XML 71 R51.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt |
($ millions) | Maturity Date |  | 2024 |  |  | 2023 |
ITC |  |  |  |  |
Secured U.S. First Mortgage Bonds - |  |  |  |  |
| 4.34% weighted average fixed rate (2023 - 4.22%) | 2027-2055 |  | 3,944 |  |  | 3,268 |
Secured U.S. Senior Notes - |  |  |  |  |
| 4.16% weighted average fixed rate (2023 - 4.00%) | 2028-2055 |  | 1,511 |  |  | 1,278 |
Unsecured U.S. Senior Notes - |  |  |  |  |
| 4.37% weighted average fixed rate (2023 - 4.16%) | 2026-2043 |  | 5,610 |  |  | 5,165 |
Unsecured U.S. Shareholder Note - |  |  |  |  |
| 6.00% fixed rate (2023 - 6.00%) | 2028 |  | 286 |  |  | 263 |
UNS Energy |  |  |  |  |
Unsecured U.S. Fixed Rate Notes - |  |  |  |  |
| 4.09% weighted average fixed rate (2023 - 3.80%) | 2026-2053 |  | 4,172 |  |  | 3,668 |
Central Hudson |  |  |  |  |
Unsecured U.S. Promissory Notes - 4.38% weighted |  |  |  |  |
| average fixed and variable rate (2023 - 4.27%) | 2025-2060 |  | 1,974 |  |  | 1,687 |
FortisBC Energy |  |  |  |  |
Unsecured Debentures - |  |  |  |  |
| 4.61% weighted average fixed rate (2023 - 4.61%) | 2026-2052 |  | 3,295 |  |  | 3,295 |
FortisAlberta |  |  |  |  |
Unsecured Debentures - |  |  |  |  |
| 4.63% weighted average fixed rate (2023 - 4.52%) | 2034-2054 |  | 2,835 |  |  | 2,685 |
FortisBC Electric |  |  |  |  |
Unsecured Debentures - |  |  |  |  |
| 4.72% weighted average fixed rate (2023 - 4.70%) | 2035-2054 |  | 960 |  |  | 860 |
Other Electric |  |  |  |  |
Secured First Mortgage Sinking Fund Bonds - |  |  |  |  |
| 5.24% weighted average fixed rate (2023 - 5.24%) | 2026-2060 |  | 739 |  |  | 748 |
Secured First Mortgage Bonds - |  |  |  |  |
| 5.29% weighted average fixed rate (2023 - 5.29%) | 2025-2061 |  | 320 |  |  | 320 |
Unsecured Senior Notes - |  |  |  |  |
| 4.61% weighted average fixed rate (2023 - 4.45%) | 2041-2054 |  | 207 |  |  | 152 |
Unsecured U.S. Senior Loan Notes and Bonds - |  |  |  |  |
| 5.03% weighted average fixed and variable rate (2023 - 4.89%) | 2025-2052 |  | 876 |  |  | 702 |
Corporate and Other |  |  |  |  |
Unsecured U.S. Senior Notes and Promissory Notes - |  |  |  |  |
| 3.79% weighted average fixed rate (2023 - 3.82%) | 2026-2044 |  | 2,172 |  |  | 2,251 |
Unsecured Debentures - |  |  |  |  |
| 6.51% fixed rate (2023 - 6.51%) | 2039 |  | 200 |  |  | 200 |
Unsecured Senior Notes - |  |  |  |  |
| 4.11% weighted average fixed rate (2023 - 4.10%) | 2028-2033 |  | 2,000 |  |  | 1,500 |
Long-term classification of credit facility borrowings |  | 2,216 |  |  | 1,572 |
Fair value adjustment - ITC acquisition |  |  | 88 |  |  | 89 |
Total long-term debt (Note 26) |  |  | 33,405 |  |  | 29,703 |
Less: Deferred financing costs and debt discounts |  |  | (191) |  |  | (172) |
Less: Current installments of long-term debt |  |  | (1,990) |  |  | (2,296) |
|  |  |  | 31,224 |  |  | 27,235 |
Significant Long-Term Debt Issuances in 2024 | Month Issued |  | Interest Rate (%) |  | Maturity |  | Amount ($ millions) |  | Use of Proceeds
ITC |  |  |  |  |  |  |  |  |
Secured senior notes | January |  | 5.98 |  |  | 2034 |  | US | 85 |  |  | (1) (2) (3)
First mortgage bonds | January |  | 5.11 |  |  | 2029 |  | US | 75 |  |  | (1) (2) (3)
First mortgage bonds | January |  | 5.38 |  |  | 2034 |  | US | 75 |  |  | (1) (2) (3)
Unsecured senior notes | May |  | 5.65 |  |  | 2034 |  | US | 400 |  |  | (3) (4)
First mortgage bonds | December |  | 4.88 |  |  | 2035 |  | US | 125 |  |  | (1) (2) (3)
First mortgage bonds | December |  | 5.25 |  |  | 2043 |  | US | 125 |  |  | (1) (2) (3)
UNS Energy |  |  |  |  |  |  |  |  |
Unsecured senior notes | May |  | 5.60 |  |  | 2036 |  | US | 30 |  |  | (1) (3)
Unsecured senior notes | August |  | 5.20 |  |  | 2034 |  | US | 400 |  |  | (3) (4)
Central Hudson |  |  |  |  |  |  |  |  |
Senior notes | April |  | 5.59 |  |  | 2031 |  | US | 25 |  |  | (1) (3)
Senior notes | April |  | 5.69 |  |  | 2034 |  | US | 35 |  |  | (1) (3)
Senior notes | October |  | 4.88 |  |  | 2029 |  | US | 25 |  |  | (3) (4)
Senior notes | October |  | 5.30 |  |  | 2034 |  | US | 44 |  |  | (3) (4)
Senior notes | October |  | 5.40 |  |  | 2036 |  | US | 35 |  |  | (3) (4)
FortisBC Electric |  |  |  |  |  |  |  |  |
Unsecured debentures | August |  | 4.92 |  |  | 2054 |  | 100 |  |  | (1)
FortisAlberta |  |  |  |  |  |  |  |  |
Unsecured debentures | May |  | 4.90 |  |  | 2054 |  | 300 |  |  | (1) (2) (3) (4)
Caribbean Utilities |  |  |  |  |  |  |  |  |
Unsecured senior notes | May |  | 6.17 |  |  | 2039 |  | US | 40 |  |  | (1) (2) (3)
Unsecured senior notes | May |  | 6.37 |  |  | 2049 |  | US | 40 |  |  | (1) (2) (3)
FortisOntario |  |  |  |  |  |  |  |  |
Unsecured senior notes | August |  | 5.05 |  |  | 2054 |  | 55 |  |  | (1)
Fortis |  |  |  |  |  |  |  |  |
Unsecured senior notes | September |  | 4.17 |  |  | 2031 |  | 500 |  |  | (1) (3) (4)
(1) Repay short-term and/or credit facility borrowings (2) Fund capital expenditures (3) General corporate purposes (4) Repay maturing long-term debt
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
2025 | 1,990 |
2026 | 2,585 |
2027 | 2,541 |
2028 | 1,499 |
2029 | 1,024 |
Thereafter | 23,766 |
| 33,405 |
Schedule of Credit Facilities |
($ millions) | Regulated Utilities |  | Corporate and Other |  | 2024 |  |  | 2023 |
Total credit facilities | 4,396 |  |  | 1,946 |  |  | 6,342 |  |  | 6,176 |
Credit facilities utilized: |  |  |  |  |  |  |
Short-term borrowings (1) | (98) |  |  | — |  |  | (98) |  |  | (119) |
Long-term debt (including current portion) (2) | (1,335) |  |  | (881) |  |  | (2,216) |  |  | (1,572) |
Letters of credit outstanding | (81) |  |  | (21) |  |  | (102) |  |  | (101) |
Credit facilities unutilized | 2,882 |  |  | 1,044 |  |  | 3,926 |  |  | 4,384 |
(1) The weighted average interest rate was approximately 6.1% (2023 - 6.9%). (2) The weighted average interest rate was approximately 4.6% (2023 - 6.2%). The current portion was $1,860 million (2023 - $1,160 million). Consolidated credit facilities of approximately $6.3 billion as at December 31, 2024 are itemized below.
($ millions) | Amount |  | Maturity
Unsecured committed revolving credit facilities |  |  |
Regulated utilities |  |  |
ITC (1) | US | 1,000 |  |  | 2028
UNS Energy | US | 375 |  |  | 2027
Central Hudson | US | 250 |  |  | 2029
FortisBC Energy | 900 |  |  | 2028
FortisAlberta | 250 |  |  | 2029
FortisBC Electric | 200 |  |  | 2028
Other Electric | 285 |  |  | (2)
Other Electric | US | 83 |  |  | 2025
Corporate and Other | 1,350 |  |  | (3)
Other facilities |  |  |
Regulated utilities |  |  |
Central Hudson - uncommitted credit facility | US | 60 |  |  | n/a
FortisBC Energy - uncommitted credit facility | 55 |  |  | 2025
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 | 93 |  |  | 2025
Corporate and Other |  |  |
Unsecured non-revolving facility | US | 250 |  |  | 2025
Unsecured revolving facility | US | 150 |  |  | 2025
Unsecured non-revolving facility | 21 |  |  | n/a
(1) ITC also has a US$400 million commercial paper program, under which $nil was outstanding as at December 31, 2024 and 2023 (2) $90 million in 2027, $65 million in 2027, and $130 million in 2029 (3) $50 million in 2026 and $1.3 billion in 2029

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration