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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues [1] $ 31,759 $ 36,439
Cost of sales:    
Cost of materials and other [2] 27,682 30,005
Operating expenses (excluding depreciation and amortization expense reflected below) 1,411 1,477
Depreciation and amortization expense 683 650
Total cost of sales 29,776 32,132
Other operating expenses 34 10
General and administrative expenses (excluding depreciation and amortization expense reflected below) 258 244
Depreciation and amortization expense 12 10
Operating income 1,679 4,043
Other income, net 144 129
Interest and debt expense, net of capitalized interest (140) (146)
Income before income tax expense 1,683 4,026
Income tax expense 353 880
Net income 1,330 3,146
Less: Net income attributable to noncontrolling interests 85 79
Net income attributable to Valero Energy Corporation stockholders $ 1,245 $ 3,067
Earnings per common share (in dollars per share) $ 3.75 $ 8.30
Weighted-average common shares outstanding (in shares) 331 369
Earnings per common share – assuming dilution (in dollars per share) $ 3.75 $ 8.29
Weighted-average common shares outstanding – assuming dilution (in shares) 331 369
Supplemental information:    
Includes excise taxes on sales by certain of our foreign operations $ 1,387 $ 1,422
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,387 million and $1,422 million for the three months ended March 31, 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 $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively.