The company launched a major debt tender offer to purchase a significant portion of its outstanding senior notes and debentures, aiming to improve its capital structure and reduce interest costs. This strategic move puts its balance sheet and valuation in focus. Notably, its major shareholder, Berkshire Hathaway, excluded a $4.5 billion non-cash write-down of its equity stake in the company from its own operating earnings calculation. The company did not repurchase any of its own stock during the period, continuing a trend.