Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 429

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 429
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The fair value of loan receivables is evaluated on a loan-by-loan basis, and is determined based on assessments of discounted cash flows that are considered probable of collection. We consider the inputs used to determine the
fair value of the loan receivables to be Level 3 within the fair value hierarchy under ASC 820. The cumulative fair value of our loan receivables as of December 31, 2023 and 2024 was $65.1 million and $70.4 million, respectively.

A loan is determined to be impaired and placed on 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

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