Crude Oil Supply and Inventory Purchase Agreement (Tables)

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Barrels subject to the Supply and Offtake Agreements are as follows:



(in millions)	El Dorado	Big Spring	Krotz Springs
Baseline Volumes pursuant to the respective Supply and Offtake Agreements	2.0	0.8	1.3
Barrels of inventory consigned under the respective Supply and Offtake Agreements as of March 31, 2020 ⁽¹⁾	3.5	1.8	1.5
Barrels of inventory consigned under the respective Supply and Offtake Agreements as of December 31, 2019 ⁽¹⁾	3.5	2.0	1.7

⁽¹⁾

Includes Baseline Volumes plus/minus over/short quantities.

Disclosure Of Product Financing Arrangements, Payables And Receivables

Net balances payable (receivable) under the Supply and Offtake Agreements were as follows as of the balance sheet dates:



(in millions)	El Dorado		Big Spring		Krotz Springs			Total
Balances as of March 31, 2020:
Baseline Step-Out Liability	$	78.7	$	41.7	$	59.1		$	179.5
Revolving over/short product financing liability	58.9		30.3		8.7			97.9
Total Obligations Under Supply and Offtake Agreements	137.6		72.0		67.8			277.4
Less: Current portion	58.9		30.3		8.7			97.9
Obligations Under Supply and Offtake Agreements - Noncurrent portion	$	78.7	$	41.7	$	59.1		$	179.5
Other current payable (receivable) for monthly activity true-up	$	11.4	$	10.7	$	(18.2	)	$	3.9



(in millions)	El Dorado			Big Spring			Krotz Springs			Total
Balances as of December 31, 2019:
Baseline Step-Out Liability	$	125.5		$	57.2		$	87.6		$	270.3
Revolving over/short product financing liability	93.0			73.5			40.5			207.0
Total Obligations Under Supply and Offtake Agreements	218.5			130.7			128.1			477.3
Less: Current portion	218.5			73.5			40.5			332.5
Obligations Under Supply and Offtake Agreements - Noncurrent portion	$	—		$	57.2		$	87.6		$	144.8
Other current receivable for monthly activity true-up	$	(16.4	)	$	(3.1	)	$	(3.5	)	$	(23.0	)

Schedule Of Recurring Cash Fees And Interest Expense

The Supply and Offtake Agreements require payments of fees which are factored into the interest rate yield under the fair value accounting model. Recurring cash fees paid during the periods presented were as follows:



(in millions)	El Dorado		Big Spring		Krotz Springs		Total
Recurring cash fees paid during the three months ended March 31,2020	$	3.2	$	1.0	$	1.0	$	5.2
Recurring cash fees paid during the three months ended March 31, 2019	$	2.4	$	1.4	$	2.3	$	6.1

Interest expense recognized under the Supply and Offtake Agreements includes the yield attributable to recurring cash fees, one-time cash fees (e.g., in connection with amendments), as well as other changes in fair value, which may increase or decrease interest expense. Total interest expense incurred during the periods presented was as follows:



(in millions)	El Dorado		Big Spring			Krotz Springs		Total
Interest expense for the three months ended March 31, 2020	$	3.6	$	4.1		$	1.4	$	9.1
Interest expense for the three months ended March 31, 2019	$	3.1	$	(0.1	)	$	3.0	$	6.0

Disclosure of Letters of Credit

We maintained letters of credit under the Supply and Offtake Agreements as follows:



(in millions)	El Dorado		Big Spring and Krotz Springs
Letters of credit outstanding as of March 31, 2020	$	150.0	$	10.0
Letters of credit outstanding as of December 31. 2019	$	180.0	$	44.0