Itc Holdings Corp (ITC) financial statements (2022 and earlier)

Company profile

Business Address 27175 ENERGY WAY
NOVI, MI 48377
State of Incorp. MI
Fiscal Year End December 31
SIC 4911 - Electric Services (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments544666814
Cash and cash equivalents544666814
Receivables130115118103135125104
Inventory, net of allowances, customer advances and progress billings45423932292926
Inventory45423932292926
Regulatory current assets21521212185315
Other undisclosed current assets16111411121811
Total current assets:217224187164260233169
Noncurrent Assets
Property, plant and equipment9,9619,327     
Intangible assets, net (including goodwill)  983988991993996
Goodwill  950950950950950
Intangible assets, net (excluding goodwill)  3338414346
Regulated entity, other noncurrent assets  229200197247233
Deferred costs      29
Other noncurrent assets101837767665045
Other undisclosed noncurrent assets1,1661,191   2 
Total noncurrent assets:11,22810,6011,2891,2551,2541,2921,303
Other undisclosed assets  8,5827,9107,3096,6986,110
TOTAL ASSETS:11,44510,82510,0589,3298,8238,2237,582
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities319301257250242217245
Accounts payable1271308210697100124
Employee-related liabilities72556130281424
Taxes payable64616664574944
Interest and dividends payable56554850605453
Deferred revenue443727
Debt65467235 100235395
Regulatory liability141412317818312945
Due to related parties    1  
Contract with customer, liability33
Other liabilities16181611343531
Other undisclosed current liabilities    2173
Total current liabilities:1,047437658472562633719
Noncurrent Liabilities
Long-term debt and lease obligation6,0096,2955,5755,3385,0014,3554,061
Long-term debt, excluding current maturities6,0096,2955,5725,3385,0014,3554,061
Operating lease, liability  3
Liabilities, other than long-term debt7607927291,4681,3401,3341,093
Customer advances or deposits292718
Deferred revenue286519
Contract with customer, liability13
Asset retirement obligations666    
Deferred tax liabilities, net721601964735
Liability, pension and other postretirement and postemployment benefits52597368746862
Regulatory liability619612584640619249255
Other liabilities55504726172623
Other undisclosed noncurrent liabilities1,1551,007     
Total noncurrent liabilities:7,9248,0946,3046,8066,3415,6895,154
Total liabilities:8,9718,5316,9627,2786,9036,3225,873
Stockholders' equity
Stockholders' equity attributable to parent2,4742,2942,2322,0511,9201,9011,709
Common stock892892892892892892829
Accumulated other comprehensive income (loss)(2)(8)74224
Retained earnings1,5841,4101,3331,1551,0261,007876
Total stockholders' equity:2,4742,2942,2322,0511,9201,9011,709
Other undisclosed liabilities and equity  864    
TOTAL LIABILITIES AND EQUITY:11,44510,82510,0589,3298,8238,2237,582

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

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues1,3491,2981,3271,1561,2111,1251,045
Revenue, net1,2111,1251,045
Cost of revenue(472)(211)(231)(394)(380)(206)(194)
Gross profit:8771,0871,096762831919850
Operating expenses(128)(334)(341)(127)(123)(397)(290)
Other operating income, net1  4211
Other undisclosed operating loss(1)  (4)(2)(1)(1)
Operating income:749753755635708522561
Nonoperating expense(216)(210)(195)(194)(193)(179)(177)
Public utilities, allowance for funds used during construction, capitalized cost of equity30272933333528
Interest and debt expense(251)(240)(224)(224)(224)(211)(204)
Other undisclosed income from continuing operations before equity method investments, income taxes251240224224224211204
Income from continuing operations before income taxes:533543560441515343384
Income tax expense(127)(136)(132)(111)(196)(97)(141)
Net income available to common stockholders, diluted:406407428330319246242

Comprehensive Income ($ in millions)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income:406407428330319246242
Other comprehensive income (loss)6(15)31 (2)(1)
Comprehensive income, net of tax, attributable to parent:412392431331319244242

Statements sources

The financial statements are based on the company's filings with the 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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