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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the gross fair values of contracts, categorized by risk type, and the net amounts recorded as current or long-term derivative assets or liabilities:
| As of December 31,
| 2023 |  | 2022
CL&P (Millions of Dollars) | Fair Value Hierarchy |  | Commodity Supply and Price Risk Management |  | Netting (1) |  | Net Amount Recorded as a Derivative |  | Fair Value Hierarchy |  | Commodity Supply and Price Risk Management |  | Netting (1) |  | Net Amount Recorded as a Derivative
Current Derivative Assets | Level 2 |  | $ | 16.4 |  |  | $ | (0.5) |  |  | $ | 15.9 |  |  | Level 3 |  | $ | 16.3 |  |  | $ | (0.5) |  |  | $ | 15.8 |
Long-Term Derivative Assets | Level 2 |  | 13.6 |  |  | (0.5) |  |  | 13.1 |  |  | Level 3 |  | 28.8 |  |  | (0.9) |  |  | 27.9 |
Current Derivative Liabilities | Level 2 |  | (81.9) |  |  | — |  |  | (81.9) |  |  | Level 3 |  | (81.6) |  |  | — |  |  | (81.6) |
Long-Term Derivative Liabilities | Level 2 |  | (68.0) |  |  | — |  |  | (68.0) |  |  | Level 3 |  | (143.9) |  |  | — |  |  | (143.9) |
(1) Amounts represent derivative assets and liabilities that Eversource elected to record net on the balance sheets. These amounts are subject to master netting agreements or similar agreements for which the right of offset exists.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in the Level 3 category of derivative assets and derivative liabilities measured at fair value on a recurring basis. The derivative assets and liabilities are presented on a net basis.
CL&P (Millions of Dollars) | For the Years Ended December 31,
2023 |  | 2022
Derivatives, Net: |  |  |
Fair Value as of Beginning of Period | $ | (181.8) |  |  | $ | (249.2) |
Net Realized/Unrealized (Losses)/Gains Included in Regulatory Assets | (3.9) |  |  | 10.1 |
Settlements | 64.8 |  |  | 57.3 |
Transfers out of Level 3 (1) | 120.9 |  |  | — |
Fair Value as of End of Period | $ | — |  |  | $ | (181.8) |
(1) Transfers out of Level 3 pertain to certain significant valuation inputs becoming observable as well as certain unobservable inputs no longer being significant to the fair value of the derivative contracts. Eversource's policy is to recognize transfers between levels of the fair value hierarchy as of the end of the reporting period.

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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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