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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues [1] $ 117,033 $ 93,980 $ 75,659
Cost of sales:      
Cost of materials and other 104,732 83,037 65,962
Operating expenses (excluding depreciation and amortization expense reflected below) 4,690 4,504 4,251
Depreciation and amortization expense 2,017 1,934 1,846
Lower of cost or market inventory valuation adjustment 0 0 (747)
Total cost of sales 111,439 89,475 71,312
Other operating expenses 45 61 0
General and administrative expenses (excluding depreciation and amortization expense reflected below) 925 829 709
Depreciation and amortization expense 52 52 48
Asset impairment loss 0 0 56
Operating income 4,572 3,563 3,534
Other income, net 130 112 94
Interest and debt expense, net of capitalized interest (470) (468) (446)
Income before income tax expense (benefit) 4,232 3,207 3,182
Income tax expense (benefit) 879 (949) 765
Net income 3,353 4,156 2,417
Less: Net income attributable to noncontrolling interests 231 91 128
Net income attributable to Valero Energy Corporation stockholders $ 3,122 $ 4,065 $ 2,289
Earnings per common share (in usd per share) $ 7.30 $ 9.17 $ 4.94
Weighted-average common shares outstanding (shares) 426 442 461
Earnings per common share – assuming dilution (in usd per share) $ 7.29 $ 9.16 $ 4.94
Weighted-average common shares outstanding – assuming dilution (shares) 428 444 464
[1] Includes excise taxes on sales by certain of our international operations of $5,626 million, $5,573 million, and $5,493 million for the years ended December 31, 2018, 2017, and 2016.