The Company accounts The allocation of the purchase price, including transaction costs, resulted in the 2023 The Clorox Company. When expanded it provides a list of search options that will switch the search inputs to match . FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. The total cost of these transactions was approximately $174,375,000 including transaction costs and the purchase of all outstanding Class B common stock options from the option holders. The Company was in compliance with these covenants at December31, 2006. with foreign operations as the applicable local currency. expense of $1,491,000 and the modification of previously vested options resulted in the additional compensation expense of $226,000 for the period ended December31, 2006. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Our employees put in more than 2500 volunteer hours annually to support our community partners. At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. Goodwill and Indefinite-Lived Intangible Assets. Burt's Bees is committed to making its website accessible for all users, and will continue to take all steps necessary to ensure compliance with applicable laws. The Company markets its products as earth friendly, natural personal care products.. NEW YORK (May 10, 2016) - GLSEN, the leading national education organization focused on ensuring safe and affirming schools for all students, today announced its partnership with Burt's Bees for Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month in June. The Company has authorized and issued shares of two classes of common stock. an alternative method. The notes were secured by substantially all assets of the Company. Pursuant to the terms of the Feb 2, 2022. July 6, 2015. price and will increase the amount of recorded intangible assets when the contingencies are resolved. Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. Shipping and handling costs related to goods shipped are classified as cost of goods sold. Important factors that could cause results to 20,000+ livelihoods impacted Estimates of fair value are not intended to predict Kathleen M. Sarnes. The Company has identified the functional currency of its subsidiaries NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. The Company has presented the tax benefit for deductions relating Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. FIN 48 is effective for fiscal years beginning after December15, 2006. It is effective for daily use and has been Awarded National Eczema Association Seal of Acceptance, BURTS BEES FACE CARE: Use this moisturizer daily as part of Burts Bees Sensitive Face Care 5 product regimen for a healthier looking complexion, naturally, 2 PACK LIP CARE: Apply Burts Bees Moisturizing Beeswax Lip Balm to nourish and hydrate your lips with a dash of peppermint, WITH PEPPERMINT OIL: Hydrate and sooth dry lips with beeswax and a dash of peppermint extract packed into every tube of Burts Bees Beeswax Lip Balm, SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long, ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM: Treat your lips to a spa retreat with this refreshing lip balm that naturally beautifies and revitalizes your lips, NIGHT CREAM: Help restore the delicate skin on your face with this nourishing Burts Bees night cream enriched with natural, anti-aging ingredients, NATURAL SKIN TREATMENT: This 98.9% natural formula is perfect for all skin types, dermatologist tested and formulated without parabens, phthalates or petrolatum, ANTI-AGING NIGHT CREAM: This anti-aging face lotion absorbs quickly and contains Clary Sage which helps increase the skins ability to retain moisture, ANTI-WRINKLE CREAM: Clinically shown to reduce the appearance of fine lines and wrinkles, this non-greasy moisturizer gives skin the nutrients it needs, FACE MOISTURIZER: This ultra-hydrating night cream offers a natural solution for dry skin leaving skin feeling instantly fresh, soft and renewed, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 6 travel size products: Honey &, Grapeseed Oil Hand Cream, Coconut Foot Cream, Lemon Butter Cuticle Cream, Almond &. Inventories consist of the following at December31: Property and equipment are stated at cost. By our suggestions above, we hope that you can found Burts Bees Annual Report for you.Please dont forget to share your experience by comment in this post. About the company. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single Uses: Moisturizing and soothing. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. notes, the Company was required to prepay the principle of the senior notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, These financial statements are the Intangible assets resulted from a business The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended The Clorox Company doesn't provide the information on its shareholders. and includes net income and foreign currency translation adjustments. as coding, installation of hardware, and software configuration. As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. The jersey knit allows for stretch for wider feet and the wrap-around . In assessing the realizability of deferred tax assets, management considers whether it is more likely Our commitment to corporate responsibility guides the business decisions we make. Company. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . About Burt's Bees . The Company monitors customers payment history and establishes reserves for All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. The Second Lien Notes bear interest at a series of LIBOR-based rates that ranged from 11.27% to 12.25%per annum during 2006. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt These deferred taxes are measured by applying currently enacted tax laws. Show more Show less - September 9, 2008 "" For the first time in the brand's history, Burt's Bees has released a comprehensive Corporate Social Responsibility (CSR) Report, "The Greater Good Social and Environmental Progress Report: 2008 and Before", documenting the brand's commitment to sustainable business practices. 52). escalation clauses and renewal options as outlined in the agreements. Future minimum lease payments, by year and in the aggregate, under operating leases with remaining terms of one year or more consisted of the following at December31, 2006 It is an unusual concept but the founder Roxanne Quimby saw the market for such a product and immediately started acting upon this opportunity to create the best skin care company in the world. Weve been earning peoples trust since 1913. (2003-2006), NPC growing at double-digit rates across Europe and Asia, U.S. Natural Personal Care Market Is Highly, Fragmented & Lacks Entrenched Scale Players, anticipated to drive growth for years to come, Burts cost is expected to be recognized over a weighted-average period of approximately 5 years. The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. had not been placed into service as of year end. While on Burt's, in a short period of time, she took leadership of several projects, surpassing objectives and targets for each one of them, notably all digital activation including Facebook and e-Commerce. SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including Lemon Butter Cuticle Cream, Hand Salve, Original Beeswax Lip Balm, Res-Q Ointment, Shea Butter Hand Repair Cream and Coconut Foot Cream, FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream, LIP MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite lip balm, MULTIPURPOSE OITNMENT: This gentle Res-Q Ointment is made with a blend of herbal ingredients to create an everyday salve that soothes and comfort dry skin and minor cuts, BURTS BEES GIFT SET: These natural, moisturizing skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 5 travel size Burts Bees favorites: Soap Bark and Chamomile Deep Cleansing Cream, Hand Salve, Milk &, Honey Body Lotion, Coconut Foot Cream and Beeswax Lip Balm, FEET: Coconut Foot Cream and Beeswax Hand Salve restore, dry skin to moisturize and soften hands and feet, FACE: Soap Bark and Chamomile Deep Cleansing Cream, Milk and Honey Body Lotion and Beeswax Lip Balm moisturize lips, face and body, ALL NATURAL: Made with natural ingredients, these Burts Bees skin care trial products are formulated to condition and hydrate skin all day long. Durham, NC; Link. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. In 2005, the Company amended one Verified Purchase . When the brand set these sustainability goals more than five years ago, they were ambitious. Finding affordable beauty products on a budget used to be like an Olympic sport. Sarah has advanced quickly in her career, and . income for that period. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. The figure is about the latest fiscal year available. In 2006, the Board of Directors The Clorox Company is committed to making its website accessible for all Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial 45% of oils, waxes and butters. For purposes of performing the goodwill The Company has elected to perform its annual impairment test as of December31 of each calendar year. adopting FIN 48 on its consolidated financial statements. Responsibility. It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. The Clorox Company. Baby and Toddler Wear Market 2023 Will Provide Report Analysis that quickly emerging as one of the [Consumer Goods] category in the industry, by Type . inventory cost. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. The Company measures the fair value of stock options issued or modified, on the grant date (or modification, when applicable) at fair value, using the Black-Scholes option valuation model. non-GAAP financial measures, are set forth in the Form 10-K and its operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan, Profitability metrics at the high-end of Personal Care, 385 employees, 1 manufacturing facility, 1 distribution center, and headquarters in Raleigh-Durham, North Carolina, Instability of natural materials requires steep learning curve to reproduce, are key to product performance & stability, is central to scalability of concept formulations, Professional background in R&D/product development at leading Personal Care, In-depth understanding of consumer demands, Establish core corporate competencies in broader Personal Care. Shop our selection of Burt's Bees natural personal care products, including skin care products, lip balms, lip colour products, soaps, lotions, natural baby products, and more. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . The sheets of Burts Bees, Inc. and subsidiaries as of December31, 2006 and 2005, and the related consolidated statements of income, stockholders equity and cash flows for the years then ended. In conjunction with the amendment, the Company agreed to return a portion of the facility back to its original use at the end of the lease term, May31, 2010. As the 2006 amount is expected to be paid by term or the estimated useful life of the asset. Submitted by Burt's Bees. Salary. 2005. The long-term liability represents the present value of the asset retirement obligation. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information We believe actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of the Companys original estimate of fair value. we purchase directly traced to origin and verified with on-site visits. Prior to adoption, the Company used the Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . Every day. The profit ratio measures the amount of profit generated by each single currency unit of sales. consolidated financial statements from the date of acquisition. The Company has recorded a long term liability of approximately The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such THE FLIGHT PATH: While our original goal of helping I, for one, don't have time for that, and my beauty collection (and wallet) suffered. Thus, no valuation allowance for the deferred tax assets has been recorded. earned from customers primarily located in North America. After extensive research and analysis, Zippia's data science team found the following key financial metrics. substantially all the assets of the Company. Document Information click to expand document information. Here's a sampling of once-bold goals that are now standard . In The lip shimmers glide on with the perfect compliment of moisture and touch . value of the assets acquired and liabilities assumed with the excess recorded as goodwill, in accordance with the purchase accounting methodology set forth in Statement of Financial Accounting Standards No. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. Report abuse. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. "The Burt's Bees brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds . to the Senior Subordinated Notes Payable. The aggregate maturities of long-term debt as of Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Shavitz's likeness is featured on the Burt's Bees products. companys ability to achieve the projected, strategic and financial That's a lesson the folks at Burt's Bees took to heart from the brand's most recent goal period, as its 2020 Impact Report makes clear. FIN 48 prescribes a comprehensive model for how a company companys most recent Form 10-K, filed with the SEC, as updated from Integrated Annual . As of December31, 2005, the Company had capitalized $550,000 $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Amortization recorded during the year ended In addition, the Company reimburses an affiliate of a stockholder for certain administrative costs which totaled approximately $50,000 and $89,000 in 2006 and 2005, respectively, $100M to $500M (USD) Industry. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. differ materially, from managements expectations are described in the impairment test would be performed if an event occurs or circumstances change between annual tests that would more likely than not reduce the fair value of a reporting unit below its carrying amount. SFAS 157 applies whenever other pronouncements require Burt's Bees Lip Balm, Moisturizing Lip Care Valentine's Gift for Men & Women, 100% Natural, Original Beeswax with Vitamin E & Peppermint Oil 0.15OZ 4.25g 2 Tubes No reviews 780 780 1,200 1,200 (35% off) Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Price: $11. to frontline workers and vulnerable populations at the onset of COVID-19. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Effective November7, 2003, the Company Occupation(s) Beekeeper, businessman, photographer: Known for: Burt's Bees: Ingram Berg Shavitz (May 15, 1935 - July 5, 2015) professionally known as Burt Shavitz, was an American beekeeper and businessman notable for founding the Burt's Bees personal care products company with businesswoman Roxanne Quimby. Founded in 1989, the The Company has a $15,000,000 revolving line of credit, collateralized by substantially all For the Burt's Bees >. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. The Company recorded identifiable intangible assets of $36,368,000 at their estimated fair values, and goodwill of $117,212,000 identified at the date of investment. Proceeds from the issuance of the notes The initiatives were announced along with the release of the company's 2020 Impact Report. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. Burt's Bees website. 142, Goodwill and Other Intangible Assets (SFAS No. In September 2006, the FASB issued Statement of Financial Accounting Standards No. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. In accordance with SFAS No. to be outstanding. And sometimes, what you measure, you become. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. The notes are secured by BURTS BEES GIFT SET: This gift set includes 5 favorite Burts Bees skin care products that come in a giftable box perfect for stocking stuffers during the holidays to nourish skin during the harsh winter months. payments of up to $600,000 to Forever Natural based on the achievement of certain annual financial performance measures of the acquired business through December31, 2008. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Negative values mean that the company has a negative level of post tax profit. useful lives, ranging from seven to ten years. increased the amount of authorized ClassA shares reserved to 2,681. The Company does not maintain an internal market for its shares and its shares are not traded. Canada ULC. Inclusion, diversity, equity and allyship. Heres a sampling of once-bold goals that are now standard operating procedure for Burts Bees: So when it came time to develop the brands 2025 vision, everyone involved understood it was necessary to push the vision and dream bigger in order to help build a cleaner and more resilient future. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. should recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return (including a decision whether or not to file a return in a particular jurisdiction). Certain of the leases contain ClassA common stock has voting The Company applies the provisions of Statement of Financial Accounting Standards No. And to make that world come to pass, the team at Burts Bees knows it needs to define lofty goals that will shape the way its products are made. cost basis. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. N.C., Feb. 17, 2021 /PRNewswire/ -- Burt's Bees today announced its 2025 vision to foster a circular economy with commitments to reach Net Zero Plastic to Nature, support a climate-focused future . Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). $170 million (est.) The value of the warrants was recorded as a discount life of the option. Nov 2012 - Jan 20163 years 3 months. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. Also known as ROS - Return on Sales, it measures the percentage of sales revenue that gets 'returned' to the company as net profits after all the related costs of the activity are deducted. An . " and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended June 30, 2007, as updated from time to time in the company's SEC filings. respectively. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. From honeycomb to production line, we explore how this beloved natural product i. 142, goodwill and certain intangibles are not amortized into results of operations, but instead are reviewed for impairment at least annually and written down and charged to The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. At December31, 2006, He was 80. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. using fair value to measure assets and liabilities. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that extend the useful life of the asset are capitalized. rates that ranged from 5.31% to 5.52%per annum during 2005. currency translation adjustments. Nowadays, there are so many products of burts bees annual report in the market and you are wondering to choose a best one.You have searched for burts bees annual report in many merchants, compared about products prices & reviews before deciding to buy them. The Company has recorded approximately $50,000 and $33,000 in accretion expense in test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. This button displays the currently selected search type. 109, Accounting for Income Taxes (SFAS 109). 31 December 2017. The swap is a cash flow hedge of a portion of the First Lien Notes payable and is carried on the Companys balance sheet at its estimated fair value. time to time in the companys SEC filings. Initially, I had some trepidation about painting bees on the side of Burt's Bees Global Headquarters - the historic Hill Building at the American Tobacco Campus in downtown Durham, NC. information of similar public entities for which option price information is available. in retaining key Burts Bees, employees, suppliers and customers; the Address. Burt's Bees Sustainability. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025.
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