v3.26.1
INVESTMENT IN AECOM DC RETIREMENT PLANS STABLE VALUE MASTER TRUST (Tables)
 12 Months Ended
Dec. 31, 2025
EBP 055  
EBP, Master Trust [Line Items]  
Schedule of Net Assets of the Stable Value Master Trust
The following table presents the net assets of the Vanguard Master Trust as of December 31:
Vanguard Master Trust
20252024
(expressed in thousands)
Investments at fair value
Collective investment trusts (measured at NAV)$3,413,123 $2,734,006 
Mutual funds— 630,038 
Net assets of Vanguard Master Trust$3,413,123 $3,364,044 


The following table shows the changes in net assets for the Vanguard Master Trust for the year ended December 31:
2025
(expressed in thousands)
Change in net assets:
Net appreciation in fair value of investments$532,759 
Interest and dividend income4 
Total investment income532,763 
Net purchases (redemptions)(482,636)
Administrative expenses(1,048)
Net increase in net assets49,079 
Net assets:
Beginning of year3,364,044 
End of year$3,413,123 
The NAV was used as a practical expedient to estimate fair value for all investments held in the Vanguard Master Trust on December 31, 2025. The following tables set forth by level, within the fair value hierarchy, the Vanguard Master Trust assets at fair value as of December 31, 2024:
As of December 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs (Level 2)Total Fair Value
(expressed in thousands)
Mutual funds$630,038 $— $630,038 
Total investments in the fair value hierarchy$630,038 $— $630,038 
Investments measured at NAV2,734,006 
Total investments at fair value$3,364,044 
Net Asset Value per Share — The following tables summarize investments measured at NAV per share as of December 31, 2025 and 2024, respectively:
December 31, 2025Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Retirement date funds$2,016,233 $— DailyNoneNone
Index funds$1,396,890 $— DailyNoneNone

December 31, 2024Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Retirement date funds$1,503,727 $— DailyNoneNone
Index funds$1,230,279 $— DailyNoneNone
The following table presents the net assets of the SMA Master Trust as of December 31:
SMA Master Trust
20252024
(expressed in thousands)
Investments at fair value
Stocks$— $269,919 
Government bonds68,339 48,545 
Corporate bonds86,656 74,084 
Mortgage-backed securities58,570 53,807 
Asset-backed securities6,733 6,144 
Collective investment trusts401,232 257,107 
Cash and cash equivalents4,822 8,610 
626,352 718,216 
Accounts receivable
Receivable for securities sold328 596 
Accrued income1,764 1,631 
Other515 514 
2,607 2,741 
Accounts payable
Due to broker for securities purchased(3,759)(2,538)
Operating payables(143)(768)
(3,902)(3,306)
Net assets of SMA Master Trust$625,057 $717,651 

The following table shows the changes in net assets for the SMA Master Trust for the year ended December 31:
2025
(expressed in thousands)
Change in net assets:
Net appreciation in fair value of investments and income$150,726 
Net purchases (redemptions)(243,199)
Administrative expenses(121)
Net decrease in net assets(92,594)
Net assets:
Beginning of year717,651 
End of year$625,057 
The following tables set forth by level, within the fair value hierarchy, the SMA Master Trust assets at fair value as of December 31, 2025 and 2024:
As of December 31, 2025
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs
(Level 2)		Total Fair Value
(expressed in thousands)
Fixed income instruments:
Asset-backed securities$— $6,733 $6,733 
Mortgage-backed securities— 58,570 58,570 
Corporate bonds— 86,656 86,656 
Government bonds— 68,339 68,339 
Stocks— — — 
Cash and cash equivalents4,822 — 4,822 
Total investments at fair value$4,822 $220,298 225,120 
Investments measured at NAV401,232 
Total investments at fair value$626,352 


As of December 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs
(Level 2)		Total Fair Value
(expressed in thousands)
Fixed income instruments:
Asset-backed securities$— $6,144 $6,144 
Mortgage-backed securities— 53,807 53,807 
Corporate bonds— 74,084 74,084 
Government bonds— 48,545 48,545 
Stocks269,919 — 269,919 
Cash and cash equivalents8,610 — 8,610 
Total investments at fair value$278,529 $182,580 461,109 
Investments measured at NAV257,107 
Total investments at fair value$718,216 
Net Asset Value per Share — The following table summarizes investments measured at NAV per share as of December 31, 2025 and 2024:
December 31, 2025Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Arrowstreet International Equity Fund$383,294 $— DailyNoneNone
Northern Trust All Country World ex-U.S. Index Fund$17,938 $— DailyNoneNone

December 31, 2024Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Arrowstreet International Equity Fund$253,548 $— DailyNoneNone
Northern Trust All Country World ex-U.S. Index Fund$3,559 $— DailyNoneNone
The following table presents the net assets of the Stable Value Master Trust as of December 31:
Stable Value Master Trust
20252024
(expressed in thousands)
Investments measured at NAV
Collective investment trust$313,784 $323,734 
Net assets of Stable Value Master Trust$313,784 $323,734 
The following table shows the changes in net assets for the Stable Value Master Trust for the year ended December 31:
2025
(expressed in thousands)
Change in net assets:
Interest and dividend income$9,273 
Net purchases (redemptions)(19,214)
Administrative expenses(9)
Net decrease in net assets(9,950)
Net assets:
Beginning of year323,734 
End of year$313,784 
Net Asset Value per Share — The following table summarizes investments measured at NAV per share as of December 31, 2025 and 2024:
December 31, 2025Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Stable value fund$313,784 $— DailyNoneNone

December 31, 2024Fair ValueUnfunded CommitmentRedemption Frequency (if Currently Eligible)Other Redemption RestrictionsRedemption Notice Period
(expressed in thousands)
Stable value fund$323,734 $— DailyNoneNone