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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues [1] $ 108,324 $ 117,033 $ 93,980
Cost of sales:      
Cost of materials and other 96,476 104,732 83,037
Operating expenses (excluding depreciation and amortization expense reflected below) 4,868 4,690 4,504
Depreciation and amortization expense 2,202 2,017 1,934
Total cost of sales 103,546 111,439 89,475
Other operating expenses 21 45 61
General and administrative expenses (excluding depreciation and amortization expense reflected below) 868 925 829
Depreciation and amortization expense 53 52 52
Operating income (loss) 3,836 4,572 3,563
Other income, net 104 130 112
Interest and debt expense, net of capitalized interest (454) (470) (468)
Income before income tax expense (benefit) 3,486 4,232 3,207
Income tax expense (benefit) 702 879 (949)
Net income 2,784 3,353 4,156
Less: Net income attributable to noncontrolling interests 362 231 91
Net income attributable to Valero Energy Corporation stockholders $ 2,422 $ 3,122 $ 4,065
Earnings per common share (in usd per share) $ 5.84 $ 7.30 $ 9.17
Weighted-average common shares outstanding (shares) 413 426 442
Earnings per common share – assuming dilution (in usd per share) $ 5.84 $ 7.29 $ 9.16
Weighted-average common shares outstanding – assuming dilution (shares) 414 428 444
Supplemental information:      
Includes excise taxes on sales by certain of our international operations $ 5,595 $ 5,626 $ 5,573
[1] Includes excise taxes on sales by certain of our international operations of $5,595 million, $5,626 million, and $5,573 million for the years ended December 31, 2019, 2018, and 2017.