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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments4544666
Cash and cash equivalents4544666
Receivables140130115118103135
Inventory, net of allowances, customer advances and progress billings554542393229
Inventory554542393229
Regulatory asset122152121218
Other undisclosed current assets181611141112
Total current assets:229217224187164260
Noncurrent Assets
Property, plant and equipment10,6379,9619,327   
Intangible assets, net (including goodwill)950  983988991
Goodwill950  950950950
Intangible assets, net (excluding goodwill)    333841
Regulated entity, other noncurrent assets181  229200197
Other noncurrent assets13410183776766
Other undisclosed noncurrent assets  1,1661,191   
Total noncurrent assets:11,90211,22810,6011,2891,2551,254
Other undisclosed assets    8,5827,9107,309
TOTAL ASSETS:12,13111,44510,82510,0589,3298,823
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities312319301257250242
Interest and dividends payable5655485060
Taxes payable6461666457
Employee-related liabilities7255613028
Accounts payable1121271308210697
Accrued liabilities200     
Deferred revenue26443727
Debt38465467235 100
Regulatory liability221414123178183
Due to related parties     1
Contract with customer, liability33
Other liabilities151618161134
Other undisclosed current liabilities      2
Total current liabilities:7591,047437658472562
Noncurrent Liabilities
Long-term debt and lease obligation6,6076,0096,2955,5755,3385,001
Long-term debt, excluding current maturities6,6076,0096,2955,5725,3385,001
Liabilities, other than long-term debt2,0937607927291,4681,340
Customer advances or deposits29
Deferred revenue29286519
Contract with customer, liability13
Asset retirement obligations  666  
Deferred tax liabilities, net721601
Deferred income tax liabilities1,303   
Liability, pension and other postretirement and postemployment benefits415259736874
Regulatory liability676619612584640619
Other liabilities445550472617
Operating lease, liability    3
Other undisclosed noncurrent liabilities  1,1551,007   
Total noncurrent liabilities:8,7007,9248,0946,3046,8066,341
Total liabilities:9,4598,9718,5316,9627,2786,903
Equity
Equity, attributable to parent2,6722,4742,2942,2322,0511,920
Common stock892892892892892892
Accumulated other comprehensive income (loss)27(2)(8)742
Retained earnings1,7531,5841,4101,3331,1551,026
Total equity:2,6722,4742,2942,2322,0511,920
Other undisclosed liabilities and equity    864  
TOTAL LIABILITIES AND EQUITY:12,13111,44510,82510,0589,3298,823

Income Statement (P&L) ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,4661,3491,2981,3271,1561,211
Revenue, net1,211
Cost of revenue (540)(472)(211)(231)(394)(380)
Other undisclosed gross profit      
Gross profit:9268771,0871,096762831
Operating expenses(105)(128)(334)(341)(127)(123)
Other operating income, net 11  42
Other undisclosed operating loss (1)(1)  (4)(2)
Operating income:821749753755635708
Nonoperating expense(233)(216)(210)(195)(194)(193)
Public utilities, allowance for funds used during construction, capitalized cost of equity373027293333
Interest and debt expense(269)(251)(240)(224)(224)(224)
Other undisclosed income from continuing operations before equity method investments, income taxes269251240224224224
Income from continuing operations before equity method investments, income taxes:588533543560441515
Other undisclosed income from continuing operations before income taxes      
Income from continuing operations before income taxes:588533543560441515
Income tax expense(146)(127)(136)(132)(111)(196)
Income from continuing operations:442406407428330319
Income before gain (loss) on sale of properties:406407428330319
Net income available to common stockholders, diluted:442406407428330319

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:442406407428330319
Other comprehensive income (loss)296(15)31 
Comprehensive income, net of tax, attributable to parent:471412392431331319

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.

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