Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 448

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 448
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 assets in high-yield fixed income securities, primarily in securities rated below investment grade, including corporate bonds and 
 debentures, convertible and preferred securities, zero coupon obligations, and tranches of collateralized debt obligations and collateralized loan obligations. The fair values of these assets are determined using Level 1 inputs.              |

| (7) | U.S. Treasuries include Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities)                               
 representing zero coupon Treasury securities with long-term maturities The fair values of these assets are determined using Level 2 inputs. |

| (8) | Hedge Funds includes an investment in a collective trust fund that seeks to provide returns that are different                                                                                                                                          
 from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December 
 with a pre-notification period of 95 days, and a two year lock-up on all purchases which have expired.                                                                                                                                                  |

| (9) | The Core Property Fund is a collective trust fund that invests in direct commercial property funds primarily in                                                                                                                                           
 the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility 
 and low correlation to public markets. The fund has quarterly redemptions with a pre-notification period of 105 days, and no lock-up period.                                                                                                              |

Our plan assets are measured at fair value. ASC 820 prioritizes the inputs used in valuation techniques including Level 1, Level 2 and Level 3 (see Note 1—Background and Summary of Significant Accounting Policies). The majority of our plan assets are valued following the market approach, using measurement inputs which include unadjusted prices in active markets, and we have therefore classified all of these assets as Level 1 assets, with the exception of our U.S. Treasuries, which use pricing models for similar securities, and we have therefore classified them as Level 2 within the fair value hierarchy under ASC 820. Our other securities include Hedge Funds and Core Property Funds, which are measured at fair value using the net asset value per share practical expedient, and are not classified in the fair value hierarchy. F-154

The following table presents the components of net periodic pension benefit income (in thousands). These amounts are recognized in “Other income