Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 402

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 402
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 the results of the quantitative analysis, we determined that the fair value of the Intelsat CA reporting unit was less than its carrying
amount, resulting in the recognition of goodwill impairment limited to the remaining amount of goodwill allocated to the reporting unit of $78.3 million in the fourth quarter of 2022, which is included within “Impairment of goodwill, non-amortizable intangibles and other assets” in our consolidated statements of operations.

There
was no impairment of goodwill during the year ended December 31, 2023.

Determining the fair value of a reporting unit often involves
the use of estimates and assumptions that require significant judgment, and that could have a substantial impact on whether or not an impairment charge is recognized and the magnitude of any such charge. Estimates of fair value are primarily
determined using discounted cash flows and market transactions. These estimates involve making significant estimates and assumptions, including projected future cash flows (including timing), discount rates reflecting the risks inherent in future
cash flows, perpetual growth rates, and the determination of appropriate market comparisons.

F-144

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 The carrying amounts of goodwill consisted of the following (in thousands):

|                               |     |   |        As of 
 December 31, 
         2022 |   |     |   |        As of 
 December 31, 
         2023 |   |
|:------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Goodwill                      |     | $ |    1,395,942 |   |     | $ |    1,395,942 |   |
| Accumulated impairment losses |     |   |     (321,322 | ) |     |   |     (321,322 | ) |
| Net carrying amount           |     | $ |    1,074,620 |   |     | $ |    1,074,620 |   |

(b) Other Intangible Assets ARP Rights. The ARP Rights represent the Company’s entitlement to receive the Phase II ARP of $3.7 billion subject to the satisfaction of certain deadlines and other conditions, as further discussed in Note 1—Background and Summary of Significant Accounting Policies, C-bandSpectrum Clearing. Under Fresh Start Accounting, the ARP Rights were valued using the discounted cash flow method, a variation of the income approach to valuation.