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SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]                      
Operating revenues $ 224,034 [1],[2] $ 273,189 [1],[2] $ 275,058 [1],[2] $ 272,487 [1],[2] $ 231,097 [2] $ 270,134 [2] $ 263,214 [2] $ 258,603 [2] $ 1,044,768 [1],[2] $ 1,023,048 [2] $ 941,272
Operating income 103,213 [1],[2] 149,644 [1],[2] 158,408 [1],[2] 149,452 [1],[2] 119,028 [2] 161,432 [2] 158,928 [2] 153,441 [2] 560,717 [1],[2] 592,829 [2] 496,061
NET INCOME $ 37,365 [1],[2] $ 65,573 [1],[2] $ 72,336 [1],[2] $ 67,132 [1],[2] $ 46,738 [2],[3] $ 73,873 [2],[3] $ 54,336 [2],[3] $ 69,136 [2],[3] $ 242,406 [1],[2] $ 244,083 [2],[3] $ 233,506
Basic $ 0.25 $ 0.42 $ 0.47 $ 0.43 $ 0.30 $ 0.47 $ 0.34 $ 0.44 $ 1.57 $ 1.56 $ 1.49
Diluted $ 0.24 $ 0.42 $ 0.46 $ 0.43 $ 0.30 $ 0.47 $ 0.34 $ 0.43 $ 1.56 $ 1.54 $ 1.47
Loss on extinguishment of debt                 $ 0 $ (29,205) $ 0
Loss on Extinguishment of Debt                      
Terminated Entergy Transaction                      
Reduction of net income                 $ 18,200    
Rate of Return on Equity and Capital Structure Complaint                      
Selected Quarterly Financial Information [Abstract]                      
Operating revenues                   46,900  
Terminated Entergy Transaction                      
Reduction of net income                   $ 28,900  
[1] During the third and fourth quarters of 2015, we recognized an aggregate regulatory liability for the refund relating to the formula rate template modifications filing as described in Note 4, which resulted in a reduction in operating revenues and operating income of $9.5 million and an estimated $6.2 million reduction to net income for the year ended December 31, 2015.
[2] During the year ended December 31, 2015 and the fourth quarter of 2014, we recognized an aggregate estimated regulatory liability for the potential refunds relating to the ROE complaints as described in Note 16, which resulted in a reduction in operating revenues and operating income of $115.1 million and $46.9 million and an estimated $73.2 million and $28.9 million reduction to net income for the years ended December 31, 2015 and 2014, respectively.
[3] During the second quarter of 2014, we incurred a loss on extinguishment of debt of $29.2 million related to the tender of ITC Holdings Senior Notes as described in Note 8, which resulted in an estimated reduction to net income of $18.2 million.