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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Cash Flows (Parent Company) (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
[1],[2]
Jun. 30, 2015
[1],[2]
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
[2],[3]
Jun. 30, 2014
[2],[3]
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES                      
NET INCOME $ 37,365 [1],[2] $ 65,573 $ 72,336 $ 67,132 [1],[2] $ 46,738 [2],[3] $ 73,873 $ 54,336 $ 69,136 [2],[3] $ 242,406 [1],[2] $ 244,083 [2],[3] $ 233,506
Adjustments to reconcile net income to net cash provided by operating activities:                      
Loss on extinguishment of debt                 0 29,205 0
Share-based compensation expense                 17,609 14,652 15,666
Other                 22,031 17,697 17,864
Changes in assets and liabilities, exclusive of changes shown separately:                      
Prepaid and other current assets                 (3,214) 5,089 16,891
Accounts payable                 (7,263) (19,061) 17,638
Accrued payroll                 463 525 1,619
Accrued interest                 2,039 (2,511) 8,341
Accrued taxes                 14,783 19,756 6,113
Tax benefit on the excess tax deduction of share-based compensation                 (11,707) (7,767) (4,302)
Other current liabilities                 5,587 (2,314) 1,630
Other non-current assets and liabilities, net                 25,355 (13,697) 7,669
Net cash provided by operating activities                 555,745 501,501 449,196
CASH FLOWS FROM INVESTING ACTIVITIES                      
Proceeds from sale of marketable securities                 673 495 20,844
Purchases of marketable securities                 (10,422) (6,091) (22,250)
Other                 (5,456) 4,040 (3,294)
Net cash used in investing activities                 (699,345) (734,701) (826,288)
CASH FLOWS FROM FINANCING ACTIVITIES                      
Issuance of long-term debt                 225,000 798,664 933,025
Borrowings under revolving credit agreement                 2,832,100 1,660,000 1,090,100
Borrowings under term loan credit agreements                 200,000 110,000 675,000
Net issuance of commercial paper, net of discount                 94,630 0 0
Retirement of long-term debt — including extinguishment of debt costs                 (175,000) (298,625) (452,000)
Repayments of revolving credit agreement                 (2,825,000) (1,618,400) (1,146,700)
Repayments of term loan credit agreements                 0 (189,000) (635,000)
Issuance of common stock                 13,635 20,713 10,042
Dividends on common and restricted stock                 (108,275) (95,595) (84,129)
Repurchase and retirement of common stock                 (137,081) (134,284) (4,885)
Tax benefit on the excess tax deduction of share-based compensation                 11,707 7,767 4,302
Advance for forward contract of accelerated share repurchase program                 0 (20,000) 0
Return of unused advance for forward contract of accelerated share repurchase program                 0 20,000 0
Other                 (2,929) (11,724) 1,380
Net cash (used in) provided by financing activities                 129,718 226,666 385,180
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                 (13,882) (6,534) 8,088
CASH AND CASH EQUIVALENTS — Beginning of period       27,741       34,275 27,741 34,275 26,187
CASH AND CASH EQUIVALENTS — End of period 13,859       27,741       13,859 27,741 34,275
Supplementary cash flows information:                      
Interest paid (net of interest capitalized)                 191,041 185,288 155,112
Income taxes paid — net                 55,722 44,524 20,092
ITC Holdings Corp.                      
CASH FLOWS FROM OPERATING ACTIVITIES                      
NET INCOME                 242,406 244,083 233,506
Adjustments to reconcile net income to net cash provided by operating activities:                      
Equity in subsidiaries' earnings                 (307,889) (329,799) (318,197)
Dividends from subsidiaries [4]                 185,303 224,167 169,973
Deferred and other income taxes                 (116,243) (122,413) (117,956)
Loss on extinguishment of debt                 0 29,205 0
Intercompany tax payments from subsidiaries                 120,863 124,315 112,008
Share-based compensation expense                 17,674 14,652 15,667
Other                 3,108 2,852 (226)
Changes in assets and liabilities, exclusive of changes shown separately:                      
Accounts receivable from subsidiaries                 3,158 1,304 (979)
Prepaid and other current assets                 92 4,154 16,948
Accounts payable                 990 (3,869) (2,294)
Accrued payroll                 621 1,572 1,190
Accrued interest                 21 (2,671) 6,501
Accrued taxes                 8,996 11,147 (179)
Tax benefit on the excess tax deduction of share-based compensation                 (11,707) (7,767) (4,302)
Other current liabilities                 2,416 (2,425) 2,278
Other non-current assets and liabilities, net                 6,006 3,078 12,465
Net cash provided by operating activities                 155,815 191,585 126,403
CASH FLOWS FROM INVESTING ACTIVITIES                      
Equity contributions to subsidiaries                 (263,150) (348,661) (339,770)
Return of capital from subsidiaries [4]                 161,075 126,900 96,120
Proceeds from sale of marketable securities                 673 495 20,844
Purchases of marketable securities                 (10,422) (6,091) (22,250)
Other                 (750) (984) 0
Net cash used in investing activities                 (112,574) (228,341) (245,056)
CASH FLOWS FROM FINANCING ACTIVITIES                      
Issuance of long-term debt                 0 398,664 548,484
Borrowings under revolving credit agreement                 838,900 533,900 222,800
Borrowings under term loan credit agreements                 0 60,000 390,000
Net issuance of commercial paper, net of discount                 94,630 0 0
Retirement of long-term debt — including extinguishment of debt costs                 0 (248,625) (267,000)
Repayments of revolving credit agreement                 (754,700) (480,400) (252,400)
Repayments of term loan credit agreements                 0 (39,000) (450,000)
Issuance of common stock                 13,635 20,713 10,042
Dividends on common and restricted stock                 (108,275) (95,595) (84,129)
Repurchase and retirement of common stock                 (137,081) (134,284) (4,885)
Tax benefit on the excess tax deduction of share-based compensation                 11,707 7,767 4,302
Advance for forward contract of accelerated share repurchase program                 0 (20,000) 0
Return of unused advance for forward contract of accelerated share repurchase program                 0 20,000 0
Other                 (177) (6,932) 5,746
Net cash (used in) provided by financing activities                 (41,361) 16,208 122,960
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                 1,880 (20,548) 4,307
CASH AND CASH EQUIVALENTS — Beginning of period       $ 6,305       $ 26,853 6,305 26,853 22,546
CASH AND CASH EQUIVALENTS — End of period $ 8,185       $ 6,305       8,185 6,305 26,853
Supplementary cash flows information:                      
Interest paid (net of interest capitalized)                 103,915 105,817 90,224
Income taxes paid — net                 55,722 44,524 20,092
Supplementary non-cash investing and financing activities:                      
Equity transfers to subsidiaries                 $ 1,497 $ 6,227 $ 6,213
[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.
[4] Includes ITCTransmission, MTH, ITC Midwest and other subsidiaries.