Recently Issued Accounting Standards In January 2016, the Financial Accounting Standards Board (FASB) issued amended guidance to the recognition, measurement, presentation and disclosures of financial instruments effective January 1, 2018 with early adoption not permitted.
The new guidance requires that fair value adjustments for equity securities with readily determinable fair values currently classified as available-for-sale be reported through earnings.
The new guidance also requires a qualitative impairment assessment for equity investments without a readily determinable fair value and would require an impairment charge through earnings if the assessment indicates an impairment exists.
The Company is assessing the potential impact of the new standard on our consolidated financial statements.
In November 2015, the FASB issued amended guidance on the presentation of deferred tax assets and liabilities.
The new guidance requires all deferred tax assets and liabilities to be classified as non-current.
BMS elected to early adopt this standard as of December 31, 2015 prospectively.
Refer to "—Note 8.
Income taxes" for further information.
In April 2015, the FASB issued amended guidance on the presentation of debt issuance costs.
The new guidance requires debt issuance costs to be presented as a reduction to the carrying value of debt in the balance sheet, consistent with debt discounts.
BMS elected to early adopt this standard as of December 31, 2015.
The adoption of this standard did not have a material impact on our consolidated financial statements.
Refer to "—Note 10.
Financial Instruments and Fair Value Measurements" for further information.
In May 2014, the FASB issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.
The new standard will replace most of the existing revenue recognition standards in U. S.  GAAP when it becomes effective.
In July 2015, the FASB decided to delay the effective date by one year to January 1, 2018.
Early adoption is permitted no earlier than 2017.
The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings.
The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method.
In April 2014, the FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements.
The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results.
The guidance became effective on January 1, 2015.
Note 2 BUSINESS SEGMENT INFORMATION BMS operates in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases.
A global research and development organization and supply chain organization are responsible for the discovery, development, manufacturing and supply of products.
Regional commercial organizations market, distribute and sell the products.
The business is also supported by global corporate staff functions.
Segment information is consistent with the financial information regularly reviewed by the chief executive officer for purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting future periods.
Products are sold principally to wholesalers, and to a lesser extent, directly to distributors, retailers, hospitals, clinics, government agencies and pharmacies.
Gross revenues to the three largest pharmaceutical wholesalers in the U. S.  as a percentage of global gross revenues were as follows:
## Table 0 ##
Selected geographic area information was as follows:
## Table 1 ##
(a) Other revenues include royalties and alliance-related revenues for products not sold by our regional commercial organizations.
Polyplastics Co. , Ltd. , our 45%-owned strategic affiliate ("Polyplastics"), and Korea Engineering Plastics Co. , Ltd. , our 50%- owned strategic affiliate ("KEPCO"), also manufacture POM and other engineering resins in the Asia-Pacific region.
The primary raw material for POM is formaldehyde, which is manufactured from methanol.
Raw materials are sourced from internal production and from third parties, generally through long-term contracts.
UHMW-PE.
Celanese is the global leader in UHMW-PE products which are sold under the trademark GUR? .
They are highly engineered thermoplastics designed for a variety of industrial, automotive, consumer and medical applications.
Primary applications for the material include lead acid battery separators, heavy machine components, lithium ion separator membranes, and noise and vibration dampening tapes.
Several specialty grades are also produced for applications in high performance filtration equipment, ballistic fibers, thermoplastic and elastomeric additives, as well as medical implants.
The primary raw material for GUR?
UHMW-PE is ethylene.
Polyesters.
Our products include a series of thermoplastic polyesters including Celanex?
PBT, Celanex?
PET (polyethylene terephthalate) and Thermx?
PCT (polycyclohexylene-dimethylene terephthalate), as well as Riteflex?
, a thermoplastic polyester elastomer.
These products are used in a wide variety of automotive, electrical and consumer applications, including ignition system parts, radiator grilles, electrical switches, appliance and sensor housings, light emitting diodes and technical fibers.
LFRT.
Celstran?
and Factor?
, our LFRT products,impart extra strength and stiffness, making them more suitable for larger parts than conventional thermoplastics.
These products are used in automotive, transportation and industrial applications, such as instrument panels, consoles and front end modules.
The primary raw materials for LFRT include polypropylene and a variety of fibers such as glass, stainless steel and carbon.
LFRTs meet a wide range of end-user requirements and are excellent candidates for metal replacement where they provide the required structural integrity with significant weight reduction, corrosion resistance and the potential to lower manufacturing costs.
LCP.
Vectra?
and Zenite?
, our LCP brands, are primarily used in electrical and electronics applications for precision parts with thin walls and complex shapes.
They are also used in high heat cookware applications.
Raw materials for LCP include acetic anhydride, which is sourced from our Acetyl Intermediates segment, and monomers, such as hydroxybenzoic acid.  ?
Geographic Regions Net sales by destination for the Advanced Engineered Materials segment by geographic region are as follows:
## Table 2 ##
?
Customers Advanced Engineered Materials' principal customers are original equipment manufacturers and their suppliers serving the automotive, medical, industrial and consumer industries.
By collaborating with our customers, our engineered materials business assists in developing and improving specialized applications and systems and offers customers global solutions.
Our engineered materials business has long-standing relationships and multi-year arrangements with many of its major customers and utilizes distribution partners to expand its customer base.  ?
Competition Advanced Engineered Materials' principal competitors include BASF SE, DSM N. V. , E.  I.  du Pont de Nemours and Company, SABIC Innovative Plastics and Solvay S. A.
Other regional competitors include Asahi Kasei Corporation, Braskem S. A. , Lanxess AG, Mitsubishi Gas Chemical Company, Inc. , Sumitomo Corporation, Teijin Limited and Toray Industries, Inc.
PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
The Company’s common stock is listed on the New York Stock Exchange.
Prior to the Separation of Alcoa Corporation from the Company, the Company’s common stock traded under the symbol “AA.
” In connection with the separation, on November 1, 2016, the Company changed its stock symbol and its common stock began trading under the symbol “ARNC.
” On October 5, 2016, the Company’s common shareholders approved a 1-for-3 reverse stock split of the Company’s outstanding and authorized shares of common stock (the “Reverse Stock Split”).
As a result of the Reverse Stock Split, every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in the par value per share.
The Reverse Stock Split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares, and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares.
The Company’s common stock began trading on a Reverse Stock Split-adjusted basis on October 6, 2016.
On November 1, 2016, the Company completed the Separation of its business into two independent, publicly traded companies: the Company and Alcoa Corporation.
The Separation was effected by means of a pro rata distribution by the Company of 80.1% of the outstanding shares of Alcoa Corporation common stock to the Company’s shareholders.
The Company’s shareholders of record as of the close of business on October 20, 2016 (the “Record Date”) received one share of Alcoa Corporation common stock for every three shares of the Company’s common stock held as of the Record Date.
The Company retained 19.9% of the outstanding common stock of Alcoa Corporation immediately following the Separation.
See disposition of retained shares in Note C to the Consolidated Financial Statements in Part II Item 8 of this Form 10-K.
The following table sets forth, for the periods indicated, the high and low sales prices and quarterly dividend amounts per share of the Company’s common stock as reported on the New York Stock Exchange, adjusted to take into account the Reverse Stock Split effected on October 6, 2016.
The prices listed below for those dates prior to November 1, 2016 reflect stock trading prices of Alcoa Inc.  prior to the Separation of Alcoa Corporation from the Company on November 1, 2016, and therefore are not comparable to the Company’s post-Separation prices.
## Table 3 ##
The number of holders of record of common stock was approximately 12,271 as of February 16, 2018.
Commercial Mortgage Loans by Geographic Region and Property Type.
Commercial mortgage loans are the largest component of the mortgage loan invested asset class, as such loans represented over 65% of total mortgage loans held-for-investment, as presented above, at both December 31, 2014 and 2013.
The tables below present the diversification across geographic regions and property types of commercial mortgage loans held-for-investment:
## Table 4 ##
Mortgage Loan Credit Quality - Monitoring Process.
We monitor our mortgage loan investments on an ongoing basis, including reviewing loans that are current, past due, restructured and under foreclosure.
See Note 8 of the Notes to the Consolidated Financial Statements for tables that present mortgage loans by credit quality indicator, past due and nonaccrual mortgage loans, as well as impaired mortgage loans.
See “— Real Estate and Real Estate Joint Ventures” for real estate acquired through foreclosure.
Commercial and Agricultural Mortgage Loans.
We review our commercial mortgage loans on an ongoing basis.
These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios, and tenant creditworthiness.
The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios.
The monitoring process for agricultural mortgage loans is generally similar, with a focus on higher risk loans, such as loans with higher loan-to-value ratios, including reviews on a geographic and sector basis.
Loan-to-value ratios and debt service coverage ratios are common measures in the assessment of the quality of commercial mortgage loans.
Loan-to-value ratios are a common measure in the assessment of the quality of agricultural mortgage loans.
Loan-to-value ratios compare the amount of the loan to the estimated fair value of the underlying collateral.
A loan-to-value ratio greater than 100% indicates that the loan amount is greater than the collateral value.
A loan-to-value ratio of less than 100% indicates an excess of collateral value over the loan amount.
Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss.
The debt service coverage ratio compares a property’s net operating

<table><tr><td></td><td>2015</td><td>2014</td><td colspan="2">2013</td></tr><tr><td>McKesson Corporation</td><td>21%</td><td>20%</td><td>19%</td><td>AmerisourceBergen Corporation</td></tr><tr><td>16%</td><td>17%</td><td>15%</td><td>Cardinal Health, Inc.</td><td>12%</td></tr><tr><td>12%</td><td>14%</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Revenues</td><td colspan="2">Property, Plant and Equipment</td></tr><tr><td>Dollars in Millions</td><td>2015</td><td>2014</td><td>2013</td><td>2015</td><td>2014</td></tr><tr><td>United States</td><td>$8,188</td><td>$7,716</td><td>$8,318</td><td>$3,681</td><td>$3,686</td></tr><tr><td>Europe</td><td>3,491</td><td>3,592</td><td>3,930</td><td>616</td><td>597</td></tr><tr><td>Rest of the World</td><td>4,142</td><td>3,459</td><td>3,295</td><td>115</td><td>134</td></tr><tr><td>Other<sup>(a)</sup></td><td>739</td><td>1,112</td><td>842</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>$16,560</td><td>$15,879</td><td>$16,385</td><td>$4,412</td><td>$4,417</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td></td><td></td><td colspan="4">(In $ millions, except percentages)</td><td></td></tr><tr><td>North America</td><td>509</td><td>35%</td><td>487</td><td>36%</td><td>460</td><td>36%</td></tr><tr><td>Europe and Africa</td><td>617</td><td>42%</td><td>575</td><td>42%</td><td>538</td><td>43%</td></tr><tr><td>Asia-Pacific</td><td>284</td><td>20%</td><td>238</td><td>18%</td><td>213</td><td>17%</td></tr><tr><td>South America</td><td>49</td><td>3%</td><td>52</td><td>4%</td><td>50</td><td>4%</td></tr><tr><td>Total</td><td>1,459</td><td>100%</td><td>1,352</td><td>100%</td><td>1,261</td><td>100%</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td></tr><tr><td>Quarter</td><td>High</td><td>Low</td><td>Dividend</td><td>High</td><td>Low</td><td>Dividend</td></tr><tr><td>First</td><td>$30.69</td><td>$18.64</td><td>$0.06</td><td>$30.66</td><td>$18.42</td><td>$0.09</td></tr><tr><td>Second</td><td>28.65</td><td>21.76</td><td>0.06</td><td>34.50</td><td>26.34</td><td>0.09</td></tr><tr><td>Third</td><td>26.84</td><td>22.67</td><td>0.06</td><td>32.91</td><td>27.09</td><td>0.09</td></tr><tr><td>Fourth (Separation occurred on November 1, 2016)</td><td>27.85</td><td>22.74</td><td>0.06</td><td>32.10</td><td>16.75</td><td>0.09</td></tr><tr><td>Year</td><td>$30.69</td><td>$18.64</td><td>$0.24</td><td>$34.50</td><td>$16.75</td><td>$0.36</td></tr></table>
<table><tr><td></td><td colspan="4">December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td></tr><tr><td></td><td>Amount</td><td>% ofTotal</td><td>Amount</td><td>% ofTotal</td></tr><tr><td></td><td>(In millions)</td><td></td><td>(In millions)</td><td></td></tr><tr><td>Region:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pacific</td><td>$8,620</td><td>21.0%</td><td>$8,961</td><td>21.9%</td></tr><tr><td>Middle Atlantic</td><td>7,689</td><td>18.7</td><td>7,367</td><td>18.0</td></tr><tr><td>International</td><td>7,251</td><td>17.7</td><td>6,709</td><td>16.4</td></tr><tr><td>South Atlantic</td><td>6,384</td><td>15.5</td><td>6,977</td><td>17.1</td></tr><tr><td>West South Central</td><td>3,990</td><td>9.7</td><td>3,619</td><td>8.8</td></tr><tr><td>East North Central</td><td>2,430</td><td>5.9</td><td>2,717</td><td>6.6</td></tr><tr><td>New England</td><td>1,155</td><td>2.8</td><td>1,404</td><td>3.4</td></tr><tr><td>Mountain</td><td>932</td><td>2.3</td><td>834</td><td>2.0</td></tr><tr><td>East South Central</td><td>424</td><td>1.0</td><td>471</td><td>1.2</td></tr><tr><td>West North Central</td><td>140</td><td>0.3</td><td>148</td><td>0.4</td></tr><tr><td>Multi-Region and Other</td><td>2,073</td><td>5.1</td><td>1,719</td><td>4.2</td></tr><tr><td>Total recorded investment</td><td>41,088</td><td>100.0%</td><td>40,926</td><td>100.0%</td></tr><tr><td>Less: valuation allowances</td><td>224</td><td></td><td>258</td><td></td></tr><tr><td>Carrying value, net of valuation allowances</td><td>$40,864</td><td></td><td>$40,668</td><td></td></tr><tr><td>Property Type:</td><td></td><td></td><td></td><td></td></tr><tr><td>Office</td><td>$21,400</td><td>52.1%</td><td>$20,629</td><td>50.4%</td></tr><tr><td>Retail</td><td>9,389</td><td>22.9</td><td>9,245</td><td>22.6</td></tr><tr><td>Hotel</td><td>4,196</td><td>10.2</td><td>4,219</td><td>10.3</td></tr><tr><td>Apartment</td><td>3,786</td><td>9.2</td><td>3,724</td><td>9.1</td></tr><tr><td>Industrial</td><td>2,133</td><td>5.2</td><td>2,897</td><td>7.1</td></tr><tr><td>Other</td><td>184</td><td>0.4</td><td>212</td><td>0.5</td></tr><tr><td>Total recorded investment</td><td>41,088</td><td>100.0%</td><td>40,926</td><td>100.0%</td></tr><tr><td>Less: valuation allowances</td><td>224</td><td></td><td>258</td><td></td></tr><tr><td>Carrying value, net of valuation allowances</td><td>$40,864</td><td></td><td>$40,668</td><td></td></tr></table>

Question: Which year does Amount of Total recorded investment rank higher?