Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 474

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 474
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 | ) |
| Tax basis differences in investments and affiliates |     |   |           (269,344 | ) |     |   |           (305,291 | ) |
| Other deferred tax liabilities                      |     |   |            (48,368 | ) |     |   |            (34,386 | ) |
| Total deferred tax liabilities                      |     |   |           (483,043 | ) |     |   |           (587,405 | ) |
| Valuation allowance                                 |     |   |         (2,853,211 | ) |     |   |         (2,832,231 | ) |
| Total net deferred tax liabilities                  |     | $ |             (6,236 | ) |     | $ |            (15,532 | ) |

As of December 31, 2023 and 2024, our consolidated balance sheets included a deferred tax asset in the amount of $2.6 billion and $2.8 billion, respectively, attributable to the future benefit from the utilization of certain net operating loss carryforwards. In addition, our balance sheets as of December 31, 2023 and 2024 included $11.7 million and $9.6 million of deferred tax assets, respectively, attributable to the future benefit from the utilization of tax credit carryforwards. As of December 31, 2024, we had tax-effectedU.S. federal, state and other foreign tax net operating loss carryforwards of $141.6 million, of which $19.8 million is expiring between 2025 and 2044, with the remaining $121.8 million having an indefinite life. In addition, as of December 31, 2024, we had Luxembourg tax-effectednet operating loss carryforwards of $2.7 billion and, of this amount, $1.7 billion expires between 2035 and 2041. 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 credits of $13.9 million expire between 2040 and 2043. Our foreign tax credits of $6.2 million expire in 2025. Our valuation allowance as of December 31, 2023 and 2024 was $2.9 billion and $2.8 billion, respectively. Almost all of the valuation allowance relates to Luxembourg net