Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 399

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 399
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 for using the equity method of accounting. The investment balance, which is equivalent to our maximum exposure to loss, was $25.5 million as of December 31, 2023. We recognized a nominal amount of equity in
earnings of Horizons 4 for the year ended December 31, 2023, which was recognized in “Other income (expense), net” in our consolidated statements of operations.

(d) Investments in Equity Securities

The Company holds noncontrolling equity investments in certain separate privately held companies, including investments in equity securities
without readily determinable fair values.

In accordance with ASC 321, Investments—Equity Securities, we use the measurement
alternative to measure the fair value of our investments in equity securities without readily determinable fair values. Accordingly, these investments are measured at cost, less any impairment, and are adjusted for changes in fair value resulting
from observable transactions for identical or similar investments of the same issuer. We recognized an impairment loss related to one of our investments of $2.0 million for the year ended December 31, 2023, with no comparative amounts in
2021 or 2022. Upon the adoption of Fresh Start Accounting, the Company elected the fair value option for one of its existing convertible loan receivables related to one of its investments with a cost value of $19.1 million as of
December 31, 2021. Excluding the cost value of the convertible loan receivable transferred to investments, we recognized an increase in fair value relating to investments of $11.6 million for the year ended December 31, 2021, a
decrease of $0.4 million for the two months ended February 28, 2022, and an increase of $1.7 million for the ten months ended December 31, 2022, with no comparative amount for the year ended December 31, 2023.

In March of 2022, we sold all of our interest in one of our investments for $3.4 million, resulting in a loss of $1.0 million, which
was recognized in “Other income (expense), net” in our consolidated statements of operations. In December of 2022, we converted a portion of one of our investments with a basis of $24.9 million into preferred shares in the investment
and redeemed the remainder, resulting in a loss of $4.7 million, which was recognized in “Other income (expense), net” in our consolidated statements of