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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a waterfall chart to show capital allocation and a simple bar comparison for NOPAT growth.",
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      "text": "EPS is a business that should have 10-20%+ ROIIC",
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      "text": "From the end of 2013 to the end of 2016, Arconic invested $5 billion dollars in growth capital expenditures, research and development and acquisitions in EPS. For the $5 billion invested, Arconic generated an incremental $73 million of NOPAT for a Return on Incremental Invested Capital of 1.5%",
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      "text": "ROIIC: 1.5%",
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      "text": "From the end of 2013 to the end of 2016, Arconic invested $5 billion dollars in growth capital expenditures, research and development and acquisitions in EPS. For the $5 billion invested, Arconic generated an incremental $73 million of NOPAT for a Return on Incremental Invested Capital of 1.5%",
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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 (management has previously estimated sustaining capital is 50% of D&A – see Arconic Investor Day, December 14, 2016); 33% tax rate. Excluding R&D from the denominator, ROIIC is 1.52%",
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      "text": "EPS Results: 1.5% ROIIC in a 10-20%+ Business",
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