SAE Annual Report 2012 - 51

SAE INTERNATIONAL AND SUBSIDIARIES
Notes to the Consolidated Financial Statements (Continued)
Note 7 - Notes Payable (Continued)
The future annual principal payments on long-term debt are approximately:
Year Ending
December 31
2013
2014
2015
2016
2017
Total
Costs associated with the debt
Note 8 - Employee Benefit Plans
Defined Benefit Pension Plan
SAE maintains a noncontributory defined benefit pension plan covering certain employees of
SAE and PRI. SAE's policy is to fund the pension costs as determined by actuarial valuation.
SAE is then reimbursed by PRI for PRI's portion of the net periodic pension expense.
Effective January 1, 2008, SAE froze its defined benefit pension plan. Employees hired
prior to January 1, 2008 will continue to earn benefits under the plan.
Employees hired on or
after January 1, 2008 will not be eligible to participate in the plan.
The following table sets forth the funded status and obligations of the plan at December 31:
2012
2011
Projected benefit obligation
Fair value of pension plan assets
Underfunded pension liability
($71,502,078) ($60,535,889)
38,133,422
41,528,834
The funded status of the plan was measured as of December 31.
($29,973,244) ($22,402,467)
The increase in the
underfunded pension liability is primarily a result of a change in the assumption used for the
discount rate from 5% in 2011 to 4¼% in 2012.
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51
Amount
$ 2,530,000
4,314,000
1,100,000
1,100,000
275,000
$ 9,319,000
financing, including interest expense of approximately
$311,000 at December 31, 2012 and $250,000 at December 31, 2011, are included in interest
expense within nonoperating activities on the statement of activities.

SAE Annual Report 2012

Table of Contents for the Digital Edition of SAE Annual Report 2012

SAE Annual Report 2012
Contents
Executive Message
Aerospace Sector
Automotive Sector
Commercial Vehicle Sector
Membership
Publishing
Aerospace Standards
Ground Vehicle Standards
Magazines and Books
Engineering Events and Meetings
Professional Development
Pre-professional Education
SAE Foundation
Performance Review Institute
Financial
Information
The Financial Message
Supplementary Information
2013 SAE International Board of Directors
Board of Directors
Executive Management Council
Affiliates and Sections
SAE International Business Partners
SAE Annual Report 2012 - SAE Annual Report 2012
SAE Annual Report 2012 - Cover2
SAE Annual Report 2012 - Contents
SAE Annual Report 2012 - 2
SAE Annual Report 2012 - Executive Message
SAE Annual Report 2012 - Aerospace Sector
SAE Annual Report 2012 - Automotive Sector
SAE Annual Report 2012 - Commercial Vehicle Sector
SAE Annual Report 2012 - Membership
SAE Annual Report 2012 - Publishing
SAE Annual Report 2012 - Aerospace Standards
SAE Annual Report 2012 - 10
SAE Annual Report 2012 - Ground Vehicle Standards
SAE Annual Report 2012 - Magazines and Books
SAE Annual Report 2012 - 13
SAE Annual Report 2012 - Engineering Events and Meetings
SAE Annual Report 2012 - Professional Development
SAE Annual Report 2012 - Pre-professional Education
SAE Annual Report 2012 - SAE Foundation
SAE Annual Report 2012 - Performance Review Institute
SAE Annual Report 2012 - Information
SAE Annual Report 2012 - The Financial Message
SAE Annual Report 2012 - 21
SAE Annual Report 2012 - 22
SAE Annual Report 2012 - 23
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SAE Annual Report 2012 - 25
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SAE Annual Report 2012 - 60
SAE Annual Report 2012 - 61
SAE Annual Report 2012 - 62
SAE Annual Report 2012 - Supplementary Information
SAE Annual Report 2012 - 64
SAE Annual Report 2012 - 2013 SAE International Board of Directors
SAE Annual Report 2012 - Executive Management Council
SAE Annual Report 2012 - Affiliates and Sections
SAE Annual Report 2012 - SAE International Business Partners
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