Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 452

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 452
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 2024 was $2.9 billion and $2.8 billion, respectively. Almost all of the valuation allowance relates to Luxembourg net operating loss carryforwards and deferred tax assets created by differences between the U.S. GAAP and the Luxembourg tax basis in our assets. Certain operations of our subsidiaries are controlled by various intercompany agreements which provide these F-162

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 subsidiaries with predictable operating profits. Other subsidiaries, principally Luxembourg and U.S. subsidiaries, are subject to the risks of our overall business conditions which make their earnings less predictable. Our valuation allowance as of December 31, 2024 also relates to certain deferred tax assets in our U.S. subsidiaries, including foreign tax credit carryforward and disallowed interest expense carryforward. The following table summarizes the activity related to our unrecognized tax benefits (in thousands):

|                                                                  |     | Predecessor |  Two Months Ended 
 February 28, 2022 |   |     | Successor |  Ten Months Ended 
 December 31, 2022 |   |     |   |        Year Ended 
 December 31, 2023 |   |     |   |        Year Ended 
 December 31, 2024 |   |
|:-----------------------------------------------------------------|:----|:------------|------------------:|:--|:----|:----------|------------------:|:--|:----|:--|------------------:|:--|:----|:--|------------------:|:--|
| Balance at beginning of period                                   |     | $           |            63,039 |   |     | $         |            67,275 |   |     | $ |            66,067 |   |     | $ |            73,589 |   |
| Increases (decreases) related to current year tax positions      |     |             |             4,092 |   |     |           |            (1,032 | ) |     |   |             3,329 |   |     |   |             6,004 |   |
| Increases related to prior year tax positions                    |     |             |               150 |   |     |           |               462 |   |     |   |             4,271 |   |     |   |             9,912 |   |
| Decreases related to prior year tax positions                    |     |