Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 269

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 269
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 and to reflect the application of ASC 852. ASC 852 requires the financial statements, for periods subsequent to the commencement of Intelsat’s Chapter 11 proceedings, to distinguish transactions and events that are directly associated
with the reorganization from the ongoing operations of the business. Accordingly, Intelsat classified liabilities and obligations whose treatment and satisfaction were dependent on the outcome of the reorganization under the Chapter 11 proceedings
as liabilities subject to compromise on Intelsat’s consolidated balance sheets. In addition, Intelsat classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as reorganization
items in Intelsat’s consolidated statements of operations. See Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere
in this prospectus.

Upon application of Fresh Start Accounting, Intelsat allocated the reorganization value to Intelsat’s individual
assets and liabilities, except for deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date with the remaining excess value allocated to goodwill in conformity with ASC 805, Business Combinations. The
amount of deferred taxes was determined in accordance with ASC 740, Income Taxes(“ASC 740”). The Fresh Start Reporting Date fair values of Intelsat’s assets and liabilities differed materially from their recorded values as
reflected on Intelsat’s historical balance sheets. See Note 3—Fresh Start Accounting of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

205

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Revenue Recognition, Accounts Receivable and Allowance for Credit Losses Revenue Recognition.Intelsat earns revenue primarily from satellite utilization services and, to a lesser extent, from providing managed services to its customers. Intelsat’s contracts for satellite utilization services often contain multiple service orders for the provision of capacity on or over different beams, satellites, frequencies, geographies or time periods. Under each separate service order, Intelsat’s satellite services, composed of transponder services, managed services, channel services, and occasional use managed services, are delivered in a series of time periods that are distinct from each other and have the same pattern of transfer to the customer. In each period, Intelsat’s obligation is to make those services available