Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 357

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 357
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classes of underlying assets. Leases in which the Company is the lessor are also evaluated for lease and non-lease components. In the event a sales-type lease is identified, this component is accounted for
separately from lease and non-lease components that meet the practical expedient to be combined. Judgment is required in determining the allocation between lease components and also between the lease and non-lease components, as the non-lease components are the predominant components of the combined components of our sales-type leases. ASC 606, Revenue from Contracts with Customers (“ASC 606”) is applied to the combined lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease
expense is recognized on a straight-line basis over the expected lease term. See Note 11—Leases for further details.

(v) Recently Adopted and Recently Issued Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued
Accounting Standards Update (“ASU”) 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”). The standard requires entities
to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 will be effective for the Company on January 1, 2024, though early
adoption is permitted. We are in the process of evaluating the impact that ASU 2023-01 will have on our consolidated financial statements and associated disclosures.

F-112

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60):Recognition and Initial Measurement (“ASU 2023-05”). The standard requires a
joint venture to initially measure all contributions received upon its formation at fair value. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after
January 1, 2025 and is not expected to have a material impact on our consolidated financial statements and associated disclosures.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification