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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues [1] $ 32,876 $ 38,404 $ 99,125 $ 109,352
Cost of sales:        
Cost of materials and other [2] 29,965 32,385 88,590 91,820
Operating expenses (excluding depreciation and amortization expense reflected below) 1,482 1,578 4,317 4,495
Depreciation and amortization expense 675 671 2,042 1,979
Total cost of sales 32,122 34,634 94,949 98,294
Other operating expenses 3 6 40 18
General and administrative expenses (excluding depreciation and amortization expense reflected below) 234 250 695 703
Depreciation and amortization expense 10 11 34 32
Operating income 507 3,503 3,407 10,305
Other income, net 123 122 389 357
Interest and debt expense, net of capitalized interest (141) (149) (421) (443)
Income before income tax expense 489 3,476 3,375 10,219
Income tax expense 96 813 726 2,288
Net income 393 2,663 2,649 7,931
Less: Net income attributable to noncontrolling interests 29 41 160 298
Net income attributable to Valero Energy Corporation stockholders $ 364 $ 2,622 $ 2,489 $ 7,633
Earnings per common share (in dollars per share) $ 1.14 $ 7.49 $ 7.66 $ 21.22
Weighted-average common shares outstanding (in shares) 318 349 324 359
Earnings per common share – assuming dilution (in dollars per share) $ 1.14 $ 7.49 $ 7.66 $ 21.21
Weighted-average common shares outstanding – assuming dilution (in shares) 318 349 324 359
Supplemental information:        
Includes excise taxes on sales by certain of our foreign operations $ 1,539 $ 1,468 $ 4,382 $ 4,339
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,539 million and $1,468 million for the three months ended September 30, 2024 and 2023, respectively, and $4,382 million and $4,339 million for the nine months ended September 30, 2024 and 2023, respectively.
[2] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $313 million and $266 million for the three months ended September 30, 2024 and 2023, respectively, and $952 million and $900 million for the nine months ended September 30, 2024 and 2023, respectively.