Berkshire Hathaway reported second-quarter operating earnings of $11.16 billion, a 4% decline from the $11.60 billion recorded a year earlier, as softer insurance underwriting offset gains in its railroad, energy and manufacturing units. The Omaha-based conglomerate ended June with $344.1 billion in cash and short-term investments, slightly below the record $347.7 billion it held at the end of March. Berkshire did not repurchase any of its own shares during the quarter or in the first three weeks of July, indicating management still views the stock as expensive despite a recent pull-back. Results were further weighed by a $3.8 billion impairment charge on the company’s long-held stake in Kraft Heinz, reflecting a markdown in the food maker’s market value. Berkshire also disclosed fresh purchases of VeriSign shares in a separate SEC filing. In its earnings statement, the company cautioned that the new 145% U.S. tariff on Chinese goods could hurt most of its operating businesses and equity investments, adding to uncertainty for the remainder of the year.