DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Revolving Credit Agreements

At June 30, 2020, ITC Holdings and certain of its Regulated Operating Subsidiaries had the following unsecured revolving credit facilities available:

(in millions)	Total Available Capacity		Outstanding Balance (a)		Unused Capacity			Weighted Average Interest Rate on Outstanding Balance (b)	Commitment Fee Rate (c)
ITC Holdings	$	400	$	—	$	400	(d)	—%	0.175	%
ITCTransmission	100		57		43			1.1%	0.10	%
METC	100		45		55			1.1%	0.10	%
ITC Midwest	225		169		56			1.1%	0.10	%
ITC Great Plains	75		30		45			1.1%	0.10	%
Total	$	900	$	301	$	599

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(a)Included within long-term debt in the condensed 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.

^{[1],[2],[3],[4]}

Schedule of Interest Rate Derivatives [Table Text Block]

In May 2020, we terminated $450 million of 5-year interest rate swap contracts that managed the interest rate risk associated with the ITC Holdings $700 million Senior Notes with a maturity date of May 14, 2030. A summary of the terminated interest rate swaps is provided below:

Interest Rate Swaps (in millions, except percentages)	Notional Amount		Weighted Average Fixed Rate of Interest Rate Swaps		Comparable Reference Rate of Notes	Loss on Derivatives		Settlement Date
5-year interest rate swaps	$	450	1.41	%	0.38%	$	23	May 2020

[1] Calculation based on the average daily unused commitments, subject to adjustment based on the borrower’s credit rating.

[2] 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.

[3] Included within long-term debt in the condensed consolidated statements of financial position.

[4] Interest charged on borrowings depends on the variable rate structure we elected at the time of each borrowing.