ITC Reports Fourth Quarter and Year Ended 2015 Results

Feb 25, 2016, 06:30 ET from ITC Holdings Corp.

NOVI, Mich., Feb. 25, 2016 /PRNewswire/ --

Highlights

  • Full-year 2015 operating earnings of $2.08 per diluted common share; full-year 2015 reported earnings of $1.56 per diluted common share
  • Fourth quarter 2015 operating earnings of $0.57 per diluted common share; fourth quarter 2015 reported earnings of $0.24 per diluted common share
  • Full-year 2015 capital investments of $771.4 million
  • Updated regulated operating company capital investment forecast to approximately $2.1 billion from $1.9 billion for 2016 through 2018
  • Announced acquisition of ITC by Fortis Inc. on February 9, 2016 valued at US$11.3 billion, including ITC consolidated debt, concluding the board's evaluation of strategic alternatives

 


Three months ended


Twelve months ended

(in thousands, except per share data)

December 31,


December 31,


2015


2014


2015


2014

OPERATING REVENUES

$

224,034



$

231,097



$

1,044,768



$

1,023,048


REPORTED NET INCOME

$

37,365



$

46,738



$

242,406



$

244,083


OPERATING EARNINGS

$

87,592



$

75,913



$

323,806



$

292,039


REPORTED DILUTED EPS

$

0.24



$

0.30



$

1.56



$

1.54


OPERATING DILUTED EPS

$

0.57



$

0.48



$

2.08



$

1.85


 

ITC Holdings Corp. (NYSE: ITC) announced today its results for the fourth quarter and year ended December 31, 2015.

Reported net income for the fourth quarter, measured in accordance with Generally Accepted Accounting Principles (GAAP), was $37.4 million, or $0.24 per diluted common share, compared to $46.7 million or $0.30 per diluted common share for the fourth quarter of 2014. For the year ended December 31, 2015, reported net income was $242.4 million, or $1.56 per diluted common share, compared to $244.1 million, or $1.54 per diluted common share for the same period last year.

Operating earnings for the fourth quarter were $87.6 million, or $0.57 per diluted common share, compared to operating earnings of $75.9 million, or $0.48 per diluted common share for the fourth quarter of 2014. For the year ended December 31, 2015, operating earnings were $323.8 million, or $2.08 per diluted common share, compared to operating earnings of $292.0 million, or $1.85 per diluted common share for the same period last year.

ITC invested $771.4 million in capital projects at its operating companies during the year ended December 31, 2015, including $189.6 million at ITCTransmission, $174.8 million at METC, $388.4 million at ITC Midwest, $14.4 million at ITC Great Plains and $4.2 million of Development.

"I am very pleased to report that 2015 was another year of strong operational and financial performance," said Joseph L. Welch, chairman, president and CEO of ITC. "We delivered on our commitments to shareholders and customers while positioning ourselves for continued success in the long-term."

"We are pleased with our recent announcement that ITC has agreed to be acquired by Fortis Inc. We believe that Fortis is the ideal partner to provide a broad platform for ITC to make long-term strategic investments in electric transmission to the benefit of customers and stakeholders in support of ITC's mission to modernize electrical infrastructure in the United States," said Joseph L. Welch, chairman, president and CEO of ITC.

Operating Earnings

Operating earnings are non-GAAP measures that exclude the impact of after-tax expenses associated with the following items:

  1. Regulatory charges of approximately $0.6 million for the fourth quarter of 2015. These expenses totaled $7.3 million, or $0.04 per diluted common share for the year ended December 31, 2015 and $0.1 million for the year ended December 31, 2014. Of the 2015 charges, $1.1 million relates to management's decision to write-off abandoned project costs at ITCTransmission and $6.2 million relates to a refund liability attributable to contributions in aid of construction (CIAC refund liability). The 2014 charge relates to certain acquisition accounting adjustments for ITC Midwest, ITCTransmission, and METC resulting from the Federal Energy Regulatory Commission (FERC) audit order on ITC Midwest issued in May 2012.
  2. Loss on extinguishment of debt associated with the cash tender offer and consent solicitation transaction for select bonds at ITC Holdings that we completed in the second quarter of 2014. The impact of this item totaled $0.2 million for the fourth quarter of 2014 and $18.2 million, or $0.12 per diluted common share, for the year ended December 31, 2014. 
  3. Estimated refund liability associated with the Midcontinent ISO (MISO) regional base ROE rate (the base ROE) of $48.6 million, or $0.32 per diluted common share, for the fourth quarter of 2015 and $73.2 million, or $0.47 per diluted common share, for the year ended December 31, 2015 (of the $48.6 million estimated refund liability charge in the fourth quarter of 2015, $36.8 million, or $0.24 per diluted common share, relates to revisions to the estimated liability for periods prior to October 1, 2015, and of the $73.2 million estimated refund liability charge for the year ended December 31, 2015, $28.4 million, or $0.18 per diluted common share, relates to revisions to the estimated liability for periods prior to January 1, 2015). The ROE refund liabilities totaled $28.9 million, or $0.18 per diluted common share, for the fourth quarter and year ended December 31, 2014. The refund liability reflects the estimated refund obligation associated with the base ROE rate 206 complaints.
  4. 2015 review of strategic alternatives transaction expenses of approximately $1.0 million, or $0.01 per diluted common share, for the fourth quarter and year ended December 31, 2015. Entergy Corporation transaction expenses incurred in the fourth quarter and year ended December 31, 2014 were approximately $0.1 million and $0.7 million, or $0.01 per diluted common share, respectively.   

Operating earnings for the fourth quarter and for the year ended December 31, 2015 increased by $11.7 million, or $0.09 per diluted common share, and $31.8 million, or $0.23 per diluted common share, compared with the same periods last year. The increases compared to the prior period were largely attributable to higher income associated with increased rate base at our operating companies, partially offset by non-recoverable bonus payments expensed primarily in the first quarter associated with completion of the Kansas V-Plan Project at ITC Great Plains in December of 2014 coupled with higher professional services for various development initiatives. Absent the Kansas V-Plan Project bonus payments, year-over-year operating earnings would have increased by approximately 15%.

Share Repurchase On September 30, 2015, ITC Holdings entered into an accelerated share repurchase agreement (ASR) for $115.0 million, under the board of directors' authorization in April 2014. Under the ASR, ITC Holdings received an initial delivery of 2.8 million shares on October 1, 2015, with a fair market value of $92.0 million. The ASR was settled on November 5, 2015 and ITC Holdings received an additional 0.8 million shares as determined by the volume-weighted average share price of $32.57 including the agreed upon discount. The ASR's settlement in November 2015 marks the conclusion of the board-authorized share repurchase plan of up to $250 million in aggregate.

Review of Strategic Alternatives On February 9, 2016, Fortis Inc. (Fortis), certain subsidiaries of Fortis, and ITC entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC in a transaction (the Acquisition) valued at approximately US$11.3 billion at the time of announcement. This brings to a close the board's review of strategic alternatives. ITC shareholders will receive US$22.57 in cash and 0.7520 of a Fortis common share per ITC share. Upon completion of the Acquisition, ITC will become a subsidiary of Fortis and approximately 27% of the shares of Fortis will be held by ITC shareholders. Fortis will apply to list its shares on the New York Stock Exchange in connection with the Acquisition and will continue to have its shares listed on the Toronto Stock Exchange. In addition to the necessary state approvals, the closing of the Acquisition is subject to both ITC and Fortis shareholder approvals, the satisfaction of other customary closing conditions, and certain Federal and State regulatory approvals including, among others, those of the FERC, the Committee on Foreign Investment in the United States, and the United States Federal Trade Commission/Department of Justice under the Hart-Scott-Rodino Antitrust Improvement Act. The closing of the Acquisition is expected to occur in late 2016.

Capital Investment Plan ITC is updating its regulated operating company capital investment plan for the period of 2016 to 2018 to reflect approximately $2.1 billion of aggregate capital investments over this period. The capital investment plan is projected to increase ITC's average rate base plus construction work in progress (CWIP) balances from approximately $5.3 billion at the end of 2015 to approximately $6.6 billion at the end of 2018. This increase in average rate base plus CWIP is expected to result in compound annual growth in earnings per share greater than 10% percent over this period.

Fourth Quarter 2015 Operating Earnings Financial Results Detail — Non-GAAP Measure ITC's operating revenues for the fourth quarter of 2015 increased to $301.2 million compared to $278.0 million for the fourth quarter of 2014. Amounts reported for the fourth quarter of 2015 exclude approximately $76.3 million in reduced pre-tax revenues associated with the MISO regional base ROE rate refund liability, which include $58.5 million related to adjustments to prior periods associated with the refund liability, and $0.9 million in reduced pre-tax revenues associated with the CIAC refund liability. Amounts reported for the fourth quarter of 2014 exclude approximately $46.9 million in reduced pre-tax revenues associated with the MISO regional base ROE rate refund liability. This increase was primarily due to higher revenue requirements attributable to a higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by MISO as eligible for regional cost sharing.

Operation and maintenance (O&M) expenses of $24.8 million were $7.1 million lower than the same period in 2014. The decrease in O&M was primarily due to lower vegetation management requirements for the quarter.

General and administrative (G&A) expenses of $36.2 million were $8.3 million higher compared to the same period in 2014. Amounts reported for the fourth quarter 2015 exclude approximately $1.7 million of pre-tax expenses related to the review of strategic alternatives announced by the board on November 30, 2015 and concluded on February 9, 2016. The increase in G&A was primarily due to higher compensation expenses related to personnel additions and higher professional services for various development initiatives.

Depreciation and amortization expenses of $37.8 million increased by $4.4 million compared to the same period in 2014 due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $20.7 million were $1.6 million higher than the same period in 2014. This increase was due to 2014 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2015 property taxes.

Interest expense of $50.0 million increased by $2.8 million compared to the same period in 2014. Amounts reported for the fourth quarter 2015 and 2014 exclude pre-tax expenses related to the adjustments to operating earnings of $3.7 million and $0.9 million, respectively. The increase was due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the fourth quarter of 2015 was 37.3 percent compared to 39.0 percent for the same period last year. Amounts reported for the fourth quarter of 2015 and 2014 exclude approximately $32.4 million and $18.8 million, respectively, associated with adjustments to operating earnings.

Year End 2015 Operating Earnings Financial Results Detail — Non-GAAP Measure ITC's operating revenues for the year ended December 31, 2015 increased to $1,169.4 million compared to $1,070.0 million from the same period last year. Amounts reported for the year ended December 31, 2015 exclude approximately $115.1 million in reduced pre-tax revenues associated with the MISO regional base ROE rate refund liability, which include $45.8 million related to adjustments to prior periods associated with the refund liability, and $9.5 million in pre-tax revenues associated with the CIAC refund liability. Amounts reported for the year ended December 31, 2014 exclude approximately $46.9 million in reduced pre-tax revenues associated with the MISO regional base ROE rate refund liability. This increase was primarily due to higher revenue requirements attributable to higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues due to additional capital projects being placed in-service that have been identified by MISO as eligible for regional cost sharing. 

O&M expenses of $113.1 million were $1.5 million higher for the year ended December 31, 2015 compared to the same period in 2014. The increase in O&M expenses was primarily due to higher expenses associated with transmission system monitoring and control activities.

G&A expenses of $141.8 million were $27.9 million higher compared to the same period in 2014. Amounts reported for the year ended December 31, 2015 exclude pre-tax expenses of approximately $1.4 million related to regulatory charges and $1.7 million related to the review of strategic alternatives announced by the board on November 30, 2015 and concluded on February 9, 2016. Amounts reported for the year ended December 31, 2014 exclude approximately $1.1 million of pre-tax expenses associated with the Entergy transaction. The increase in G&A expenses was primarily due to incentive-based compensation for bonus payments associated with completion of the Kansas V-Plan Project at ITC Great Plains in December 2014 and higher professional services for various development initiatives.

Depreciation and amortization expenses of $144.7 million increased by $16.7 million for the year ended December 31, 2015 compared to the same period in 2014 primarily due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $82.4 million were $5.9 million higher compared to the same period in 2014. This increase was due to 2014 capital additions at our regulated operating subsidiaries, which are included in the assessment for 2015 property taxes.

Interest expense of $197.8 million was $12.2 million higher compared to the same period in 2014. Amounts reported for the year ended December 31, 2015 and 2014 exclude approximately $6.0 million and $1.0 million, respectively, of pre-tax expenses associated with the adjustments to operating earnings noted previously. The increase in interest expense was due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the year ended December 31, 2015 was 37.4 percent compared to 38.2 percent for the same period in 2014. Amounts reported for the year ended December 31, 2015 and 2014 exclude income taxes of $52.4 million and $30.4 million, respectively, associated with adjustments to operating earnings noted previously.

Fourth Quarter Conference Call and Webcast    Joseph L. Welch, chairman, president and CEO and Rejji P. Hayes, senior vice president and CFO will discuss the fourth quarter results in a conference call at 11 a.m. Eastern on Thursday, February 25, 2016. Individuals wishing to participate in the conference call may dial toll-free 877-644-1296 (domestic) or 914-495-8555 (international); there is no passcode. A listen-only live webcast of the conference call, including accompanying slides and the earnings release, will be available on the company's investor information page. The conference call replay, available through March 1, 2016, and can be accessed by dialing 855-859-2056 (toll free) or 404-537-3406, passcode 35330470. The webcast will be archived on the ITC website.

Other Available Information More detail about the year ended 2015 results may be found in ITC's Form 10-K filing. Once filed with the Securities and Exchange Commission, an electronic copy of our 10-K can be found at our website, http://investor.itc-holdings.com. Paper copies can also be made available by contacting us through our website.

About ITC Holdings Corp. ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, allow new generating resources to interconnect to its transmission systems and lower the overall cost of delivered energy. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,600 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. For more information, please visit ITC's website at www.itc-holdings.com (ITC-itc-F).

GAAP v. Non-GAAP Measures ITC's reported earnings are prepared in accordance with GAAP and represent earnings as reported to the Securities and Exchange Commission. ITC's management believes that operating earnings, or GAAP earnings adjusted for specific items as described in the release that are generally not indicative of our core operations, provides additional information that is useful to investors in understanding ITC's underlying performance, business and performance trends, and helps facilitate period to period comparisons. However, non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.

Safe Harbor Statement This press release contains certain statements that describe our management's beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as "will," "may," "anticipates," "believes," "intends," "estimates," "expects," "projects" and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable. Such forward looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties disclosed in our annual reports on Form 10-K, quarterly reports on Form 10-Q and other filings made with the Securities and Exchange Commission.

Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong. Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in this release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise.

ITC HOLDINGS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

Twelve months ended

December 31,

December 31,

(in thousands, except per share data)

2015

2014

2015

2014

OPERATING REVENUES

$

224,034

$

231,097

$

1,044,768

$

1,023,048

OPERATING EXPENSES

Operation and maintenance

24,814

31,888

113,123

111,623

General and administrative

37,855

27,949

144,919

115,031

Depreciation and amortization

37,769

33,427

144,672

128,036

Taxes other than income taxes

20,725

19,060

82,354

76,534

Other operating income and expense — net

(342)

(255)

(1,017)

(1,005)

Total operating expenses

120,821

112,069

484,051

430,219

OPERATING INCOME

103,213

119,028

560,717

592,829

OTHER EXPENSES (INCOME)

Interest expense — net

53,709

48,145

203,779

186,636

Allowance for equity funds used during construction

(6,641)

(5,960)

(28,075)

(20,825)

Loss on extinguishment of debt

131

29,205

Other income

(1,245)

(462)

(2,071)

(1,103)

Other expense

216

792

3,207

4,511

Total other expenses (income)

46,039

42,646

176,840

198,424

INCOME BEFORE INCOME TAXES

57,174

76,382

383,877

394,405

INCOME TAX PROVISION

19,809

29,644

141,471

150,322

NET INCOME

$

37,365

$

46,738

$

242,406

$

244,083

Basic earnings per common share

$

0.25

$

0.30

$

1.57

$

1.56

Reported diluted earnings per common share

$

0.24

$

0.30

$

1.56

$

1.54

Operating diluted earnings per common share

$

0.57

$

0.48

$

2.08

$

1.85

Dividends declared per common share

$

0.188

$

0.163

$

0.700

$

0.610

 

 

RECONCILIATION OF REPORTED NET INCOME (GAAP) TO OPERATING EARNINGS (NON-GAAP MEASURE) - UNAUDITED

Three months ended

Twelve months ended

December 31,

December 31,

2015

2014

2015

2014

Reported net income (GAAP)

$

37,365

$

46,738

$

242,406

$

244,083

After-tax regulatory charges

621

2

7,253

134

After-tax debt extinguishment & consent solicitation fees

157

18,205

After-tax MISO regional base ROE rate refund liability1

48,630

28,903

73,171

28,903

After-tax review of strategic alternatives expenses

976

976

After-tax Entergy transaction related expenses

113

714

Operating earnings (non-GAAP)

$

87,592

$

75,913

$

323,806

$

292,039

 

 

RECONCILIATION OF REPORTED DILUTED EPS (GAAP) TO OPERATING DILUTED EPS (NON-GAAP MEASURE) - UNAUDITED

Three months ended

Twelve months ended

December 31,

December 31,

2015

2014

2015

2014

Reported diluted EPS (GAAP)

$

0.24

$

0.30

$

1.56

$

1.54

After-tax regulatory charges

0.04

After-tax debt extinguishment & consent solicitation fees

0.12

After-tax MISO regional base ROE rate refund liability1

0.32

0.18

0.47

0.18

After-tax review of strategic alternatives expenses

0.01

0.01

After-tax Entergy transaction related expenses

0.01

Operating diluted EPS (non-GAAP)

$

0.57

$

0.48

$

2.08

$

1.85

1Amounts recorded for fourth quarter and year ended December 31, 2015 include after-tax amounts of $36.8 million, or $0.24 per diluted common share, and $28.4 million, or $0.18 per diluted common share, respectively, related to adjustments to prior periods associated with the refund liability.

 

 

ITC HOLDINGS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 31,

December 31,

(in thousands, except share data)

2015

2014

ASSETS

Current assets

Cash and cash equivalents

$

13,859

$

27,741

Accounts receivable

104,262

100,998

Inventory

25,777

30,892

Regulatory assets

14,736

5,393

Prepaid and other current assets

10,608

7,281

Total current assets

169,242

172,305

Property, plant and equipment (net of accumulated depreciation and     amortization of $1,487,713 and $1,388,217, respectively)

6,109,639

5,496,875

Other assets

Goodwill

950,163

950,163

Intangible assets (net of accumulated amortization of $28,242 and $24,917,     respectively)

45,602

48,794

Regulatory assets

233,376

223,712

Deferred financing fees (net of accumulated amortization of $17,515 and     $15,972, respectively)

29,298

30,311

Other

44,802

37,418

Total other assets

1,303,241

1,290,398

TOTAL ASSETS

$

7,582,122

$

6,959,578

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

124,331

$

107,969

Accrued payroll

24,123

23,502

Accrued interest

52,577

50,538

Accrued taxes

44,256

41,614

Regulatory liabilities

44,964

39,972

Refundable deposits from generators for transmission network upgrades

2,534

10,376

Debt maturing within one year

395,334

175,000

Other

31,034

14,043

Total current liabilities

719,153

463,014

Accrued pension and postretirement liabilities

61,609

69,562

Deferred income taxes

735,426

642,051

Regulatory liabilities

254,788

160,070

Refundable deposits from generators for transmission network upgrades

18,077

9,384

Other

23,075

17,354

Long-term debt

4,060,923

3,928,586

Commitments and contingent liabilities (Notes 4 and 16)

STOCKHOLDERS' EQUITY

Common stock, without par value, 300,000,000 shares authorized, 152,699,077     and 155,140,967 shares issued and outstanding at December 31, 2015 and     2014, respectively

829,211

923,191

Retained earnings

875,595

741,550

Accumulated other comprehensive income

4,265

4,816

Total stockholders' equity

1,709,071

1,669,557

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

7,582,122

$

6,959,578

 

 

ITC HOLDINGS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

Twelve months ended

December 31,

(in thousands)

2015

2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

242,406

$

244,083

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

144,672

128,036

Recognition of and refund and collection of revenue accruals and deferrals —      including accrued interest

(53,539)

(4,093)

Deferred income tax expense

77,371

90,373

Allowance for equity funds used during construction

(28,075)

(20,825)

Loss on extinguishment of debt

29,205

Other

22,031

17,697

Changes in assets and liabilities, exclusive of changes shown separately:

Accounts receivable

(501)

(11,869)

Inventory

5,140

1,094

Prepaid and other current assets

(3,214)

5,089

Accounts payable

(7,263)

(19,061)

Accrued payroll

463

525

Accrued interest

2,039

(2,511)

Accrued taxes

14,783

19,756

Tax benefit on the excess tax deduction of share-based compensation

(11,707)

(7,767)

Other current liabilities

5,587

(2,314)

Estimated potential refund related to return on equity complaints

120,197

47,780

Other non-current assets and liabilities, net

25,355

(13,697)

Net cash provided by operating activities

555,745

501,501

CASH FLOWS FROM INVESTING ACTIVITIES

Expenditures for property, plant and equipment

(684,140)

(733,145)

Proceeds from sale of marketable securities

673

495

Purchases of marketable securities

(10,422)

(6,091)

Other

(5,456)

4,040

Net cash used in investing activities

(699,345)

(734,701)

CASH FLOWS FROM FINANCING ACTIVITIES

Issuance of long-term debt

225,000

798,664

Borrowings under revolving credit agreements

2,832,100

1,660,000

Borrowings under term loan credit agreements

200,000

110,000

Net issuance of commercial paper, net of discount

94,630

Retirement of long-term debt — including extinguishment of debt costs

(175,000)

(298,625)

Repayments of revolving credit agreements

(2,825,000)

(1,618,400)

Repayments of term loan credit agreements

(189,000)

Issuance of common stock

13,635

20,713

Dividends on common and restricted stock

(108,275)

(95,595)

Refundable deposits from generators for transmission network upgrades

12,956

5,833

Repayment of refundable deposits from generators for transmission network      upgrades

(12,025)

(28,683)

Repurchase and retirement of common stock

(137,081)

(134,284)

Tax benefit on the excess tax deduction of share-based compensation

11,707

7,767

Advance for forward contract of accelerated share repurchase program

(20,000)

Return of unused advance for forward contract of accelerated share repurchase      program

20,000

Other

(2,929)

(11,724)

Net cash provided by financing activities

129,718

226,666

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

(13,882)

(6,534)

CASH AND CASH EQUIVALENTS — Beginning of period

27,741

34,275

CASH AND CASH EQUIVALENTS — End of period

$

13,859

$

27,741

 

 

SOURCE ITC Holdings Corp.



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