Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 260

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 260
---
 conditions, there are certain transactions that contain non-standardbusiness terms and conditions. As a result, significant contract interpretation is sometimes required to determine the appropriate accounting for these transactions, including but not limited to:

| • |     | whether contracts with a prepayment contain a significant financing component; |

| • |     | whether an arrangement should be reported gross as a principal versus net as an agent; and |

| • |     | whether an arrangement contains a service contract or a lease. |

In addition, Intelsat’s revenue recognition policy requires an assessment as to whether collection is reasonably assured, which requires it to evaluate the creditworthiness of its customers. Changes in judgments in making these assumptions and estimates could materially impact the timing and/or amount of revenue recognition. Allowance for Credit Losses.Intelsat’s allowance for credit losses is determined through a subjective evaluation of the aging of its accounts receivable, and considers such factors as the likelihood of collection based upon an evaluation of the customer’s creditworthiness, the customer’s payment history and other conditions or circumstances that may affect the likelihood of payment, such as political and economic conditions in the country in which the customer is located. If Intelsat’s estimate of the likelihood of collection is not accurate, Intelsat may experience lower revenue or a change in its provision for credit losses. Asset Impairment Assessments Intelsat’s accounting policies on goodwill, other non-amortizableintangible assets and long-lived assets, including events that lead to possible impairment, are described in detail in Note 1—Background and Summary of Significant Accounting Policies of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus. Intelsat makes considerable judgments in its impairment evaluations of goodwill, other non-amortizableintangible assets and long-lived assets, starting with determining if an impairment indicator exists. Intelsat exercises judgment in determining if these indicators or events represent an impairment indicator requiring the computation of the fair value of goodwill and other non-amortizableintangible assets and/or the recoverability of long-lived assets. The fair value determination is typically the most judgmental part in an impairment evaluation. As part of the impairment evaluation process, management analyzes the sensitivity of fair value to various underlying assumptions. The level of scrutiny increases as the gap between fair value and carrying amount decreases. Changes in any of these assumptions could result in management reaching a different conclusion regarding the potential impairment, which could be material. Intelsat’s impairment evaluations inherently involve