OMAHA, Neb. — Warren Buffett's company reported Saturday that it saw an 11 percent decline in third-quarter profits because of a smaller increase in the paper value of its investments, even as it sits on a mountain of cash.

Berkshire Hathaway said it made $16.52 billion, or $10,119 per Class A share, in the quarter, down from $18.54 billion, or $11,280 per Class A share, a year ago.

Buffett has long said Berkshire's operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary. By that measure, Berkshire's operating earnings improved to $7.86 billion, or $4,812 per Class A share, from $6.88 billion, or $4,186.05 per Class A share.

DETROIT — United Auto Workers President Gary Jones is taking a paid leave of absence amid a federal investigation of corruption in the union.The UAW said Jones requested the leave, which was effective Sunday.The federal government has been investigating fraud and misuse of funds at the UAW for more than two years.Jones has not been charged. But in a recent court filing, federal prosecutors alleged that seven top UAW officials conspired since 2010 to embezzle funds through schemes such as submitting false vouchers for conference expenses.In a statement, Jones said he’s stepping aside so the union can focus on negotiating better contracts for its workers.UAW Vice President Rory Gamble will serve as acting president. He recently negotiated the union’s tentative agreement with Ford Motor Co.