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  "documentTitle": "Arconic Inc. (ARNC)",
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      "text": "From the end of 2013 to the end of 2016, Arconic invested $6.23 billion dollars in growth capital expenditures, research and development and acquisitions. For the $6.2 billion invested, Arconic generated an incremental $154 million of Net Operating Profit After Tax (NOPAT) for a Return on Incremental Invested Capital of merely 2.5%",
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      "text": "Source: Company filings; Arconic Investor Presentations. 1. Growth capital expenditures are calculated as Capital Expenditures for Continuing Operations less 50% of Depreciation and Amortization...",
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      "text": "Value destruction on a grand scale",
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      "text": "Arconic's ROIIC: $6B Invested for 2.5% Return",
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