Itc Holdings Corp (ITC) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
27175 ENERGY WAY NOVI, MI 48377 |
| State of Incorp. | MI |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4911 - Electric Services (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 6/30/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 328 | 4 | 5 | 4 | 4 | 6 | |||
| Cash and cash equivalents | 328 | 4 | 5 | 4 | 4 | 6 | |||
| Receivables | 137 | 140 | 130 | 115 | 118 | 103 | |||
| Inventory, net of allowances, customer advances and progress billings | 63 | 55 | 45 | 42 | 39 | 32 | |||
| Inventory | 63 | 55 | 45 | 42 | 39 | 32 | |||
| Regulatory asset | 30 | 12 | 21 | 52 | 12 | 12 | |||
| Other undisclosed current assets | 21 | 18 | 16 | 11 | 14 | 11 | |||
| Total current assets: | 579 | 229 | 217 | 224 | 187 | 164 | |||
| Noncurrent Assets | |||||||||
| Property, plant and equipment | 11,274 | 10,637 | 9,961 | 9,327 | |||||
| Intangible assets, net (including goodwill) | 950 | 950 | 983 | 988 | |||||
| Goodwill | 950 | 950 | 950 | 950 | |||||
| Intangible assets, net (excluding goodwill) | 33 | 38 | |||||||
| Regulated entity, other noncurrent assets | 175 | 181 | 229 | 200 | |||||
| Other noncurrent assets | 146 | 134 | 101 | 83 | 77 | 67 | |||
| Other undisclosed noncurrent assets | 1,166 | 1,191 | |||||||
| Total noncurrent assets: | 12,545 | 11,902 | 11,228 | 10,601 | 1,289 | 1,255 | |||
| Other undisclosed assets | 8,582 | 7,910 | |||||||
| TOTAL ASSETS: | 13,124 | 12,131 | 11,445 | 10,825 | 10,058 | 9,329 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 332 | 312 | 319 | 301 | 257 | 250 | |||
| Interest and dividends payable | ✕ | ✕ | ✕ | 56 | 55 | 48 | 50 | ||
| Taxes payable | ✕ | ✕ | ✕ | 64 | 61 | 66 | 64 | ||
| Employee-related liabilities | ✕ | ✕ | ✕ | 72 | 55 | 61 | 30 | ||
| Accounts payable | 117 | 112 | 127 | 130 | 82 | 106 | |||
| Accrued liabilities | 215 | 200 | |||||||
| Deferred revenue | 31 | 26 | 44 | 37 | 27 | ✕ | |||
| Debt | 475 | 384 | 654 | 67 | 235 | ||||
| Regulatory liability | 41 | 22 | 14 | 14 | 123 | 178 | |||
| Other liabilities | 18 | 15 | 16 | 18 | 16 | 11 | |||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 33 | ||
| Total current liabilities: | 897 | 759 | 1,047 | 437 | 658 | 472 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 7,123 | 6,607 | 6,009 | 6,295 | 5,575 | 5,338 | |||
| Long-term debt, excluding current maturities | 7,123 | 6,607 | 6,009 | 6,295 | 5,572 | 5,338 | |||
| Liabilities, other than long-term debt | 2,250 | 2,093 | 760 | 792 | 729 | 1,468 | |||
| Deferred revenue | 33 | 29 | 28 | 65 | 19 | ✕ | |||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 13 | ||
| Asset retirement obligations | 6 | 6 | 6 | ||||||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 721 | ||
| Deferred income tax liabilities | 1,411 | 1,303 | ✕ | ||||||
| Liability, pension and other postretirement and postemployment benefits | 42 | 41 | 52 | 59 | 73 | 68 | |||
| Regulatory liability | 721 | 676 | 619 | 612 | 584 | 640 | |||
| Other liabilities | 43 | 44 | 55 | 50 | 47 | 26 | |||
| Operating lease, liability | 3 | ✕ | |||||||
| Other undisclosed noncurrent liabilities | 1,155 | 1,007 | |||||||
| Total noncurrent liabilities: | 9,373 | 8,700 | 7,924 | 8,094 | 6,304 | 6,806 | |||
| Total liabilities: | 10,270 | 9,459 | 8,971 | 8,531 | 6,962 | 7,278 | |||
| Equity | |||||||||
| Equity, attributable to parent | 2,854 | 2,672 | 2,474 | 2,294 | 2,232 | 2,051 | |||
| Common stock | 892 | 892 | 892 | 892 | 892 | 892 | |||
| Accumulated other comprehensive income (loss) | 29 | 27 | (2) | (8) | 7 | 4 | |||
| Retained earnings | 1,933 | 1,753 | 1,584 | 1,410 | 1,333 | 1,155 | |||
| Total equity: | 2,854 | 2,672 | 2,474 | 2,294 | 2,232 | 2,051 | |||
| Other undisclosed liabilities and equity | 864 | ||||||||
| TOTAL LIABILITIES AND EQUITY: | 13,124 | 12,131 | 11,445 | 10,825 | 10,058 | 9,329 | |||
Income Statement (P&L) ($ in millions)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 1,545 | 1,466 | 1,349 | 1,298 | 1,327 | 1,156 | ||
| Cost of revenue | (540) | (472) | (211) | (231) | (394) | |||
| Gross profit: | 1,545 | 926 | 877 | 1,087 | 1,096 | 762 | ||
| Operating expenses | (671) | (105) | (128) | (334) | (341) | (127) | ||
| Other operating income, net | 1 | 1 | 4 | |||||
| Other undisclosed operating loss | (1) | (1) | (4) | |||||
| Operating income: | 874 | 821 | 749 | 753 | 755 | 635 | ||
| Nonoperating expense | (255) | (233) | (216) | (210) | (195) | (194) | ||
| Public utilities, allowance for funds used during construction, capitalized cost of equity | 43 | 37 | 30 | 27 | 29 | 33 | ||
| Interest and debt expense | (315) | (269) | (251) | (240) | (224) | (224) | ||
| Other undisclosed income from continuing operations before equity method investments, income taxes | 269 | 251 | 240 | 224 | 224 | |||
| Income from continuing operations before equity method investments, income taxes: | 304 | 588 | 533 | 543 | 560 | 441 | ||
| Other undisclosed income from continuing operations before income taxes | 315 | |||||||
| Income from continuing operations before income taxes: | 619 | 588 | 533 | 543 | 560 | 441 | ||
| Income tax expense | (156) | (146) | (127) | (136) | (132) | (111) | ||
| Income from continuing operations: | 463 | 442 | 406 | 407 | 428 | 330 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 406 | 407 | 428 | 330 | |
| Net income available to common stockholders, diluted: | 463 | 442 | 406 | 407 | 428 | 330 | ||
Comprehensive Income ($ in millions)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 463 | 442 | 406 | 407 | 428 | 330 | ||
| Other comprehensive income (loss) | 2 | 29 | 6 | (15) | 3 | 1 | ||
| Comprehensive income, net of tax, attributable to parent: | 465 | 471 | 412 | 392 | 431 | 331 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.