Itc Holdings Corp (ITC) financial statements (2021 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)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments4466681428
Cash and cash equivalents4466681428
Receivables115118103135125104101
Inventory, net of allowances, customer advances and progress billings42393229292631
Inventory42393229292631
Regulatory current assets5212121853155
Other undisclosed current assets11141112181122
Total current assets:224187164260233169187
Noncurrent Assets
Property, plant and equipment9,327     5,497
Intangible assets, net (including goodwill) 983988991993996999
Goodwill 950950950950950950
Intangible assets, net (excluding goodwill) 333841434649
Regulated entity, other noncurrent assets 229200197247233224
Deferred costs     2930
Other noncurrent assets83776766504537
Other undisclosed noncurrent assets1,191   2 (5,497)
Total noncurrent assets:10,6011,2891,2551,2541,2921,3031,290
Other undisclosed assets 8,5827,9107,3096,6986,1105,497
TOTAL ASSETS:10,82510,0589,3298,8238,2237,5826,974
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities301257250242217245224
Accounts payable1308210697100124108
Employee-related liabilities55613028142424
Taxes payable61666457494442
Interest and dividends payable55485060545351
Deferred revenue3727
Debt67235 100235395175
Regulatory liability141231781831294540
Due to related parties   1   
Contract with customer, liability33
Other liabilities18161134353114
Other undisclosed current liabilities   217310
Total current liabilities:437658472562633719463
Noncurrent Liabilities
Long-term debt and lease obligation6,2955,5755,3385,0014,3554,0613,929
Long-term debt, excluding current maturities6,2955,5725,3385,0014,3554,0613,929
Operating lease, liability 3
Liabilities, other than long-term debt7927291,4681,3401,3341,093919
Customer advances or deposits2927189
Deferred revenue6519
Contract with customer, liability13
Asset retirement obligations66    6
Deferred tax liabilities, net721601964735657
Liability, pension and other postretirement and postemployment benefits59736874686270
Regulatory liability612584640619249255160
Other liabilities50472617262317
Other undisclosed noncurrent liabilities1,007      
Total noncurrent liabilities:8,0946,3046,8066,3415,6895,1544,847
Total liabilities:8,5316,9627,2786,9036,3225,8735,310
Stockholders' equity
Stockholders' equity attributable to parent2,2942,2322,0511,9201,9011,7091,670
Common stock892892892892892829923
Accumulated other comprehensive income (loss)(8)742245
Retained earnings1,4101,3331,1551,0261,007876742
Total stockholders' equity:2,2942,2322,0511,9201,9011,7091,670
Other undisclosed liabilities and equity 864    (6)
TOTAL LIABILITIES AND EQUITY:10,82510,0589,3298,8238,2237,5826,974

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

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues1,2981,3271,1561,2111,1251,0451,023
Revenue, net1,2111,1251,0451,023
Cost of revenue(211)(231)(394)(380)(206)(194)(187)
Cost of goods and services sold      (112)
Gross profit:1,0871,096762831919850836
Operating expenses(334)(341)(127)(123)(397)(290)(243)
Other operating income, net  42111
Other undisclosed operating loss  (4)(2)(1)(1)(1)
Operating income:753755635708522561593
Nonoperating expense(210)(195)(194)(193)(179)(177)(198)
Public utilities, allowance for funds used during construction, capitalized cost of equity27293333352821
Interest and debt expense(240)(224)(224)(224)(211)(204)(216)
Other undisclosed income from continuing operations before equity method investments, income taxes240224224224211204216
Income from continuing operations before income taxes:543560441515343384394
Income tax expense(136)(132)(111)(196)(97)(141)(150)
Net income available to common stockholders, diluted:407428330319246242244

Comprehensive Income ($ in millions)

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income:407428330319246242244
Other comprehensive income (loss)(15)31 (2)(1)(2)
Comprehensive income, net of tax, attributable to parent:392431331319244242243

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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