. Depreciation is computed over the estimated useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. The composite depreciation rate for our Regulated Operating Subsidiaries included in our consolidated statements of comprehensive income was 2.4% for the year ended December 31, 2022, and 2.0% for the years ended December 31, 2021 and 2020. The composite depreciation rates include depreciation primarily on transmission station equipment, towers, poles and overhead and underground lines that have a useful life ranging from 43 to 70 years. The portion of depreciation expense related to asset removal costs is added to regulatory liabilities or deducted from regulatory assets and removal costs incurred are deducted from regulatory liabilities or added to regulatory assets. Certain of our Regulated Operating Subsidiaries capitalize to property, plant and equipment AFUDC in accordance with FERC regulations. AFUDC represents the composite cost incurred to fund the construction of assets, including interest expense and a return on equity capital devoted to construction of assets. The interest component of AFUDC was a reduction to interest expense of $9 million, $8 million and $7 million for the years ended December 31, 2022, 2021 and 2020, respectively. For acquisitions of property, plant and equipment greater than the net book value (other than asset acquisitions accounted for under the purchase method of accounting that result in goodwill), the acquisition premium is recorded to property, plant and equipment and amortized over the estimated remaining useful lives of the assets using the straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes. Property, plant and equipment includes capital equipment stated at original cost consisting of items that are expected to be used exclusively for capital projects. Property, plant and equipment at our non-regulated subsidiaries is stated at its acquired cost. Proceeds from salvage less the net book value of the disposed assets is recognized as a gain or loss on disposal. Depreciation is computed based on the acquired cost less expected residual value and is recognized over the estimated useful lives of the assets on a straight-line method for financial reporting purposes and accelerated methods for income tax reporting purposes.
General Interconnection Projects and Contributions in Aid of Construction	Certain capital investment at our Regulated Operating Subsidiaries relates to investments made under GIAs. The GIAs typically consist of both transmission network upgrades, which are a category of upgrades deemed by the FERC to benefit the transmission system as a whole, as well as direct connection facilities, which are necessary to interconnect the generating facility to the transmission system and primarily benefit the generating facility. GIAs typically require the generator to make a contribution in aid of construction to our Regulated Operating Subsidiaries to cover the cost of certain investments made by us as part of the agreement. However, we may fund construction of certain projects without contributions from the generators. Our investments in transmission facilities are recorded to property, plant and equipment, and are recorded net of any contribution in aid of construction. We also receive refundable deposits from the generator for certain investment in network upgrade facilities in advance of construction, which are recorded to current or non-current liabilities depending on the expected refund date. Jointly Owned Utility Plant/Coordinated Services — Certain of our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of assets as described in Note 14. We account for these jointly owned assets by recording property, plant and equipment for the percentage of our undivided ownership interest. Various agreements provide the authority for construction of capital improvements and the operating costs associated with the substations and lines. Generally, each party is responsible for the capital, operation and maintenance, and other costs of these jointly owned facilities based upon each participant’s undivided ownership interest, and each participant is responsible for providing its own financing. Our participating share of expenses associated with these jointly held assets
Available-For-Sale Securities	We have certain investments in mutual funds, including fixed income securities and equity securities that are classified as fair value through net income. The investments primarily fund our two supplemental nonqualified, noncontributory retirement benefit plans for selected management employees as described in Note 10, as well as other deferred compensation plans. Gains and losses associated with our mutual funds as described in Note 11 are recorded in earnings.
Impairment of Long-Lived Assets	Other than goodwill, our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized in our consolidated statements of comprehensive income.
Goodwill and Intangible Assets, Goodwill, Policy	Goodwill is not subject to amortization; however, goodwill is required to be assessed for impairment, and a resulting write-down, if any, is to be reflected in operating expense. We have goodwill recorded relating to our acquisitions of ITCTransmission and METC, and ITC Midwest’s acquisition of the IP&L transmission assets. Goodwill is reviewed at the reporting unit level at least annually for impairment and whenever facts or circumstances indicate that the value of goodwill may be impaired. Our reporting units are ITCTransmission, METC and ITC Midwest as each entity represents an individual operating segment to which goodwill has been assigned. At December 31, 2022 and 2021, we had goodwill balances recorded at ITCTransmission, METC and ITC Midwest of $173 million, $454 million and $323 million, respectively.In order to perform an impairment analysis, we have the option of performing a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, in which case no further testing is required. If an entity bypasses the qualitative assessment or performs a qualitative assessment but determines that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative, fair value-based test is performed to assess and measure goodwill impairment, if any. If a quantitative assessment is performed, we determine the fair value of our reporting units using valuation techniques based on discounted future cash flows under various scenarios and consider estimates of market-based valuation multiples for companies within the peer group of our reporting units.We completed our annual goodwill impairment test for our reporting units as of October 1, 2022 and determined that no impairment exists. There were no events subsequent to October 1, 2022 that indicated impairment of our goodwill.
Deferred Financing Fees and Discount or Premium On Debt	Costs related to the issuance of long-term debt are generally recorded as a direct deduction from the carrying amount of the related debt and amortized over the life of the debt. Debt issuance costs incurred prior to the associated debt funding are presented as an asset. Unamortized debt issuance costs associated with the revolving credit agreements, commercial paper and other similar arrangements are presented as an asset (regardless of whether there are any amounts outstanding under those credit facilities) and amortized over the life of the particular arrangement. The debt discount or premium related to the issuance of long-term debt is recorded to long-term debt and amortized over the life of the debt.
Asset Retirement Obligations	A conditional asset retirement obligation is a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within our control. We have identified conditional asset retirement obligations primarily associated with the removal of equipment containing PCBs and asbestos. We record a liability at fair value for a legal asset retirement obligation in the period in which it is incurred. When a new legal obligation is recorded, we capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset. We accrete the liability to its present value each period and depreciate the capitalized cost over the useful life of the related asset. At the end of the asset’s useful life, we settle the obligation for its recorded amount. We recognize regulatory assets for the timing differences between the incurred costs to settle our legal asset retirement obligations and the recognition of such obligations as applicable for our Regulated Operating Subsidiaries.
Financial Instruments	We may use derivative financial instruments, including interest rate swap contracts, to manage our exposure to fluctuations in interest rates. For derivative instruments that have been designated and qualify as cash flow hedges of the exposure to variability in expected future cash flows, the unrealized gain or loss on the derivative is initially reported, net of tax, as a component of other comprehensive income (loss) and reclassified to the consolidated statements of comprehensive income when the underlying hedged transaction affects net income. Cash flows related to interest rate swaps that are designated in hedging relationships are generally classified on the consolidated statements of cash flows within cash flows from operating activities. The fair values of derivatives are recognized as current or long-term assets and liabilities depending on the timing of settlements and resulting cash flows. Refer to Note 8 for additional discussion regarding derivative instruments.
Contingent Obligations	We are subject to a number of federal and state laws and regulations, as well as other factors and conditions that potentially subject us to environmental, litigation, income tax and other contingencies. We periodically evaluate our exposure to such contingencies and record liabilities for those matters where a loss is considered probable and reasonably estimable. We reverse the liabilities recorded for those matters when a loss is no longer considered probable or the liabilities are otherwise settled. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters, which could be material. The adequacy of liabilities recorded can be significantly affected by external events or conditions that can be unpredictable; thus, the ultimate outcome of such matters could materially affect our consolidated financial statements.
Revenues	Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues.The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.
Share-based Payment and Employee Share Purchase Plan	Under long-term incentive plans, we grant long-term incentive awards consisting of PBUs and SBUs to employees, including executive officers, of ITC Holdings. Generally, each PBU and SBU granted is valued based on one share of Fortis common stock traded on the Toronto Stock Exchange, converted to U.S. dollars and settled only in cash. However, certain SBUs granted to the executives may settle in cash, 100% Fortis common stock, or 50% cash and 50% Fortis common stock depending on executives’ settlement elections and whether certain share ownership requirements are met. All PBUs and SBUs are classified as liability awards and generally vest on the third January 1st following the grant date, provided the service and performance criteria, as applicable, are satisfied, and will be settled during the subsequent quarter. However, certain awards may vest over a shorter period or on the grant date if certain retirement eligibility criteria are met. The PBUs and SBUs earn dividend equivalents which are also re-measured and settled consistent with the target award at the end of the vesting period. The granted awards and related dividend equivalents have no shareholder rights. Compensation cost is recognized over the expected vesting period and remeasured each reporting period based on Fortis’ stock price. The PBUs are also remeasured each reporting period based on the applicable market and performance conditions in the awards. Compensation cost is adjusted for forfeitures in the period in which they occur and the final measure of compensation cost for the awards is based on the cash settlement amount.
Comprehensive Income (Loss)	Comprehensive income (loss) is the change in stockholder’s equity during a period arising from transactions and events from non-owner sources, including net income and any gain or loss arising from our interest rate swaps.
Income Taxes	Deferred income taxes are recognized for the expected future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the differences between the financial statements and the tax bases of various assets and liabilities, using the tax rates expected to be in effect for the year in which the differences are expected to reverse, and classified as non-current in our consolidated statements of financial position.The accounting standards for uncertainty in income taxes prescribe a recognition threshold and a measurement attribute for tax positions taken, or expected to be taken, in a tax return that may not be sustainable. As of December 31, 2022, we have not recognized any uncertain income tax positions.We file our federal and Michigan income tax returns as part of the FortisUS consolidated tax returns and we are a party to an intercompany tax sharing agreement that establishes the method for determining tax liabilities that are due and allocating tax attributes that are utilized on the consolidated income tax returns. We continue to file with various other state and city jurisdictions where we have a separate return filing obligation. Our prior consolidated federal tax returns are no longer subject to U.S. federal tax examinations for tax years 2018 and earlier. State and city jurisdictions that remain subject to examination range from tax years 2018 to 2021. In the event we are assessed interest or penalties by any income tax jurisdictions, interest and penalties would be recorded as interest expense and other expense, respectively, in our consolidated statements of comprehensive income.

REVENUE (Policies)

REVENUE (Policies)	12 Months Ended
REVENUE (Policies)	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Substantially all of our revenue from contracts with customers is generated from providing transmission services to customers as services are provided based on our FERC-approved cost-based Formula Rates. We record a reserve for revenue subject to refund when such refund is probable and can be reasonably estimated. This reserve is recorded as a reduction to operating revenues.The cost-based Formula Rates at our Regulated Operating Subsidiaries include a true-up mechanism that compares the actual revenue requirements of our Regulated Operating Subsidiaries to their billed revenues for each year to determine any over- or under-collection of revenue requirements and we record a revenue deferral or accrual for the difference. The true-up mechanisms under our Formula Rates are considered alternative revenue programs of rate-regulated utilities. Operating revenues arising from these alternative revenue programs are presented on our consolidated statements of comprehensive income in the line “Formula Rate true-up”, which is separate from the reporting of our tariff revenues, which are presented in the line “Transmission and other services.” Only the initial origination of our alternative revenue program revenue is reported in the Formula Rate true-up line on our consolidated statements of comprehensive income. When those amounts are subsequently included in the price of utility service and billed or refunded to customers, we account for that event as the recovery or settlement of the associated regulatory asset or regulatory liability, respectively. Refer to Note 5 under “Cost-Based Formula Rates with True-Up Mechanism” and Note 3 under “Formula Rate True-Up” for a discussion of our revenue accounting under our cost-based Formula Rates. Transmission Services Through our Regulated Operating Subsidiaries, we generate nearly all our revenue from providing electric transmission services over our transmission systems. As independent transmission companies, our transmission services are provided and revenues are received based on our tariffs, as approved by the FERC. We recognize revenue for transmission services over time as transmission services are provided to customers (generally using an output measure of progress based on transmission load delivered). Customers simultaneously receive and consume the benefits provided by the Regulated Operating Subsidiaries’ services. We recognize revenue in the amount to which we have the right to invoice because we have a right to consideration in an amount that corresponds directly with the value to the customer of performance completed to date. As billing agents, MISO and SPP independently bill our customers on a monthly basis and collect fees for the use of our transmission systems. No component of the transaction price is allocated to unsatisfied performance obligations. Transmission service revenue includes an estimate for unbilled revenues from service that has been provided but not billed by the end of an accounting period. Unbilled revenues are dependent upon a number of factors that require management’s judgment including estimates of transmission network load (for the MISO Regulated Operating Subsidiaries) and preliminary information provided by billing agents. Due to the seasonal fluctuations of actual load, the unbilled revenue amount generally increases during the spring and summer and decreases during the fall and winter. See Note 4 for information on changes in unbilled accounts receivable. Other Services Other services revenue consists of rental revenues, easement revenues, and amounts from providing ancillary services. A portion of other services revenue is treated as a revenue credit and reduces gross revenue requirement when calculating net revenue requirement under our Formula Rates. Total other services revenue was $6 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020. Formula Rate True-Up The true-up mechanism under our Formula Rates is considered an alternative revenue program of a rate-regulated utility given it permits our Regulated Operating Subsidiaries to adjust future rates in response to past activities or completed events in order to collect our actual revenue requirements under our Formula Rates. In accordance with our accounting policy, only the current year origination of the true-up is reported as a Formula Rate true-up. See “Cost-Based Formula Rates with True-Up Mechanism” in Note 5 for more information on our Formula Rates.

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
ACCOUNTS RECEIVABLE (Tables)	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table presents the components of accounts receivable on the consolidated statements of financial position: December 31, (In millions of USD) 2022 2021 2020 2019 Trade accounts receivable $ 2 $ 3 $ 2 $ 2 Unbilled accounts receivable 124 116 102 102 Other (a) 13 9 10 13 Total accounts receivable $ 139 $ 128 $ 114 $ 117 ____________________________ (a) Includes amounts due from affiliates, see “Related Party Receivables and Payables” in Note 15 for additional information.

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
REGULATORY MATTERS (Tables)	Dec. 31, 2022
Regulated Operations [Abstract]
Net Changes in Regulatory Assets and Liabilities	The net changes in regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, were as follows during the year ended December 31, 2022: (In millions of USD) Total Net regulatory liabilities as of December 31, 2021 $ (2) Net collection of 2020 revenue deferrals and accruals, including accrued interest (8) Net revenue deferral, including accrued interest (9) Net accrued interest payable (1) Net regulatory liabilities as of December 31, 2022 $ (20)
Schedule of Regulatory Assets and Liabilities	Regulatory assets and liabilities associated with our Regulated Operating Subsidiaries’ Formula Rate revenue accruals and deferrals, including accrued interest, are recorded in the consolidated statements of financial position as follows: December 31, (In millions of USD) 2022 2021 Current regulatory assets $ 12 $ 20 Non-current regulatory assets 29 10 Current regulatory liabilities (22) (13) Non-current regulatory liabilities (39) (19) Net regulatory liabilities $ (20) $ (2)

REGULATORY ASSETS AND LIABILI_2

REGULATORY ASSETS AND LIABILITIES (Tables)	12 Months Ended
REGULATORY ASSETS AND LIABILITIES (Tables)	Dec. 31, 2022
Regulatory Assets and Liabilities Disclosure [Abstract]
Schedule of Regulatory Assets	The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2022 2021 Regulatory Assets: Current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) $ 12 $ 20 Other — 1 Total current 12 21 Non-current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) 29 10 Income taxes recoverable related to AFUDC equity 121 114 Pensions and postretirement 8 20 Accrued asset removal costs 1 16 Other 22 30 Total non-current 181 190 Total Regulatory Assets $ 193 $ 211 Regulatory Liabilities: Current: Revenue deferrals (including accrued interest of $1 as of December 31, 2022 and 2021) (a) $ 22 $ 13 Other — 1 Total current 22 14 Non-current: Revenue deferrals (including accrued interest of $1 and less than $1 as of December 31, 2022 and 2021, respectively) (a) 39 19 Pensions and postretirement 52 31 Accrued asset removal costs 80 70 Income taxes refundable due to change in federal income tax rate 480 495 Other 25 4 Total non-current 676 619 Total Regulatory Liabilities $ 698 $ 633 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods.
Schedule of Regulatory Liabilities	The following table summarizes the regulatory asset and liability balances: December 31, (In millions of USD) 2022 2021 Regulatory Assets: Current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) $ 12 $ 20 Other — 1 Total current 12 21 Non-current: Revenue accruals (including accrued interest of less than $1 as of December 31, 2022 and 2021) (a) 29 10 Income taxes recoverable related to AFUDC equity 121 114 Pensions and postretirement 8 20 Accrued asset removal costs 1 16 Other 22 30 Total non-current 181 190 Total Regulatory Assets $ 193 $ 211 Regulatory Liabilities: Current: Revenue deferrals (including accrued interest of $1 as of December 31, 2022 and 2021) (a) $ 22 $ 13 Other — 1 Total current 22 14 Non-current: Revenue deferrals (including accrued interest of $1 and less than $1 as of December 31, 2022 and 2021, respectively) (a) 39 19 Pensions and postretirement 52 31 Accrued asset removal costs 80 70 Income taxes refundable due to change in federal income tax rate 480 495 Other 25 4 Total non-current 676 619 Total Regulatory Liabilities $ 698 $ 633 ____________________________ (a) Refer to discussion of revenue accruals and deferrals in Note 5 under “Cost-Based Formula Rates with True-Up Mechanism.” Our Regulated Operating Subsidiaries do not earn a return on the balance of regulatory assets for revenue accruals. Interest is accrued on the principal amounts of the revenue accruals and deferrals. The accrued interest is subject to rate recovery along with the principal amount of the revenue accrual or subject to refund through rates along with the principal amount of revenue deferrals in future periods.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Dec. 31, 2022
Public Utilities, Property, Plant and Equipment [Abstract]
Schedule of Public Utility Property, Plant, and Equipment	Property, plant and equipment — net consisted of the following: December 31, (In millions of USD) 2022 2021 Property, plant and equipment Regulated Operating Subsidiaries: Property, plant and equipment in service $ 12,039 $ 11,434 Construction work in progress 748 529 Capital equipment 127 96 Other 91 87 ITC Holdings and other 14 14 Total 13,019 12,160 Less: Accumulated depreciation and amortization (2,382) (2,199) Property, plant and equipment, net $ 10,637 $ 9,961

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Amounts of outstanding debt were classified as debt maturing within one year and long-term debt in the consolidated statements of financial position as follows: December 31, (In millions of USD) 2022 2021 ITC Holdings 6.375% Senior Notes, due September 30, 2036 $ 200 $ 200 ITC Holdings 4.05% Senior Notes, due July 1, 2023 (a) 250 250 ITC Holdings 3.65% Senior Notes, due June 15, 2024 400 400 ITC Holdings 5.30% Senior Notes, due July 1, 2043 300 300 ITC Holdings 3.25% Notes, due June 30, 2026 400 400 ITC Holdings 2.70% Senior Notes, due November 15, 2022 (a) — 500 ITC Holdings 3.35% Senior Notes, due November 15, 2027 500 500 ITC Holdings 2.95% Senior Notes, due May 14, 2030 700 700 ITC Holdings 4.95% Senior Notes, due September 22, 2027 600 — ITC Holdings Revolving Credit Agreement, due October 18, 2024 10 39 ITC Holdings Commercial Paper Program (a) 134 155 ITCTransmission 6.125% First Mortgage Bonds, Series C, due March 31, 2036 100 100 ITCTransmission 4.625% First Mortgage Bonds, Series E, due August 15, 2043 285 285 ITCTransmission 4.27% First Mortgage Bonds, Series F, due June 10, 2044 100 100 ITCTransmission 4.00% First Mortgage Bonds, Series G, due March 30, 2053 225 225 ITCTransmission 3.30% First Mortgage Bonds, Series H, due August 28, 2049 75 75 ITCTransmission 2.93% First Mortgage Bonds, Series I, due January 14, 2052 20 — ITCTransmission 2.93% First Mortgage Bonds, Series J, due January 14, 2052 130 — ITCTransmission Revolving Credit Agreement, due October 18, 2024 61 88 METC 5.64% Senior Secured Notes, due May 6, 2040 50 50 METC 3.98% Senior Secured Notes, due October 26, 2042 75 75 METC 4.19% Senior Secured Notes, due December 15, 2044 150 150 METC 3.90% Senior Secured Notes, due April 26, 2046 200 200 METC 4.55% Senior Secured Notes, due January 15, 2049 50 50 METC 4.65% Senior Secured Notes, due July 10, 2049 50 50 METC 2.90% Senior Secured Notes, Series A, due August 3, 2051 75 75 METC 3.02% Senior Secured Notes, due October 14, 2055 150 150 METC 3.05% Senior Secured Notes, Series B, due May 10, 2052 75 — METC Revolving Credit Agreement, due October 18, 2024 36 30 ITC Midwest 6.15% First Mortgage Bonds, Series A, due January 31, 2038 175 175 ITC Midwest 4.60% First Mortgage Bonds, Series D, due December 17, 2024 75 75 ITC Midwest 3.50% First Mortgage Bonds, Series E, due January 19, 2027 100 100 ITC Midwest 4.09% First Mortgage Bonds, Series F, due April 30, 2043 100 100 ITC Midwest 3.83% First Mortgage Bonds, Series G, due April 7, 2055 225 225 ITC Midwest 4.16% First Mortgage Bonds, Series H, due April 18, 2047 200 200 ITC Midwest 4.32% First Mortgage Bonds, Series I, due November 1, 2051 175 175 ITC Midwest 3.13% First Mortgage Bonds, Series J, due July 15, 2051 180 180 ITC Midwest 3.87% First Mortgage Bonds, Series K, due October 12, 2027 75 — ITC Midwest 4.53% First Mortgage Bonds, Series L, due October 12, 2052 75 — ITC Midwest Revolving Credit Agreement, due October 18, 2024 78 139 ITC Great Plains 4.16% First Mortgage Bonds, Series A, due November 26, 2044 150 150 ITC Great Plains Revolving Credit Agreement, due October 18, 2024 23 33 Other 3 3 Total principal 7,035 6,702 Unamortized deferred financing fees and discount (44) (39) Total debt $ 6,991 $ 6,663 ____________________________ (a) As of December 31, 2022 and 2021 there was $384 million and $654 million, respectively, net of unamortized deferred financing fees and discount, of debt included within debt maturing within one year in the consolidated statements of financial position.
Schedule of Maturities of Debt	The annual maturities of debt as of December 31, 2022 are as follows: (In millions of USD) 2023 $ 384 2024 683 2025 — 2026 400 2027 1,275 2028 and thereafter 4,293 Total $ 7,035
Schedule of Interest Rate Derivatives	A summary of the terminated interest rate swaps is provided below: (In millions of USD, except percentages) Notional Amount Weighted Average Fixed Rate of Interest Rate Swaps Comparable Reference Rate of Notes Benchmark Rate Gain on Derivatives Settlement Date 5-year interest rate swaps $ 375 1.471% 3.441% LIBOR $ 33 September 2022 5-year interest rate swaps 75 1.540% 3.162% SOFR 6 September 2022 Total $ 450 $ 39
Schedule of Revolving Credit Agreements	At December 31, 2022, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available: (In millions of USD, except percentages) Total Outstanding Unused Weighted Average Commitment ITC Holdings $ 400 $ 10 $ 390 (d) 5.69% 0.175 % ITCTransmission 100 61 39 5.44% 0.10 % METC 100 36 64 5.44% 0.10 % ITC Midwest 225 78 147 5.44% 0.10 % ITC Great Plains 75 23 52 5.44% 0.10 % Total $ 900 $ 208 $ 692 ____________________________ (a) Included within long-term debt in the consolidated statements of financial position. (b) Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing. (c) Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating. (d) ITC Holdings’ revolving credit agreement may be used for general corporate purposes, including to repay commercial paper issued pursuant to the commercial paper program described above, if necessary. While outstanding commercial paper does not reduce available capacity under ITC Holdings’ revolving credit agreement, the unused capacity under this agreement adjusted for the commercial paper outstanding was $256 million as of December 31, 2022.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Reconciliation	Our effective tax rate varied from the statutory federal income tax rate due to differences between the book and tax treatment of various transactions as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Income tax expense at 21% federal statutory rate $ 123 $ 112 $ 114 State income taxes (net of federal benefit) (a) 36 24 28 AFUDC equity (6) (5) (4) Amortization of revalued deferred federal income taxes (9) (9) (2) Valuation allowance 1 4 — Other, net 1 1 — Total income tax provision $ 146 $ 127 $ 136 ____________________________ (a) Amount for the year ended December 31, 2022 includes the impact of the remeasurement of certain deferred tax balances and NOLs for Iowa due to the corporate tax rate change discussed herein.
Components of Income Tax Provision	Components of the income tax provision were as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Current income tax expense (benefit) $ 15 $ — $ (2) Deferred income tax expense 131 127 138 Total income tax provision $ 146 $ 127 $ 136
Deferred Tax Assets and Liabilities	Deferred income tax assets (liabilities) consisted of the following: December 31, (In millions of USD) 2022 2021 Property, plant and equipment $ (1,363) $ (1,274) Federal income tax NOLs and other credits 5 49 Goodwill (148) (145) Regulatory liability gross up due to change in federal income tax rate 125 131 Pension and postretirement liabilities 24 22 State income tax NOLs (net of federal benefit) 47 57 Valuation allowance (5) (4) Other, net 12 3 Net deferred tax liabilities $ (1,303) $ (1,161) Gross deferred income tax liabilities $ (1,542) $ (1,434) Gross deferred income tax assets 244 277 Valuation allowance (5) (4) Net deferred tax liabilities $ (1,303) $ (1,161)

RETIREMENT BENEFITS AND ASSET_2

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	12 Months Ended
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Tables)	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Net Defined Benefit Cost Components	Net periodic benefit costs by component for the pension plans and postretirement benefit plan were as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, (In millions of USD) 2022 2021 2020 2022 2021 2020 Service cost $ 8 $ 9 $ 8 $ 12 $ 11 $ 11 Interest cost 4 3 4 4 3 4 Expected return on plan assets (7) (6) (6) (7) (6) (5) Amortization of unrecognized loss/(gain) 1 1 1 (2) — — Net benefit cost $ 6 $ 7 $ 7 $ 7 $ 8 $ 10
Defined Benefit Plans Disclosures	The following table reconciles the obligations, assets, and funded status of the pension plans and postretirement benefit plan as well as the presentation of the funded status of the plans in the consolidated statements of financial position: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2022 2021 2022 2021 Change in Benefit Obligation: Beginning projected benefit obligation / accumulated postretirement benefit obligation $ (160) $ (162) $ (127) $ (122) Service cost (8) (9) (12) (11) Interest cost (4) (3) (4) (3) Plan amendments — — — — Actuarial net gain 41 5 51 8 Benefits paid 7 7 2 1 Settlements — 2 — — Ending projected benefit obligation / accumulated postretirement benefit obligation (124) (160) (90) (127) Change in Plan Assets: Beginning plan assets at fair value 117 107 140 120 Actual return on plan assets (20) 10 (23) 13 Employer contributions 3 4 7 8 Benefits paid (4) (4) (2) (1) Ending plan assets at fair value 96 117 122 140 Funded status, (underfunded)/overfunded $ (28) $ (43) $ 32 $ 13 Accumulated benefit obligation: Retirement plan $ (76) $ (99) N/A N/A Supplemental benefit plans (44) (54) N/A N/A Total accumulated benefit obligation $ (120) $ (153) N/A N/A Amounts recorded as: Funded Status: Accrued pension and postretirement liabilities $ (41) $ (52) $ — $ — Other non-current assets 17 13 32 13 Other current liabilities (4) (4) — — Total $ (28) $ (43) $ 32 $ 13 Unrecognized Amounts in Non-Current Regulatory Assets: Net actuarial loss $ 8 $ 19 $ — $ — Net prior service cost — 1 — — Total $ 8 $ 20 $ — $ — Unrecognized Amounts in Non-Current Regulatory Liabilities: Net actuarial (gain) $ (3) $ — $ (49) $ (29) Net prior service cost/(credit) 1 — (1) (2) Total $ (2) $ — $ (50) $ (31)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]	The combined projected benefit obligation and fair value of plan assets for those plans in which the projected benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2022 2021 Projected benefit obligation $ (45) $ (56) Fair value of plan assets (a) — — ____________________________
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]	The combined accumulated benefit obligation and fair value of plan assets for those plans in which the accumulated benefit obligation is in excess of the fair value of plan assets are as follows: Pension Plans December 31, (In millions of USD) 2022 2021 Accumulated benefit obligation $ (44) $ (54) Fair value of plan assets (a) — — ____________________________ (a) The investments held in trust for our supplemental benefit plans are not included in the plan asset amounts presented herein, but are included in other assets on our consolidated statements of financial position.
Assumptions Used	Actuarial assumptions used to determine the benefit obligations for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, 2022 2021 2020 2022 2021 2020 Weighted average discount rate 5.52% 2.86% 2.49% 5.65% 3.14% 2.94% Weighted average interest crediting rate 4.00% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 6.75% 5.75% 6.00% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2030 2025 2025 Annual rate of increase in dental benefit costs N/A N/A N/A 4.50% 4.50% 4.50% Actuarial assumptions used to determine the benefit cost for the pension plans and postretirement benefit plan are as follows: Pension Plans Postretirement Benefit Plan Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Weighted average discount rate — service cost 3.05% 2.77% 3.47% 3.32% 3.20% 3.80% Weighted average discount rate — interest cost 2.44% 1.93% 2.91% 2.87% 2.50% 3.30% Weighted average interest crediting rate 4.00% 4.00% 4.00% N/A N/A N/A Annual rate of salary increases 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% Health care cost trend rate N/A N/A N/A 5.75% 6.00% 6.25% Ultimate health care cost trend rate N/A N/A N/A 5.00% 5.00% 5.00% Year that the ultimate trend rate is reached N/A N/A N/A 2025 2025 2025 Expected long-term rate of return on plan assets 5.90% 5.70% 6.00% 4.50% 4.30% 4.50%
Projected Benefit Payments	At December 31, 2022, the projected benefit payments for the pension plans and postretirement benefit plan (including prescription drug benefits) calculated using the same assumptions as those used to calculate the benefit obligations described above are as follows: (In millions of USD) Pension Plans Postretirement Benefit Plan 2023 $ 9 $ 2 2024 9 2 2025 10 3 2026 10 3 2027 10 3 2028 through 2032 67 25
Schedule of Allocation of Plan Assets	As of December 31, 2022 and 2021, the plan assets of the retirement plan and postretirement benefit plan consisted of the following assets by category: Target Allocation Pension Plans Postretirement Benefit Plan Asset Category 2022 2022 2021 2022 2021 Fixed income securities 50 % 50 % 50 % 50 % 50 % Equity securities 50 % 50 % 50 % 50 % 50 % Total 100 % 100 % 100 % 100 % 100 % For the years ended December 31, 2022 and 2021, the fair value of retirement plan and postretirement benefit plan assets measured on a recurring basis at the Level 1 tier were as follows: Pension Plans Postretirement Benefit Plan December 31, December 31, (In millions of USD) 2022 2021 2022 2021 Mutual funds — U.S. equity securities $ 38 $ 47 $ 59 $ 67 Mutual funds — international equity securities 10 12 3 3 Mutual funds — fixed income securities 48 58 61 70 Total $ 96 $ 117 $ 123 $ 140

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities at Fair Value Subject to Three-Tier Hierarchy	Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2022, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 44 $ — $ — Mutual funds — equity securities 11 — — Total $ 55 $ — $ —	Our assets measured at fair value subject to the three-tier hierarchy at December 31, 2021, were as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant (In millions of USD) (Level 1) (Level 2) (Level 3) Financial assets measured on a recurring basis: Mutual funds — fixed income securities $ 51 $ — $ — Mutual funds — equity securities 12 — — Interest rate swap derivatives — 2 — Total $ 63 $ 2 $ —

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	12 Months Ended
STOCKHOLDER'S EQUITY (Tables)	Dec. 31, 2022
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table provides the components of changes in AOCI: Year Ended December 31, (In millions of USD) 2022 2021 2020 Balance at the beginning of period $ (2) $ (8) $ 7 Derivative Instruments Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2022, $2 for the year ended December 31, 2021 and $1 for the year ended December 31, 2020) (a) 3 4 3 Gain (loss) on interest rate swaps relating to interest rate cash flow hedges (net of tax of $11 for the year ended December 31, 2022, $1 for the year ended December 31, 2021 and $8 for the year ended December 31, 2020) 26 2 (18) Total other comprehensive income (loss), net of tax 29 6 (15) Balance at the end of period $ 27 $ (2) $ (8) ____________________________ (a) The reclassification of the net loss relating to interest rate cash flow hedges is reported in interest expense on a pre-tax basis.

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	We recorded share-based compensation costs as follows: Year Ended December 31, (In millions of USD) 2022 2021 2020 Operation and maintenance expenses $ 2 $ 2 $ 2 General and administrative expenses 9 32 23 Amounts capitalized to property, plant and equipment 8 9 7 Total share-based compensation costs $ 19 $ 43 $ 32 Total tax benefit recognized in the consolidated statements of comprehensive income $ 5 $ 9 $ 8
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block]	The following table shows the changes in PBUs during the year ended December 31, 2022: Number of Performance Based Units PBUs at December 31, 2021 899,092 Granted 283,063 Vested and paid out (336,368) Forfeited (26,396) PBUs at December 31, 2022 819,391
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]	The following table shows the changes in SBUs during the year ended December 31, 2022: Number of Service Based Units SBUs at December 31, 2021 689,812 Granted 220,640 Vested and paid out (253,787) Forfeited (26,396) SBUs at December 31, 2022 630,269
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding PBUs not yet settled: December 31, (In millions of USD) 2022 2021 Accrued compensation $ 19 $ 28 Other long-term liabilities 16 25 Total $ 35 $ 53
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	The following table presents the classification in the consolidated statements of financial position of obligations related to outstanding SBUs not yet settled: December 31, (In millions of USD) 2022 2021 Accrued compensation $ 9 $ 11 Other long-term liabilities 10 11 Total $ 19 $ 22

JOINTLY OWNED UTILITY PLANT_C_2

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES (Tables)	12 Months Ended
JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES (Tables)	Dec. 31, 2022
Regulated Operations [Abstract]
Schedule of Jointly Owned Utility Plant	As of December 31, 2022, ITC Holdings was a participant in the following jointly-owned substation assets and transmission lines: (In millions of USD except for ownership interest) Ownership Interest Property, Plant and Equipment Accumulated Depreciation Construction Work in Progress Huntley Wilmarth (a) 50.0 % $ 57 $ 2 $ — Cardinal Hickory Creek (b) 45.5 % — — 144 Other (c) ITCTransmission 49.6 % 29 19 — METC various 58 40 — ITC Midwest various 91 17 1 ITC Great Plains 49.0 % 33 4 — ____________________________ (a) Jointly owned between ITC Midwest and Northern States Power Company. (b) Jointly owned between ITC Midwest, American Transmission Company and Dairyland Power Cooperative. (c) Jointly owned with various parties.

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Impacts from the ROE Complaints [Table]	The recognition of the obligations associated with the MISO ROE Complaints resulted in the following impacts to the consolidated statements of comprehensive income: Year Ended December 31, (In millions of USD) 2022 2021 2020 Revenue increase $ — $ — $ 32 Interest expense decrease — — (3) Estimated net income increase — — 25

SUPPLEMENTAL FINANCIAL INFORM_2

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2022 2021 2020 2019 Cash and cash equivalents $ 4 $ 5 $ 4 $ 4 Restricted cash included in: Other non-current assets 2 2 2 2 Total cash, cash equivalents and restricted cash $ 6 $ 7 $ 6 $ 6
Supplementary Cash Flow Information	Year Ended December 31, (In millions of USD) 2022 2021 2020 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 247 $ 237 $ 236 Income taxes paid 11 — 2 Income tax refunds received — — 2 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 117 140 135 Allowance for equity funds used during construction 37 30 27 Other 1 3 — ____________________________ (a) Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of December 31, 2022, 2021 or 2020, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	Regulated Operating ITC Holdings Reconciliations/ 2022 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,503 $ 1 $ (38) $ 1,466 Depreciation and amortization 295 — — 295 Interest expense, net 134 135 — 269 Income (loss) before income taxes 736 (148) — 588 Income tax provision (benefit) 179 (33) — 146 Net income 557 442 (557) 442 Property, plant and equipment, net 10,630 7 — 10,637 Goodwill 950 — — 950 Total assets (a) 12,005 6,378 (6,252) 12,131 Capital expenditures 933 — — 933 Regulated Operating ITC Holdings Reconciliations/ 2021 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,386 $ 1 $ (38) $ 1,349 Depreciation and amortization 231 1 — 232 Interest expense, net 123 129 (1) 251 Income (loss) before income taxes 691 (158) — 533 Income tax provision (benefit) 173 (46) — 127 Net income 518 406 (518) 406 Property, plant and equipment, net 9,954 7 — 9,961 Goodwill 950 — — 950 Total assets (a) 11,317 6,134 (6,006) 11,445 Capital expenditures 841 — (7) 834 Regulated Operating ITC Holdings Reconciliations/ 2020 Subsidiaries and Other Eliminations Total (In millions of USD) Operating revenues $ 1,333 $ 1 $ (36) $ 1,298 Depreciation and amortization 218 1 — 219 Interest expense, net 118 122 — 240 Income (loss) before income taxes 683 (140) — 543 Income tax provision (benefit) 179 (43) — 136 Net income 504 407 (504) 407 Property, plant and equipment, net 9,319 8 — 9,327 Goodwill 950 — — 950 Total assets (a) 10,710 5,830 (5,715) 10,825 Capital expenditures 886 — (1) 885 ____________________________ (a) Reconciliation of total assets results primarily from differences in the netting of deferred tax assets and liabilities in our segments as compared to the classification in our consolidated statements of financial position.

SCHEDULE I - CONDENSED FINANC_2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Schedule of Maturities of Debt	The annual maturities of debt as of December 31, 2022 are as follows: (In millions of USD) 2023 $ 384 2024 683 2025 — 2026 400 2027 1,275 2028 and thereafter 4,293 Total $ 7,035
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated statements of financial position that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, (In millions of USD) 2022 2021 2020 2019 Cash and cash equivalents $ 4 $ 5 $ 4 $ 4 Restricted cash included in: Other non-current assets 2 2 2 2 Total cash, cash equivalents and restricted cash $ 6 $ 7 $ 6 $ 6
Supplementary Cash Flow Information	Year Ended December 31, (In millions of USD) 2022 2021 2020 Supplementary cash flows information: Interest paid (net of interest capitalized) $ 247 $ 237 $ 236 Income taxes paid 11 — 2 Income tax refunds received — — 2 Supplementary non-cash investing and financing activities: Additions to property, plant and equipment and other long-lived assets (a) 117 140 135 Allowance for equity funds used during construction 37 30 27 Other 1 3 — ____________________________ (a) Amounts consist of current and accrued liabilities for construction, labor, materials and other costs that have not been included in investing activities. These amounts have not been paid for as of December 31, 2022, 2021 or 2020, respectively, but will be or have been included as a cash outflow from investing activities for expenditures for property, plant and equipment or repayments of contributions in aid of construction when paid.
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Related party equity transactions [Table Text Block]	Year Ended December 31, (In millions of USD) 2022 2021 2020 Equity contributions to subsidiaries $ (58) $ (51) $ (88) Dividends from subsidiaries 88 10 3 Return of capital from subsidiaries 185 259 228
Schedule of Related Party Transactions [Table Text Block]	Year Ended December 31, (In millions of USD) 2022 2021 2020 Net income tax payments (to) from: (a) ITCTransmission $ 25 $ 24 $ 17 METC 19 15 9 ITC Midwest 33 10 1 ITC Great Plains 5 6 6 Other — 1 — ____________________________ (a) The net income tax payments were pursuant to intercompany tax sharing arrangements, and the total of these tax payments is presented as a net cash outflow or inflow from operating activities in the condensed parent company statements of cash flows. Other reconciling items between the parent company and the consolidated tax liabilities are presented as deferred and other income taxes in the adjustments to reconcile net income to net cash provided by operating activities. Additionally, ITC Holdings paid its subsidiaries for NOLs utilized by the consolidated group.
Schedule of Maturities of Debt	As of December 31, 2022, the maturities of our debt outstanding were as follows: (In millions of USD) 2023 $ 384 2024 410 2025 — 2026 400 2027 1,100 2028 and thereafter 1,200 Total $ 3,494
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the condensed statements of financial position that sum to the total of the same such amounts shown in the condensed statements of cash flows: December 31, (In millions of USD) 2022 2021 2020 2019 Cash and cash equivalents $ 2 $ 3 $ 2 $ 2 Restricted cash included in: Other non-current assets 1 — — — Total cash, cash equivalents and restricted cash $ 3 $ 3 $ 2 $ 2
Supplementary Cash Flow Information	Supplementary Cash Flows Information Year Ended December 31, (In millions of USD) 2022 2021 2020 Supplementary cash flows information: Interest paid $ 121 $ 119 $ 116 Income taxes paid 11 — 2 Income tax refunds received — — 2

GENERAL (Details)

GENERAL (Details)	12 Months Ended
GENERAL (Details)	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership Percentage of Minority Investor	19.90%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Depreciation and amortization expense on PPE	$ 286	$ 223	$ 209
Composite depreciation rate	2.40%	2%	2%
AFUDC debt	$ 9	$ 8	$ 7
Goodwill and Intangible Assets
Goodwill	950	950	950
Goodwill impairment	0
Deferred Financing Fees and Discount or Premium on Debt
Amortization of deferred financing fees and debt discount	6	5	$ 5
Asset Retirement Obligations
Asset retirement obligations	5	6
ITC Midwest
Goodwill and Intangible Assets
Goodwill	323	323
ITCTransmission
Goodwill and Intangible Assets
Goodwill	173	173
METC
Goodwill and Intangible Assets
Goodwill	$ 454	$ 454
Minimum
Property, Plant and Equipment
Property, plant and equipment, useful life	43 years
Maximum
Property, Plant and Equipment
Property, plant and equipment, useful life	70 years

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 1,476	$ 1,358	$ 1,290
Other services
Disaggregation of Revenue [Line Items]
Transmission and other services	$ 6	$ 6	$ 5

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 139	$ 128	$ 114	$ 117
Unbilled accounts receivable	124	116	102	102
Other Receivables	13	9	10	13
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2	$ 3	$ 2	$ 2

REGULATORY MATTERS Net changes

REGULATORY MATTERS Net changes in Regulatory Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Revenue Accruals and Deferrals
Net regulatory liabilities as of December 31, 2021	$ (2)
Net collection of 2020 revenue deferrals and accruals, including accrued interest	(8)
Net revenue deferral, including accrued interest	(9)
Net accrued interest payable	(1)
Net regulatory liabilities as of December 31, 2022	$ (20)

REGULATORY MATTERS Schedule of

REGULATORY MATTERS Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	$ 12	$ 21
Non-current regulatory assets	181	190
Current regulatory liabilities	(22)	(14)
Non-current regulatory liabilities	(676)	(619)
Net regulatory liabilities	(20)	(2)
Revenue Deferrals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory liabilities	(22)	(13)
Non-current regulatory liabilities	(39)	(19)
Revenue Accruals, Including Accrued Interest
Schedule of Regulatory Assets and Liabilities [Line Items]
Current regulatory assets	12	20
Non-current regulatory assets	$ 29	$ 10

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details) $ in Millions		3 Months Ended	12 Months Ended
REGULATORY MATTERS (Details) $ in Millions	May 10, 2022	Dec. 31, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2021	Jul. 16, 2020
Public Utilities, General Disclosures [Line Items]
Transmission rate, applicable period			1 year
Revenue true-up amount reflected in customer bill, period of recognition			2 years
ITC Midwest
Public Utilities, General Disclosures [Line Items]
Public Utilities, Approved Equity Capital Structure, Percentage	60%
Requested Equity Capital Structure by ICAT	53%
MISO Operating Subsidiaries
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity		10.77%	10.77%	10.77%
Incentive Adder for Independent Transmission Ownership		25	25	25
Basis Point Incentive Adder for RTO Participation		50	50	50
ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity			11.41%		12.16%
Incentive Adder for Independent Transmission Ownership			25		100
Basis Point Incentive Adder for RTO Participation			50		50
Required customer refund paid		$ 4
Maximum \| ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity			10.66%
Incentive Adder for Independent Transmission Ownership					100
Basis Point Incentive Adder for RTO Participation					25
Minimum \| MISO Operating Subsidiaries
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity		10.02%	10.02%	10.02%
Minimum \| ITC Great Plains
Public Utilities, General Disclosures [Line Items]
Revised rate of return on equity					10.66%

REGULATORY ASSETS AND LIABILI_3

REGULATORY ASSETS AND LIABILITIES Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Regulatory Asset [Line Items]
Current regulatory assets	$ 12	$ 21
Non-current regulatory assets	181	190
Regulatory assets	193	211
Current regulatory liabilities	22	14
Non-current regulatory liabilities	676	619
Regulatory liabilities	698	633
Revenue Deferrals, Including Accrued Interest
Regulatory Asset [Line Items]
Current regulatory liabilities	22	13
Non-current regulatory liabilities	39	19
Other Current Liabilities
Regulatory Asset [Line Items]
Current regulatory liabilities	0	1
Pensions and Postretirement
Regulatory Asset [Line Items]
Non-current regulatory liabilities	52	31
Accrued Asset Removal Costs
Regulatory Asset [Line Items]
Non-current regulatory liabilities	80	70
Income taxes refundable due to change in federal tax rate
Regulatory Asset [Line Items]
Non-current regulatory liabilities	480	495
Other Liabilities [Member]
Regulatory Asset [Line Items]
Non-current regulatory liabilities	25	4
Revenue Deferrals, Accrued Interest [Member]
Regulatory Asset [Line Items]
Current regulatory liabilities	1	1
Non-current regulatory liabilities	1	1
Revenue Accruals, Including Accrued Interest
Regulatory Asset [Line Items]
Current regulatory assets	12	20
Non-current regulatory assets	29	10
Other Current Assets
Regulatory Asset [Line Items]
Current regulatory assets	0	1
Income Taxes Recoverable Related to AFUDC Equity
Regulatory Asset [Line Items]
Non-current regulatory assets	121	114
Pensions and Postretirement
Regulatory Asset [Line Items]
Non-current regulatory assets	8	20
Accrued Asset Removal Costs
Regulatory Asset [Line Items]
Non-current regulatory assets	1	16
Other Assets
Regulatory Asset [Line Items]
Non-current regulatory assets	22	30
Revenue Accruals, Accrued Interest Less Than $1 Million
Regulatory Asset [Line Items]
Current regulatory assets	1	1
Non-current regulatory assets	$ 1	$ 1

REGULATORY ASSETS AND LIABILI_4

REGULATORY ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes refundable due to change in federal tax rate
Regulatory Asset [Line Items]
Amortization Of Excess Deferred Taxes	$ 9	$ 8

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Total	$ 13,019	$ 12,160
Less: Accumulated depreciation and amortization	(2,382)	(2,199)
Property, plant and equipment, net	10,637	9,961
Regulated Operating Subsidiaries
Property, Plant and Equipment
Property, plant and equipment in service	12,039	11,434
Construction work in progress	748	529
Capital equipment	127	96
Other	91	87
ITC Holding and Other
Property, Plant and Equipment
ITC Holdings and other	$ 14	$ 14

DEBT Schedule of Debt (Details)

DEBT Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Oct. 12, 2022	Sep. 22, 2022	May 10, 2022	Jan. 14, 2022	Dec. 31, 2021	Aug. 03, 2021
Debt Instrument
Commercial Paper	$ 134					$ 155
Total principal	7,035					6,702
Unamortized deferred financing fees and discount	(44)					(39)
Total debt	6,991					6,663
Debt maturing within one year	384					654
ITC Holdings Corp.
Debt Instrument
Commercial Paper	134					155
Secured Debt
Debt Instrument
Other long-term debt	$ 3					$ 3
Senior Notes, due September 30, 2036 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	6.375%					6.375%
Long-term debt	$ 200					$ 200
Senior Notes, due July 1, 2023 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	4.05%					4.05%
Long-term debt	$ 250					$ 250
Senior Notes, due June 15, 2024 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	3.65%					3.65%
Long-term debt	$ 400					$ 400
Senior Notes, due July 1, 2043 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	5.30%					5.30%
Long-term debt	$ 300					$ 300
Unsecured Notes, due June 30, 2026 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	3.25%					3.25%
Long-term debt	$ 400					$ 400
Senior Notes, Due November 15, 2022 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	2.70%					2.70%
Long-term debt	$ 500					$ 500
Senior Notes, Due November 15, 2027 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	3.35%					3.35%
Long-term debt	$ 500					$ 500
Senior Notes, Due May 14, 2030 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	2.95%					2.95%
Long-term debt	$ 700					$ 700
Senior Notes, Due September 22, 2027 \| Unsecured Debt \| ITC Holdings Corp.
Debt Instrument
Interest rate	4.95%		4.95%
Long-term debt	$ 600		$ 600			0
Revolving Credit Agreement due October 18, 2024 \| Line of Credit \| ITC Holdings Corp.
Debt Instrument
Long-term debt	10					39
Revolving Credit Agreement due October 18, 2024 \| Line of Credit \| ITCTransmission
Debt Instrument
Long-term debt	61					88
Revolving Credit Agreement due October 18, 2024 \| Line of Credit \| METC
Debt Instrument
Long-term debt	36					30
Revolving Credit Agreement due October 18, 2024 \| Line of Credit \| ITC Midwest
Debt Instrument
Long-term debt	78					139
Revolving Credit Agreement due October 18, 2024 \| Line of Credit \| ITC Great Plains
Debt Instrument
Long-term debt	$ 23					$ 33
First Mortgage Bonds, Series C, due March 31, 2036 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	6.125%					6.125%
Long-term debt	$ 100					$ 100
First Mortgage Bonds, Series E, due August 15, 2043 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	4.625%					4.625%
Long-term debt	$ 285					$ 285
First Mortgage Bonds, Series F, due June 10, 2044 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	4.27%					4.27%
Long-term debt	$ 100					$ 100
First Mortgage Bonds, Series G, due March 30, 2053 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	4%					4%
Long-term debt	$ 225					$ 225
First Mortgage Bonds, Series H, due August 28, 2049 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	3.30%					3.30%
Long-term debt	$ 75					$ 75
First Mortgage Bonds, Series I due January 14, 2052 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	2.93%				2.93%
Long-term debt	$ 20
First Mortgage Bonds, Series J due January 14, 2052 \| Secured Debt \| ITCTransmission
Debt Instrument
Interest rate	2.93%				2.93%
Long-term debt	$ 130
Senior Secured Notes, due May 6, 2040 \| Secured Debt \| METC
Debt Instrument
Interest rate	5.64%					5.64%
Long-term debt	$ 50					$ 50
Senior Secured Notes, due October 26, 2042 \| Secured Debt \| METC
Debt Instrument
Interest rate	3.98%					3.98%
Long-term debt	$ 75					$ 75
Senior Secured Notes, due December 15, 2044 \| Secured Debt \| METC
Debt Instrument
Interest rate	4.19%					4.19%
Long-term debt	$ 150					$ 150
Senior Secured Notes, due April 26, 2046 \| Secured Debt \| METC
Debt Instrument
Interest rate	3.90%					3.90%
Long-term debt	$ 200					$ 200
Senior Secured Notes, due January 15, 2049 \| Secured Debt \| METC
Debt Instrument
Interest rate	4.55%					4.55%
Long-term debt	$ 50					$ 50
Senior Secured Notes, due July 10, 2049 \| Secured Debt \| METC
Debt Instrument
Interest rate	4.65%					4.65%
Long-term debt	$ 50					$ 50
Senior Secured Notes due August 3, 2051 \| Secured Debt \| METC
Debt Instrument
Interest rate	2.90%					2.90%	2.90%
Long-term debt	$ 75					$ 75
Senior Secured Notes due October 14, 2055 \| Secured Debt \| METC
Debt Instrument
Interest rate	3.02%					3.02%
Long-term debt	$ 150					$ 150
Senior Secured Notes, Series B due May 10, 2052 \| Secured Debt \| METC
Debt Instrument
Interest rate	3.05%			3.05%
Long-term debt	$ 75
First Mortgage Bonds, Series A, due January 31, 2038 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	6.15%					6.15%
Long-term debt	$ 175					$ 175
First Mortgage Bonds, Series D, due December 17, 2024 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	4.60%					4.60%
Long-term debt	$ 75					$ 75
First Mortgage Bonds, Series E, due January 19, 2027 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	3.50%					3.50%
Long-term debt	$ 100					$ 100
First Mortgage Bonds, Series F, due April 30, 2043 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	4.09%					4.09%
Long-term debt	$ 100					$ 100
First Mortgage Bonds, Series G, due April 7, 2055 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	3.83%					3.83%
Long-term debt	$ 225					$ 225
First Mortgage Bonds, Series H, due April 18, 2047 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	4.16%					4.16%
Long-term debt	$ 200					$ 200
First Mortgage Bonds, Series I, due November 1, 2051 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	4.32%					4.32%
Long-term debt	$ 175					$ 175
First Mortgage Bonds due July 15, 2051 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	3.13%					3.13%
Long-term debt	$ 180					$ 180
First Mortgage Bonds Series K, due October 12, 2027 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	3.87%	3.87%
Long-term debt	$ 75
First Mortgage Bonds Series L, due October 12, 2052 \| Secured Debt \| ITC Midwest
Debt Instrument
Interest rate	4.53%	4.53%
Long-term debt	$ 75
First Mortgage Bonds, Series A, due November 26, 2044 \| Secured Debt \| ITC Great Plains
Debt Instrument
Interest rate	4.16%					4.16%
Long-term debt	$ 150					$ 150

DEBT Annual Maturities (Details

DEBT Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Maturities of Debt
2023	$ 384
2024	683
2025	0
2026	400
2027	1,275
2028 and thereafter	4,293
Total	$ 7,035	$ 6,702

DEBT Interest Rate Swap Agreeme

DEBT Interest Rate Swap Agreements (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 450		$ 375
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	450
Gain (Loss) on Sale of Derivatives	39	$ 39
Interest Rate Swap [Member] \| London Interbank Offered Rate (LIBOR) Swap Rate
Derivative [Line Items]
Notional Amount	$ 375
Weighted Average Fixed Rate of Interest Rate Swaps	1.471%
Comparable Reference Rate of Notes	3.441%
Gain (Loss) on Sale of Derivatives	$ 33
Interest Rate Swap [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Notional Amount	$ 75
Weighted Average Fixed Rate of Interest Rate Swaps	1.54%
Comparable Reference Rate of Notes	3.162%
Gain (Loss) on Sale of Derivatives	$ 6

DEBT Revolving Credit Agreement

DEBT Revolving Credit Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility
Total available capacity	$ 900
Outstanding balance	208
Unused capacity	692
Commercial Paper	134	$ 155
ITC Holdings Corp.
Line of Credit Facility
Total available capacity	400
Outstanding balance	10
Unused capacity	$ 390
Weighted average interest rate	5.69%
Commitment fee rate	0.175%
Commercial Paper	$ 134	$ 155
ITC Holdings Corp. \| Unused lines of Credit
Line of Credit Facility
Commercial Paper	256
ITCTransmission
Line of Credit Facility
Total available capacity	100
Outstanding balance	61
Unused capacity	$ 39
Weighted average interest rate	5.44%
Commitment fee rate	0.10%
METC
Line of Credit Facility
Total available capacity	$ 100
Outstanding balance	36
Unused capacity	$ 64
Weighted average interest rate	5.44%
Commitment fee rate	0.10%
ITC Midwest
Line of Credit Facility
Total available capacity	$ 225
Outstanding balance	78
Unused capacity	$ 147
Weighted average interest rate	5.44%
Commitment fee rate	0.10%
ITC Great Plains
Line of Credit Facility
Total available capacity	$ 75
Outstanding balance	23
Unused capacity	$ 52
Weighted average interest rate	5.44%
Commitment fee rate	0.10%

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
DEBT (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2022	Oct. 12, 2022	Sep. 22, 2022	May 10, 2022	Jan. 14, 2022	Dec. 31, 2021	Aug. 03, 2021
Debt Instrument
Repayments of Commercial Paper		$ 89
Commercial Paper		$ 134					$ 155
Short-term Debt, Weighted Average Interest Rate, at Point in Time		4.67%
Short-Term Debt, Weighted Average Days to Maturity		11 days
Notional Amount	$ 450						375
Interest Rate Swap [Member]
Debt Instrument
Notional Amount	450
Gain (Loss) on Sale of Derivatives	$ 39	$ 39
ITC Holdings Corp.
Debt Instrument
Commercial Paper Program, Maximum Authorized Amount Outstanding		400
Commercial Paper		134					155
ITC Holdings Corp. \| Senior Notes, Due September 22, 2027 \| Unsecured Debt
Debt Instrument
Long-term Debt, Gross		$ 600		$ 600			0
Interest rate		4.95%		4.95%
ITC Holdings Corp. \| Senior Notes, Due November 15, 2022 \| Unsecured Debt
Debt Instrument
Long-term Debt, Gross		$ 500					$ 500
Interest rate		2.70%					2.70%
ITCTransmission \| First Mortgage Bonds, Series J due January 14, 2052 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 130
Interest rate		2.93%				2.93%
Principal amount						$ 130
ITCTransmission \| First Mortgage Bonds, Series I due January 14, 2052 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 20
Interest rate		2.93%				2.93%
Principal amount						$ 20
METC \| Senior Secured Notes, Series B due May 10, 2052 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 75
Interest rate		3.05%			3.05%
Principal amount					$ 75
METC \| Senior Secured Notes due August 3, 2051 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 75					$ 75
Interest rate		2.90%					2.90%	2.90%
Principal amount								$ 75
ITC Midwest \| First Mortgage Bonds Series K, due October 12, 2027 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 75
Interest rate		3.87%	3.87%
Principal amount			$ 75
ITC Midwest \| First Mortgage Bonds Series L, due October 12, 2052 \| Secured Debt
Debt Instrument
Long-term Debt, Gross		$ 75
Interest rate		4.53%	4.53%
Principal amount			$ 75

INCOME TAXES Income Tax Reconci

INCOME TAXES Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Income tax expense at 21% federal statutory rate	$ 123	$ 112	$ 114
State income taxes (net of federal benefit)	36	24	28
AFUDC equity	(6)	(5)	(4)
Amortization of revalued deferred federal income taxes	(9)	(9)	(2)
Valuation allowance	1	4	0
Other, net	1	1	0
Total income tax provision	$ 146	$ 127	$ 136
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%	21%

INCOME TAXES Components of Inco

INCOME TAXES Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Current income tax (benefit) expense	$ 15	$ 0	$ (2)
Deferred Income Tax Expense (Benefit)	131	127	138
Income tax provision (benefit)	$ 146	$ 127	$ 136

INCOME TAXES Deferred Tax Asset

INCOME TAXES Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets and Liabilities [Line Items]
Property, plant and equipment	$ (1,363)	$ (1,274)
Federal income tax NOLs and other credits	5	49
Goodwill	(148)	(145)
Pension and postretirement liabilities	24	22
State income tax NOLs (net of federal benefit)	47	57
Deferred Tax Assets, Valuation Allowance	(5)	(4)
Deferred Tax Assets, Other	12	3
Net deferred tax liabilities	(1,303)	(1,161)
Gross deferred income tax liabilities	(1,542)	(1,434)
Gross deferred income tax assets	244	277
Regulatory liability gross up due to change in federal income tax rate
Deferred Tax Assets and Liabilities [Line Items]
Deferred Tax Liabilities, Regulatory Assets and Liabilities	$ 125	$ 131

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Percent			24.80%	23.80%	25%
Deferred Income Tax Expense (Benefit)			$ 131	$ 127	$ 138
State of Iowa
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	8.40%	9.80%
State of Iowa \| State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Deferred Income Tax Expense (Benefit)			7
Deferred Tax Liabilities, Regulatory Assets and Liabilities	$ 22		$ 22
Minimum \| State of Iowa
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			5.50%

RETIREMENT BENEFITS AND ASSET_3

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Net Defined Benefit Cost Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8	$ 9	$ 8
Interest cost	4	3	4
Expected return on plan assets	(7)	(6)	(6)
Amortization of unrecognized loss/(gain)	1	1	1
Net benefit cost	6	7	7
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	11	11
Interest cost	4	3	4
Expected return on plan assets	(7)	(6)	(5)
Amortization of unrecognized loss/(gain)	(2)	0	0
Net benefit cost	$ 7	$ 8	$ 10

RETIREMENT BENEFITS AND ASSET_4

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Defined Benefit Plans Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Funded Status:
Accrued pension and postretirement liabilities	$ (41)	$ (52)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory assets	181	190
Regulatory liabilities	(676)	(619)
Defined Benefit Plans
Change in Benefit Obligation:
Beginning obligation	(160)	(162)
Service cost	(8)	(9)	$ (8)
Interest cost	(4)	(3)	(4)
Actuarial net gain (loss)	41	5
Benefits paid	7	7
Settlements	0	2
Ending obligation	(124)	(160)	(162)
Change in Plan Assets:
Beginning plan assets at fair value	117	107
Actual return on plan assets	(20)	10
Employer contributions	3	4	4
Benefits Paid	(4)	(4)
Ending plan assets at fair value	96	117	107
Funded status, underfunded	(28)	(43)
Accumulated benefit obligation
Accumulated benefit obligation	(120)	(153)
Funded Status:
Accrued pension and postretirement liabilities	(41)	(52)
Other non-current assets	17	13
Other current liabilities	(4)	(4)
Total	(28)	(43)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory assets	8	20
Regulatory liabilities	(2)	0
Defined Benefit Plans \| Net Actuarial (Gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	(3)
Defined Benefit Plans \| Net Prior Service Cost (Credit)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	1
Defined Benefit Plans \| Net Actuarial (gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Other Regulatory Assets	8	19
Defined Benefit Plans \| Net Prior Service Cost (Credit)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Other Regulatory Assets	0	1
Retirement Plan
Accumulated benefit obligation
Accumulated benefit obligation	(76)	(99)
Supplemental Benefit Plans
Change in Plan Assets:
Employer contributions		3	3
Accumulated benefit obligation
Accumulated benefit obligation	(44)	(54)
Funded Status:
Other non-current assets	47	54
Other Postretirement Benefits Plan
Change in Benefit Obligation:
Beginning obligation	(127)	(122)
Service cost	(12)	(11)	(11)
Interest cost	(4)	(3)	(4)
Defined Benefit Plan, Plan Amendment [Abstract]	0	0
Actuarial net gain (loss)	51	8
Benefits paid	2	1
Settlements	0	0
Ending obligation	(90)	(127)	(122)
Change in Plan Assets:
Beginning plan assets at fair value	140	120
Actual return on plan assets	(23)	13
Employer contributions	7	8	10
Benefits Paid	(2)	(1)
Ending plan assets at fair value	122	140	$ 120
Funded status, underfunded	32	13
Funded Status:
Other non-current assets	32	13
Total	32	13
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Regulatory liabilities	(50)	(31)
Other Postretirement Benefits Plan \| Net Actuarial (Gain) Loss
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	(49)	(29)
Other Postretirement Benefits Plan \| Net Prior Service Cost (Credit)
Unrecognized Amounts in Non-current Regulatory Assets and Liabilities:
Increase (Decrease) in Regulatory Liabilities	$ (1)	$ (2)

RETIREMENT BENEFITS AND ASSET_5

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST PBO in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ (45)	$ (56)

RETIREMENT BENEFITS AND ASSET_6

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST ABO in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	$ (44)	$ (54)

RETIREMENT BENEFITS AND ASSET_7

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.52%	2.86%	2.49%
Weighted average interest crediting rate	4%	4%	4%
Annual rate of salary increases	4%	4%	4%
Expected long-term rate of return on plan assets	5.90%	5.70%	6%
Defined Benefit Plans \| Retirement Plan Name, Other
Defined Benefit Plan Disclosure [Line Items]
Weighted average interest crediting rate	4%	4%	4%
Annual rate of salary increases	4%	4%	4%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.65%	3.14%	2.94%
Annual rate of salary increases	4%	4%	4%
Health care cost trend rate	6.75%	5.75%	6%
Ultimate health care cost trend rate	5%	5%	5%
Year that the ultimate trend rate is reached	2030	2025	2025
Annual rate of increase in dental benefit costs	4.50%	4.50%	4.50%
Other Postretirement Benefits Plan \| Retirement Plan Name, Other
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate	5.75%	6%	6.25%
Ultimate health care cost trend rate	5%	5%	5%
Year that the ultimate trend rate is reached	2025	2025	2025
Annual rate of salary increases	4%	4%	4%
Expected long-term rate of return on plan assets	4.50%	4.30%	4.50%
Service Costs \| Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.05%	2.77%	3.47%
Service Costs \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.32%	3.20%	3.80%
Interest Costs \| Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.44%	1.93%	2.91%
Interest Costs \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.87%	2.50%	3.30%

RETIREMENT BENEFITS AND ASSET_8

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Projected Benefit Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
2023	$ 9
2024	9
2025	10
2026	10
2027	10
2028 through 2032	67
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
2023	2
2024	2
2025	3
2026	3
2027	3
2028 through 2032	$ 25

RETIREMENT BENEFITS AND ASSET_9

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST Schedule of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100%	100%
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100%	100%
Fair value amount	$ 96	$ 117	$ 107
Defined Benefit Plans \| Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Defined Benefit Plans \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	$ 122	$ 140	$ 120
Other Postretirement Benefits Plan \| Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Other Postretirement Benefits Plan \| Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	50%	50%
Fair Value, Recurring [Member] \| Defined Benefit Plans \| Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	$ 96	$ 117
Fair Value, Recurring [Member] \| Defined Benefit Plans \| Fair Value, Inputs, Level 1 \| Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	48	58
Fair Value, Recurring [Member] \| Defined Benefit Plans \| Fair Value, Inputs, Level 1 \| Defined Benefit Plan, Equity Securities, US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	38	47
Fair Value, Recurring [Member] \| Defined Benefit Plans \| Fair Value, Inputs, Level 1 \| Defined Benefit Plan, Equity Securities, Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	10	12
Fair Value, Recurring [Member] \| Other Postretirement Benefits Plan \| Fair Value, Inputs, Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	123	140
Fair Value, Recurring [Member] \| Other Postretirement Benefits Plan \| Fair Value, Inputs, Level 1 \| Mutual Funds - fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	61	70
Fair Value, Recurring [Member] \| Other Postretirement Benefits Plan \| Fair Value, Inputs, Level 1 \| Defined Benefit Plan, Equity Securities, US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	59	67
Fair Value, Recurring [Member] \| Other Postretirement Benefits Plan \| Fair Value, Inputs, Level 1 \| Defined Benefit Plan, Equity Securities, Non-US
Defined Benefit Plan Disclosure [Line Items]
Fair value amount	$ 3	$ 3

RETIREMENT BENEFITS AND ASSE_10

RETIREMENT BENEFITS AND ASSETS HELD IN TRUST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 7	$ 6	$ 6
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy	7
Defined Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	3	4	4
Other non-current assets	17	13
Fair value, level transfers	0	0
Supplemental Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		3	3
Other non-current assets	47	54
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	7	8	$ 10
Other non-current assets	32	$ 13
Expected Future Employer Contributions, Next Fiscal Year	$ 2

FAIR VALUE MEASUREMENTS Assets

FAIR VALUE MEASUREMENTS Assets Measured at Fair Value Subject to Three-Tier Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total - assets	$ 55	$ 63
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total - assets	0	2
Mutual fund - fixed income securities [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	44	51
Mutual fund - equity securities [Member] \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	$ 11	12
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI		$ 2

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper	$ 5,849	$ 6,995
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper	6,649	6,179
Book value of revolving credit agreements and term loan credit agreements	$ 208	$ 329

STOCKHOLDER'S EQUITY Changes in

STOCKHOLDER'S EQUITY Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Balance at the beginning of period	$ (2)	$ (8)	$ 7
Derivatives Instruments [Abstract]
Reclassification of net loss relating to interest rate cash flow hedges from AOCI to earnings (net of tax of $1 for the year ended December 31, 2022, $2 for the year ended December 31, 2021 and $1 for the year ended December 31, 2020) (a)	3	4	3
Gain (loss) on interest rate swaps relating to interest rate cash flow hedges (net of tax of $11 for the year ended December 31, 2022, $1 for the year ended December 31, 2021 and $8 for the year ended December 31, 2020)	26	2	(18)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	29	6	(15)
Balance at the end of period	27	(2)	(8)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	1	2	1
Other Comprehensive Income (Loss), Gain (Loss) on Derivatives Qualifying as Hedges, Tax	$ 11	$ 1	$ 8

STOCKHOLDER'S EQUITY (Details)

STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	12 Months Ended
STOCKHOLDER'S EQUITY (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		$ (3)	$ (4)	$ (3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax		$ 1	$ 2	$ 1
Scenario, Forecast
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 1

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Allocation of Recognized Period Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Amounts capitalized to property, plant and equipment	$ 8	$ 9	$ 7
Total share-based compensation	19	43	32
Total tax benefit recognized in the consolidated statements of operations	5	9	8
Operation and maintenance expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	2	2	2
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Expense	$ 9	$ 32	$ 23

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Vested and Expected to Vest PBUs (Details) - Performance Based Units (PBUs)	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PBUs or SBUs at beginning of period	899,092
Granted	283,063
Vested	(336,368)
Forfeited	(26,396)
PBUs or SBUs at end of period	819,391

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Disclosure of shared based awards (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 46	$ 72
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	35
Performance Based Units (PBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		53
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	27	32
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	19
Service Based Units (SBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		22
Accounts Payable and Accrued Liabilities [Member] \| Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	19
Accounts Payable and Accrued Liabilities [Member] \| Performance Based Units (PBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		28
Accounts Payable and Accrued Liabilities [Member] \| Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	9
Accounts Payable and Accrued Liabilities [Member] \| Service Based Units (SBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		11
Other Liabilities [Member] \| Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	16
Other Liabilities [Member] \| Performance Based Units (PBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		25
Other Liabilities [Member] \| Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	$ 10
Other Liabilities [Member] \| Service Based Units (SBUs) \| Outstanding not yet settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding		$ 11

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN Vested and Expected to Vest SBUs (Details) - Service Based Units (SBUs)	12 Months Ended
	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PBUs or SBUs at beginning of period	689,812
Granted	220,640
Vested	(253,787)
Forfeited	(26,396)
PBUs or SBUs at end of period	630,269

SHARE-BASED COMPENSATION AND _7

SHARE-BASED COMPENSATION AND EMPLOYEE SHARE PURCHASE PLAN (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance Based Units (PBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 46	$ 72
Total unrecognized compensation cost	$ 11
Weighted average period for recognition	1 year 7 months 6 days
Performance Based Units (PBUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent	0%
Performance Based Units (PBUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Payout of Target Award, Percent	200%
Service Based Units (SBUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding	$ 27	32
Total unrecognized compensation cost	$ 8
Weighted average period for recognition	1 year 8 months 12 days
Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 1	$ 1	$ 1

JOINTLY OWNED UTILITY PLANT_C_3

JOINTLY OWNED UTILITY PLANT/COORDINATED SERVICES Schedule of Jointly Owned Utility Plant (Details) $ in Millions	Dec. 31, 2022 USD ($)
ITCTransmission \| Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	49.60%
Net investment	$ 29
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	19
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	0
METC \| Other
Jointly Owned Utility Plant Interests
Net investment	58
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	40
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0
ITC Midwest \| Jointly Owned Electricity Transmission System – Huntley Wilmarth
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	50%
Net investment	$ 57
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	2
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0
ITC Midwest \| Jointly Owned Electricity Transmission System – Cardinal Hickory Creek
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	45.50%
Net investment	$ 0
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	0
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	144
ITC Midwest \| Other
Jointly Owned Utility Plant Interests
Net investment	91
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	17
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 1
ITC Great Plains \| Other
Jointly Owned Utility Plant Interests
Jointly Owned Utility Plant, Proportionate Ownership Share	49%
Net investment	$ 33
Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation	4
Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties, Current			$ 1	$ 2
Accounts Payable, Related Parties, Current			1	1
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party			13	10	$ 10
Related Party Transaction, Expenses from Transactions with Related Party			2	2	2
Payments of Dividends			273	232	330
Income Taxes Paid			11	0	2
Income tax refunds received			0	0	2
ITC Investment Holdings
Related Party Transaction [Line Items]
Payments of Dividends		$ 330	273	$ 232
Income Taxes Paid			$ 11		2
FortisUS
Related Party Transaction [Line Items]
Income tax refunds received					$ 2
Subsequent Event \| ITC Investment Holdings
Related Party Transaction [Line Items]
Payments of Dividends	$ 70

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES Schedule of impacts from the ROE Complaints (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingent Liabilities
Revenue increase	$ 1,466	$ 1,349	$ 1,298
Estimated net income increase	442	406	407
Impact from Recognition of Liability
Commitments and Contingent Liabilities
Revenue increase	0	0	32
Interest expense decrease	0	0	(3)
Estimated net income increase	$ 0	$ 0	$ 25

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 21, 2020	Nov. 21, 2019	Jun. 30, 2017	Sep. 28, 2016	Feb. 12, 2015	Nov. 12, 2013
Commitments and Contingent Liabilities
Regulatory assets	$ 12	$ 21
Current regulatory liabilities	22	14
Purchase obligations	137
Purchase Obligation, Due in Next Twelve Months	125
Revenue increase	1,466	1,349	$ 1,298
Estimated Refund Related to Return on Equity Complaint
Commitments and Contingent Liabilities
Current regulatory liabilities	1
Estimated Refund Related to Return on Equity Complaint
Commitments and Contingent Liabilities
Regulatory assets	1
Customer Concentration Risk \| DTE Electric
Commitments and Contingent Liabilities
Revenue increase	310
Customer Concentration Risk \| Consumers Energy
Commitments and Contingent Liabilities
Revenue increase	354
Customer Concentration Risk \| IP&L
Commitments and Contingent Liabilities
Revenue increase	$ 375
Customer Concentration Risk \| Billed Revenues \| DTE Electric
Commitments and Contingent Liabilities
Concentration percentage	21%
Customer Concentration Risk \| Billed Revenues \| Consumers Energy
Commitments and Contingent Liabilities
Concentration percentage	24%
Customer Concentration Risk \| Billed Revenues \| IP&L
Commitments and Contingent Liabilities
Concentration percentage	25.40%
Rate of Return on Equity and Capital Structure Initial Complaint \| FERC Order \| Minimum
Commitments and Contingent Liabilities
Revised rate of return on equity							10.32%
Rate of Return on Equity and Capital Structure Initial Complaint \| FERC Order \| Maximum
Commitments and Contingent Liabilities
Revised rate of return on equity							11.35%
Rate of Return on Equity and Capital Structure Second Complaint \| Presiding Administrative Law Judge Initial Decision \| Minimum
Commitments and Contingent Liabilities
Recommended rate of return on equity				10.02%	9.88%	9.70%
Rate of Return on Equity and Capital Structure Second Complaint \| Presiding Administrative Law Judge Initial Decision \| Maximum
Commitments and Contingent Liabilities
Recommended rate of return on equity				12.62%	12.24%	10.68%
Rate of Return on Equity and Capital Structure Complaints
Commitments and Contingent Liabilities
Required customer refund paid	$ 1	$ 5	$ 31
MISO Operating Subsidiaries
Commitments and Contingent Liabilities
Rate of return on equity									12.38%
Revised rate of return on equity	10.77%	10.77%	10.77%
Equity in capital structure for ratemaking purposes	$ 5,000
Combined Incentive Adders	10
Effect on net income from 10 basis point reduction in the authorized base return on equity	$ 5
MISO Operating Subsidiaries \| Minimum
Commitments and Contingent Liabilities
Revised rate of return on equity	10.02%	10.02%	10.02%
MISO Operating Subsidiaries \| Rate of Return on Equity and Capital Structure Initial Complaint
Commitments and Contingent Liabilities
Reduced Rate of Return on Equity									9.15%
MISO Operating Subsidiaries \| Rate of Return on Equity and Capital Structure Second Complaint
Commitments and Contingent Liabilities
Reduced Rate of Return on Equity								8.67%
METC \| Easement Agreement \| Consumers Energy
Commitments and Contingent Liabilities
Annual cost	$ 10

SUPPLEMENTAL FINANCIAL INFORM_3

SUPPLEMENTAL FINANCIAL INFORMATION Restricted Cash Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4	$ 5	$ 4	$ 4
Restricted Cash, included in other non-current assets	2	2	2	2
Total cash, cash equivalents and restricted cash	$ 6	$ 7	$ 6	$ 6

SUPPLEMENTAL FINANCIAL INFORM_4

SUPPLEMENTAL FINANCIAL INFORMATION Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid (net of interest capitalized)	$ 247	$ 237	$ 236
Income Taxes Paid	11	0	2
Income tax refunds received	0	0	2
Additions to property, plant and equipment and other long-lived assets	117	140	135
Allowance for funds used during construction	37	30	27
Other	$ 1	$ 3	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Operating revenues	$ 1,466	$ 1,349	$ 1,298
Depreciation and amortization expense	295	232	219
Interest expense, net	269	251	240
Income (loss) before income taxes	588	533	543
Income tax provision (benefit)	146	127	136
Net income	442	406	407
Property, plant and equipment, net	10,637	9,961	9,327
Goodwill	950	950	950
Total assets	12,131	11,445	10,825
Capital expenditures	933	834	885
Regulated Operating Subsidiaries
Segment Reporting Information
Operating revenues	1,503	1,386	1,333
Depreciation and amortization expense	295	231	218
Interest expense, net	134	123	118
Income (loss) before income taxes	736	691	683
Income tax provision (benefit)	179	173	179
Net income	557	518	504
Property, plant and equipment, net	10,630	9,954	9,319
Goodwill	950	950	950
Total assets	12,005	11,317	10,710
Capital expenditures	933	841	886
ITC Holdings and Other
Segment Reporting Information
Operating revenues	1	1	1
Depreciation and amortization expense	0	1	1
Interest expense, net	135	129	122
Income (loss) before income taxes	(148)	(158)	(140)
Income tax provision (benefit)	(33)	(46)	(43)
Net income	442	406	407
Property, plant and equipment, net	7	7	8
Total assets	6,378	6,134	5,830
Capital expenditures	0	0	0
Reconciliations and Eliminations
Segment Reporting Information
Operating revenues	(38)	(38)	(36)
Interest expense, net		(1)
Net income	(557)	(518)	(504)
Total assets	(6,252)	(6,006)	(5,715)
Capital expenditures	$ 0	$ (7)	$ (1)

SCHEDULE I - CONDENSED FINANC_3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Financial Position (Parent Company Only) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 4	$ 5	$ 4	$ 4
Accounts receivable from subsidiaries	1	2
Prepaid and other current assets	19	18
Total current assets	229	217
Other assets
Other assets	134	127
TOTAL ASSETS	12,131	11,445	10,825
Current liabilities
Accrued compensation	59	72
Accrued interest	69	56
Debt maturing within one year	384	654
Other current liabilities	15	16
Total current liabilities	759	1,047
Accrued pension and postretirement liabilities	41	52
Other liabilities	44	55
Long-term debt (net of deferred financing fees and discount of $19 and $17, respectively)	6,607	6,009
TOTAL LIABILITIES	9,459	8,971
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2022 and 2021	892	892
Retained earnings	1,753	1,584
Accumulated other comprehensive income (loss)	27	(2)	(8)	7
Total stockholder’s equity	2,672	2,474	2,294	2,232
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	12,131	11,445
Balance Sheet Additional Disclosures
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 44	$ 39
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Outstanding	224,203,112	224,203,112
Common Stock, Shares, Issued	224,203,112	224,203,112
ITC Holdings
Current assets
Cash and cash equivalents	$ 2	$ 3	$ 2	$ 2
Accounts receivable from subsidiaries	18	20
Intercompany tax receivable from subsidiaries	26	16
Advances to subsidiaries	0	50
Prepaid and other current assets	1	3
Total current assets	47	92
Other assets
Investment in subsidiaries	6,124	5,784
Deferred income taxes	90	142
Advances to subsidiaries	4	4
Other assets	113	112
Total other assets	6,331	6,042
TOTAL ASSETS	6,378	6,134
Current liabilities
Accrued compensation	59	72
Accrued interest	30	23
Debt maturing within one year	384	654
Other current liabilities	12	8
Total current liabilities	485	757
Accrued pension and postretirement liabilities	41	52
Other liabilities	89	78
Long-term debt (net of deferred financing fees and discount of $19 and $17, respectively)	3,091	2,773
TOTAL LIABILITIES	3,706	3,660
STOCKHOLDER’S EQUITY
Common stock, without par value, 235,000,000 shares authorized, 224,203,112 shares issued and outstanding at December 31, 2022 and 2021	892	892
Retained earnings	1,753	1,584
Accumulated other comprehensive income (loss)	27	(2)
Total stockholder’s equity	2,672	2,474
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY	6,378	6,134
Balance Sheet Additional Disclosures
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 19	$ 17
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	235,000,000	235,000,000
Common Stock, Shares, Outstanding	224,203,112	224,203,112
Common Stock, Shares, Issued	224,203,112	224,203,112

SCHEDULE I - CONDENSED FINANC_4

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Comprehensive Income (Parent Company Only) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Other (expense) income, net	$ 1	$ 1	$ 0
General and administrative	105	128	115
Taxes other than income taxes	139	133	124
Interest expense, net	269	251	240
INCOME BEFORE INCOME TAXES	588	533	543
INCOME TAX PROVISION	146	127	136
NET INCOME	442	406	407
Derivative instruments (net of tax of $12 for the year ended December 31, 2022, $2 for the year ended December 31, 2021, $7 for the year ended December 31, 2020)	29	6	(15)
Other Comprehensive Income (Loss), Net of Tax	29	6	(15)
TOTAL COMPREHENSIVE INCOME	471	412	392
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Other (expense) income, net	(5)	3	5
General and administrative	(8)	(30)	(20)
Taxes other than income taxes	0	(2)	(1)
Interest expense, net	(135)	(129)	(122)
INCOME BEFORE INCOME TAXES	(148)	(158)	(138)
INCOME TAX PROVISION	(35)	(46)	(43)
LOSS AFTER TAXES	(113)	(112)	(95)
EQUITY IN SUBSIDIARIES’ NET EARNINGS	555	518	502
NET INCOME	442	406	407
Derivative instruments (net of tax of $12 for the year ended December 31, 2022, $2 for the year ended December 31, 2021, $7 for the year ended December 31, 2020)	29	6	(15)
Other Comprehensive Income (Loss), Net of Tax	29	6	(15)
TOTAL COMPREHENSIVE INCOME	471	412	392
Other Comprehensive Income (Loss), Tax	$ 12	$ 2	$ 7

SCHEDULE I - CONDENSED FINANC_5

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Cash Flows (Parent Company) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 442	$ 406	$ 407
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation	11	34	25
Other	(57)	(6)	(4)
Changes in assets and liabilities, exclusive of changes shown separately:
Accrued compensation	(15)	(3)	(14)
Other current and non-current assets and liabilities, net	(31)	(17)	(16)
Net cash provided by operating activities	892	785	632
CASH FLOWS FROM INVESTING ACTIVITIES
Other	8	10	7
Net cash used in investing activities	(925)	(824)	(878)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	975	75	1,030
Borrowings under revolving credit agreements	1,119	1,175	1,495
Borrowings under term loan credit agreements	0	0	275
Net (repayment) issuance of commercial paper	(21)	88	(133)
Repayment of long-term debt	(500)	0	(35)
Repayments of revolving credit agreement	(1,240)	(1,044)	(1,596)
Repayments of term loan credit agreements	0	0	(475)
Dividends to ITC Investment Holdings	(273)	(232)	(330)
Other	(10)	(1)	(35)
Net cash provided by financing activities	32	40	246
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(1)	1	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	7	6	6
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	6	7	6
ITC Holdings
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	442	406	407
Adjustments to reconcile net income to net cash used in operating activities:
Equity in subsidiaries' earnings	(555)	(518)	(502)
Dividends from subsidiaries	88	10	3
Deferred and other income taxes	(41)	(41)	(46)
Net intercompany tax payments from subsidiaries	82	56	33
Share-based compensation	3	25	15
Other	50	4	2
Changes in assets and liabilities, exclusive of changes shown separately:
Accounts receivable from subsidiaries	2	(2)	9
Intercompany tax receivable from subsidiaries	(10)	(9)	(4)
Accrued compensation	(13)	4	(12)
Other current and non-current assets and liabilities, net	2	(2)	(3)
Net cash provided by operating activities	50	(67)	(98)
CASH FLOWS FROM INVESTING ACTIVITIES
Equity contributions to subsidiaries	(58)	(51)	(88)
Return of capital from subsidiaries	185	259	228
Advances to subsidiaries	0	0	(50)
Proceeds from repayment of advances to subsidiaries	50	0	0
Other	2	1	(2)
Net cash used in investing activities	179	209	88
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	600	0	700
Borrowings under revolving credit agreements	89	93	293
Borrowings under term loan credit agreements	0	0	200
Net (repayment) issuance of commercial paper	(21)	88	(133)
Repayment of long-term debt	(500)	0	0
Repayments of revolving credit agreement	(118)	(91)	(290)
Repayments of term loan credit agreements	0	0	(400)
Dividends to ITC Investment Holdings	(273)	(232)	(330)
Other	(6)	1	(30)
Net cash provided by financing activities	(229)	(141)	10
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	0	1	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	3	2	2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	$ 3	$ 3	$ 2

SCHEDULE I - CONDENSED FINANC_6

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT General (Details) - Regulated Operating Subsidiaries	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
FERC approved capital structure, equity percentage	60%
FERC approved capital structure, debt percentage	40%

SCHEDULE I - CONDENSED FINANC_7

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Maturities of Debt
2023	$ 384
2024	683
2025	0
2026	400
2027	1,275
2028 and thereafter	4,293
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper	5,849	$ 6,995
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper	6,649	6,179
Book value of revolving credit agreements and term loan credit agreements	208	329
ITC Holdings
Maturities of Debt
2023	384
2024	410
2025	0
2026	400
2027	1,100
2028 and thereafter	1,200
Total	3,494
Fair Value Disclosures [Abstract]
Fair value of long-term debt and debt maturing within one year, excluding revolving and term loan credit agreements and commercial paper	3,132	3,516
Book value of long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding revolving and term loan credit agreements and commercial paper	3,331	3,233
Book value of revolving credit agreements and term loan credit agreements	$ 10	$ 39

SCHEDULE I - CONDENSED FINANC_8

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Related-party Transactions (Details) - ITC Holdings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 21, 2020
Condensed Financial Statements, Captions [Line Items]
Equity contributions to subsidiaries	$ 58	$ 51	$ 88
Dividends from subsidiaries	88	10	3
Return of capital from subsidiaries	185	259	228
ITCTransmission
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	25	24	17
Notes Receivable, Related Parties, Noncurrent				$ 50
Interest and Fee Income, Other Loans	1		1
METC
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	19	15	9
ITC Midwest
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	33	10	1
ITC Great Plains
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	5	6	6
Other
Condensed Financial Statements, Captions [Line Items]
Tax payments (to) from subsidiary under intercompany tax sharing arrangement	0	1	0
Notes Receivable, Related Parties, Noncurrent	4
Interest and Fee Income, Other Loans	$ 1	$ 1	$ 1

SCHEDULE I - CONDENSED FINANC_9

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Supplemental Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 4	$ 5	$ 4	$ 4
Restricted Cash, included in other non-current assets	2	2	2	2
Total cash, cash equivalents and restricted cash	6	7	6	6
Interest Paid, Excluding Capitalized Interest, Operating Activities	247	237	236
Income Taxes Paid	11	0	2
Income tax refunds received	0	0	2
ITC Holdings
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2	3	2	2
Restricted Cash, included in other non-current assets	1	0	0	0
Total cash, cash equivalents and restricted cash	3	3	2	$ 2
Interest Paid, Excluding Capitalized Interest, Operating Activities	121	119	116
Income Taxes Paid	11	0	2
Income tax refunds received	$ 0	$ 0	$ 2