Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 387

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 387
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, 2023 and year ended December 31, 2024, we received $940.8 million, $209.0 million and $602.9 million, respectively, of reimbursement for C-band clearing costs, a portion
of which was used to repay certain outstanding debt (see Note 8—Debt). No similar proceeds were received during the two months ended February 28, 2022. As of December 31, 2024, we have received all
C-band related payments and reimbursements, and have completed all applicable obligations under the FCC Final Order.

For the ten months ended December 31, 2022, year ended December 31, 2023 and year ended December 31, 2024, we recognized
reimbursement income of $169.8 million, $720.9 million and $304.3 million, respectively, which are included within “Other operating expense (income), net—C-band” on our
consolidated statements of operations, with no similar amount for the two months ended February 28, 2022.

For the two months ended
February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023 and year ended December 31, 2024, we expensed $37.4 million, $64.4 million, $76.9 million and $17.3 million, respectively, of
C-band clearing related expenditures, which are included within “Other operating expense (income), net—C-band” on our consolidated statements of
operations.

(a) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Intelsat, its wholly-owned subsidiaries, and variable interest
entities (“VIE”) of which we are the primary beneficiary, and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). We use the equity method to account for our
investments in entities where we exercise significant influence over operating and financial policies but do not retain control under either the voting interest model (generally 20% to 50% ownership interest) or the variable interest model. We have
eliminated all intercompany accounts and transactions.

(b) Use of Estimates

The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities as of the date of these consolidated financial statements, the reported amounts of