Employee benefit obligations (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure Of Employee Benefits [Abstract] |
|
| Schedule of defined benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
— |
|
Post-employment medical benefits |
|
|
|
|
|
|
7 |
|
Defined contribution plans |
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of amounts recognized in the consolidated income statement |
For the legacy Intelsat Staff Retirement Plan (‘SRP‘) and Restoration Plans (‘RP‘), the following two tables show the amounts recognized in the consolidated income statement, the consolidated statement of comprehensive income, and the consolidated statement of financial position:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Present Value of
Obligation (SRP & RP) |
|
|
|
|
|
|
|
| As at 17 July 2025 |
|
|
|
|
|
|
(251 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
6 |
|
|
|
|
|
|
|
6 |
|
| |
|
|
|
|
|
|
(6 |
) |
|
|
(6 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amount recognized in profit or loss |
|
|
6 |
|
|
|
(6 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effects of changes in financial assumptions |
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
| Experience losses |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
| Return on plan assets (excluding interest income) |
|
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
5 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of changes in the defined benefit obligation and fair value of plan assets |
The changes in the defined benefit obligation and fair value of plan assets were as follows
|
|
|
|
|
|
|
|
|
|
|
|
|
€million |
|
Present Value of
Obligation (SRP & RP) |
|
|
|
|
|
|
|
Defined benefit obligation and fair value of plan assets as at 17 July 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Benefit payments from the plan |
|
|
(11 |
) |
|
|
11 |
|
|
|
— |
|
|
|
|
— |
|
|
|
(8 |
) |
|
|
(8 |
) |
Remeasurements -changes in financial assumptions |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
|
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
(4 |
) |
|
|
4 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit obligation and fair value of plan assets as at 31 December 2025 |
|
|
|
|
|
|
(251 |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of major categories of the defined benefit plan assets for the SRP |
The major categories of the defined benefit plan assets for the SRP are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
|
|
|
|
|
|
26 |
|
|
|
— |
|
|
|
26 |
|
|
|
|
|
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate Duration Bonds 4 |
|
|
112 |
|
|
|
— |
|
|
|
112 |
|
|
|
|
|
|
|
|
25 |
|
|
|
— |
|
|
|
25 |
|
|
|
|
|
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
|
|
|
|
|
26 |
|
|
|
— |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
15 |
|
|
|
15 |
|
|
|
|
|
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
Cash and income earned but not yet received |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Large-Cap Equity includes investments in funds that invest primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity securities and derivative instruments whose value is derived from the performance of the S&P 500. |
|
Net World Equity Ex-U.S. includes an investment in a fund that invests primarily in common stocks and other equity securities whose issuers comprise a broad range of capitalizations and that are located outside of the U.S. The fund invests primarily in developed countries but may also invest in emerging markets. |
|
U.S. Small/Mid Cap Equity includes investment in a fund that aims to produce investment results that correspond to the performance of the Russell Small Cap Completeness Index. The Fund invests substantially all of its assets in securities of companies that are members of the Russell Small Cap Completeness Index. |
|
Intermediate Duration Bonds include an investment in a fund that seeks to provide current income consistent with the preservation of capital through investment in investment-grade U.S. dollar-denominated fixed-income instruments. This primarily includes U.S. and foreign corporate obligations; fixed-income securities issued by sovereigns or agencies in both developed and emerging foreign markets; obligations of supranational entities; debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi- governmental entities and securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. |
|
Long Duration Bonds includes an investment in a fund that invests primarily in (i) U.S. and foreign corporate obligations (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets (iii) obligations of supranational entities (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental entities and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. |
|
High Yield Bonds includes investment in a fund that seeks to provide total return by investing in riskier, high-yielding fixed income securities. Under normal circumstances, the Fund will invest at least 80% of its net assets in high-yield fixed income securities, primarily in securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities, zero coupon obligations, and tranches of collateralized debt obligations and collateralized loan obligations. |
|
U.S. Treasuries include Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) representing zero coupon Treasury securities with long-term maturities. |
|
Hedge Funds includes an investment in a collective trust fund that seeks to provide returns that are different from (less correlated with) investments in more traditional asset classes. The fund will pursue its investment objective by investing substantially all of its assets in various hedge funds. The fund has semi-annual redemptions in June and December with a pre-notification period of 95 days, and a two-year lock-up on all purchases which have expired. |
|
The Core Property Fund is a collective trust fund that invests in direct commercial property funds primarily in the U.S. The fund is meant to provide current income-oriented returns, diversification, and modest inflation protection to an overall investment portfolio. Total returns are expected to be somewhere between stocks and bonds, with moderate volatility and low correlation to public markets. The fund has quarterly redemptions with a pre-notification period of 105 days, and no lockup period. |
|
| Schedule of amounts recognized for Intelsat's postretirement benefit plan |
The following tables display the amounts recognized for Intelsat’s postretirement benefit plan:
|
|
|
|
|
€million |
|
|
|
|
|
Present Value of Obligation Post-retirement medical plan |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total amount recognized in profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effects of changes in financial assumptions |
|
|
0 |
|
|
|
|
(1 |
) |
|
|
|
|
|
Total amount recognized in OCI |
|
|
|
|
|
|
|
|
|
|
| Schedule of change in the defined benefit obligation |
|
|
|
|
|
€million |
|
|
|
|
|
Present Value of Obligation Post-retirement medical plan |
|
Defined benefit obligation as at 17 July 2025 |
|
|
|
|
Benefit payments from the plan |
|
|
— |
|
Benefit payments from the employer |
|
|
(1 |
) |
Admin expenses paid from plan assets |
|
|
— |
|
Remeasurements financial assumptions |
|
|
0 |
|
|
|
|
(1 |
) |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit obligation at 31 December 2025 |
|
|
|
|
|
|
|
|
|
|
| Schedule of amounts recognized for the legacy SES postretirement benefit plan |
The following two tables display the amounts recognized for the legacy SES post-retirement benefit plan:
|
|
|
|
|
|
|
|
|
€million |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Projected Benefit Obligation (APBO) |
|
|
|
|
|
|
|
|
Benefit payments from the plan |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
— |
|
|
|
2 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Accumulated Projected Benefit Obligation (APBO) end of year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of significant actuarial assumptions and sensitivity analysis |
Significant estimates: actuarial assumptions and sensitivity (Pension and Post-retirement medical plans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intelsat
Postretirement
Benefit Plan |
|
|
|
|
Significant actuarial assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average assumptions to determine defined benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.22 |
% |
|
|
5.00 |
% |
|
|
5.06 |
% |
|
|
4.99 |
% |
Duration used to set discount rate (in years) |
|
|
8.20 |
|
|
|
6.61 |
|
|
|
6.99 |
|
|
|
N/A |
|
|
|
|
2.50%/2.40 |
% |
|
|
2.50%/2.40 |
% |
|
|
N/A |
|
|
|
N/A |
|
Health care cost trend rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immediate trend rate |
|
|
N/A |
|
|
|
N/A |
|
|
|
7.02 |
% |
|
|
8.50 |
% |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
3.95 |
% |
|
|
4.00 |
% |
Year rate reaches ultimate trend rate |
|
|
N/A |
|
|
|
N/A |
|
|
|
2050 |
|
|
|
2045 |
|
|
|
|
PRI-2012 (no collar adjustment) and Scale MMP-202 1 |
|
|
|
PRI-2012
(white
collar
adjustment)
and Scale
MMP-2021 |
|
|
|
PRI-2012
(no collar
adjustment)
and Scale
MMP-2021 |
|
|
|
PRI-2012 |
|
Weighted-average assumptions to determine defined benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.48 |
% |
|
|
5.30 |
% |
|
|
5.34 |
% |
|
|
5.07 |
% |
|
|
|
2.63%/2.20 |
% |
|
|
2.63%/2.20 |
% |
|
|
N/A |
|
|
|
N/A |
|
Health care cost trend rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Immediate trend rate |
|
|
N/A |
|
|
|
N/A |
|
|
|
6.64 |
% |
|
|
N/A |
|
Ultimate trend rate |
|
|
N/A |
|
|
|
N/A |
|
|
|
3.94 |
% |
|
|
N/A |
|
Year rate reaches ultimate trend rate |
|
|
N/A |
|
|
|
N/A |
|
|
|
2049 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Present value of defined benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate – 100 basis points |
|
|
287 |
|
|
|
6 |
|
|
|
18 |
|
|
|
6 |
|
Discount rate + 100 basis points |
|
|
244 |
|
|
|
5 |
|
|
|
16 |
|
|
|
6 |
|
Price inflation rate – 100 basis points |
|
|
250 |
|
|
|
5 |
|
|
|
N/A |
|
|
|
N/A |
|
Price inflation rate + 100 basis points |
|
|
281 |
|
|
|
6 |
|
|
|
N/A |
|
|
|
N/A |
|
Health care trend rates – 100 basis points |
|
|
N/A |
|
|
|
N/A |
|
|
|
16 |
|
|
|
N/A |
|
Health care trend rates + 100 basis points |
|
|
N/A |
|
|
|
N/A |
|
|
|
18 |
|
|
|
N/A |
|
Mortality assumption – One Year |
|
|
274 |
|
|
|
6 |
|
|
|
18 |
|
|
|
N/A |
|
Mortality assumption + One Year |
|
|
254 |
|
|
|
5 |
|
|
|
16 |
|
|
|
N/A |
|
|
| Schedule of information about maturity profile of defined benefit obligation |
The table below shows the expected future defined benefit liability and employer contributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ending 31 December 2025 |
|
|
|
|
Other post-
retirement benefits |
|
|
SES Other post-
retirement benefits |
|
|
|
|
|
|
|
35 |
|
|
|
2 |
|
|
|
1 |
|
|
|
38 |
|
|
|
|
25 |
|
|
|
2 |
|
|
|
1 |
|
|
|
27 |
|
|
|
|
24 |
|
|
|
2 |
|
|
|
1 |
|
|
|
26 |
|
|
|
|
23 |
|
|
|
1 |
|
|
|
1 |
|
|
|
26 |
|
|
|
|
22 |
|
|
|
1 |
|
|
|
1 |
|
|
|
25 |
|
|
|
|
101 |
|
|
|
7 |
|
|
|
1 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|