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Crude Oil Supply and Inventory Purchase Agreement (Tables)
3 Months Ended
Mar. 31, 2021
Other Liabilities Disclosure [Abstract]  
Barrels Subject To Agreement
Barrels subject to the Supply and Offtake Agreements are as follows:
(in millions)El DoradoBig SpringKrotz Springs
Baseline Volumes pursuant to the respective Supply and Offtake Agreements2.0 0.8 1.3 
Barrels of inventory consigned under the respective Supply and Offtake Agreements as of March 31, 2021 (1)
3.4 1.3 1.4 
Barrels of inventory consigned under the respective Supply and Offtake Agreements as of December 31, 2020 (1)
4.0 1.3 1.2 
(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 DoradoBig SpringKrotz SpringsTotal
Balances as of March 31, 2021:
Baseline Step-Out Liability$136.8 $60.1 $90.2 $287.1 
Revolving over/short inventory financing liability85.0 31.7 6.9 123.6 
Total Obligations Under Supply and Offtake Agreements221.8 91.8 97.1 410.7 
Less: Current portion85.0 31.7 6.9 123.6 
Obligations Under Supply and Offtake Agreements - Noncurrent portion$136.8 $60.1 $90.2 $287.1 
Other current payable (receivable) for monthly activity true-up$1.4 $4.7 $(7.0)$(0.9)

(in millions)El DoradoBig SpringKrotz SpringsTotal
Balances as of December 31, 2020:
Baseline Step-Out Liability$106.3 $47.9 $70.7 $224.9 
Revolving over/short inventory financing liability (receivable)102.0 25.3 (4.5)122.8 
Total Obligations Under Supply and Offtake Agreements208.3 73.2 66.2 347.7 
Less: Current portion (1)
102.0 25.3 (4.5)122.8 
Obligations Under Supply and Offtake Agreements - Noncurrent portion$106.3 $47.9 $70.7 $224.9 
Other current payable for monthly activity true-up$6.6 $7.0 $— $13.6 
(1) Current portion for Krotz Springs includes $1.9 million of current portion of obligations under Supply and Offtake Agreements and $6.4 million of current assets presented in our condensed consolidated balance sheet.
Schedule Of Recurring Cash Fees And Interest Expense
The Supply and Offtake Agreements require payments of fixed annual 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 DoradoBig SpringKrotz SpringsTotal
Recurring cash fees paid during the three months ended March 31, 2021
$2.4 $0.7 $1.1 $4.2 
Recurring cash fees paid during the three months ended March 31, 2020
$3.2 $1.0 $1.0 $5.2 
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 DoradoBig SpringKrotz SpringsTotal
Interest expense for the three months ended March 31, 2021
$2.4 $0.7 $1.1 $4.2 
Interest expense for the three months ended March 31, 2020
$3.6 $4.1 $1.4 $9.1 
Disclosure of Letters of Credit
We maintained letters of credit under the Supply and Offtake Agreements as follows:
(in millions)El DoradoBig Spring and Krotz Springs
Letters of credit outstanding as of March 31, 2021
$145.0 $10.0 
Letters of credit outstanding as of December 31, 2020
$195.0 $10.0