Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 427

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 427
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 non-accrual status when, in management’s
judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due under the contractual terms of the applicable loan agreement. We recognized impairment losses related to loan and interest
receivables of $1.0 million for the year ended December 31, 2024, which are recognized in “Other income (expense), net” in our consolidated statements of operations, with no comparable amounts for the two months ended
February 28, 2022, ten months ended December 31, 2022, and year ended December 31, 2023.

Note 7—Goodwill and Other Intangible Assets

We account for goodwill and other non-amortizable intangible assets in accordance with
ASC 350 and have deemed these assets to have indefinite lives. Therefore, these assets are not amortized but are tested on an annual basis for impairment during the fourth quarter, or whenever events or changes in circumstances indicate that the
carrying amount may not be fully recoverable. Upon the adoption of Fresh Start Accounting, our intangible asset balances were adjusted to fair value. See Note 3—Fresh Start Accounting.

(a) Goodwill

Intelsat had two
reporting units for purposes of the analysis of goodwill: Intelsat Legacy (which consists of Intelsat S.A. excluding Intelsat CA) and Intelsat CA. Intelsat CA’s goodwill balance as of December 31, 2023

F-142

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 and 2024 was zero. For both reporting units, we used a qualitative approach to identify and consider the significance of relevant key factors, events, and circumstances that affect the fair value of the reporting unit. We make our qualitative evaluation considering, among other things, general macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant entity-specific events, each of which is considered a Level 3 input within the fair value hierarchy under ASC 820. During the qualitative assessment of the Intelsat CA reporting unit in the second quarter of 2022, we identified that events existed which indicated it was more likely than not that the fair value of the reporting unit was less than its carrying amount. Specifically, Intelsat CA agreed to accept the termination of a significant customer contract. Consequently, we performed a quantitative analysis to determine the fair value