Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 168

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 168
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-related asset value to compute the expected return on assets, whereas IFRS requires the use of the fair market value. This difference results in a lower interest income on plan assets by $6 million for the year ended December 31, 2024 reflected in “Other income (expense), net”. Under U.S. GAAP, the Intelsat Group has historically reflected the effect of expected administration expenses paid from plan assets implicitly in the expected investment return on plan assets. Under IFRS, expected administration expenses are recognized in the income statement, resulting in an increase in expense of $1 million for the year ended December 31, 2024, reflected in “Other income (expense), net”. E. Share-based compensation Under U.S. GAAP, awards with graded vesting are recognized as an expense on a straight-line basis over the vesting period. Under IFRS, an award with graded vesting is considered as separate grants with different vesting dates and fair values. As a result, an adjustment of $2 million decrease was made under “Direct costs of revenue (excluding depreciation and amortization)” and $7 million decrease under “Selling, general and administrative” expenses for the year ended December 31, 2024 in order to reflect the higher expense under IFRS. F. Leases Under U.S. GAAP, a lessee may classify a lease as an operating lease or a finance lease, whereas under IFRS there is a single classification method. In both cases, lessees will recognize a right-of-useasset and a lease liability. An operating lease under U.S. GAAP results in lease expense to be recognized on a straight-line basis, by amortizing the leased asset more slowly than a financing leased asset. In comparison, a lessee with a finance lease is required to apply a financing model in which the expense resulting from the lease declines during the lease term. As a result, right-of-useassets of $241 million have been reclassified from “Other assets” to “Satellites and other property and equipment, net” in the unaudited pro forma condensed combined statement of financial position as at December 31, 2024. The adjustment to the accumulated depreciation of the right-of-useassets, driven by the classification from operating to finance lease, amounts to $12 million as at December 31, 2024. Thus, there was a total of $229 million increase to “Satellites and other property and equipment, net” as at December 31,