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Fair Value of Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy | The following table presents derivative assets and liabilities that are accounted for at fair value on a recurring basis.
($ millions) | Level 1 (1) |  | Level 2 (1) |  | Level 3 (1) |  | Total
As at December 31, 2024 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Energy contracts subject to regulatory deferral (2) (3) | — |  |  | 63 |  |  | — |  |  | 63 |
Energy contracts not subject to regulatory deferral (2) | — |  |  | 7 |  |  | — |  |  | 7 |
Total return swaps and interest rate contracts (2) | — |  |  | 16 |  |  | — |  |  | 16 |
Other investments (4) | 150 |  |  | — |  |  | — |  |  | 150 |
| 150 |  |  | 86 |  |  | — |  |  | 236 |
Liabilities |  |  |  |  |  |  |
Energy contracts subject to regulatory deferral (3) (5) | — |  |  | (197) |  |  | — |  |  | (197) |
Energy contracts not subject to regulatory deferral (5) | — |  |  | (2) |  |  | — |  |  | (2) |
Foreign exchange contracts and cross-currency interest rate swaps (5) | — |  |  | (45) |  |  | — |  |  | (45) |
| — |  |  | (244) |  |  | — |  |  | (244) |
As at December 31, 2023 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Energy contracts subject to regulatory deferral (2) (3) | — |  |  | 49 |  |  | — |  |  | 49 |
Energy contracts not subject to regulatory deferral (2) | — |  |  | 6 |  |  | — |  |  | 6 |
Foreign exchange contracts (2) | — |  |  | 5 |  |  | — |  |  | 5 |
Other investments (4) | 145 |  |  | — |  |  | — |  |  | 145 |
| 145 |  |  | 60 |  |  | — |  |  | 205 |
Liabilities |  |  |  |  |  |  |
Energy contracts subject to regulatory deferral (3) (5) | — |  |  | (209) |  |  | — |  |  | (209) |
Energy contracts not subject to regulatory deferral (5) | — |  |  | (3) |  |  | — |  |  | (3) |
Total return and cross-currency interest rate swaps (5) | — |  |  | (6) |  |  | — |  |  | (6) |
| — |  |  | (218) |  |  | — |  |  | (218) |
(1)Under the hierarchy, fair value is determined using: (i) Level 1- unadjusted quoted prices in active markets; (ii) Level 2 - other pricing inputs directly or indirectly observable in the marketplace; and (iii) Level 3 - unobservable inputs, used when observable inputs are not available. Classifications reflect the lowest level of input that is significant to the fair value measurement. (2)Included in accounts receivable and other current assets or other assets (3)Unrealized gains and losses arising from changes in fair value of these contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates as permitted by the regulators, with the exception of long-term wholesale trading contracts and certain gas swap contracts. (4)UNS Energy holds investments in money market accounts, and ITC and Central Hudson hold investments in trust associated with supplemental retirement benefit plans for select employees, which include mutual funds and money market accounts. The fair value of these investments is included in cash and cash equivalents and other assets, with gains and losses recognized in other income, net (5)Included in accounts payable and other current liabilities or other liabilities
Derivative Asset Contracts Under Master Netting Agreements and Collateral Positions | The following table presents the potential offset of counterparty netting.
($ millions) | Gross Amount Recognized In Balance Sheet |  | Counterparty Netting of Energy Contracts |  | Cash Collateral Posted/(Received) |  | Net Amount
As at December 31, 2024 |  |  |  |  |  |  |
Derivative assets | 70 |  |  | (30) |  |  | 15 |  |  | 55 |
Derivative liabilities | (199) |  |  | 30 |  |  | — |  |  | (169) |
As at December 31, 2023 |  |  |  |  |  |  |
Derivative assets | 55 |  |  | (24) |  |  | 28 |  |  | 59 |
Derivative liabilities | (212) |  |  | 24 |  |  | (1) |  |  | (189) |
Derivative Liability Contracts Under Master Netting Agreements and Collateral Positions | The following table presents the potential offset of counterparty netting.
($ millions) | Gross Amount Recognized In Balance Sheet |  | Counterparty Netting of Energy Contracts |  | Cash Collateral Posted/(Received) |  | Net Amount
As at December 31, 2024 |  |  |  |  |  |  |
Derivative assets | 70 |  |  | (30) |  |  | 15 |  |  | 55 |
Derivative liabilities | (199) |  |  | 30 |  |  | — |  |  | (169) |
As at December 31, 2023 |  |  |  |  |  |  |
Derivative assets | 55 |  |  | (24) |  |  | 28 |  |  | 59 |
Derivative liabilities | (212) |  |  | 24 |  |  | (1) |  |  | (189) |
Schedule of Volume of Derivative Activity | As at December 31, 2024, the Corporation had various energy contracts that will settle on various dates through 2029. The volumes related to electricity and natural gas derivatives are outlined below.
| 2024 |  |  | 2023 |
Energy contracts subject to regulatory deferral (1) |  |  |
Electricity swap contracts (GWh) | 774 |  |  | 628 |
Electricity power purchase contracts (GWh) | 430 |  |  | 588 |
Gas swap contracts (PJ) | 236 |  |  | 228 |
Gas supply contracts (PJ) | 105 |  |  | 134 |
Energy contracts not subject to regulatory deferral (1) |  |  |
Wholesale trading contracts (GWh) | 1,499 |  |  | 1,310 |
Gas swap contracts (PJ) | 3 |  |  | 3 |
(1)GWh means gigawatt hours and PJ means petajoules

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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