Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 403

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 403
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 Under this method, we estimated the present value of the after-taxcash flows related to the ARPs, using the assumption that they will be received in the first quarter of 2024. The discount rate employed to estimate the present value was consistent with the risk inherent in the overall business of Intelsat, as the receipt of the ARPs is dependent on the Company’s ability to clear a portion of the C-bandspectrum on an accelerated basis, and hence aligned with the Company’s operational risks. The key assumptions used to estimate the fair value of the ARP Rights included the expected amount and timing of the ARPs, tax rate and the discount rate. The value of the ARP Rights accreted over time, using the effective interest method, until Phase II Validation. As of December 31, 2022, the carrying amount of the ARP Rights was $3.1 billion. As a result of the Phase II Validation, we derecognized the “Accelerated relocation payment rights,” upon which we recognized a “Gain on disposition of ARP rights” of $139.0 million within our consolidated statements of operations for the year ended December 31, 2023. As of October 19, 2023, the entire Phase II ARP proceeds of $3.7 billion were received. We recognized interest income on the ARP Rights of $268.7 million and $208.9 million for the ten months ended December 31, 2022 and year ended December 31, 2023, respectively, with no similar amount recognized for the two months ended February 28, 2022. Orbital Locations and Trade Name.Intelsat is authorized by governments to operate satellites at certain orbital locations—i.e., longitudinal coordinates along the Clarke Belt. The Clarke Belt is the part of space approximately 35,800 kilometers above the plane of the equator where geostationary orbit may be achieved. Various governments acquire rights to these orbital locations through filings made with the International Telecommunication Union, a sub-organizationof the United Nations. We will continue to have rights to operate satellites at our orbital locations so long as we maintain our authorizations to do so. Our rights to operate at orbital locations can be used and sold individually; however, since satellites and customers can be and are moved from one orbital location to another, our rights are used in conjunction with each other as a network that can be adapted to meet the changing needs of our customers and market demands. Due to the interchangeable nature of orbital locations, the aggregate value