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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

($ millions)						Maturity Date						2023						2022
ITC
Secured U.S. First Mortgage Bonds -
			4.22% weighted average fixed rate (2022 - 4.22%)			2024-2055						3,268						3,344
Secured U.S. Senior Notes -
			4.00% weighted average fixed rate (2022 - 3.83%)			2028-2055						1,278						1,186
Unsecured U.S. Senior Notes -
			4.16% weighted average fixed rate (2022 - 3.98%)			2024-2043						5,165						4,541
Unsecured U.S. Shareholder Note -
			6.00% fixed rate (2022 - 6.00%)			2028						263						270
UNS Energy
Unsecured U.S. Tax-Exempt Bond - 4.00% weighted
			average fixed rate (2022 - 4.00%)			n/a						—						123
Unsecured U.S. Fixed Rate Notes -
			3.80% weighted average fixed rate (2022 - 3.58%)			2025-2053						3,668						3,450
Central Hudson
Unsecured U.S. Promissory Notes - 4.27% weighted
			average fixed and variable rate (2022 - 4.14%)			2024-2060						1,687						1,526
FortisBC Energy
Unsecured Debentures -
			4.61% weighted average fixed rate (2022 - 4.61%)			2026-2052						3,295						3,295
FortisAlberta
Unsecured Debentures -
			4.52% weighted average fixed rate (2022 - 4.49%)			2024-2053						2,685						2,485
FortisBC Electric
Secured Debentures -
			8.80% fixed rate (2022 - 8.80%)			n/a						—						25
Unsecured Debentures -
			4.70% weighted average fixed rate (2022 - 4.70%)			2035-2052						860						860
Other Electric
Secured First Mortgage Sinking Fund Bonds -
			5.24% weighted average fixed rate (2022 - 5.26%)			2026-2060						748						666
Secured First Mortgage Bonds -
			5.29% weighted average fixed rate (2022 - 5.31%)			2025-2061						320						260
Unsecured Senior Notes -
			4.45% weighted average fixed rate (2022 - 4.45%)			2041-2048						152						152
Unsecured U.S. Senior Loan Notes and Bonds -
			4.89% weighted average fixed and variable rate (2022 - 4.71%)			2025-2052						702						745
Corporate and Other
Unsecured U.S. Senior Notes and Promissory Notes -
			3.82% weighted average fixed rate (2022 - 3.82%)			2024-2044						2,251						2,691
Unsecured Debentures -
			6.51% fixed rate (2022 - 6.51%)			2039						200						200
Unsecured Senior Notes -
			4.10% weighted average fixed rate (2022 - 3.31%)			2028-2033						1,500						1,000
Long-term classification of credit facility borrowings												1,572						1,657
Fair value adjustment - ITC acquisition												89						102
Total long-term debt (Note 26)												29,703						28,578
Less: Deferred financing costs and debt discounts												(172)						(166)
Less: Current installments of long-term debt												(2,296)						(2,481)
												27,235						25,931

Significant Long-Term Debt Issuances in 2023			Month Issued						Interest Rate (%)						Maturity						Amount ($ millions)						Use of Proceeds
ITC
Unsecured senior notes			June						5.40			(1)			2033						US	500					(2) (3) (4)
Unsecured senior notes			June						4.95			(5)			2027						US	300					(2) (3) (4)
Secured senior notes			November						5.65						2028						US	90					(3) (4) (6)
UNS Energy
Unsecured senior notes			February						5.50						2053						US	375					(2) (3)
Unsecured senior notes			August						5.65						2038						US	50					(2)
Central Hudson
Unsecured senior notes			March						5.68						2033						US	40					(3) (4)
Unsecured senior notes			March						5.78						2035						US	15					(3) (4)
Unsecured senior notes			March						5.88						2038						US	35					(3) (4)
Unsecured senior notes			November						6.17						2028						US	60					(3) (4)
FortisAlberta
Unsecured senior debentures			May						4.86						2053						200						(3) (4)
Newfoundland Power
First mortgage sinking fund bonds			August						5.12						2053						90						(3) (4)
Maritime Electric
First mortgage bonds			September						5.20						2053						60						(3) (4)
Fortis
Unsecured senior notes			November						5.68			(7)			2033						500						(3) (4)

(1)    ITC entered into interest rate locks which reduced the effective interest rate to 5.32% (Note 26)

(2)    Repay maturing long-term debt

(3)    General corporate purposes

(4)    Repay short-term and/or credit facility borrowings

(5)    Represents a second tranche of ITC's existing 4.95% senior notes, originally issued in 2022

(6)    Fund capital expenditures

(7)    Fortis entered into an interest rate lock which reduced the effective interest rate to 5.52% (Note 26)

Schedule of Long-Term Debt Repayments

The consolidated requirements to meet principal repayments and maturities in each of the next five years and thereafter are as follows.

($ millions)			Total
2024			2,296
2025			511
2026			2,388
2027			2,334
2028			1,501
Thereafter			20,673
			29,703

Schedule of Credit Facilities

($ millions)			Regulated Utilities						Corporate and Other						2023						2022
Total credit facilities			3,943						2,233						6,176						5,850
Credit facilities utilized:
Short-term borrowings (1)			(119)						—						(119)						(253)
Long-term debt (including current portion) (2)			(910)						(662)						(1,572)						(1,657)
Letters of credit outstanding			(78)						(23)						(101)						(128)
Credit facilities unutilized			2,836						1,548						4,384						3,812

(1)    The weighted average interest rate was approximately 6.9% (2022 - 4.9%).

(2)    The weighted average interest rate was approximately 6.2% (2022 - 5.1%). The current portion was $1,160 million (2022 - $1,376 million).

Consolidated credit facilities of approximately $6.2 billion as at December 31, 2023 are itemized below.

($ millions)			Amount						Maturity
Unsecured committed revolving credit facilities
Regulated utilities
ITC (1)			US	1,000					2028
UNS Energy			US	405					2026
Central Hudson			US	250					2025
FortisBC Energy			700						2027
FortisAlberta			250						2028
FortisBC Electric			150						2027
Other Electric			240						(2)
Other Electric			US	83					2025
Corporate and Other			1,350						(3)
Other facilities
Regulated utilities
Central Hudson - uncommitted credit facility			US	70					n/a
FortisBC Energy - uncommitted credit facility			55						2024
FortisBC Electric - unsecured demand overdraft facility			10						n/a
Other Electric - unsecured demand facilities			20						n/a
Other Electric - unsecured demand facility and emergency standby loan			US	94					2024
Corporate and Other
Unsecured non-revolving facility			US	500					2024
Unsecured revolving facility			US	150					2025
Unsecured non-revolving facility			22						n/a

(1)    ITC also has a US$400 million commercial paper program, under which $nil was outstanding as at December 31, 2023 (2022 - US$134 million), as reported in short-term borrowings.

(2)     $50 million in 2025, $90 million in 2026, and $100 million in 2028

(3)    $50 million in 2025 and $1.3 billion in 2028

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