Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 422

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 422
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 December 31, 2022 and 2023,
we recorded reserves for interest and penalties in the amounts of $2.6 million and $3.2 million, respectively. We continue to recognize interest and, to the extent applicable, penalties with respect to the unrecognized tax benefits as
income tax expense. Since December 31, 2022, the change in the balance of unrecognized tax benefits consisted of an increase of $3.3 million related to current year tax positions for the year ended December 31, 2023 and net increases
of $4.3 million related to prior year tax positions for the year ended December 31, 2023. The increase in gross unrecognized tax benefits was partially offset by $0.1 million related to the expiration of the statute of limitations on
the assessment of certain tax positions during the year ended December 31, 2023.

We operate in various taxable jurisdictions
throughout the world, and our tax returns are subject to audit and review from time to time. We consider Luxembourg, the U.S. and the UK to be our significant tax jurisdictions. Our subsidiaries in these jurisdictions are subject to income tax
examination for periods after December 31, 2017. We believe that there are no jurisdictions in which the outcome of unresolved tax issues or claims is likely to be material to our results of operations, financial position or cash flows within
the next twelve months.

Effective January 31, 2020, the UK formally exited the European Union (“EU”). As a result of the
withdrawal, existing tax reliefs and exemptions on intra-European transactions will likely cease to apply to transactions between UK entities and EU entities. In addition, transactions with non-EU countries,
such as the U.S., may also be affected. As of December 31, 2023, all relevant tax laws and treaties remained unchanged and the tax consequences were unknown. Therefore, we have not recognized any impacts of the withdrawal in the income tax
provision as of December 31, 2023. We will recognize any impacts to the tax provision when changes in tax laws or treaties between the UK and the EU or individual EU member states are enacted.

As described in Note 9—Debt, in accordance with the Final Plan, all of the Company’s debt that was outstanding as of
December 31, 2021 has been repaid or settled and extinguished. The IRC provides that a debtor in a Chapter 11 bankruptcy case may exclude cancellation of debt income (“