Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 254

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 254
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 or realized as a result of the Chapter 11 proceedings as reorganization
items in Intelsat’s consolidated statements of operations. See Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere
in this prospectus.

Upon application of Fresh Start Accounting, Intelsat allocated the reorganization value to Intelsat’s individual
assets and liabilities, except for deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date with the remaining excess value allocated to goodwill in conformity with ASC 805, Business Combinations. The
amount of deferred taxes was determined in accordance with ASC 740, Income Taxes(“ASC 740”). The Fresh Start Reporting Date fair values of Intelsat’s assets and liabilities differed materially from their recorded values as
reflected on Intelsat’s historical balance sheets. See Note 3—Fresh Start Accounting of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

207

Revenue Recognition, Accounts Receivable and Allowance for Credit Losses Revenue Recognition.Intelsat earns revenue primarily from satellite utilization services and, to a lesser extent, from providing managed services to its customers. Intelsat’s contracts for satellite utilization services often contain multiple service orders for the provision of capacity on or over different beams, satellites, frequencies, geographies or time periods. Under each separate service order, Intelsat’s satellite services, composed of transponder services, managed services, channel services, and occasional use managed services, are delivered in a series of time periods that are distinct from each other and have the same pattern of transfer to the customer. In each period, Intelsat’s obligation is to make those services available to the customer. Throughout each period of services being provided, the customer simultaneously receives and consumes the benefits, resulting in revenue recognition over time. Intelsat’s contract assets include unbilled amounts typically resulting from sales under its long-term contracts when the total contract value is recognized on a straight-line basis and the revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance payments and collections in excess of revenue recognized and deferred revenue. While the majority of Intelsat’s revenue transactions contain standard business terms and 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