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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues [1] $ 26,439 $ 21,772
Cost of sales:    
Cost of materials and other 23,756 19,428
Operating expenses (excluding depreciation and amortization expense reflected below) 1,136 1,124
Depreciation and amortization expense 485 488
Total cost of sales 25,377 21,040
Other operating expenses 10 0
General and administrative expenses (excluding depreciation and amortization expense reflected below) 238 192
Depreciation and amortization expense 13 12
Operating income 801 528
Other income, net 51 26
Interest and debt expense, net of capitalized interest (121) (121)
Income before income tax expense 731 433
Income tax expense 149 112
Net income 582 321
Less: Net income attributable to noncontrolling interests 113 16
Net income attributable to Valero Energy Corporation stockholders $ 469 $ 305
Earnings per common share (in dollars per share) $ 1.09 $ 0.68
Weighted-average common shares outstanding (in shares) 431 448
Earnings per common share – assuming dilution (in dollars per share) $ 1.09 $ 0.68
Weighted-average common shares outstanding – assuming dilution (in shares) 432 451
Dividends per common share (in dollars per share) $ 0.8 $ 0.7
[1] Includes excise taxes on sales by certain of our international operations of $1,464 million and $1,272 million for the three months ended March 31, 2018 and 2017, respectively.