SEC Filings

11-K
AECOM filed this Form 11-K on 06/14/2018
Entire Document
 

Table of Contents

 

The following tables set forth by level, within the fair value hierarchy, the SMA Master Trust assets at fair value as of December 31, 2017 and 2016, respectively:

 

 

 

As of December 31, 2017

 

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Total
Fair Value

 

 

 

(expressed in thousands)

 

Mutual funds

 

$

8,392

 

$

 

$

 

$

8,392

 

Fixed income instruments:

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

15,818

 

 

15,818

 

Mortgage-backed securities

 

 

85,019

 

 

85,019

 

Corporate bonds

 

 

47,249

 

 

47,249

 

Government bonds

 

 

78,877

 

 

78,877

 

Stocks

 

472,291

 

 

 

472,291

 

Cash and cash equivalents

 

29,211

 

 

 

29,211

 

Total assets at fair value

 

$

509,894

 

$

226,963

 

$

 

$

736,857

 

 

 

 

As of December 31, 2016

 

 

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Total
Fair Value

 

 

 

(expressed in thousands)

 

Mutual funds

 

$

6,804

 

$

 

$

 

$

6,804

 

Fixed income instruments:

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

20,367

 

 

20,367

 

Mortgage-backed securities

 

 

86,259

 

 

86,259

 

Corporate bonds

 

 

44,036

 

 

44,036

 

Government bonds

 

 

78,883

 

 

78,883

 

Stocks

 

443,895

 

 

 

443,895

 

Cash and cash equivalents

 

26,104

 

 

 

26,104

 

Total assets at fair value

 

$

476,803

 

$

229,545

 

$

 

$

706,348

 

 

F.                               INVESTMENT IN AECOM DC RETIREMENT PLANS STABLE VALUE MASTER TRUST

 

Beginning January 1, 2016, certain investment assets of the Plan are held in a custody account at Fidelity Management Trust Company and consists of an interest in an investment account of the AECOM DC Retirement Plans Stable Value Master Trust (“Stable Value Master Trust”), a master trust established by AECOM and is administered by the Trustee. The Stable Value Master Trust combines the Plan’s assets with the assets of two other retirement savings plans sponsored by AECOM for investment and administrative purposes. Although the assets of the three retirement plans are combined in the Stable Value Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment funds to the participating plans. The net investment gain or loss of the Stable Value Master Trust investment funds is allocated by the Trustee to each participating plan based on that plan’s interest in each investment fund, as compared with the total interest of all the participating plans in each investment fund. Investment gains or losses are recognized as earned based on the terms of the investments and the period during which the investments are held by the Stable Value Master Trust. The Plan’s interest in the Stable Value Master Trust represents approximately 96.0% and 95.7% of the net assets of the Stable Value Master Trust at December 31, 2017 and 2016, respectively.

 

The Stable Value Master Trust in which the Plan’s investment assets are held consists of two components: the Fidelity Managed Income Portfolio II (“MIP II”) and the URS Income Fund. The MIP II is a collective investment trust which has fully benefit-responsiveness features offered under the Fidelity Group Trust for employee benefit plans. The Stable Value Master Trust holds an indirect investment in the fully benefit-responsive investment contracts within the MIP II; therefore, the investment in MIP II is reported at fair value using the NAV as a practical expedient. The URS Income Fund is a fully-benefit responsive investment contract separately-managed by Fidelity for AECOM Global II, LLC, an affiliate company of AECOM. Contract value is the relevant measure for fully benefit-responsive contracts because this is the amount received by participants if they were to initiate permitted transactions under the Plan. The investments in the URS Income Fund are presented at contract value in the net assets of Stable Value Master Trust. At December 31, 2017 and 2016, respectively, the MIP II fund was 91.6% and 70.3% of the Stable Value Master Trust and the URS Income Fund was 8.4%  and 29.7% of the Stable Value Master Trust.

 

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