Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 420

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 420
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, attributable to the future benefit from the utilization of certain net operating loss carryforwards. In addition, our balance sheets as of December 31, 2022 and 2023 included $9.9 million and $11.7 million of deferred tax assets, respectively, attributable to the future benefit from the utilization of tax credit carryforwards. As of December 31, 2023, we had tax-effectedU.S. federal, state and other foreign tax net operating loss carryforwards of $62.8 million, of which $54.8 million is expiring between 2024 and 2040, with the remaining $8.0 million having an indefinite life. In addition, as of December 31, 2023, we had Luxembourg tax-effectednet operating loss carryforwards of $2.5 billion and of this amount $1.5 billion expires between 2035 and 2040. These Luxembourg net operating loss carryforwards were caused primarily by our interest expense, satellite depreciation and amortization and impairment charges related to investments in subsidiaries, goodwill and other intangible assets. Our research and development credit of $3.3 million may be carried forward to 2037. Our foreign tax credit of $8.4 million as of December 31, 2023 is fully valued. Our valuation allowance as of December 31, 2022 and 2023 was $3.6 billion and $2.9 billion, respectively. Almost all of the valuation allowance relates to Luxembourg net operating loss carryforwards and deferred tax assets created by differences between the U.S. GAAP and the Luxembourg tax basis in our assets. Certain operations of our subsidiaries are controlled by various intercompany agreements which provide these subsidiaries with predictable operating profits. Other subsidiaries, principally Luxembourg and U.S. subsidiaries, are subject to the risks of our overall business conditions which make their earnings less predictable. Our valuation allowance as of December 31, 2023 also relates to certain deferred tax assets in our U.S. subsidiaries, including foreign tax credit carryforward and disallowed interest expense carryforward. The following table summarizes the activity related to our unrecognized tax benefits (in thousands):

|                                                                  |     | Predecessor |   Year Ended 
 December 31, 
         2021 |   |     |   |   Two Months 
        Ended 
 February 28, 
         2022 |   |     | Successor |   Ten Months 
        Ended 
 December 31,