One of the most complicating factors in decentralized solution methods for a broad range of power system optimization problems is the modeling of power flow equations. Existing formulations for direct current (DC) power flows either have limited scalability or are very dense and unstructured, making them unsuitable for large-scale decentralized studies. In this work, we present a novel sparsified variant of the injection shift factors formulation, which has a decomposable block-diagonal structure and scales well for large systems. We also propose a decentralized solution method, based on alternating direction multiplier method (ADMM), that efficiently handle transmission line outages in N-1 security requirements. Benchmarks on Multi-Zonal Security-Constrained Unit Commitment problems show that the proposed formulation and algorithm can reliably and efficiently solve interconnection-level test systems, with up to 6,515 buses, with no convergence or numerical issues.