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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a quote-contradiction framework to highlight management failure.",
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      "text": "From the end of 2013 to the end of 2016, Arconic invested $750 million in growth capital expenditures and research and development in GRP. For the approximately $750 million invested, Arconic generated an incremental $28 million of NOPAT for a Return on Incremental Invested Capital of 3.7%",
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      "text": "Source: Company filings; Arconic Investor Presentations. Note: R&D expense allocated to each segment based on consolidated R&D as a percentage of revenue. 1. Growth capital expenditures are calculated as Capital Expenditures for Continuing Operations less 50% of Depreciation and Amortization...",
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      "text": "We need to make sure that this business is also a competitive business which achieves on the long-term, higher than cost of capital returns, which we will be able to achieve.",
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      "text": "\"We need to make sure that this business is also a competitive business which achieves on the long-term, higher than cost of capital returns, which we will be able to achieve.\" — Dr. Klaus Kleinfeld, January 11, 2010",
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