Hexcel (HXL) 10-Q 22 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 15, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	HEXCEL CORP /DE/
Entity Central Index Key	0000717605
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		85,082,980
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	HXL
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-8472
Entity Tax Identification Number	941109521
Entity Address, Address Line One	Two Stamford Plaza
Entity Address, Address Line Two	281 Tresser Boulevard
Entity Address, City or Town	Stamford
Entity Address, State or Province	Connecticut
Entity Address, Postal Zip Code	06901
City Area Code	(203)
Local Phone Number	969-0666

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 55.4	$ 32.7
Accounts receivable, net	313.3	260.9
Inventories, net	339.3	297.8
Contract assets	59.7	50.5
Prepaid expenses and other current assets	30.4	33.9
Total current assets	798.1	675.8
Property, plant and equipment	3,005.3	2,902.1
Less accumulated depreciation	(1,083.4)	(1,025.6)
Net property, plant and equipment	1,921.9	1,876.5
Goodwill and other intangible assets	283.6	142.3
Investments in affiliated companies	51.8	48.7
Other assets	139.7	80.8
Total assets	3,195.1	2,824.1
Current liabilities:
Short-term borrowings	9.7	9.4
Accounts payable	177.8	161.9
Accrued compensation and benefits	66.9	75.8
Accrued liabilities	105.3	79.6
Total current liabilities	359.7	326.7
Commitments and contingencies (see Note 14)
Long-term debt	1,115.8	947.4
Retirement obligations	42.4	42
Other non-current liabilities	234.8	186
Total liabilities	1,752.7	1,502.1
Stockholders' equity:
Common stock, $0.01 par value, 200.0 shares authorized, 109.0 shares and 108.5 shares issued at June 30, 2019 and December 31, 2018, respectively	1.1	1.1
Additional paid-in capital	817.9	798.3
Retained earnings	1,854.1	1,726.5
Accumulated other comprehensive loss	(118.1)	(108)
Total stockholders' equity including treasury stock value	2,555	2,417.9
Less – Treasury stock, at cost, 24.0 shares at June 30, 2019, and 23.7 shares at December 31, 2018, respectively.	(1,112.6)	(1,095.9)
Total stockholders' equity	1,442.4	1,322
Total liabilities and stockholders' equity	$ 3,195.1	$ 2,824.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	109,000,000	108,500,000
Treasury stock, shares	24,000,000	23,700,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 609	$ 547.5	$ 1,218.9	$ 1,087.6
Cost of sales	440.2	402.7	882.9	800.2
Gross margin	168.8	144.8	336	287.4
Selling, general and administrative expenses	39.5	35.3	89	81.7
Research and technology expenses	14.2	13	29.1	26.8
Operating income	115.1	96.5	217.9	178.9
Interest expense, net	11.9	8.7	23.9	16.7
Income before income taxes, and equity in earnings from affiliated companies	103.2	87.8	194	162.2
Provision for income taxes	23.6	20	44.2	34.1
Income before equity in earnings from affiliated companies	79.6	67.8	149.8	128.1
Equity in earnings from affiliated companies	1.3	1	3.3	2.3
Net income	$ 80.9	$ 68.8	$ 153.1	$ 130.4
Basic net income per common share	$ 0.95	$ 0.77	$ 1.80	$ 1.45
Diluted net income per common share	0.94	0.76	1.78	1.44
Dividends per share	$ 0.15	$ 0.125	$ 0.30	$ 0.25
Weighted-average common shares:
Basic	85.2	88.8	85.1	89.4
Diluted	86.2	89.9	86.1	90.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 80.9	$ 68.8	$ 153.1	$ 130.4
Currency translation adjustments	(1.4)	(57.4)	(4.2)	(25.8)
Net unrealized pension and other benefit actuarial gains and prior service credits	0.1	1.3	(0.3)	0.5
Net unrealized losses on financial instruments (net of tax)	(2.9)	(16.9)	(5.6)	(12.1)
Total other comprehensive income	(4.2)	(73)	(10.1)	(37.4)
Comprehensive income	$ 76.7	$ (4.2)	$ 143	$ 93

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 153.1	$ 130.4
Reconciliation to net cash provided by operating activities:
Depreciation and amortization	72.7	59.6
Amortization related to financing	0.9	0.7
Deferred income taxes	6.8	12.7
Equity in earnings from affiliated companies	(3.3)	(2.3)
Stock-based compensation	13.5	12
Changes in assets and liabilities:
Increase in accounts receivable	(48)	(43.4)
Increase in inventories	(36.3)	(28.6)
Increase in prepaid expenses and other current assets	(15.8)	(12.9)
Increase in accounts payable/accrued liabilities	17.4	24.7
Other – net	(3.8)	4.3
Net cash provided by operating activities	157.2	157.2
Cash flows from investing activities
Capital expenditures	(99.3)	(101.9)
Acquisition of business	(163.2)
Net cash used for investing activities	(262.5)	(101.9)
Cash flows from financing activities
Repayments of Euro term loan	(9)	(4.2)
Repayment of finance lease obligation and other debt, net	(0.4)
Issuance costs related to senior credit facility	(2.2)
Dividends paid	(25.5)	(22.4)
Repurchase of stock	(11.2)	(181)
Activity under stock plans	0.5	(0.7)
Net cash provided by (used in) financing activities	128.2	(73.3)
Effect of exchange rate changes on cash and cash equivalents	(0.2)	(3)
Net increase (decrease) in cash and cash equivalents	22.7	(21)
Cash and cash equivalents at beginning of period	32.7	60.1
Cash and cash equivalents at end of period	55.4	39.1
Supplemental data:
Accrual basis additions to plant, property and equipment	107.6	90
Senior unsecured credit facility - due 2024
Cash flows from financing activities
Borrowing from senior unsecured credit facility	408
Repayment of senior unsecured credit facility	(30)
Senior unsecured credit facility - due 2021
Cash flows from financing activities
Borrowing from senior unsecured credit facility	345	379
Repayment of senior unsecured credit facility	$ (547)	$ (244)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Par	Additional Paid-In Capital	Accumulated Retained Earnings	Other Comprehensive Income (Loss)	Treasury Stock
Balance at Dec. 31, 2017	$ 1,495.1	$ 1.1	$ 774.3	$ 1,496.1	$ (45)	$ (731.4)
Increase (Decrease) in Stockholders' Equity
Net income	61.6			61.6
Dividends paid on common stock	(11.2)			(11.2)
Impact of new accounting pronouncements	3.8			2.2	1.6
Change in other comprehensive income – net of tax	35.6				35.6
Stock based compensation	7.7		13.4			(5.7)
Acquisition of treasury stock	(30.1)					(30.1)
Balance at Mar. 31, 2018	1,562.5	1.1	787.7	1,548.7	(7.8)	(767.2)
Balance at Dec. 31, 2017	1,495.1	1.1	774.3	1,496.1	(45)	(731.4)
Increase (Decrease) in Stockholders' Equity
Net income	130.4
Change in other comprehensive income – net of tax	(37.4)
Balance at Jun. 30, 2018	1,399.8	1.1	792	1,606.2	(80.8)	(918.7)
Balance at Mar. 31, 2018	1,562.5	1.1	787.7	1,548.7	(7.8)	(767.2)
Increase (Decrease) in Stockholders' Equity
Net income	68.8			68.8
Dividends paid on common stock	(11.3)			(11.3)
Change in other comprehensive income – net of tax	(73)				(73)
Stock based compensation	3.7		4.3			(0.6)
Acquisition of treasury stock	(150.9)					(150.9)
Balance at Jun. 30, 2018	1,399.8	1.1	792	1,606.2	(80.8)	(918.7)
Balance at Dec. 31, 2018	1,322	1.1	798.3	1,726.5	(108)	(1,095.9)
Increase (Decrease) in Stockholders' Equity
Net income	72.2			72.2
Dividends paid on common stock	(12.7)			(12.7)
Change in other comprehensive income – net of tax	(5.9)				(5.9)
Stock based compensation	8		13.5			(5.5)
Acquisition of treasury stock	(11.2)					(11.2)
Balance at Mar. 31, 2019	1,372.4	1.1	811.8	1,786	(113.9)	(1,112.6)
Balance at Dec. 31, 2018	1,322	1.1	798.3	1,726.5	(108)	(1,095.9)
Increase (Decrease) in Stockholders' Equity
Net income	153.1
Change in other comprehensive income – net of tax	(10.1)
Balance at Jun. 30, 2019	1,442.4	1.1	817.9	1,854.1	(118.1)	(1,112.6)
Balance at Mar. 31, 2019	1,372.4	1.1	811.8	1,786	(113.9)	(1,112.6)
Increase (Decrease) in Stockholders' Equity
Net income	80.9			80.9
Dividends paid on common stock	(12.8)			(12.8)
Change in other comprehensive income – net of tax	(4.2)				(4.2)
Stock based compensation	6.1		6.1
Balance at Jun. 30, 2019	$ 1,442.4	$ 1.1	$ 817.9	$ 1,854.1	$ (118.1)	$ (1,112.6)

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Note 1 — Significant Accounting Policies In these notes, the terms “Hexcel,” “the Company,” “we,” “us,” or “our” mean Hexcel Corporation and subsidiary companies. The accompanying Condensed Consolidated Financial Statements are those of Hexcel Corporation. Refer to Note 1 to the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 for a discussion of our significant accounting policies. S ignificant changes to our accounting policies subsequent to the filing of our Form 10-K, relate solely to the adoption of Topic 842, Leases, are discussed below in Recent Accounting Pronouncements as well as in Note 4. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared from the unaudited accounting records of Hexcel pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been omitted pursuant to rules and regulations of the SEC. In the opinion of management, the Condensed Consolidated Financial Statements include all normal recurring adjustments as well as any non-recurring adjustments necessary to present fairly the statement of financial position, results of operations, cash flows and statement of stockholder’s equity for the interim periods presented. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from the audited 2018 consolidated balance sheet. Interim results are not necessarily indicative of results expected for any other interim period or for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K. Within the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2018, property, plant and equipment and the related accumulated depreciation have been grossed up to conform to the current year presentation. Investments in Affiliated Companies We have a 50% equity investment in Aerospace Composites Malaysia Sdn. Bhd. (“ACM”) and a 25% equity investment in Hexcut Services. These investments are accounted for using the equity method of accounting. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). This standard requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of leases with a duration of one year or less. We adopted the provisions of this standard on January 1, 2019, using the modified transition method which allows companies to recognize existing leases at the adoption date without requiring comparable presentation. As a result of the adoption of this standard we recognized approximately $50 million of right of use assets and related liabilities for operating leases that existed prior to January 1, 2019. These right of use assets were recorded in noncurrent assets, and the related liabilities were recorded in other accrued liabilities and other noncurrent liabilities. See Note 4 - Leases, for more details. In August 2018 the FASB issued Accounting Standards Update No. 2018-14 (ASU 2018-14 ), Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) ,

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income per Common Share	Note 2 — Net Income per Common Share Quarter Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2019 2018 2019 2018 Basic net income per common share: Net income $ 80.9 $ 68.8 $ 153.1 $ 130.4 Weighted average common shares outstanding 85.2 88.8 85.1 89.4 Basic net income per common share $ 0.95 $ 0.77 $ 1.80 $ 1.45 Diluted net income per common share: Net income $ 80.9 $ 68.8 $ 153.1 $ 130.4 Weighted average common shares outstanding — Basic 85.2 88.8 85.1 89.4 Plus incremental shares from assumed conversions: Restricted stock units 0.4 0.4 0.4 0.4 Stock options 0.6 0.7 0.6 0.7 Weighted average common shares outstanding — Dilutive 86.2 89.9 86.1 90.5 Diluted net income per common share $ 0.94 $ 0.76 $ 1.78 $ 1.44 Total shares underlying stock options of 0.1 and 0.2 million, respectively, were excluded from the computation of diluted net income per share for the three and six months ended June 30, 2019, as they were anti-dilutive. Total shares underlying stock options of 0.1 million were excluded from the computation of diluted net income per share for the three and six month ended June 30, 2018.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Note 3 — (In millions) June 30, 2019 December 31, 2018 Raw materials $ 170.3 $ 131.4 Work in progress 42.4 43.6 Finished goods 126.6 122.8 Total Inventory $ 339.3 $ 297.8

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 4 — Leases The Company regularly enters into operating leases for certain buildings, equipment, parcels of land, and vehicles. As of January 1, 2019, we adopted the provisions of ASC 842, accounting for leases. Accordingly, we capitalized all agreements with terms for more than one year, where a right of use asset was identified. In connection with the adoption of ASC 842 on January 1, 2019 we elected certain practical expedients available under ASC 842-10-65-1 that provide certain concessions to ease the burden of transition, such as the treatment of indirect lease costs, and service contracts which may contain embedded leases. In addition, we elected certain expedients not related to the transition, such as the election to capitalize lease and non-lease components of an agreement as a single component for purposes of simplicity, with the exception of those related to equipment and machinery. Generally, amounts capitalized represent the present value of minimum lease payments over the term, and the duration is equivalent to the base agreement, however, management used certain assumptions when determining the value and duration of leases. These assumptions include, but are not limited to, the probability of renewing a lease term, certain future events impacting lease payments, as well as fair values not explicit in an agreement. Such assumptions impacted the duration of many of our building leases, as well as certain of our equipment leases. In determining the lease renewal, management considered the need and ability to substitute a given asset, as well as certain conditions such as related contractual obligations to our customers (i.e. a contractual obligation of a customer requiring certain manufacturing proximities). In determining fair value , management considered the stand alone value of an asset in an ordinary market as well as incurring certain costs to terminate an agreement. Most of our leases do not include variable payments but contain scheduled escalations. Any lease payments tied to certain future indexes are adjusted on a go forward basis as those index es become known . At June 30, 2019, we had approximately $67.2 million of right of use assets recorded in other non-current assets, and $67.6 million of related liabilities, $56.4 million of which was included in other non-current liabilities with the remainder in other current liabilities. The weighted average of the remaining lease terms was approximately 9 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of LIBOR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country to which the lease agreement pertains to. The weighted average interest rate used in calculating the fair values listed above was 2.6%. The following table lists the schedule of cash payments related to right of use assets by year: (In millions) Remainder of 2019 $ 6.0 2020 11.6 2021 10.2 2022 8.3 2023 7.8 Thereafter 34.1 Total $ 78.0 Operating lease expense recognized during the quarter and six months ending June 30, 2019, relating to right of use assets, was $2.6 million and $5.5 million, respectively, and was recorded in cost of goods sold as well as in operating expenses, in our condensed consolidated statements of operations. Expense related to operating leases which have a duration of a year or less were not material for the same period. Finance leases at June 30, 2019, were immaterial.

Retirement and Other Postretire

Retirement and Other Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2019
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]
Retirement and Other Postretirement Benefit Plans	Note 5 — We maintain qualified and nonqualified defined benefit retirement plans covering certain current and former U.S. and European employees, retirement savings plans covering eligible U.S. and U.K. employees and certain postretirement health care and life insurance benefit plans covering eligible U.S. retirees. We also participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations. Defined Benefit Retirement Plans Net Periodic Benefit Costs Net periodic benefit costs of our defined benefit retirement plans for the quarter and six months ended June 30, 2019 and 2018 were as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.6 $ 0.6 Interest cost 0.1 0.2 0.3 0.3 Net periodic benefit cost $ 0.4 $ 0.5 $ 0.9 $ 0.9 (In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Accrued liabilities $ 0.9 $ 0.9 Other non-current liabilities 17.8 17.2 $ 18.7 $ 18.1 Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 European Defined Benefit Retirement Plans Service cost $ 0.2 $ 0.2 $ 0.5 $ 0.5 Interest cost 1.1 1.1 2.2 2.2 Expected return on plan assets (2.2 ) (2.3 ) (4.4 ) (4.7 ) Net amortization and deferral 0.1 0.1 0.2 0.2 Net periodic benefit credit $ (0.8 ) $ (0.9 ) $ (1.5 ) $ (1.8 ) (In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Noncurrent asset $ 47.2 $ 42.6 Accrued liabilities 0.4 0.4 Other non-current liabilities 18.7 18.8 Total accrued benefit $ 19.1 $ 19.2 All costs related to our pensions are included as a component of operating income in our consolidated statements of operations. For both three month periods ended June 30, 2019 and 2018, amounts unrelated to service costs were a benefit of $ 0.9 million For the six months ended June 30, 2019 and 2018, amounts unrelated to the service costs were a benefit of $1.7 million and $2.0 million, respectively. Contributions We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred. We have contributed approximately $0.3 million in the first six months of 2019 to cover unfunded benefits. We expect to contribute a total of $0.9 million in 2019 to cover unfunded benefits. We contributed $0.8 million to our U.S. non-qualified defined benefit retirement plans during the first six months of 2018. We contributed $2.3 million and $2.5 million to our European defined benefit retirement plans during the six months ended June 30, 2019 and 2018, respectively. We plan to contribute approximately $5.0 million during 2019 to our European plans. Postretirement Health Care and Life Insurance Benefit Plans We recorded $0.2 million and $0.6 million of net amortization gain deferral for the quarter ended June 30, 2019 and June 30, 2018 and $0.5 million and $0.9 million for the six months ended June 30, 2019 and 2018, respectively. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for quarter and the six months ended June 30, 2019 and 2018 were immaterial. (In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Accrued liabilities $ 0.5 $ 0.5 Other non-current liabilities 2.8 2.8 Total accrued benefit $ 3.3 $ 3.3 Amounts contributed in connection with our postretirement plans, were immaterial for both the six months ended June 30, 2019 and June 30, 2018. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute less than $0.5 million in 2019 to cover unfunded benefits.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	N ote 6 –– Debt (In millions) June 30, 2019 December 31, 2018 Current portion of finance lease $ 0.7 $ 0.3 Current portion of Euro term loan 9.0 9.1 Current portion of debt 9.7 9.4 Non-current portion of Euro term loan 42.0 51.4 Senior unsecured credit facility 378.0 202.0 4.7% senior notes --- due 2025 300.0 300.0 3.95% senior notes --- due 2027 400.0 400.0 Senior notes --- original issue discount (1.9 ) (2.0 ) Senior notes --- deferred financing costs (4.5 ) (4.8 ) Non-current portion of finance lease and other debt 2.2 0.8 Long-term debt 1,115.8 947.4 Total debt $ 1,125.5 $ 956.8 In June 2019, The Company refinanced its senior unsecured credit facility (“the Facility”), increasing borrowing capacity from $700 million to $1 billion. The maturity of the Facility is June 2024. The Facility provided for a reduction in interest costs, as well as less restrictive covenants. The initial interest rate for the Facility is LIBOR + 1.0%. The interest rate ranges from LIBOR + 0.875% to a maximum of LIBOR + 1.50%, depending upon the better of the Company’s leverage ratio or the credit rating. As of June 30, 2019 total borrowings under the Facility were $378 million, which approximates fair value. The Facility permits us to issue letters of credit up to an aggregate amount of $50 million. Outstanding letters of credit reduce the amount available for borrowing under our revolving loan. As of June 30, 2019 there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $622 million. The weighted average interest rate for the Facility was 4.44% for the six months ended June 30, 2019. The Facility contains financial and other covenants, including, but not limited customary restrictions on the incurrence of debt by our subsidiaries and the granting of liens, as well as the maintenance of an interest coverage ratio and a leverage ratio. As defined in the Facility Agreement, we are required to maintain a minimum interest coverage ratio of 3.50 (based on the ratio of EBITDA to interest expense) and may not exceed a maximum leverage ratio of 3.75 (based on the ratio of total debt to EBITDA) with a step up to 4.25 allowed following a significant acquisition. In addition, the Facility contains other customary terms and conditions such as representations and warranties, additional covenants and events of default. In 2017, the Company issued $400 million in aggregate principal amount of 3.95% Senior Unsecured Notes due in 2027. The interest rate on these senior notes may be increased 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 5.95%. The effective interest rate for six months ended June 30, 2019 was 3.88% inclusive of approximately a 0.25% benefit of treasury locks. Based on quoted prices the fair value of the senior notes due in 2027 was $412.7 million at June 30, 2019. In 2016, we entered into a € € € . In 2015, the Company issued $300 million in aggregate principal amount of 4.7% Senior Unsecured Notes due in 2025. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 6.7%. The effective interest rate for the six months ended June 30, 2019 was 4.83%. Based on quoted prices, the fair value of these notes was $325.5 million at June 30, 2019.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 7 — Interest Rate Swap and Interest Lock Agreements As of June 30, 2019, the Company had interest rate swaps, having a combined notional value of $50.0 million, that swap floating rate obligations for fixed rate obligations At June 30, 2019 we had i The Company had treasury lock agreements to protect against unfavorable movements in the benchmark treasury rate related to the issuance of our 3.95% Senior Unsecured Notes. These hedges were designated as cash flow hedges therefore any change in fair value was recorded as a component of other comprehensive income. As part of the issuance of these notes, we net settled the derivatives and therefore the previously deferred gains recorded in other comprehensive income will be released to interest expense over the life of the senior notes. The effect of these treasury locks reduced the effective interest rate on these notes by approximately 0.25%. Foreign Currency Forward Exchange Contracts A number of our European subsidiaries are exposed to the impact of exchange rate volatility between the U.S. dollar and the subsidiaries’ functional currencies, being either the Euro or the British Pound sterling. We entered into contracts to exchange U.S. dollars for Euros and British Pound sterling through December 2021, which we account for as cash flow hedges. The aggregate notional amount of these contracts was $412.1 million and $416.5 million at June 30, 2019 and December 31, 2018, respectively. The purpose of these contracts is to hedge a portion of the forecasted transactions of our European subsidiaries under long-term sales contracts with certain customers. These contracts are expected to provide us with a more balanced matching of future cash receipts and expenditures by currency, thereby reducing our exposure to fluctuations in currency exchange rates. The effective portion of the hedges, losses of $5.2 million and $8.8 million were recorded in other comprehensive income (“OCI”) for the three and six months ended June 30, 2019 and losses of $20.9 million and $12.5 million for the three and six months ended June 30, 2018. We classified the carrying amount of these contracts of $0.4 million in other assets and $18.7 million in other liabilities, of which $6.7 million is recorded in noncurrent liabilities, on the Condensed Consolidated Balance Sheets at June 30, 2019 and $1.3 million in other assets and $15.3 million in other liabilities at December 31, 2018. We recognized net losses of $2.8 million and $4.6 million in gross margin during the three and six months ended June 30, 2019 and net gains of $1.1 million and $3.4 million for the three and six months ended June 30, 2018. In addition, we enter into foreign exchange forward contracts which are not designated as hedges. These are used to provide an offset to transactional gains or losses arising from the re-measurement of non-functional monetary assets and liabilities such as accounts receivable. The change in the fair value of the derivatives is recorded in the statement of operations. There are no credit contingency features in these derivatives. During the quarters ended June 30, 2019 and 2018, we recognized net foreign exchange losses of $0.9 million and losses of $6.0 million, respectively, in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2019 and 2018, we recognized net foreign exchange losses of $0.6 million and $4.0 million, respectively. The net foreign exchange impact recognized from these hedges offset the translation exposure of these transactions. The carrying amount of the contracts for derivatives not designated as hedging instruments was less than $0.1 million classified in other assets and $0.1 million in other liabilities at June 30, 2019, and $0.3 million in other assets at December 31, 2018, in the Condensed Consolidated Balance Sheets. The change in fair value of our foreign currency forward exchange contracts under hedge designations recorded net of tax within accumulated other comprehensive income for the quarters ended June 30, 2019 and June 30, 2018 was as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Unrealized (losses) gains at beginning of period, net of tax $ (11.4 ) $ 13.4 $ (10.6 ) $ 8.6 Losses (gains) reclassified to net sales 2.2 (0.7 ) 3.5 (2.3 ) Decrease in fair value (4.6 ) (15.8 ) (6.7 ) (9.4 ) Unrealized losses at end of period, net of tax $ (13.8 ) $ (3.1 ) $ (13.8 ) $ (3.1 ) Unrealized losses of $8.7 million recorded in accumulated other comprehensive loss, net of tax of $3.0 million, as of June 30, 2019, are expected to be reclassified into earnings over the next twelve months as the hedged sales are recorded. Commodity Swap Agreements On occasion we enter into commodity swap agreements to hedge against price fluctuations of raw materials, including propylene (the principal component of acrylonitrile). As of June 30, 2019, we had commodity swap agreements with a notional value of $20.6 million. The swaps mature monthly through June 2021. The swaps are accounted for as a cash flow hedge of our forward raw material purchases. To ensure the swaps are highly effective, all of the critical terms of the swap matched the terms of the hedged items. The fair value of the commodity swap agreements was a liability of $4.7 million at June 30, 2019.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 — Income Taxes The income tax provision for the current quarter was $23.6 million compared to $20.0 million for the quarter ended June 30, 2018 and $44.2 million and $34.1 million for the six months ended June 30, 2019 and 2018, respectively. The 2018 periods included a $1.3 million discrete benefit related to the release of reserves for uncertain tax positions. All periods benefited from deductions associated with share based compensation payments. Our underlying estimated effective income tax rate is expected to remain at 24%.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9 — Fair Value Measurements The authoritative guidance for fair value measurements establishes a hierarchy for observable and unobservable inputs used to measure fair value, into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. We have no assets or liabilities that utilize Level 1 inputs. However, we have derivative instruments classified as liabilities and assets which utilize Level 2 inputs, and one liability that utilizes Level 3 inputs. For derivative assets and liabilities that utilize Level 2 inputs, we prepare estimates of future cash flows of our derivatives, which are discounted to a net present value. The estimated cash flows and the discount factors used in the valuation model are based on observable inputs, and incorporate non-performance risk (the credit standing of the counterparty when the derivative is in a net asset position, and the credit standing of Hexcel when the derivative is in a net liability position). The fair value of these assets and liabilities was approximately $0.6 million and $24.2 million, respectively, at June 30, 2019. In addition, the fair value of these derivative contracts, which are subject to a master netting arrangement under certain circumstances, is presented on a gross basis in the Consolidated Balance Sheet. Below is a summary of valuation techniques for all Level 2 financial assets and liabilities: • Interest rate swaps — valued using LIBOR yield curves at the reporting date. Fair value was an asset of $0.2 million and a liability of $0.8 million at June 30, 2019. • Foreign exchange derivative assets and liabilities — valued using quoted forward prices at the reporting date. Fair value of assets and liabilities at June 30, 2019 was $0.4 million and $18.7 million, respectively. • Commodity raw materials — valued using quoted forward prices at the reporting date. Fair value of liabilities at June 3 0 , 2019 was $ million. Counterparties to the above contracts are highly rated financial institutions, none of which experienced any significant downgrades in the quarter ended June 30, 2019 that would reduce the receivable amount owed, if any, to the Company. Liabilities classified as Level 3 —

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue	Note 10 — Revenue Our revenue is primarily derived from the sale of inventory under long-term agreements with our customers. We have determined that individual purchase orders (“PO”), whose terms and conditions taken with a master agreement, create the ASC 606 contracts which are generally short-term in nature. For those sales, which are not tied to a long-term agreement, we generate a PO that is subject to our standard terms and conditions. In instances where our customers acquire our goods related to government contracts, the contracts are typically subject to terms similar, or equal to, the Federal Acquisition Regulation Part 52.249-2. This regulation contains a termination for convenience clause (“T for C”), which requires that the customer pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit. We disaggregate our revenue based on market for analytical purposes. The following table details our revenue by market for the three and six months ended June 30, 2019 and 2018: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Consolidated Net Sales $ 609.0 $ 547.5 $ 1,218.9 $ 1,087.6 Commercial Aerospace 416.5 383.8 832.0 766.5 Space & Defense 111.8 91.7 219.6 181.8 Industrial 80.7 72.0 167.3 139.3 Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in our Consolidated Balance Sheets as a component of current assets. The activity related to contract assets for the six months ended June 30, 2019 is as follows ` (In millions) Composite Materials Engineered Products Total Balance at December 31, 2018 $ 12.9 $ 37.6 $ 50.5 Net revenue billed (1.4 ) 4.6 3.2 Balance at March 31, 2019 $ 11.5 $ 42.2 $ 53.7 Net revenue billed 1.7 4.3 6.0 Balance at June 30, 2019 $ 13.2 $ 46.5 $ 59.7 Accounts receivable, net includes amounts billed to customers where the right to payment is unconditional.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Note 11 — Segment Information The financial results for our operating segments are prepared using a management approach, which is consistent with the basis and manner in which we internally segregate financial information for the purpose of assisting in making internal operating decisions. We evaluate the performance of our operating segments based on operating income, and generally account for intersegment sales based on arm’s length prices. Corporate and certain other expenses are not allocated to the operating segments, except to the extent that the expense can be directly attributable to the business segment. Financial information for our operating segments for the quarter and six months ended June 30, 2019 and 2018 were as follows: (Unaudited) Composite Engineered Corporate & (In millions Materials Products Other (a) Total Second Quarter 2019 Net sales to external customers $ 484.0 $ 125.0 $ — $ 609.0 Intersegment sales 21.5 — (21.5 ) — Total sales $ 505.5 $ 125.0 $ (21.5 ) $ 609.0 Operating income 111.8 16.3 (13.0 ) 115.1 Depreciation and amortization 30.1 3.8 0.1 34.0 Stock-based compensation 1.1 0.4 0.9 2.4 Accrual basis additions to capital expenditures 49.0 1.1 — 50.1 Second Quarter 2018 Net sales to external customers $ 445.8 $ 101.7 $ — $ 547.5 Intersegment sales 20.3 — (20.3 ) — Total sales $ 466.1 $ 101.7 $ (20.3 ) $ 547.5 Operating income 93.1 15.9 (12.5 ) 96.5 Depreciation and amortization 27.5 2.3 — 29.8 Stock-based compensation 0.9 0.1 1.1 2.1 Accrual basis additions to capital expenditures 43.4 1.3 — 44.7 Six Months Ended June 30, 2019 Net sales to external customers $ 971.7 $ 247.2 $ — $ 1,218.9 Intersegment sales 40.7 0.1 (40.8 ) — Total sales $ 1,012.4 $ 247.3 $ (40.8 ) $ 1,218.9 Operating income 224.3 31.1 (37.5 ) 217.9 Depreciation and amortization 65.0 7.6 0.1 72.7 Stock-based compensation 5.2 1.2 7.1 13.5 Accrual basis additions to capital expenditures 105.8 1.8 — 107.6 Six Months Ended June 30, 2018 Net sales to external customers $ 890.4 $ 197.2 $ — $ 1,087.6 Intersegment sales 39.5 — (39.5 ) — Total sales $ 929.9 $ 197.2 $ (39.5 ) $ 1,087.6 Operating income 184.1 25.8 (31.0 ) 178.9 Depreciation and amortization 55.0 4.6 — 59.6 Stock-based compensation 4.5 0.8 6.7 12.0 Accrual basis additions to capital expenditures 88.7 1.3 — 90.0 (a) We do not allocate corporate expenses to the operating segments. Goodwill and Intangible Assets Composite Engineered (In millions) Materials Products Total Balance at December 31, 2018 $ 98.2 $ 44.1 $ 142.3 Amortization Expense (1.1 ) (2.4 ) (3.5 ) Additions — 145.1 145.1 Currency translation adjustments (0.2 ) (0.1 ) (0.3 ) Balance at June 30, 2019 $ 96.9 $ 186.7 $ 283.6 The addition to goodwill and intangible assets is due to the acquisition of ARC Technologies LLC, discussed in Note 13. At June 30, 2019, the balance of goodwill and intangible assets was $189.6 million and $94.0 million, respectively. No impairments have been recorded against these amounts.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 12 — Accumulated Other Comprehensive Loss Comprehensive income represents net income and other gains and losses affecting stockholders’ equity that are not reflected in the Consolidated Statements of Operations. The components of accumulated other comprehensive loss as of June 30, 2019 and December 31, 2018 were as follows: (In millions) Unrecognized Net Defined Benefit and Postretirement Plan Costs Change in Fair Value of Derivatives Products (1) Foreign Currency Translation Total Balance at December 31, 2018 $ (15.4 ) $ (5.8 ) $ (86.8 ) $ (108.0 ) Other comprehensive loss before reclassifications 0.1 (9.7 ) (4.2 ) (13.8 ) Amounts reclassified from accumulated other comprehensive loss (0.4 ) 4.1 — 3.7 Other comprehensive loss (0.3 ) (5.6 ) (4.2 ) (10.1 ) Balance at June 30, 2019 $ (15.7 ) $ (11.4 ) $ (91.0 ) $ (118.1 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps. The amounts reclassified to earnings from the unrecognized net defined benefit and postretirement plan costs component of accumulated other comprehensive loss for the three and six months ended June 30, 2019, were $0.2 million with no material tax impact and $0.5 million less taxes of $0.1 million, respectively. The amounts reclassified to earnings from the change in fair value of the derivatives component of accumulated other comprehensive loss for the three and six months ended June 30, 2019 were net losses of $2.8 million less taxes of $0.6 million and $4.6 million less taxes of $1.1 million related to foreign currency forward exchange contracts and $0.9 million less taxes of $0.2 million and $1.6 million less taxes of $0.4 million related to commodity swaps. We also recorded net gains of $0.4 million less taxes of $0.1 million and $0.8 million less taxes of $0.2 million related to interest rate swaps, in the three and six month periods ended June 30, 2019, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions	Note 13 — Acquisitions During the first quarter of 2019, w e acquired all of the outstanding equity interests in accounted for as a business combination in accordance with ASC 805, Business Combinations In connection with the acquisition, the Company recognized $82.1 million of goodwill, and approximately $63.0 million of intangible assets which are included in our Engineered Products segment.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 — Commitments and Contingencies We are involved in litigation, investigations and claims arising out of the normal conduct of our business, including those relating to commercial transactions, environmental, employment and health and safety matters. While it is impossible to predict the ultimate resolution of litigation, investigations and claims asserted against us Environmental Matters We have been named as a potentially responsible party (“PRP”) with respect to the below hazardous waste disposal sites that we do not own or possess, which are included on, or proposed to be included on, the Superfund National Priority List of the U.S. Environmental Protection Agency (“EPA”) or on equivalent lists of various state governments. Because the Federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA” or “Superfund”) allows for joint and several liability in certain circumstances, we could be responsible for all remediation costs at such sites, even if we are one of many PRPs. We believe, based on the amount and nature of our waste, and the number of other financially viable PRPs, that our liability in connection with such environmental matters will not be material. Lower Passaic River Study Area Hexcel together with approximately 48 other PRPs that comprise the Lower Passaic Cooperating Parties Group (the “CPG”), are subject to a May 2007 Administrative Order on Consent (“AOC”) with the EPA requiring the CPG to perform a Remedial Investigation/Feasibility Study of environmental conditions of a 17-mile stretch of the Passaic River in New Jersey (the “Lower Passaic River”). We were included in the CPG based on our operations at our former manufacturing site in Lodi, New Jersey. In March 2016, the EPA issued a Record of Decision (“ROD”) setting forth the EPA’s selected remedy for the lower eight miles of the Lower Passaic River at an expected cost ranging from $0.97 billion to $2.07 billion. This estimate does not include any costs related to a future remedy for the upper nine miles of the Lower Passaic River. In August 2017, the EPA appointed an independent third party allocation expert to make recommendations on the relative liability of approximately 120 identified non-government PRP’s, which is not expected to be completed until 2020. In October 2016, pursuant to a settlement agreement with the EPA, Occidental Chemical Corporation (“OCC”), one of the PRPs commenced performance of the remedial design required by the ROD, reserving its right of cost contribution from all other PRPs. In June 2018, OCC filed suit against approximately 120 parties, including Hexcel, in the U.S. District Court of the District of New Jersey seeking cost recovery and contribution under CERCLA related to the Lower Passaic River. We do not know whether this litigation will impact the EPA’s allocation process or the ultimate outcome of the matter. The accrual was $2.1 million as of June 30, 2019 and at December 31, 2018. Given the uncertainty associated with the many elements of the Superfund process for the Lower Passaic River, the amounts accrued may not be indicative of the amounts for which we will ultimately be responsible. Omega Chemical Corporation Superfund Site, Whittier, California We are a PRP at a former chemical waste site in Whittier, California. The PRPs at Omega have established The Omega Chemical Site PRP Organized Group, (the “OPOG”), and are currently investigating and remediating soil and groundwater at the site pursuant to a Consent Decree with the EPA. OPOG has attributed either 1.21% or 2.07% of the waste tonnage (dependent on the specific location within the Omega Chemical Site) sent to the site to Hexcel. In addition to the Omega site specifically, the EPA is investigating the scope of regional groundwater contamination in the vicinity of the Omega site and issued a ROD; the OPOG members have been served notice by the EPA as PRPs who will be required to be involved in the remediation of the regional groundwater contamination in that vicinity as well. As a member of OPOG, Hexcel will incur costs associated with the investigation and remediation of the Omega site and the regional groundwater remedy, although our ultimate liability, if any, in connection with this matter cannot be determined at this time. The total accrued liability relating to potential liability for both the Omega site and regional groundwater remedies was $0.3 million at June 30, 2019 and at December 31, 2018. Summary of Environmental Reserves Our estimate of liability as a PRP and our remaining costs associated with our responsibility to remediate the Lower Passaic River and other sites are accrued in the consolidated balance sheets. As of June 30, 2019 and December 31, 2018, our aggregate environmental related accruals were $2.6 million and $2.7 million, respectively, of which $0.7 million and $0.8 million, respectively, was included in accrued liabilities with the remainder included in non-current liabilities. As related to certain environmental matters the accrual was estimated at the low end of a range of possible outcomes since no amount within the range is a better estimate than any other amount. If we had accrued, for those sites where we are able to estimate our liability, at the high end of the range of possible outcomes, our accrual would have been $16 million higher at June 30, 2019. These accruals can change significantly from period to period due to such factors as additional information on the nature or extent of contamination, the methods of remediation required, changes in the apportionment of costs among responsible parties and other actions by governmental agencies or private parties, or the impact, if any, of being named in a new matter. Product Warranty We provide standard assurance-type warranties for our products, which cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Warranty expense for the quarter ended June 30, 2019, and accrued warranty cost, included in “accrued liabilities” in the Condensed Consolidated Balance Sheets at June 30, 2019 and December 31, 2018, were as follows: Product (In millions) Warranties Balance as of December 31, 2018 $ 4.8 Warranty expense 2.4 Deductions and other (0.3 ) Balance as of March 31, 2019 $ 6.9 Warranty expense 0.6 Deductions and other (1.0 ) Balance as of June 30, 2019 $ 6.5

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared from the unaudited accounting records of Hexcel pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been omitted pursuant to rules and regulations of the SEC. In the opinion of management, the Condensed Consolidated Financial Statements include all normal recurring adjustments as well as any non-recurring adjustments necessary to present fairly the statement of financial position, results of operations, cash flows and statement of stockholder’s equity for the interim periods presented. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from the audited 2018 consolidated balance sheet. Interim results are not necessarily indicative of results expected for any other interim period or for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K. Within the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2018, property, plant and equipment and the related accumulated depreciation have been grossed up to conform to the current year presentation.
Investments in Affiliated Companies	Investments in Affiliated Companies We have a 50% equity investment in Aerospace Composites Malaysia Sdn. Bhd. (“ACM”) and a 25% equity investment in Hexcut Services. These investments are accounted for using the equity method of accounting.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Topic 842). This standard requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases, with the exception of leases with a duration of one year or less. We adopted the provisions of this standard on January 1, 2019, using the modified transition method which allows companies to recognize existing leases at the adoption date without requiring comparable presentation. As a result of the adoption of this standard we recognized approximately $50 million of right of use assets and related liabilities for operating leases that existed prior to January 1, 2019. These right of use assets were recorded in noncurrent assets, and the related liabilities were recorded in other accrued liabilities and other noncurrent liabilities. See Note 4 - Leases, for more details. In August 2018 the FASB issued Accounting Standards Update No. 2018-14 (ASU 2018-14 ), Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) ,

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Summary of Earnings Per Share Basic and Diluted	Quarter Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2019 2018 2019 2018 Basic net income per common share: Net income $ 80.9 $ 68.8 $ 153.1 $ 130.4 Weighted average common shares outstanding 85.2 88.8 85.1 89.4 Basic net income per common share $ 0.95 $ 0.77 $ 1.80 $ 1.45 Diluted net income per common share: Net income $ 80.9 $ 68.8 $ 153.1 $ 130.4 Weighted average common shares outstanding — Basic 85.2 88.8 85.1 89.4 Plus incremental shares from assumed conversions: Restricted stock units 0.4 0.4 0.4 0.4 Stock options 0.6 0.7 0.6 0.7 Weighted average common shares outstanding — Dilutive 86.2 89.9 86.1 90.5 Diluted net income per common share $ 0.94 $ 0.76 $ 1.78 $ 1.44

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	(In millions) June 30, 2019 December 31, 2018 Raw materials $ 170.3 $ 131.4 Work in progress 42.4 43.6 Finished goods 126.6 122.8 Total Inventory $ 339.3 $ 297.8

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Cash Payments Related to Right of Use Assets	The following table lists the schedule of cash payments related to right of use assets by year: (In millions) Remainder of 2019 $ 6.0 2020 11.6 2021 10.2 2022 8.3 2023 7.8 Thereafter 34.1 Total $ 78.0

Retirement and Other Postreti_2

Retirement and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Defined Benefit Retirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans	Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 European Defined Benefit Retirement Plans Service cost $ 0.2 $ 0.2 $ 0.5 $ 0.5 Interest cost 1.1 1.1 2.2 2.2 Expected return on plan assets (2.2 ) (2.3 ) (4.4 ) (4.7 ) Net amortization and deferral 0.1 0.1 0.2 0.2 Net periodic benefit credit $ (0.8 ) $ (0.9 ) $ (1.5 ) $ (1.8 )
Schedule of Amounts Recognized on Balance Sheet	(In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Noncurrent asset $ 47.2 $ 42.6 Accrued liabilities 0.4 0.4 Other non-current liabilities 18.7 18.8 Total accrued benefit $ 19.1 $ 19.2
Defined Benefit Retirement Plans | Non-qualified
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans	Net periodic benefit costs of our defined benefit retirement plans for the quarter and six months ended June 30, 2019 and 2018 were as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.6 $ 0.6 Interest cost 0.1 0.2 0.3 0.3 Net periodic benefit cost $ 0.4 $ 0.5 $ 0.9 $ 0.9
Schedule of Amounts Recognized on Balance Sheet	(In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Accrued liabilities $ 0.9 $ 0.9 Other non-current liabilities 17.8 17.2 $ 18.7 $ 18.1
Postretirement Health Care and Life Insurance Benefit Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Amounts Recognized on Balance Sheet	Net periodic benefit costs of our postretirement health care and life insurance benefit plans for quarter and the six months ended June 30, 2019 and 2018 were immaterial. (In millions) June 30, 2019 December 31, 2018 Amounts recognized on the balance sheet: Accrued liabilities $ 0.5 $ 0.5 Other non-current liabilities 2.8 2.8 Total accrued benefit $ 3.3 $ 3.3

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt and Capital Lease Obligations	(In millions) June 30, 2019 December 31, 2018 Current portion of finance lease $ 0.7 $ 0.3 Current portion of Euro term loan 9.0 9.1 Current portion of debt 9.7 9.4 Non-current portion of Euro term loan 42.0 51.4 Senior unsecured credit facility 378.0 202.0 4.7% senior notes --- due 2025 300.0 300.0 3.95% senior notes --- due 2027 400.0 400.0 Senior notes --- original issue discount (1.9 ) (2.0 ) Senior notes --- deferred financing costs (4.5 ) (4.8 ) Non-current portion of finance lease and other debt 2.2 0.8 Long-term debt 1,115.8 947.4 Total debt $ 1,125.5 $ 956.8

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations	The change in fair value of our foreign currency forward exchange contracts under hedge designations recorded net of tax within accumulated other comprehensive income for the quarters ended June 30, 2019 and June 30, 2018 was as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Unrealized (losses) gains at beginning of period, net of tax $ (11.4 ) $ 13.4 $ (10.6 ) $ 8.6 Losses (gains) reclassified to net sales 2.2 (0.7 ) 3.5 (2.3 ) Decrease in fair value (4.6 ) (15.8 ) (6.7 ) (9.4 ) Unrealized losses at end of period, net of tax $ (13.8 ) $ (3.1 ) $ (13.8 ) $ (3.1 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Revenue By Market	The following table details our revenue by market for the three and six months ended June 30, 2019 and 2018: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Consolidated Net Sales $ 609.0 $ 547.5 $ 1,218.9 $ 1,087.6 Commercial Aerospace 416.5 383.8 832.0 766.5 Space & Defense 111.8 91.7 219.6 181.8 Industrial 80.7 72.0 167.3 139.3
Schedule of Activity Related to Contract Assets	The activity related to contract assets for the six months ended June 30, 2019 is as follows ` (In millions) Composite Materials Engineered Products Total Balance at December 31, 2018 $ 12.9 $ 37.6 $ 50.5 Net revenue billed (1.4 ) 4.6 3.2 Balance at March 31, 2019 $ 11.5 $ 42.2 $ 53.7 Net revenue billed 1.7 4.3 6.0 Balance at June 30, 2019 $ 13.2 $ 46.5 $ 59.7

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Operating Segment Reporting Information	Financial information for our operating segments for the quarter and six months ended June 30, 2019 and 2018 were as follows: (Unaudited) Composite Engineered Corporate & (In millions Materials Products Other (a) Total Second Quarter 2019 Net sales to external customers $ 484.0 $ 125.0 $ — $ 609.0 Intersegment sales 21.5 — (21.5 ) — Total sales $ 505.5 $ 125.0 $ (21.5 ) $ 609.0 Operating income 111.8 16.3 (13.0 ) 115.1 Depreciation and amortization 30.1 3.8 0.1 34.0 Stock-based compensation 1.1 0.4 0.9 2.4 Accrual basis additions to capital expenditures 49.0 1.1 — 50.1 Second Quarter 2018 Net sales to external customers $ 445.8 $ 101.7 $ — $ 547.5 Intersegment sales 20.3 — (20.3 ) — Total sales $ 466.1 $ 101.7 $ (20.3 ) $ 547.5 Operating income 93.1 15.9 (12.5 ) 96.5 Depreciation and amortization 27.5 2.3 — 29.8 Stock-based compensation 0.9 0.1 1.1 2.1 Accrual basis additions to capital expenditures 43.4 1.3 — 44.7 Six Months Ended June 30, 2019 Net sales to external customers $ 971.7 $ 247.2 $ — $ 1,218.9 Intersegment sales 40.7 0.1 (40.8 ) — Total sales $ 1,012.4 $ 247.3 $ (40.8 ) $ 1,218.9 Operating income 224.3 31.1 (37.5 ) 217.9 Depreciation and amortization 65.0 7.6 0.1 72.7 Stock-based compensation 5.2 1.2 7.1 13.5 Accrual basis additions to capital expenditures 105.8 1.8 — 107.6 Six Months Ended June 30, 2018 Net sales to external customers $ 890.4 $ 197.2 $ — $ 1,087.6 Intersegment sales 39.5 — (39.5 ) — Total sales $ 929.9 $ 197.2 $ (39.5 ) $ 1,087.6 Operating income 184.1 25.8 (31.0 ) 178.9 Depreciation and amortization 55.0 4.6 — 59.6 Stock-based compensation 4.5 0.8 6.7 12.0 Accrual basis additions to capital expenditures 88.7 1.3 — 90.0 (a) We do not allocate corporate expenses to the operating segments.
Schedule of Goodwill and Intangible Assets by Segment	Goodwill and Intangible Assets Composite Engineered (In millions) Materials Products Total Balance at December 31, 2018 $ 98.2 $ 44.1 $ 142.3 Amortization Expense (1.1 ) (2.4 ) (3.5 ) Additions — 145.1 145.1 Currency translation adjustments (0.2 ) (0.1 ) (0.3 ) Balance at June 30, 2019 $ 96.9 $ 186.7 $ 283.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss as of June 30, 2019 and December 31, 2018 were as follows: (In millions) Unrecognized Net Defined Benefit and Postretirement Plan Costs Change in Fair Value of Derivatives Products (1) Foreign Currency Translation Total Balance at December 31, 2018 $ (15.4 ) $ (5.8 ) $ (86.8 ) $ (108.0 ) Other comprehensive loss before reclassifications 0.1 (9.7 ) (4.2 ) (13.8 ) Amounts reclassified from accumulated other comprehensive loss (0.4 ) 4.1 — 3.7 Other comprehensive loss (0.3 ) (5.6 ) (4.2 ) (10.1 ) Balance at June 30, 2019 $ (15.7 ) $ (11.4 ) $ (91.0 ) $ (118.1 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Schedule of Product Warranty	We provide standard assurance-type warranties for our products, which cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Warranty expense for the quarter ended June 30, 2019, and accrued warranty cost, included in “accrued liabilities” in the Condensed Consolidated Balance Sheets at June 30, 2019 and December 31, 2018, were as follows: Product (In millions) Warranties Balance as of December 31, 2018 $ 4.8 Warranty expense 2.4 Deductions and other (0.3 ) Balance as of March 31, 2019 $ 6.9 Warranty expense 0.6 Deductions and other (1.0 ) Balance as of June 30, 2019 $ 6.5

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
Significant Accounting Policies [Line Items]
Operating lease, right of use assets	$ 67.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating lease, liabilities	$ 56.4
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Operating lease, right of use assets		$ 50
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent
Operating lease, liabilities		$ 50
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent
Aerospace Composites Malaysia Sdn. Bhd.
Significant Accounting Policies [Line Items]
Interest in affiliated company, accounted for using equity method of accounting (as a percent)	50.00%
Hexcut Services
Significant Accounting Policies [Line Items]
Interest in affiliated company, accounted for using equity method of accounting (as a percent)	25.00%

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic net income per common share:
Net income	$ 80.9	$ 72.2	$ 68.8	$ 61.6	$ 153.1	$ 130.4
Weighted average common shares outstanding - Basic (in shares)	85.2		88.8		85.1	89.4
Basic net income per common share	$ 0.95		$ 0.77		$ 1.80	$ 1.45
Diluted net income per common share:
Net income	$ 80.9		$ 68.8		$ 153.1	$ 130.4
Weighted average common shares outstanding - Basic (in shares)	85.2		88.8		85.1	89.4
Plus incremental shares from assumed conversions:
Restricted stock units (in shares)	0.4		0.4		0.4	0.4
Stock options (in shares)	0.6		0.7		0.6	0.7
Weighted average common shares outstanding -Dilutive (in shares)	86.2		89.9		86.1	90.5
Diluted net income per common share	$ 0.94		$ 0.76		$ 1.78	$ 1.44

Net Income per Common Share - A

Net Income per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)	0.1	0.1	0.2	0.1

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 170.3	$ 131.4
Work in progress	42.4	43.6
Finished goods	126.6	122.8
Total Inventory	$ 339.3	$ 297.8

Leases - Additional Information

Leases - Additional Information - (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease, right of use assets	$ 67.2	$ 67.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating lease, liabilities	$ 67.6	$ 67.6
Operating lease, liabilities	$ 56.4	$ 56.4
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating lease, weighted average remaining lease terms	9 years	9 years
Operating lease, weighted average interest rate	2.60%	2.60%
Cost of Goods Sold and Operating Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 2.6	$ 5.5

Leases - Schedule of Cash Payme

Leases - Schedule of Cash Payments Related to Right of Use Assets (Details) $ in Millions	Jun. 30, 2019USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remainder of 2019	$ 6
2020	11.6
2021	10.2
2022	8.3
2023	7.8
Thereafter	34.1
Total	$ 78

Retirement and Other Postreti_3

Retirement and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans (Details) - Defined Benefit Retirement Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
U.S.
Net periodic benefit costs of defined benefit retirement plans
Service cost	$ 0.3	$ 0.3	$ 0.6	$ 0.6
Interest cost	0.1	0.2	0.3	0.3
Net periodic benefit (credit) cost	$ 0.4	$ 0.5	$ 0.9	$ 0.9
Defined Benefit Plan, Tax Status [Extensible List]	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember
European
Net periodic benefit costs of defined benefit retirement plans
Service cost	$ 0.2	$ 0.2	$ 0.5	$ 0.5
Interest cost	1.1	1.1	2.2	2.2
Expected return on plan assets	(2.2)	(2.3)	(4.4)	(4.7)
Net amortization and deferral	0.1	0.1	0.2	0.2
Net periodic benefit (credit) cost	$ (0.8)	$ (0.9)	$ (1.5)	$ (1.8)

Retirement and Other Postreti_4

Retirement and Other Postretirement Benefit Plans - Schedule of Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Accrued liabilities	$ 0.9	$ 0.9
Other non-current liabilities	17.8	17.2
Total accrued benefit	$ 18.7	$ 18.1
Defined Benefit Plan, Tax Status [Extensible List]	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember
Defined Benefit Retirement Plans | European
Amounts recognized on the balance sheet:
Noncurrent asset	$ 47.2	$ 42.6
Accrued liabilities	0.4	0.4
Other non-current liabilities	18.7	18.8
Total accrued benefit	19.1	19.2
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Accrued liabilities	0.5	0.5
Other non-current liabilities	2.8	2.8
Total accrued benefit	$ 3.3	$ 3.3

Retirement and Other Postreti_5

Retirement and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Defined Benefit Retirement Plans
Amounts recognized on the balance sheet:
Amounts unrelated to service costs, benefit	$ 900,000	$ 900,000	$ 1,700,000	$ 2,000,000
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Employer contribution to defined benefit retirement plans			300,000	$ 800,000
Expected employer contribution in full current year	$ 900,000		$ 900,000
Defined Benefit Plan, Tax Status [Extensible List]	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember
Defined Benefit Retirement Plans | European
Amounts recognized on the balance sheet:
Employer contribution to defined benefit retirement plans			$ 2,300,000	$ 2,500,000
Expected employer contribution in full current year	$ 5,000,000		5,000,000
Net amortization gain deferral	(100,000)	$ (100,000)	(200,000)	(200,000)
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Net amortization gain deferral	200,000	$ 600,000	500,000	$ 900,000
Postretirement Health Care and Life Insurance Benefit Plans | Maximum
Amounts recognized on the balance sheet:
Expected employer contribution in full current year	$ 500,000		$ 500,000

Debt - Schedule of Debt and Cap

Debt - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Current portion of finance lease	$ 0.7	$ 0.3
Current portion of Euro term loan	9	9.1
Current portion of debt	9.7	9.4
Non-current portion of Euro term loan	42	51.4
Long-term debt	1,115.8	947.4
Non-current portion of finance lease and other debt	2.2	0.8
Total debt	1,125.5	956.8
Senior unsecured credit facility
Debt Instrument [Line Items]
Long-term debt	378	202
4.7% senior notes due 2025
Debt Instrument [Line Items]
Senior notes	300	300
4.7% senior notes due 2025 and 3.95% senior notes due 2027
Debt Instrument [Line Items]
Senior notes --- original issue discount	(1.9)	(2)
Senior notes --- deferred financing costs	(4.5)	(4.8)
3.95% senior notes due 2027
Debt Instrument [Line Items]
Senior notes	$ 400	$ 400

Debt - Schedule of Debt and C_2

Debt - Schedule of Debt and Capital Lease Obligations (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2019
4.7% senior notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate	4.70%
Debt instrument, maturity year	2025
3.95% senior notes due 2027
Debt Instrument [Line Items]
Debt instrument, interest rate	3.95%
Debt instrument, maturity year	2027

Debt - Additional Information (

Debt - Additional Information (Details) € in Millions, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016EUR (€)tranche	Dec. 31, 2015USD ($)	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Borrowings	$ 1,115.8	$ 1,115.8					$ 947.4
Debt instrument, covenant terms		As defined in the Facility Agreement, we are required to maintain a minimum interest coverage ratio of 3.50 (based on the ratio of EBITDA to interest expense) and may not exceed a maximum leverage ratio of 3.75 (based on the ratio of total debt to EBITDA) with a step up to 4.25 allowed following a significant acquisition.
Debt instrument covenant increase in interest coverage ratio		425.00%
Term loan
Debt Instrument [Line Items]
Face value | €				€ 60
Debt instrument, interest rate terms		The loan has two tranches of which the first tranche for €25 million has a rate of Euribor +1.2% and a final maturity date of June 30, 2023, and a second tranche for €35 million has a rate of Euribor +1.25% with a final maturity date of June 30, 2024. The loans are payable in annual installments that began on June 30, 2017, for the first tranche, and on June 30, 2019, for the second. There is a zero percent floor on the Euribor.
Number of tranches | tranche				2
Debt instrument, payment terms		annual
Term loan | Euribor
Debt Instrument [Line Items]
Debt instrument, floor rate				0.00%
Level 2 | Term loan
Debt Instrument [Line Items]
Outstanding amount under loan	$ 51	$ 51
Maximum
Debt Instrument [Line Items]
Interest coverage ratio required to be maintained		375.00%
Minimum
Debt Instrument [Line Items]
Interest coverage ratio required to be maintained		350.00%
Senior unsecured credit facility- revolving loan due 2024
Debt Instrument [Line Items]
Debt instrument expiration period	2024-06
Debt instrument, interest rate terms	The initial interest rate for the Facility is LIBOR + 1.0%. The interest rate ranges from LIBOR + 0.875% to a maximum of LIBOR + 1.50%, depending upon the better of the Company’s leverage ratio or the credit rating.
Variable interest rate basis	LIBOR + 1.0%.
Spread on variable interest rate basis	1.00%
Maximum amount available under credit facility to issue letters of credit	$ 50	$ 50
Letters of credit issued under credit facility	0
Undrawn availability under credit facility	$ 622	$ 622
Weighted average interest rate	4.44%	4.44%
Senior unsecured credit facility- revolving loan due 2024 | Level 2
Debt Instrument [Line Items]
Borrowings	$ 378	$ 378
Senior unsecured credit facility- revolving loan due 2024 | Maximum
Debt Instrument [Line Items]
Face value	$ 1,000	$ 1,000				$ 700
Variable interest rate basis	LIBOR + 1.50%
Spread on variable interest rate basis	1.50%
Senior unsecured credit facility- revolving loan due 2024 | Minimum
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 0.875%
Spread on variable interest rate basis	0.875%
3.95% senior unsecured notes due 2027
Debt Instrument [Line Items]
Face value			$ 400
Debt instrument, interest rate	3.95%	3.95%	3.95%
Debt instrument, maturity year			2027
Increase in senior notes interest rate			0.25%
Effective interest rate	3.88%	3.88%
3.95% senior unsecured notes due 2027 | Treasury Lock | Interest Lock Agreement
Debt Instrument [Line Items]
Percentage of effective interest rate benefit		0.25%
3.95% senior unsecured notes due 2027 | Level 2
Debt Instrument [Line Items]
Fair value of senior notes	$ 412.7	$ 412.7
3.95% senior unsecured notes due 2027 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate			5.95%
Tranche one | Term loan
Debt Instrument [Line Items]
Face value | €				€ 25
Variable interest rate basis		Euribor +1.2%
Spread on variable interest rate basis				1.20%
Debt instrument, maturity date		Jun. 30, 2023
Beginning date of first required loan payment		Jun. 30, 2017
Tranche two | Term loan
Debt Instrument [Line Items]
Face value | €				€ 35
Variable interest rate basis		Euribor +1.25%
Spread on variable interest rate basis				1.25%
Debt instrument, maturity date		Jun. 30, 2024
Beginning date of first required loan payment		Jun. 30, 2019
4.7% senior unsecured notes due 2025
Debt Instrument [Line Items]
Face value					$ 300
Debt instrument, interest rate					4.70%
Debt instrument, maturity year					2025
Increase in senior notes interest rate					0.25%
Effective interest rate	4.83%	4.83%
4.7% senior unsecured notes due 2025 | Level 2
Debt Instrument [Line Items]
Fair value of senior notes	$ 325.5	$ 325.5
4.7% senior unsecured notes due 2025 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate					6.70%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2019EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2017
Derivative [Line Items]
Foreign currency unrealized losses expected to be reclassified into earnings over next twelve months	$ (8,700,000)		$ (8,700,000)
Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months, tax	$ 3,000,000		$ 3,000,000
3.95% senior unsecured notes due 2027
Derivative [Line Items]
Debt instrument, interest rate	3.95%		3.95%		3.95%		3.95%
Interest Rate Swap Agreements
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	0.52%		0.52%		0.52%
Carrying value / fair value of derivative liabilities included in other liabilities	$ 800,000		$ 800,000			$ 500,000
Interest Rate Swap Agreements | U.S. dollars
Derivative [Line Items]
Variable Rate Basis			LIBOR
Interest Rate Swap Agreements | EUR
Derivative [Line Items]
Variable Rate Basis			Euribor
Swaps maturing September 2019
Derivative [Line Items]
Average fixed interest rate (as a percent)	1.09%		1.09%		1.09%
Interest Rate Swap Final Maturity Period One
Derivative [Line Items]
Final maturity date of swap amortization			Jun. 30, 2023
Interest Rate Swap Final Maturity Period Two
Derivative [Line Items]
Final maturity date of swap amortization			Jun. 30, 2024
Treasury Lock | Interest Lock Agreement | 3.95% senior unsecured notes due 2027
Derivative [Line Items]
Percentage of reduction in effective interest rate on senior notes			0.25%
Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Number of credit contingency features | item			0
Foreign Currency Forward Exchange Contracts | Cash Flow Hedging
Derivative [Line Items]
Gains (losses) in other comprehensive income, effective portion	$ 5,200,000	$ 20,900,000	$ 8,800,000	$ 12,500,000
Commodity Swap Agreements
Derivative [Line Items]
Carrying value / fair value of derivative liabilities included in other liabilities	4,700,000		4,700,000
Notional amount	20,600,000		20,600,000
Designated as Hedging Instrument | Interest Rate Swap Agreements
Derivative [Line Items]
Floating rate obligation	50,000,000		50,000,000		€ 44.9
Carrying value / fair value of derivative assets included in other assets	100,000		100,000			600,000
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Carrying value / fair value of derivative assets included in other assets	400,000		400,000			1,300,000
Carrying value / fair value of derivative liabilities included in other liabilities	18,700,000		18,700,000			15,300,000
Notional amount	412,100,000		412,100,000			416,500,000
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Other Noncurrent Liabilities
Derivative [Line Items]
Carrying value / fair value of derivative liabilities included in other liabilities	6,700,000		6,700,000
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) recognized in gross margin	(2,800,000)	1,100,000	(4,600,000)	3,400,000
Not Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Carrying value / fair value of derivative assets included in other assets	100,000		100,000			$ 300,000
Carrying value / fair value of derivative liabilities included in other liabilities	100,000		100,000
Foreign exchange net gains (losses) on derivative contracts not designated as hedges	$ 900,000	$ 6,000,000	$ 600,000	$ 4,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Balance		$ 1,372.4	$ 1,562.5	$ 1,322	$ 1,495.1
Losses (gains) reclassified to net sales				3.7
Balance		1,442.4	1,399.8	1,442.4	1,399.8
Designated as Hedging Instrument
Derivative [Line Items]
Balance	[1]			(5.8)
Losses (gains) reclassified to net sales	[1]			4.1
Balance	[1]	(11.4)		(11.4)
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Balance		(11.4)	13.4	(10.6)	8.6
Losses (gains) reclassified to net sales		2.2	(0.7)	3.5	(2.3)
Decrease in fair value		(4.6)	(15.8)	(6.7)	(9.4)
Balance		$ (13.8)	$ (3.1)	$ (13.8)	$ (3.1)
[1]	Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)			24.00%
Tax benefit from the release of reserves for uncertain tax positions		$ 1.3		$ 1.3
Provision for income taxes	$ 23.6	$ 20	$ 44.2	$ 34.1

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)itemLiability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of counterparties, which experienced significant downgrades | item	0
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 0
Liabilities	$ 0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement with unobservable inputs reconciliation, number of liabilities | Liability	1
Level 3 | OPM Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition of fair value liabilities, contingent consideration	$ 3,100,000
Level 2 | Fair Value Measured on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	600,000
Derivative liabilities	24,200,000
Level 2 | Fair Value Measured on Recurring Basis | Interest Rate Swap Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 200,000
Derivative Asset, Measurement Input [Extensible List]	hxl:MeasurementInputLIBORYieldCurvesMember
Derivative liabilities	$ 800,000
Derivative Liability, Measurement Input [Extensible List]	hxl:MeasurementInputLIBORYieldCurvesMember
Level 2 | Fair Value Measured on Recurring Basis | Foreign Currency Forward Exchange Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 400,000
Derivative Asset, Measurement Input [Extensible List]	hxl:MeasurementInputLIBORYieldCurvesMember
Derivative liabilities	$ 18,700,000
Derivative Liability, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember
Level 2 | Fair Value Measured on Recurring Basis | Commodity Swap Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	$ 4,700,000
Derivative Liability, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember

Revenue - Additional Informatio

Revenue - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue recognition, description of timing	As our production cycle is typically six months or less, it is expected that goods related to the revenue recognized over time will be shipped and billed within the current year.

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Market (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 609	$ 547.5	$ 1,218.9	$ 1,087.6
Commercial Aerospace
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	416.5	383.8	832	766.5
Space & Defense
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	111.8	91.7	219.6	181.8
Industrial
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 80.7	$ 72	$ 167.3	$ 139.3

Revenue - Schedule of Activity

Revenue - Schedule of Activity Related to Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Change in Contract with Customer Asset [Line Items]
Balance at December 31, 2018	$ 53.7	$ 50.5
Net revenue billed	6	3.2
Balance at March 31, 2019	59.7	53.7
Composite Materials
Change in Contract with Customer Asset [Line Items]
Balance at December 31, 2018	11.5	12.9
Net revenue billed	1.7	(1.4)
Balance at March 31, 2019	13.2	11.5
Engineered Products
Change in Contract with Customer Asset [Line Items]
Balance at December 31, 2018	42.2	37.6
Net revenue billed	4.3	4.6
Balance at March 31, 2019	$ 46.5	$ 42.2

Segment Information - Schedule

Segment Information - Schedule of Operating Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total sales	$ 609	$ 547.5	$ 1,218.9	$ 1,087.6
Operating income	115.1	96.5	217.9	178.9
Depreciation and amortization	34	29.8	72.7	59.6
Stock-based compensation	2.4	2.1	13.5	12
Accrual basis additions to capital expenditures	50.1	44.7	107.6	90
Corporate & Other and Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	(21.5)	(20.3)	(40.8)	(39.5)
Operating income	(13)	(12.5)	(37.5)	(31)
Depreciation and amortization	0.1		0.1
Stock-based compensation	0.9	1.1	7.1	6.7
Composite Materials
Segment Reporting Information [Line Items]
Total sales	484	445.8	971.7	890.4
Composite Materials | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	21.5	20.3	40.7	39.5
Composite Materials | Operating Segments
Segment Reporting Information [Line Items]
Total sales	505.5	466.1	1,012.4	929.9
Operating income	111.8	93.1	224.3	184.1
Depreciation and amortization	30.1	27.5	65	55
Stock-based compensation	1.1	0.9	5.2	4.5
Accrual basis additions to capital expenditures	49	43.4	105.8	88.7
Engineered Products
Segment Reporting Information [Line Items]
Total sales	125	101.7	247.2	197.2
Engineered Products | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales			0.1
Engineered Products | Operating Segments
Segment Reporting Information [Line Items]
Total sales	125	101.7	247.3	197.2
Operating income	16.3	15.9	31.1	25.8
Depreciation and amortization	3.8	2.3	7.6	4.6
Stock-based compensation	0.4	0.1	1.2	0.8
Accrual basis additions to capital expenditures	$ 1.1	$ 1.3	$ 1.8	$ 1.3

Segment Information - Schedul_2

Segment Information - Schedule of Goodwill and Intangible Assets by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	$ 142.3
Amortization Expense	(3.5)
Additions	145.1
Currency translation adjustments	(0.3)
Balance at the end of the period	283.6
Composite Materials
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	98.2
Amortization Expense	(1.1)
Currency translation adjustments	(0.2)
Balance at the end of the period	96.9
Engineered Products
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	44.1
Amortization Expense	(2.4)
Additions	145.1
Currency translation adjustments	(0.1)
Balance at the end of the period	$ 186.7

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Segment Reporting [Abstract]
Goodwill	$ 189,600,000
Intangible assets	94,000,000
Goodwill and intangible asset impairment	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		$ 1,372.4	$ 1,322	$ 1,562.5	$ 1,495.1	$ 1,322	$ 1,495.1
Other comprehensive loss before reclassifications						(13.8)
Amounts reclassified from accumulated other comprehensive loss						3.7
Total other comprehensive income		(4.2)	(5.9)	(73)	35.6	(10.1)	(37.4)
Balance		1,442.4	1,372.4	1,399.8	1,562.5	1,442.4	1,399.8
Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income Loss [Line Items]
Total other comprehensive income						(10.1)
Unrecognized Defined Benefit and Postretirement Plan Costs
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(15.4)			(15.4)
Other comprehensive loss before reclassifications						0.1
Amounts reclassified from accumulated other comprehensive loss						(0.4)
Total other comprehensive income						(0.3)
Balance		(15.7)				(15.7)
Change in Fair Value of Derivatives Products
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	[1]		(5.8)			(5.8)
Other comprehensive loss before reclassifications	[1]					(9.7)
Amounts reclassified from accumulated other comprehensive loss	[1]					4.1
Total other comprehensive income	[1]					(5.6)
Balance	[1]	(11.4)				(11.4)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(86.8)			(86.8)
Other comprehensive loss before reclassifications						(4.2)
Total other comprehensive income						(4.2)
Balance		(91)				(91)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		(113.9)	(108)	(7.8)	(45)	(108)	(45)
Total other comprehensive income		(4.2)	(5.9)	(73)	35.6
Balance		$ (118.1)	$ (113.9)	$ (80.8)	$ (7.8)	$ (118.1)	$ (80.8)
[1]	Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Unrecognized Net Defined Plan Costs
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs	$ 0.2
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, before tax		$ 0.5
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax		0.1
Change in Fair Value of Derivatives Products | Foreign Currency Forward Exchange Contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, net gains	(2.8)	(4.6)
Reclassification adjustment from AOCI on derivatives, tax benefit	0.6	1.1
Change in Fair Value of Derivatives Products | Commodity Swap Agreements
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, net gains	0.9	1.6
Reclassification adjustment from AOCI on derivatives, tax benefit	0.2	0.4
Change in Fair Value of Derivatives Products | Interest Rate Swap Agreements
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, net gains	0.4	0.8
Reclassification adjustment from AOCI on derivatives, tax benefit	$ 0.1	$ 0.2

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2019
Business Acquisition [Line Items]
Business acquisition, cash paid		$ 163.2
Goodwill		189.6
ARC Technologies LLC
Business Acquisition [Line Items]
Business acquisition, cash paid	$ 163.2
ARC Technologies LLC | Engineered Products
Business Acquisition [Line Items]
Goodwill		82.1
Recognized intangiable assets and liabilities		$ 63

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		6 Months Ended
	Aug. 31, 2017PRP	Mar. 31, 2016USD ($)mi	Jun. 30, 2019USD ($)entitymi	Dec. 31, 2018USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 2,600,000	$ 2,700,000
Aggregate environmental related accruals included in current accrued liabilities			700,000	800,000
Amount which is better estimate within range			0	0
Remediation accrual balance if accrued at high end of the range of possible outcomes			16,000,000
Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 300,000	300,000
Minimum | Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Contribution to waste tonnage (as a percent)			1.21%
Maximum | Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Contribution to waste tonnage (as a percent)			2.07%
Lower Passaic River
Loss Contingencies [Line Items]
Number of entities, in addition to Hexcel, who received a directive from the New Jersey Department of Environmental Protection | entity			48
Length of river to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of environmental conditions | mi			17
Number of identified non governmental potentially responsible parties | PRP	120
Accrual for environmental loss contingencies			$ 2,100,000	$ 2,100,000
Lower Passaic River | Minimum
Loss Contingencies [Line Items]
Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi		8
Expected cost of capping and dredging of the lower eight miles of the river by EPA		$ 970,000,000
Lower Passaic River | Maximum
Loss Contingencies [Line Items]
Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi		9
Expected cost of capping and dredging of the lower eight miles of the river by EPA		$ 2,070,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Changes in accrued product warranty cost
Balance at the beginning of the period	$ 6.9	$ 4.8
Warranty expense	0.6	2.4
Deductions and other	(1)	(0.3)
Balance at the end of the period	$ 6.5	$ 6.9