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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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      "kind": "callout",
      "text": "Arconic's poor performance is not merely the result of one bad deal. The Firth Rixson acquisition was just the capstone of years of bad capital allocation decisions",
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      "text": "Arconic cannot blame poor performance on the disastrous Firth Rixson acquisition. From 2013-2016, the Company invested over $3 billion in capital apart from the Firth Rixson deal. But merely generated an incremental $109 million of Net Operating Profit After Tax (NOPAT) for a Return on Incremental Invested Capital of only 3.4%",
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      "text": "ROIIC: 3.4%",
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      "text": "Arconic cannot blame poor performance on the disastrous Firth Rixson acquisition. From 2013-2016, the Company invested over $3 billion in capital apart from the Firth Rixson deal. But merely generated an incremental $109 million of Net Operating Profit After Tax (NOPAT) for a Return on Incremental Invested Capital of only 3.4%",
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      "kind": "source-note",
      "text": "Source: Company filings; Arconic Investor Presentations. Note: Firth Rixson D&A assumed to be $68 million... 1. Growth capital expenditures are calculated as Capital Expenditures for Continuing Operations less 50% of Depreciation and Amortization...",
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      "text": "Arconic's ROIIC: Even Ex-Firth Rixson, Returns Are Terrible",
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