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Business Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Schedule of Preliminary Allocation of Purchase Consideration | The following table summarizes the preliminary allocation of the purchase consideration to the assets and liabilities acquired as at October 14, 2016 based on their fair values, using an exchange rate of US$1.00=$CAD$1.32. The purchase price allocation is preliminary pending final assessment of fair value estimates, income taxes, consideration transferred, and identification of assets and liabilities. 27. BUSINESS ACQUISITIONS (cont’d) ITC (cont’d)
(in millions) | Total |
Share consideration | $ | 4,684 |
Cash consideration | 4,658 |
Total consideration | $ | 9,342 |
Purchase consideration for 80.1% of ITC common shares | $ | 7,721 |
19.9% minority shareholder investment and shareholder note (Notes 14 and 21) | 1,621 |
| $ | 9,342 |
Fair value assigned to net assets: |
Current assets | $ | 319 |
Long-term regulatory assets | 319 |
Utility capital assets | 8,345 |
Intangible assets | 392 |
Other long-term assets | 71 |
Current liabilities | (625 | )
Assumed short-term borrowings | (311 | )
Assumed long-term debt (including current portion) | (5,989 | )
Long-term regulatory liabilities | (327 | )
Deferred income taxes | (926 | )
Other long-term liabilities | (166 | )
| 1,102 |
Cash and cash equivalents | 134 |
Fair value of net assets acquired | 1,236 |
Goodwill (Note 12) | $ | 8,106 |
Supplemental Pro Forma Data | The unaudited pro forma financial information below gives effect to the acquisition of ITC as if the transaction had occurred at the beginning of 2015. This pro forma data is presented for information purposes only, and does not necessarily represent the results that would have occurred had the acquisition taken place at the beginning of 2015, nor is it necessarily indicative of the results that may be expected in future periods.
(in millions) | 2016 |  | 2015 |
Pro forma revenue | $ | 7,995 |  | $ | 8,093 |
Pro forma net earnings attributable to common equity shareholders (1) | 919 |  | 937 |
(1) | Pro forma net earnings attributable to common equity shareholders exclude all after-tax acquisition-related expenses incurred by ITC and the Corporation. A pro forma adjustment has been made to net earnings for the years presented to reflect the Corporation’s after‑tax financing costs associated with the acquisition.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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