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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (Unaudited) |
20. | QUARTERLY FINANCIAL DATA (Unaudited)
The following table summarizes quarterly financial data for the years ended December 31, 2017 and 2016 (in millions, except per share amounts).
| 2017 Quarter Ended
| March 31 |  | June 30 |  | September 30 |  | December 31 (b)
Operating revenues | $ | 21,772 |  |  | $ | 22,254 |  |  | $ | 23,562 |  |  | $ | 26,392 |
Gross profit (a) | 739 |  |  | 1,063 |  |  | 1,624 |  |  | 1,121 |
Operating income | 537 |  |  | 871 |  |  | 1,338 |  |  | 853 |
Net income | 321 |  |  | 572 |  |  | 863 |  |  | 2,400 |
Net income attributable to Valero Energy Corporation stockholders | 305 |  |  | 548 |  |  | 841 |  |  | 2,371 |
Earnings per common share | 0.68 |  |  | 1.23 |  |  | 1.91 |  |  | 5.43 |
Earnings per common share – assuming dilution | 0.68 |  |  | 1.23 |  |  | 1.91 |  |  | 5.42 |
| 2016 Quarter Ended
| March 31 (c) |  | June 30 (d) |  | September 30 (e) |  | December 31
Operating revenues | $ | 15,714 |  |  | $ | 19,584 |  |  | $ | 19,649 |  |  | $ | 20,712 |
Gross profit (a) | 997 |  |  | 1,457 |  |  | 1,096 |  |  | 841 |
Operating income | 829 |  |  | 1,231 |  |  | 892 |  |  | 620 |
Net income | 513 |  |  | 843 |  |  | 645 |  |  | 416 |
Net income attributable to Valero Energy Corporation stockholders | 495 |  |  | 814 |  |  | 613 |  |  | 367 |
Earnings per common share | 1.05 |  |  | 1.74 |  |  | 1.33 |  |  | 0.81 |
Earnings per common share – assuming dilution | 1.05 |  |  | 1.73 |  |  | 1.33 |  |  | 0.81 |
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(a) | Gross profit is calculated as operating revenues less total cost of sales.
(b) | During the quarter ended December 31, 2017, we recognized an income tax benefit of $1.9 billion related to Tax Reform as described in Note 14.
(c) | During the quarter ended March 31, 2016, we recognized a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.
(d) | During the quarter ended June 30, 2016, we recognized a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.
(e) | During the quarter ended September 30, 2016, we recognized a tax benefit of $42 million related to the Aruba Disposition as described in Note 2.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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