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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues [1] $ 30,849 $ 23,562 $ 88,303 $ 67,588
Cost of sales:        
Cost of materials and other 27,701 20,329 79,317 59,366
Operating expenses (excluding depreciation and amortization expense reflected below) 1,193 1,135 3,439 3,370
Depreciation and amortization expense 504 484 1,499 1,457
Total cost of sales 29,398 21,948 84,255 64,193
Other operating expenses 10 44 41 44
General and administrative expenses (excluding depreciation and amortization expense reflected below) 209 225 695 592
Depreciation and amortization expense 13 13 39 39
Operating income 1,219 1,332 3,273 2,720
Other income, net 42 23 88 76
Interest and debt expense, net of capitalized interest (111) (114) (356) (354)
Income before income tax expense 1,150 1,241 3,005 2,442
Income tax expense 276 378 674 686
Net income 874 863 2,331 1,756
Less: Net income attributable to noncontrolling interests 18 22 161 62
Net income attributable to Valero Energy Corporation stockholders $ 856 $ 841 $ 2,170 $ 1,694
Earnings per common share (in dollars per share) $ 2.01 $ 1.91 $ 5.05 $ 3.80
Weighted-average common shares outstanding (in shares) 425 439 428 444
Earnings per common share – assuming dilution (in dollars per share) $ 2.01 $ 1.91 $ 5.05 $ 3.80
Weighted-average common shares outstanding – assuming dilution (in shares) 427 441 430 446
[1] Includes excise taxes on sales by certain of our international operations of $1,338 million and $1,447 million for the three months ended September 30, 2018 and 2017, respectively, and $4,272 million and $4,103 million for the nine months ended September 30, 2018 and 2017, respectively.