Hexcel (HXL) 10-Q 19 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 15, 2020
Document Information [Line Items]
Entity Registrant Name	Hexcel Corporation
Entity Central Index Key	0000717605
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
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		83,535,720
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-8472
Entity Tax Identification Number	94-1109521
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	CT
Entity Address, Postal Zip Code	06901-3238
City Area Code	(203)
Local Phone Number	969-0666
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	HXL
Security Exchange Name	NYSE
Preferred Share Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 68	$ 64.4
Accounts receivable, net	149.9	227.6
Inventories, net	262.9	333.1
Contract assets	48.9	52.7
Prepaid expenses and other current assets	46.1	27.1
Total current assets	575.8	704.9
Property, plant and equipment	3,103.3	3,075.1
Less accumulated depreciation	(1,226)	(1,132.3)
Net property, plant and equipment	1,877.3	1,942.8
Goodwill and other intangible assets, net	276.6	280.4
Investments in affiliated companies	45.7	46.5
Other assets	196.7	154
Total assets	2,972.1	3,128.6
Current liabilities:
Short-term borrowings	0.5	9.5
Accounts payable	61.1	157.6
Accrued compensation and benefits	48.3	74.4
Accrued liabilities	65.6	81.1
Total current liabilities	175.5	322.6
Commitments and contingencies (see Note 12)
Long-term debt	998.7	1,050.6
Retirement obligations	55.5	53.3
Other non-current liabilities	243	256
Total liabilities	1,472.7	1,682.5
Stockholders' equity:
Common stock, $0.01 par value, 200.0 shares authorized, 109.6 shares and 109.3 shares issued at September 30, 2020 and December 31, 2019, respectively	1.1	1.1
Additional paid-in capital	845.1	829.9
Retained earnings	2,015.8	1,978.9
Accumulated other comprehensive loss	(85.2)	(118.7)
Total stockholders' equity including treasury stock value	2,776.8	2,691.2
Less – Treasury stock, at cost, 26.1 shares at September 30, 2020 and 25.7 shares at December 31, 2019, respectively.	(1,277.4)	(1,245.1)
Total stockholders' equity	1,499.4	1,446.1
Total liabilities and stockholders' equity	$ 2,972.1	$ 3,128.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	109,600,000	109,300,000
Treasury stock, shares	26,100,000	25,700,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 286.9	$ 572.5	$ 1,206.6	$ 1,791.4
Cost of sales	273.4	414.6	997.3	1,297.5
Gross margin	13.5	157.9	209.3	493.9
Selling, general and administrative expenses	24.6	33.8	95.2	122.8
Research and technology expenses	10.7	14.2	36	43.3
Other operating expense	15.8		43.6
Operating income (loss)	(37.6)	109.9	34.5	327.8
Interest expense, net	9.7	11	32.4	34.9
Income (loss) before income taxes, and equity in earnings from affiliated companies	(47.3)	98.9	2.1	292.9
Provision for (benefit from) income taxes	(56.9)	18.2	(48.7)	62.4
Income before equity in earnings from affiliated companies	9.6	80.7	50.8	230.5
Equity in earnings (loss) from affiliated companies	0.1	(0.4)	0.3	2.9
Net income	$ 9.7	$ 80.3	$ 51.1	$ 233.4
Basic net income per common share	$ 0.12	$ 0.94	$ 0.61	$ 2.74
Diluted net income per common share	$ 0.12	0.93	0.61	2.71
Dividends per share		$ 0.17	$ 0.17	$ 0.47
Weighted-average common shares:
Basic	83.8	85.1	83.7	85.1
Diluted	84	86.1	84	86.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 9.7	$ 80.3	$ 51.1	$ 233.4
Currency translation adjustments	38.7	(33.1)	22.7	(37.3)
Net unrealized pension and other benefit actuarial gains (losses) and prior service credits (net of tax)	(1)	0.3	(0.2)
Net unrealized gains (losses) on financial instruments (net of tax)	15.1	(10.2)	11	(15.8)
Total other comprehensive income (loss)	52.8	(43)	33.5	(53.1)
Comprehensive income	$ 62.5	$ 37.3	$ 84.6	$ 180.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 51.1	$ 233.4
Reconciliation to net cash provided by operating activities:
Depreciation and amortization	106	107.1
Amortization related to financing	0.7	1.1
Deferred income taxes	(46)	9.3
Equity in earnings from affiliated companies	(0.3)	(2.9)
Stock-based compensation	13	15.9
Merger and restructuring charges	43.6
Merger and restructuring cash payments	(30.3)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	81	(29.5)
Decrease (increase) in inventories	74.2	(56.8)
Decrease (increase) in prepaid expenses and other current assets	1.5	(12.5)
(Decrease) increase in accounts payable/accrued liabilities	(128)	15.1
Other – net	(9.5)	(2.9)
Net cash provided by operating activities	157	277.3
Cash flows from investing activities
Capital expenditures	(47.8)	(162.7)
Acquisition of business		(163.2)
Net cash used for investing activities	(47.8)	(325.9)
Cash flows from financing activities
Repayments of Euro term loan	(49.9)	(9)
Repayment of finance lease obligation and other debt, net	(0.4)	(0.6)
Dividends paid	(14.2)	(39.9)
Repurchase of stock	(24.6)	(66.9)
Activity under stock plans	(5.5)	6.4
Net cash (used for) provided by financing activities	(106.9)	64.8
Effect of exchange rate changes on cash and cash equivalents	1.3	(1.9)
Net increase in cash and cash equivalents	3.6	14.3
Cash and cash equivalents at beginning of period	64.4	32.7
Cash and cash equivalents at end of period	68	47
Supplemental data:
Accrual basis additions to plant, property and equipment	39.4	160.9
Senior unsecured credit facility
Cash flows from financing activities
Issuance costs related to senior credit facility	(1.3)	(2.2)
Senior unsecured credit facility - due 2024
Cash flows from financing activities
Borrowing from senior unsecured credit facility	392	478
Repayment of senior unsecured credit facility	$ (403)	(99)
Senior unsecured credit facility - due 2021
Cash flows from financing activities
Borrowing from senior unsecured credit facility		345
Repayment of senior unsecured credit facility		$ (547)

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, 2018	$ 1,322	$ 1.1	$ 798.3	$ 1,726.5	$ (108)	$ (1,095.9)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	72.2			72.2
Dividends paid on common stock	(12.7)			(12.7)
Change in other comprehensive income (loss) – 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 (loss)	233.4
Change in other comprehensive income (loss) – net of tax	(53.1)
Balance at Sep. 30, 2019	1,417.8	1.1	826.7	1,920	(161.1)	(1,168.9)
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 (loss)	80.9			80.9
Dividends paid on common stock	(12.8)			(12.8)
Change in other comprehensive income (loss) – 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)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	80.3			80.3
Dividends paid on common stock	(14.4)			(14.4)
Change in other comprehensive income (loss) – net of tax	(43)				(43)
Stock based compensation	8.2		8.8			(0.6)
Acquisition of treasury stock	(55.7)					(55.7)
Balance at Sep. 30, 2019	1,417.8	1.1	826.7	1,920	(161.1)	(1,168.9)
Balance at Dec. 31, 2019	1,446.1	1.1	829.9	1,978.9	(118.7)	(1,245.1)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	42.4			42.4
Dividends paid on common stock	(14.2)			(14.2)
Change in other comprehensive income (loss) – net of tax	(36.6)				(36.6)
Stock based compensation	8		15.2			(7.2)
Acquisition of treasury stock	(24.6)					(24.6)
Balance at Mar. 31, 2020	1,421.1	1.1	845.1	2,007.1	(155.3)	(1,276.9)
Balance at Dec. 31, 2019	1,446.1	1.1	829.9	1,978.9	(118.7)	(1,245.1)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	51.1
Change in other comprehensive income (loss) – net of tax	33.5
Balance at Sep. 30, 2020	1,499.4	1.1	845.1	2,015.8	(85.2)	(1,277.4)
Balance at Mar. 31, 2020	1,421.1	1.1	845.1	2,007.1	(155.3)	(1,276.9)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(1)			(1)
Change in other comprehensive income (loss) – net of tax	17.3				17.3
Stock based compensation	(0.5)		(0.5)
Balance at Jun. 30, 2020	1,436.9	1.1	844.6	2,006.1	(138)	(1,276.9)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	9.7			9.7
Change in other comprehensive income (loss) – net of tax	52.8				52.8
Stock based compensation	0		0.5			(0.5)
Balance at Sep. 30, 2020	$ 1,499.4	$ 1.1	$ 845.1	$ 2,015.8	$ (85.2)	$ (1,277.4)

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2019 for a discussion of our significant accounting policies. 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, 2019 was derived from the audited 2019 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 2019 Annual Report on Form 10-K. Investments in Affiliated Companies We have a 50% equity investment in Aerospace Composites Malaysia Sdn. Bhd. and a 25% equity investment in HexCut Services SAS. These investments are accounted for using the equity method of accounting. Merger Termination On January 12, 2020, we announced that we had entered into an agreement and plan of merger (the “Merger Agreement”) with Woodward, Inc. (“Woodward”), which provided for the combination of Hexcel and Woodward in an all stock merger of equals (the “Merger”). In response to the impact of the novel strain of coronavirus (“COVID-19”) pandemic, on April 5, 2020, Hexcel and Woodward entered into an agreement to terminate the Merger Agreement. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-14 , Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) , In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes effective for fiscal years beginning after December 15, 2020 and allows for early adoption. We are assessing the impact of this new standard on our consolidated balance sheets, statements of operations and our future disclosures.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income Per Common Share	Note 2 — Net Income Per Common Share Quarter Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2020 2019 2020 2019 Basic net income per common share: Net income $ 9.7 $ 80.3 $ 51.1 $ 233.4 Weighted average common shares outstanding 83.8 85.1 83.7 85.1 Basic net income per common share $ 0.12 $ 0.94 $ 0.61 $ 2.74 Diluted net income per common share: Net income 9.7 80.3 51.1 233.4 Weighted average common shares outstanding — Basic 83.8 85.1 83.7 85.1 Plus incremental shares from assumed conversions: Restricted stock units 0.1 0.4 0.2 0.4 Stock options 0.1 0.6 0.1 0.6 Weighted average common shares outstanding — Dilutive 84.0 86.1 84.0 86.1 Diluted net income per common share $ 0.12 $ 0.93 $ 0.61 $ 2.71 Total shares underlying stock options of 1.5 excluded from the computation of diluted net income per share , respectively, 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 both the three and nine months ended September 30, 2019, as they were anti-dilutive. Rights Plan On April 6, 2020, the Company declared a dividend of one preferred share purchase right (a “right”) for each outstanding share of the Company’s common stock and adopted a stockholder rights plan, as set forth in the rights agreement entered into as of April 6, 2020, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. The dividend was payable on April 16, 2020 to stockholders of record of the Company’s common stock on such date. In general, the rights plan works by imposing a significant penalty upon any person or group which acquires 15% or more of the outstanding common stock without the prior approval of the board. If the rights become exercisable, each right will allow its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock for $150.00. This portion of a preferred share will give the stockholder approximately the same dividend, voting and liquidation rights as would one share of common stock. The rights will not be exercisable until ten days after the public announcement that a person or group has become an “acquiring person” (as defined in the rights agreement) by obtaining beneficial ownership of 15% or more of our outstanding common stock. Prior to exercise, the right does not give its holder any dividend, voting, or liquidation rights. The rights will expire on April 6, 2021. The rights were not exercisable at any time through September 30, 2020.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Note 3 — (In millions) September 30, 2020 December 31, 2019 Raw materials $ 121.5 $ 154.9 Work in progress 26.7 40.9 Finished goods 114.7 137.3 Total Inventory $ 262.9 $ 333.1

Retirement and Other Postretire

Retirement and Other Postretirement Benefit Plans	9 Months Ended
	Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement and Other Postretirement Benefit Plans	Note 4 — 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 nine months ended September 30, 2020 and 2019 were as follows: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.9 $ 0.9 Interest cost 0.2 0.2 0.4 0.5 Net amortization — — 0.2 — Net periodic benefit cost $ 0.5 $ 0.5 $ 1.5 $ 1.4 (In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans: Accrued liabilities $ 1.3 $ 1.4 Other non-current liabilities 19.4 18.9 Total accrued benefit $ 20.7 $ 20.3 Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 European Defined Benefit Retirement Plans Service cost $ 0.2 $ 0.3 $ 0.7 $ 0.8 Interest cost 0.9 1.1 2.6 3.3 Expected return on plan assets (1.7 ) (2.1 ) (5.1 ) (6.5 ) Net amortization and deferral 0.1 — 0.3 0.2 Net periodic benefit credit $ (0.5 ) $ (0.7 ) $ (1.5 ) $ (2.2 ) (In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet for European defined benefit retirement plans: Other assets $ 45.7 $ 45.2 Accrued liabilities 1.7 0.6 Other non-current liabilities 19.3 18.9 Total accrued benefit $ 21.0 $ 19.5 All costs related to our pensions are included as a component of operating income in our condensed consolidated statements of operations. For the quarters ended September 30, 2020 and 2019, amounts unrelated to service costs were a benefit of $0.5 million and $0.8 million, respectively. Contributions We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred. We have contributed approximately $0.5 million in the first nine months of 2020 to cover unfunded benefits. We expect to contribute a total of $1.4 million in 2020 to cover unfunded benefits. We contributed $0.5 million to our U.S. non-qualified defined benefit retirement plans during the first nine months of 2019. We contributed $3.0 million and $3.3 million to our European defined benefit retirement plans during the nine months ended September 30, 2020 and 2019, respectively. We plan to contribute approximately $5.0 million during 2020 to our European plans. Postretirement Health Care and Life Insurance Benefit Plans We recorded $0.3 million and $0.2 million of net amortization gain deferral for the quarters ended September 30, 2020 and 2019, respectively; and $0.8 million and $0.7 million for the nine months ended September 30, 2020 and 2019, respectively. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarters and nine months ended September 30, 2020 and 2019 were immaterial. (In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet: Accrued liabilities $ 0.5 $ 0.5 Other non-current liabilities 2.6 2.6 Total accrued benefit $ 3.1 $ 3.1 Amounts contributed in connection with our postretirement plans were immaterial for both the nine months ended September 30, 2020 and 2019. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute less than $0.5 million in 2020 to cover unfunded benefits.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	N ote 5 –– Debt (In millions) September 30, 2020 December 31, 2019 Current portion of finance lease $ 0.5 $ 0.6 Current portion of Euro term loan — 8.9 Current portion of debt 0.5 9.5 Non-current portion of Euro term loan — 41.5 Senior unsecured credit facility 302.0 313.0 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 (1.5 ) (1.7 ) Senior notes --- deferred financing costs (3.7 ) (4.2 ) Non-current portion of finance lease and other debt 1.9 2.0 Long-term debt 998.7 1,050.6 Total debt $ 999.2 $ 1,060.1 In June 2019, the Company refinanced its senior unsecured credit facility (the “Facility”), increasing borrowing capacity from $700 million to $1 billion. The Facility matures in June 2024. 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. During the second quarter of 2020, the interest rate for the Facility increased to LIBOR + 1.125%, reflecting a change in the leverage ratio. As of September 30, 2020, total borrowings under the Facility were $302 million, which approximates fair value. The Facility agreement 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 the Facility. As of September 30, 2020, there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $698 million, subject to ongoing covenant compliance. The weighted average interest rate for the Facility was 1.76% for the nine months ended September 30, 2020. The Facility agreement contains financial and other covenants, including, but not limited to 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 a greement, 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 certain a cquisition s . In addition, the Facility agreement contains other customary terms and conditions such as r epresentations and warranties, additional covenants and events of default. In September 2020, we amended our Facility (the “Amendment”) to allow for relief from certain terms of the Facility from October 1, 2020 through and including September 30, 2021 (the “Covenant Relief Period”). During the Covenant Relief Period, we are required to maintain a leverage ratio not greater than: 4.25, 5.75, 5.00 and 4.25, respectively, for each of the quarterly test periods from December 31, 2020 through September 30, 2021. During the Covenant Relief Period, consolidated total debt is calculated net of unrestricted cash and cash equivalents in an amount not to exceed $200 million. Additionally, during the Covenant Relief Period, we are subject to (i) limitations on share repurchases, (ii) further limitations on the incurrence of secured indebtedness, and (iii) an increase in pricing based on the then existing leverage ratio. 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 nine months ended September 30, 2020 was 3.87% inclusive of approximately a 0.25% benefit of treasury locks. Based on quoted prices, the fair value of the senior unsecured notes due in 2027 was $431.1 million at September 30, 2020. In January 2020, w e used $49.9 million to repay and terminate the Euro term loan. 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 nine months ended September 30, 2020 was 4.83%. Based on quoted prices, the fair value of these notes was $334.0 million at September 30, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 6 — Interest Rate Swap and Interest Lock Agreements In January 2020, we terminated €45 million of interest rate swaps when we repaid the Euro term loan recognizing a charge of $0.7 million. These interest rate swaps fixed the interest rate at a weighted average of 0.5%. These swaps were designated as cash flow hedges to floating rate bank loans, therefore, the fair value of the agreements was recorded in other assets or as a liability with a corresponding amount to other comprehensive loss. 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 loss. As part of the issuance of these notes, we net settled the derivatives and therefore the previously deferred gains recorded in other comprehensive loss 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 March 2023, which we account for as cash flow hedges. The aggregate notional amount of these contracts was $272.5 million and $426.9 million at September 30, 2020 and December 31, 2019, 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, gains of $14.4 million and losses of $0.1 million, were recorded in other comprehensive loss for the quarter and nine months ended September 30, 2020 and losses of $16.9 million and $25.7 million for the quarter and nine months ended September 30, 2019. We classified $7.2 million of the carrying amount of these contracts as assets ($4.6 million of which was recorded in prepaid expenses and other current assets) $3.7 margin during the quarter and nine months ended September 30, 2020 , and net losses of $ million and $ million for the quarter and nine months ended September 30, 2019 . 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 September 30, 2020 and 2019, we recognized net foreign exchange losses of $0.9 million and losses of $1.3 million, respectively, in the condensed consolidated statements of operations. During the nine months ended September 30, 2020 and 2019, we recognized net foreign exchange losses of $2.5 million and $1.9 million, respectively. The net foreign exchange impact recognized from these hedges offsets the translation exposure of these transactions. The carrying amount of the contracts for derivatives not designated as hedging instruments was $0.2 million classified as current assets at September 30, 2020, and $0.6 million as current assets and less than $0.1 million of current liabilities on our 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 loss for the quarters and nine months ended September 30, 2020 and September 30, 2019 was as follows: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Unrealized losses at beginning of period, net of tax $ (12.3 ) $ (13.8 ) $ (8.4 ) $ (10.6 ) Losses reclassified to net sales 2.0 3.0 9.7 6.5 Increase (decrease) in fair value 11.1 (12.9 ) (0.5 ) (19.6 ) Unrealized gains (losses) at end of period, net of tax $ 0.8 $ (23.7 ) $ 0.8 $ (23.7 ) Unrealized losses of $1.2 million recorded in accumulated other comprehensive loss, plus a net tax benefit of $0.1 million, as of September 30, 2020, 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 September 30, 2020, we had commodity swap agreements with a notional value of $10.6 million. The swaps mature monthly through March 2022. 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 $3.2 million ($0.2 million of which was in other non-current liabilities) a liability of $5.4 million ($1.1 million of which was in other non-current liabilities) at December 31, 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — Income Taxes The tax provision for the current quarter included a $46.2 million benefit primarily due to the release of a valuation allowance

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8 — 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 $7.4 million and $9.7 million and $4.3 million and $21.7 million, 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. The fair value of the liabilities were $0.6 million at December 31, 2019. There were no interest rate swaps outstanding at September 30, 2020. • Foreign exchange derivative assets and liabilities — valued using quoted forward prices at the reporting date. Fair value of assets and liabilities at September 30, 2020 was $7.4 million and $6.5 million, respectively. The fair value of assets and liabilities at December 31, 2019 was $4.3 million and $15.7 million, respectively. • Commodity raw materials — valued using quoted forward prices at the reporting date. Fair value of liabilities at September 30, 2020 and December 31, 2019 was $3.2 million and $5.4 million, respectively. Counterparties to the above contracts are highly rated financial institutions, none of which experienced any significant downgrades in the nine months ended September 30, 2020 that would reduce the receivable amount owed, if any, to the Company. Liabilities classified as Level 3 —

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue	Note 9 — 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 quarters and nine months ended September 30, 2020 and 2019: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Consolidated Net Sales $ 286.9 $ 572.5 $ 1,206.6 $ 1,791.4 Commercial Aerospace 128.8 385.9 695.6 1,217.9 Space & Defense 108.8 109.8 328.8 329.4 Industrial 49.3 76.8 182.2 244.1 Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in our condensed consolidated balance sheets as a component of current assets. The activity related to contract assets for the nine months ended September 30, 2020 is as follows (In millions) Composite Material Engineered Products Total Balance at December 31, 2019 $ 12.8 $ 39.9 $ 52.7 Net revenue billed (1.4 ) 4.6 3.2 Balance at March 31, 2020 $ 11.4 $ 44.5 $ 55.9 Net revenue billed 0.5 (1.7 ) (1.2 ) Balance at June 30, 2020 $ 11.9 $ 42.8 $ 54.7 Net revenue billed (3.2 ) (2.6 ) (5.8 ) Balance at September 30, 2020 $ 8.7 $ 40.2 $ 48.9 Accounts receivable, net includes amounts billed to customers where the right to payment is unconditional.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Note 10 — 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 quarters and nine months ended September 30, 2020 and 2019 were as follows: (Unaudited) Composite Engineered Corporate & (In millions) Materials Products Other (a) Total Third Quarter 2020 Net sales to external customers $ 215.7 $ 71.2 $ — $ 286.9 Intersegment sales 7.8 0.7 (8.5 ) — Total sales $ 223.5 $ 71.9 $ (8.5 ) $ 286.9 Other operating expense 16.4 — (0.6 ) 15.8 Operating income (loss) (36.6 ) (2.7 ) 1.7 (37.6 ) Depreciation and amortization 31.7 3.9 — 35.6 Stock-based compensation 1.5 0.5 (1.7 ) 0.3 Accrual basis additions to capital expenditures 4.7 1.3 — 6.0 Third Quarter 2019 Net sales to external customers $ 448.0 $ 124.5 $ — $ 572.5 Intersegment sales 23.3 — (23.3 ) — Total sales $ 471.3 $ 124.5 $ (23.3 ) $ 572.5 Operating income (loss) 100.1 20.3 (10.5 ) 109.9 Depreciation and amortization 30.7 3.7 — 34.4 Stock-based compensation 1.2 0.2 1.0 2.4 Accrual basis additions to capital expenditures 51.0 2.3 — 53.3 Nine Months Ended September 30, 2020 Net sales to external customers $ 960.4 $ 246.2 $ — $ 1,206.6 Intersegment sales 48.0 1.6 (49.6 ) — Total sales $ 1,008.4 $ 247.8 $ (49.6 ) $ 1,206.6 Other operating expense 25.5 2.7 15.4 43.6 Operating income (loss) 75.0 3.3 (43.8 ) 34.5 Depreciation and amortization 94.3 11.6 0.1 106.0 Stock-based compensation 5.9 1.6 5.5 13.0 Accrual basis additions to capital expenditures 35.4 4.0 — 39.4 Nine Months Ended September 30, 2019 Net sales to external customers $ 1,419.7 $ 371.7 $ — $ 1,791.4 Intersegment sales 64.0 0.1 (64.1 ) — Total sales $ 1,483.7 $ 371.8 $ (64.1 ) $ 1,791.4 Operating income (loss) 324.4 51.4 (48.0 ) 327.8 Depreciation and amortization 95.7 11.3 0.1 107.1 Stock-based compensation 6.4 1.4 8.1 15.9 Accrual basis additions to capital expenditures 156.8 4.1 — 160.9 (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, 2019 $ 96.2 $ 184.2 $ 280.4 Amortization expense (1.2 ) (3.7 ) (4.9 ) Currency translation adjustments 1.1 — 1.1 Balance at September 30, 2020 $ 96.1 $ 180.5 $ 276.6 At September 30, 2020, the balance of goodwill and intangible assets was $190.9 million and $85.7 million, respectively. During the first quarter of 2020 the Company determined that the economic uncertainty caused by the COVID-19 pandemic was a trigger for an impairment review of goodwill with no other triggers for impairment identified. As a result of management’s review, we determined that it was not more likely than not that there was impairment.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 11 — Accumulated Other Comprehensive Loss Comprehensive income (loss) represents net income and other gains and losses affecting stockholders’ equity that are not reflected in the condensed consolidated statements of operations. The components of accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019 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, 2019 $ (22.4 ) $ (6.9 ) $ (89.4 ) $ (118.7 ) Other comprehensive income (loss) before reclassifications — (2.3 ) 22.7 20.4 Amounts reclassified from accumulated other comprehensive loss (0.2 ) 13.3 — 13.1 Other comprehensive income (loss) (0.2 ) 11.0 22.7 33.5 Balance at September 30, 2020 $ (22.6 ) $ 4.1 $ (66.7 ) $ (85.2 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps. The amounts of net gains reclassified to earnings from the unrecognized net defined benefit and postretirement plan costs component of accumulated other comprehensive loss for the quarter and nine months ended September 30, 2020, were $0.1 million less taxes of less than $0.1 million, and $0.5 million less taxes of $0.3 million, respectively. The amounts reclassified to earnings from the change in fair value of the derivatives component of accumulated other comprehensive loss for the quarter and nine months ended September 30, 2020 were net losses of $2.6 million less taxes of $0.6 million and $12.7 million less taxes of $3.0 million, for those related to foreign currency forward exchange contracts and $1.5 million less taxes of $0.4 million and $4.9 million less taxes of $1.2 million, related to commodity swaps. We also recorded net gains of $0.3 million less taxes of $0.1 million and net gains of $0.1 million less taxes of less than $0.1 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 — 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 , we believe, based upon our examination of currently available information, our experience to date, and advice from legal counsel, that, after taking into account our existing insurance coverage and amounts already provided for, the currently pending legal proceedings against us will not have a material adverse impact on our consolidated results of operations, financial position or cash flows 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 nine completed by the end of 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. In July 2019, the court granted in part and denied in part the defendants’ motion to dismiss. In August 2020, the court granted defendants’ motion for summary judgement for certain claims. Discovery for the remaining claims is ongoing. We do not know whether this litigation will impact the EPA’s allocation process or the ultimate outcome of the matter. The accrual was approximately $2.1 million as of September 30, 2020 and December 31, 2019. 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. The OPOG has attributed to Hexcel either 1.2% or 2.18% of the waste tonnage (dependent on the specific location within the Omega Chemical Site) sent to the site. 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 the 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 $0.2 million at September 30, 2020, and at December 31, 2019. 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 condensed consolidated balance sheets. As of both September 30, 2020 and December 31, 2019, our aggregate environmental related accruals were $2.5 million, of which $0.6 million was included in current other accrued liabilities with the remainder included in other 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 September 30, 2020 and December 31, 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 nine months ended September 30, 2020, and accrued warranty cost, included in “other accrued liabilities” in the condensed consolidated balance sheets at September 30, 2020 and December 31, 2019, were as follows: Product (In millions) Warranties Balance as of December 31, 2019 $ 5.5 Warranty expense 1.3 Deductions and other (2.3 ) Balance as of March 31, 2020 $ 4.5 Warranty expense — Deductions and other (1.5 ) Balance as of June 30, 2020 $ 3.0 Warranty expense 0.4 Deductions and other (0.4 ) Balance as of September 30, 2020 $ 3.0

Other Operating Expense

Other Operating Expense	9 Months Ended
	Sep. 30, 2020
Other Income And Expenses [Abstract]
Other Operating Expense	Note 13 — Other Operating Expense We took a restructuring charge of $15.8 million in the third quarter of which $9.4 million related to asset impairments as part of the planned closure of our Windsor, Colorado plant and the remainder was for severance costs related to additional job reductions. In the nine months ended 2020, other operating expense of $43.6 million included second quarter severance costs and costs related to the terminated merger agreement with Woodward. Anticipated future cash payments as of September 30, 2020 were $4.7 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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, 2019 was derived from the audited 2019 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 2019 Annual Report on Form 10-K.
Investments in Affiliated Companies	Investments in Affiliated Companies We have a 50% equity investment in Aerospace Composites Malaysia Sdn. Bhd. and a 25% equity investment in HexCut Services SAS. These investments are accounted for using the equity method of accounting.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2018, the FASB issued ASU No. 2018-14 , Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) , In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes effective for fiscal years beginning after December 15, 2020 and allows for early adoption. We are assessing the impact of this new standard on our consolidated balance sheets, statements of operations and our future disclosures.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Summary of Earnings Per Share Basic and Diluted	Quarter Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2020 2019 2020 2019 Basic net income per common share: Net income $ 9.7 $ 80.3 $ 51.1 $ 233.4 Weighted average common shares outstanding 83.8 85.1 83.7 85.1 Basic net income per common share $ 0.12 $ 0.94 $ 0.61 $ 2.74 Diluted net income per common share: Net income 9.7 80.3 51.1 233.4 Weighted average common shares outstanding — Basic 83.8 85.1 83.7 85.1 Plus incremental shares from assumed conversions: Restricted stock units 0.1 0.4 0.2 0.4 Stock options 0.1 0.6 0.1 0.6 Weighted average common shares outstanding — Dilutive 84.0 86.1 84.0 86.1 Diluted net income per common share $ 0.12 $ 0.93 $ 0.61 $ 2.71

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	(In millions) September 30, 2020 December 31, 2019 Raw materials $ 121.5 $ 154.9 Work in progress 26.7 40.9 Finished goods 114.7 137.3 Total Inventory $ 262.9 $ 333.1

Retirement and Other Postreti_2

Retirement and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 European Defined Benefit Retirement Plans Service cost $ 0.2 $ 0.3 $ 0.7 $ 0.8 Interest cost 0.9 1.1 2.6 3.3 Expected return on plan assets (1.7 ) (2.1 ) (5.1 ) (6.5 ) Net amortization and deferral 0.1 — 0.3 0.2 Net periodic benefit credit $ (0.5 ) $ (0.7 ) $ (1.5 ) $ (2.2 )
Schedule of Amounts Recognized on Balance Sheet	(In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet for European defined benefit retirement plans: Other assets $ 45.7 $ 45.2 Accrued liabilities 1.7 0.6 Other non-current liabilities 19.3 18.9 Total accrued benefit $ 21.0 $ 19.5
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 nine months ended September 30, 2020 and 2019 were as follows: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.9 $ 0.9 Interest cost 0.2 0.2 0.4 0.5 Net amortization — — 0.2 — Net periodic benefit cost $ 0.5 $ 0.5 $ 1.5 $ 1.4
Schedule of Amounts Recognized on Balance Sheet	(In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans: Accrued liabilities $ 1.3 $ 1.4 Other non-current liabilities 19.4 18.9 Total accrued benefit $ 20.7 $ 20.3
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 the quarters and nine months ended September 30, 2020 and 2019 were immaterial. (In millions) September 30, 2020 December 31, 2019 Amounts recognized on the balance sheet: Accrued liabilities $ 0.5 $ 0.5 Other non-current liabilities 2.6 2.6 Total accrued benefit $ 3.1 $ 3.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt and Capital Lease Obligations	(In millions) September 30, 2020 December 31, 2019 Current portion of finance lease $ 0.5 $ 0.6 Current portion of Euro term loan — 8.9 Current portion of debt 0.5 9.5 Non-current portion of Euro term loan — 41.5 Senior unsecured credit facility 302.0 313.0 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 (1.5 ) (1.7 ) Senior notes --- deferred financing costs (3.7 ) (4.2 ) Non-current portion of finance lease and other debt 1.9 2.0 Long-term debt 998.7 1,050.6 Total debt $ 999.2 $ 1,060.1

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
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 loss for the quarters and nine months ended September 30, 2020 and September 30, 2019 was as follows: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Unrealized losses at beginning of period, net of tax $ (12.3 ) $ (13.8 ) $ (8.4 ) $ (10.6 ) Losses reclassified to net sales 2.0 3.0 9.7 6.5 Increase (decrease) in fair value 11.1 (12.9 ) (0.5 ) (19.6 ) Unrealized gains (losses) at end of period, net of tax $ 0.8 $ (23.7 ) $ 0.8 $ (23.7 )

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Revenue By Market	The following table details our revenue by market for the quarters and nine months ended September 30, 2020 and 2019: Quarter Ended September 30, Nine Months Ended September 30, (In millions) 2020 2019 2020 2019 Consolidated Net Sales $ 286.9 $ 572.5 $ 1,206.6 $ 1,791.4 Commercial Aerospace 128.8 385.9 695.6 1,217.9 Space & Defense 108.8 109.8 328.8 329.4 Industrial 49.3 76.8 182.2 244.1
Schedule of Activity Related to Contract Assets	The activity related to contract assets for the nine months ended September 30, 2020 is as follows (In millions) Composite Material Engineered Products Total Balance at December 31, 2019 $ 12.8 $ 39.9 $ 52.7 Net revenue billed (1.4 ) 4.6 3.2 Balance at March 31, 2020 $ 11.4 $ 44.5 $ 55.9 Net revenue billed 0.5 (1.7 ) (1.2 ) Balance at June 30, 2020 $ 11.9 $ 42.8 $ 54.7 Net revenue billed (3.2 ) (2.6 ) (5.8 ) Balance at September 30, 2020 $ 8.7 $ 40.2 $ 48.9

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Operating Segment Reporting Information	Financial information for our operating segments for the quarters and nine months ended September 30, 2020 and 2019 were as follows: (Unaudited) Composite Engineered Corporate & (In millions) Materials Products Other (a) Total Third Quarter 2020 Net sales to external customers $ 215.7 $ 71.2 $ — $ 286.9 Intersegment sales 7.8 0.7 (8.5 ) — Total sales $ 223.5 $ 71.9 $ (8.5 ) $ 286.9 Other operating expense 16.4 — (0.6 ) 15.8 Operating income (loss) (36.6 ) (2.7 ) 1.7 (37.6 ) Depreciation and amortization 31.7 3.9 — 35.6 Stock-based compensation 1.5 0.5 (1.7 ) 0.3 Accrual basis additions to capital expenditures 4.7 1.3 — 6.0 Third Quarter 2019 Net sales to external customers $ 448.0 $ 124.5 $ — $ 572.5 Intersegment sales 23.3 — (23.3 ) — Total sales $ 471.3 $ 124.5 $ (23.3 ) $ 572.5 Operating income (loss) 100.1 20.3 (10.5 ) 109.9 Depreciation and amortization 30.7 3.7 — 34.4 Stock-based compensation 1.2 0.2 1.0 2.4 Accrual basis additions to capital expenditures 51.0 2.3 — 53.3 Nine Months Ended September 30, 2020 Net sales to external customers $ 960.4 $ 246.2 $ — $ 1,206.6 Intersegment sales 48.0 1.6 (49.6 ) — Total sales $ 1,008.4 $ 247.8 $ (49.6 ) $ 1,206.6 Other operating expense 25.5 2.7 15.4 43.6 Operating income (loss) 75.0 3.3 (43.8 ) 34.5 Depreciation and amortization 94.3 11.6 0.1 106.0 Stock-based compensation 5.9 1.6 5.5 13.0 Accrual basis additions to capital expenditures 35.4 4.0 — 39.4 Nine Months Ended September 30, 2019 Net sales to external customers $ 1,419.7 $ 371.7 $ — $ 1,791.4 Intersegment sales 64.0 0.1 (64.1 ) — Total sales $ 1,483.7 $ 371.8 $ (64.1 ) $ 1,791.4 Operating income (loss) 324.4 51.4 (48.0 ) 327.8 Depreciation and amortization 95.7 11.3 0.1 107.1 Stock-based compensation 6.4 1.4 8.1 15.9 Accrual basis additions to capital expenditures 156.8 4.1 — 160.9 (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, 2019 $ 96.2 $ 184.2 $ 280.4 Amortization expense (1.2 ) (3.7 ) (4.9 ) Currency translation adjustments 1.1 — 1.1 Balance at September 30, 2020 $ 96.1 $ 180.5 $ 276.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019 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, 2019 $ (22.4 ) $ (6.9 ) $ (89.4 ) $ (118.7 ) Other comprehensive income (loss) before reclassifications — (2.3 ) 22.7 20.4 Amounts reclassified from accumulated other comprehensive loss (0.2 ) 13.3 — 13.1 Other comprehensive income (loss) (0.2 ) 11.0 22.7 33.5 Balance at September 30, 2020 $ (22.6 ) $ 4.1 $ (66.7 ) $ (85.2 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
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 nine months ended September 30, 2020, and accrued warranty cost, included in “other accrued liabilities” in the condensed consolidated balance sheets at September 30, 2020 and December 31, 2019, were as follows: Product (In millions) Warranties Balance as of December 31, 2019 $ 5.5 Warranty expense 1.3 Deductions and other (2.3 ) Balance as of March 31, 2020 $ 4.5 Warranty expense — Deductions and other (1.5 ) Balance as of June 30, 2020 $ 3.0 Warranty expense 0.4 Deductions and other (0.4 ) Balance as of September 30, 2020 $ 3.0

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($)	Jan. 01, 2020	Sep. 30, 2020
Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Reserves accounts receivable		$ 200,000
Write-off against accounts receivables		0
Reserve accounts receivable, balance		$ 800,000
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, adoption date		Jan. 1, 2020
Maximum | Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Percentage of accounts receivable write offs	0.50%
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 SAS
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 - S

Net Income Per Common Share - Summary of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic net income per common share:
Net income	$ 9.7	$ (1)	$ 42.4	$ 80.3	$ 80.9	$ 72.2	$ 51.1	$ 233.4
Weighted average common shares outstanding - Basic (in shares)	83.8			85.1			83.7	85.1
Basic net income per common share	$ 0.12			$ 0.94			$ 0.61	$ 2.74
Diluted net income per common share:
Net income	$ 9.7			$ 80.3			$ 51.1	$ 233.4
Weighted average common shares outstanding - Basic (in shares)	83.8			85.1			83.7	85.1
Plus incremental shares from assumed conversions:
Weighted average common shares outstanding - Dilutive (in shares)	84			86.1			84	86.1
Diluted net income per common share	$ 0.12			$ 0.93			$ 0.61	$ 2.71
Restricted Stock Units
Plus incremental shares from assumed conversions:
Incremental shares from assumed conversions	0.1			0.4			0.2	0.4
Stock Options
Plus incremental shares from assumed conversions:
Incremental shares from assumed conversions	0.1			0.6			0.1	0.6

Net Income Per Common Share - A

Net Income Per Common Share - Additional Information (Details) - $ / shares	Apr. 06, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)		1,500,000	100,000	900,000	100,000
Dividend Declared
Earnings Per Share [Line Items]
Dividends payable, date declared	Apr. 6, 2020
Number of preferred share purchase right declared as divided per common stock	1
Dividends payable,record date	Apr. 16, 2020
Maximum percentage of common stock acquisition allowed by board of directors under rights plan	15.00%
Number of days after public announcement rights exercisable for acquiring person	10 days
Rights expiration date	Apr. 6, 2021
Dividend Declared | Series A Junior Participating Preferred Stock
Earnings Per Share [Line Items]
Exercise price of rights	$ 150

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 121.5	$ 154.9
Work in progress	26.7	40.9
Finished goods	114.7	137.3
Total Inventory	$ 262.9	$ 333.1

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
U.S.
Net periodic benefit costs of defined benefit retirement plans
Service cost	$ 0.3	$ 0.3	$ 0.9	$ 0.9
Interest cost	0.2	0.2	0.4	0.5
Net amortization and deferral			0.2
Net periodic benefit (credit) cost	$ 0.5	$ 0.5	$ 1.5	$ 1.4
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	$ 0.3	$ 0.7	$ 0.8
Interest cost	0.9	1.1	2.6	3.3
Expected return on plan assets	(1.7)	(2.1)	(5.1)	(6.5)
Net amortization and deferral	0.1		0.3	0.2
Net periodic benefit (credit) cost	$ (0.5)	$ (0.7)	$ (1.5)	$ (2.2)

Retirement and Other Postreti_4

Retirement and Other Postretirement Benefit Plans - Schedule of Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Amounts recognized on the balance sheet:
Other non-current liabilities	$ 55.5	$ 53.3
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Accrued liabilities	1.3	1.4
Other non-current liabilities	19.4	18.9
Total accrued benefit	$ 20.7	$ 20.3
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:
Other assets	$ 45.7	$ 45.2
Accrued liabilities	1.7	0.6
Other non-current liabilities	19.3	18.9
Total accrued benefit	21	19.5
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Accrued liabilities	0.5	0.5
Other non-current liabilities	2.6	2.6
Total accrued benefit	$ 3.1	$ 3.1

Retirement and Other Postreti_5

Retirement and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Defined Benefit Retirement Plans
Amounts recognized on the balance sheet:
Amounts unrelated to service costs, benefit	$ 500,000	$ 800,000	$ 1,600,000	$ 2,500,000
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Employer contribution to defined benefit retirement plans			500,000	$ 500,000
Expected employer contribution in full current year	$ 1,400,000		1,400,000
Net amortization gain deferral			$ (200,000)
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			$ 3,000,000	$ 3,300,000
Expected employer contribution in full current year	$ 5,000,000		5,000,000
Net amortization gain deferral	(100,000)		(300,000)	(200,000)
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Net amortization gain deferral	300,000	$ 200,000	800,000	$ 700,000
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	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Current portion of finance lease	$ 0.5	$ 0.6
Current portion of Euro term loan		8.9
Current portion of debt	0.5	9.5
Non-current portion of Euro term loan		41.5
Long-term debt	998.7	1,050.6
Non-current portion of finance lease and other debt	1.9	2
Total debt	999.2	1,060.1
Senior unsecured credit facility
Debt Instrument [Line Items]
Long-term debt	302	313
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	(1.5)	(1.7)
Senior notes --- deferred financing costs	(3.7)	(4.2)
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)	9 Months Ended
	Sep. 30, 2020
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) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 31, 2020

Jun. 30, 2019

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Jun. 30, 2020

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2017

Dec. 31, 2015

Dec. 31, 2019

May 31, 2019

Debt Instrument [Line Items]

Borrowings

$ 998,700,000

$ 1,050,600,000

Repayment and termination of Euro term loan

$ 49,900,000

$ 9,000,000

Term Loan

Debt Instrument [Line Items]

Repayment and termination of Euro term loan

$ 49,900,000

Senior unsecured credit facility- revolving loan due 2021 | Maximum

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 700,000,000

Senior unsecured credit facility- revolving loan due 2024

Debt Instrument [Line Items]

Debt instrument expiration period

2024-06

Debt instrument, interest rate terms

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. During the second quarter of 2020, the interest rate for the Facility increased to LIBOR + 1.125%, reflecting a change in the leverage ratio.

Credit facility interest rate basis

LIBOR + 1.125%

Spread on variable interest rate basis

1.125%

Maximum amount available under credit facility agreement to issue letters of credit

$ 50,000,000

Letters of credit issued under credit facility

0

Undrawn availability under credit facility

$ 698,000,000

Weighted average interest rate

1.76%

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 certain acquisitions.

Senior unsecured credit facility- revolving loan due 2024 | Level 2

Debt Instrument [Line Items]

Borrowings

$ 302,000,000

Senior unsecured credit facility- revolving loan due 2024 | Maximum

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,000,000,000

Credit facility interest rate basis

LIBOR + 1.50%

Spread on variable interest rate basis

1.50%

Debt instruments covenant leverage ratio

375.00%

Debt instruments covenant leverage ratio under certain acquisitions

425.00%

Senior unsecured credit facility- revolving loan due 2024 | Minimum

Debt Instrument [Line Items]

Credit facility interest rate basis

LIBOR + 0.875%

Spread on variable interest rate basis

0.875%

Interest coverage ratio required to be maintained

350.00%

Amended senior unsecured credit facility- revolving loan due 2024

Debt Instrument [Line Items]

Debt instrument, covenant terms

During the Covenant Relief Period, we are required to maintain a leverage ratio not greater than: 4.25, 5.75, 5.00 and 4.25, respectively, for each of the quarterly test periods from December 31, 2020 through September 30, 2021. During the Covenant Relief Period, consolidated total debt is calculated net of unrestricted cash and cash equivalents in an amount not to exceed $200 million.

Amended senior unsecured credit facility- revolving loan due 2024 | Maximum | Scenario Forecast

Debt Instrument [Line Items]

Debt instruments covenant leverage ratio

425.00%

500.00%

575.00%

425.00%

Unrestricted cash and cash equivalents

$ 200,000,000

3.95% senior unsecured notes due 2027

Debt Instrument [Line Items]

Face value

$ 400,000,000

Debt instrument, interest rate

3.95%

3.95%

Debt instrument, maturity year

2027

Increase in senior notes interest rate

0.25%

Effective interest rate

3.87%

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 unsecured notes

$ 431,100,000

3.95% senior unsecured notes due 2027 | Maximum

Debt Instrument [Line Items]

Debt instrument, interest rate

5.95%

4.7% senior unsecured notes due 2025

Debt Instrument [Line Items]

Face value

$ 300,000,000

Debt instrument, interest rate

4.70%

Debt instrument, maturity year

2025

Increase in senior notes interest rate

0.25%

Effective interest rate

4.83%

4.7% senior unsecured notes due 2025 | Level 2

Debt Instrument [Line Items]

Fair value of senior unsecured notes

$ 334,000,000

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	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2020USD ($)	Jan. 31, 2020EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017
Derivative [Line Items]
Derivative cost of hedge	$ 700,000
Foreign currency unrealized losses expected to be reclassified into earnings over next twelve months			$ (1,200,000)		$ (1,200,000)
Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months, net tax benefit			$ 100,000		$ 100,000
3.95% senior unsecured notes due 2027
Derivative [Line Items]
Debt instrument, interest rate			3.95%		3.95%			3.95%
Interest Rate Swap Agreements
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	0.50%	0.50%
Interest Rate Swap Agreements | Designated as Hedging Instrument
Derivative [Line Items]
Termination of derivative instruments | €		€ 45
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 loss, effective portion			$ 14,400,000	$ (16,900,000)	$ (100,000)	$ (25,700,000)
Foreign Currency Forward Exchange Contracts | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount			272,500,000		272,500,000		$ 426,900,000
Carrying value / fair value of derivative assets			7,200,000		7,200,000		3,700,000
Carrying value / fair value of derivative assets included in prepaid expenses and other current assets			4,600,000		4,600,000		1,300,000
Carrying value / fair value of derivative liabilities			6,500,000		6,500,000		15,500,000
Carrying value / fair value of derivative liabilities included in non-current liabilities			700,000		700,000		2,900,000
Foreign Currency Forward Exchange Contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) recognized in gross margin			(2,600,000)	(3,800,000)	(12,700,000)	(8,400,000)
Foreign Currency Forward Exchange Contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Carrying value / fair value of derivative assets			200,000		200,000
Carrying value / fair value of derivative liabilities							100,000
Foreign exchange net gains (losses) on derivative contracts not designated as hedges			(900,000)	$ (1,300,000)	(2,500,000)	$ (1,900,000)
Carrying value / fair value of derivative assets included in prepaid expenses and other current assets							600,000
Commodity Swap Agreements
Derivative [Line Items]
Notional amount			10,600,000		10,600,000
Carrying value / fair value of derivative liabilities			3,200,000		3,200,000		5,400,000
Carrying value / fair value of derivative liabilities included in non-current liabilities			$ 200,000		$ 200,000		$ 1,100,000

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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Balance		$ 1,436.9	$ 1,442.4	$ 1,446.1	$ 1,322
Balance		1,499.4	1,417.8	1,499.4	1,417.8
Designated as Hedging Instrument
Derivative [Line Items]
Balance	[1]			(6.9)
Balance	[1]	4.1		4.1
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Balance		(12.3)	(13.8)	(8.4)	(10.6)
Losses reclassified to net sales		2	3	9.7	6.5
Increase (decrease) in fair value		11.1	(12.9)	(0.5)	(19.6)
Balance		$ 0.8	$ (23.7)	$ 0.8	$ (23.7)
[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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Benefit due to release of valuation allowance	$ 46.2
Benefit from tax audit settlements			$ 2.7
Benefit due to tax credits		$ 3		$ 3

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020USD ($)itemLiability	Dec. 31, 2019USD ($)
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, Inc. Acquisition
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquisition of fair value liabilities, contingent consideration	$ 3,200,000
Level 2 | Fair Value Measured on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	7,400,000	$ 4,300,000
Derivative liabilities	9,700,000	21,700,000
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 liabilities		$ 600,000
Derivative Liability, Measurement Input [Extensible List]		hxl:MeasurementInputLIBORYieldCurvesMember
Derivative liability outstanding	0
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	$ 7,400,000	$ 4,300,000
Derivative Asset, Measurement Input [Extensible List]	hxl:MeasurementInputLIBORYieldCurvesMember
Derivative liabilities	$ 6,500,000	15,700,000
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	$ 3,200,000	$ 5,400,000
Derivative Liability, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember

Revenue - Additional Informatio

Revenue - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
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 next twelve months.

Revenue - Schedule of Revenue b

Revenue - Schedule of Revenue by Market (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 286.9	$ 572.5	$ 1,206.6	$ 1,791.4
Commercial Aerospace
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	128.8	385.9	695.6	1,217.9
Space & Defense
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	108.8	109.8	328.8	329.4
Industrial
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 49.3	$ 76.8	$ 182.2	$ 244.1

Revenue - Schedule of Activity

Revenue - Schedule of Activity Related to Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Change in Contract with Customer Asset [Line Items]
Beginning Balance	$ 54.7	$ 55.9	$ 52.7
Net revenue billed	(5.8)	(1.2)	3.2
Ending Balance	48.9	54.7	55.9
Composite Materials
Change in Contract with Customer Asset [Line Items]
Beginning Balance	11.9	11.4	12.8
Net revenue billed	(3.2)	0.5	(1.4)
Ending Balance	8.7	11.9	11.4
Engineered Products
Change in Contract with Customer Asset [Line Items]
Beginning Balance	42.8	44.5	39.9
Net revenue billed	(2.6)	(1.7)	4.6
Ending Balance	$ 40.2	$ 42.8	$ 44.5

Segment Information - Schedule

Segment Information - Schedule of Operating Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total sales	$ 286.9	$ 572.5	$ 1,206.6	$ 1,791.4
Other operating expense	15.8		43.6
Operating income (loss)	(37.6)	109.9	34.5	327.8
Depreciation and amortization	35.6	34.4	106	107.1
Stock-based compensation	0.3	2.4	13	15.9
Accrual basis additions to capital expenditures	6	53.3	39.4	160.9
Corporate & Other and Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	(8.5)	(23.3)	(49.6)	(64.1)
Other operating expense	(0.6)		15.4
Operating income (loss)	1.7	(10.5)	(43.8)	(48)
Depreciation and amortization			0.1	0.1
Stock-based compensation	(1.7)	1	5.5	8.1
Composite Materials
Segment Reporting Information [Line Items]
Total sales	215.7	448	960.4	1,419.7
Composite Materials | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	7.8	23.3	48	64
Composite Materials | Operating Segments
Segment Reporting Information [Line Items]
Total sales	223.5	471.3	1,008.4	1,483.7
Other operating expense	16.4		25.5
Operating income (loss)	(36.6)	100.1	75	324.4
Depreciation and amortization	31.7	30.7	94.3	95.7
Stock-based compensation	1.5	1.2	5.9	6.4
Accrual basis additions to capital expenditures	4.7	51	35.4	156.8
Engineered Products
Segment Reporting Information [Line Items]
Total sales	71.2	124.5	246.2	371.7
Engineered Products | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	0.7		1.6	0.1
Engineered Products | Operating Segments
Segment Reporting Information [Line Items]
Total sales	71.9	124.5	247.8	371.8
Other operating expense			2.7
Operating income (loss)	(2.7)	20.3	3.3	51.4
Depreciation and amortization	3.9	3.7	11.6	11.3
Stock-based compensation	0.5	0.2	1.6	1.4
Accrual basis additions to capital expenditures	$ 1.3	$ 2.3	$ 4	$ 4.1

Segment Information - Schedul_2

Segment Information - Schedule of Goodwill and Intangible Assets by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	$ 280.4
Amortization expense	(4.9)
Currency translation adjustments	1.1
Balance at the end of the period	276.6
Composite Materials
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	96.2
Amortization expense	(1.2)
Currency translation adjustments	1.1
Balance at the end of the period	96.1
Engineered Products
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	184.2
Amortization expense	(3.7)
Balance at the end of the period	$ 180.5

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Segment Reporting [Abstract]
Goodwill	$ 190.9
Intangible assets	$ 85.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		$ 1,436.9	$ 1,421.1	$ 1,446.1	$ 1,442.4	$ 1,372.4	$ 1,322	$ 1,446.1	$ 1,322
Other comprehensive income (loss) before reclassifications								20.4
Amounts reclassified from accumulated other comprehensive loss								13.1
Total other comprehensive income (loss)		52.8	17.3	(36.6)	(43)	(4.2)	(5.9)	33.5	(53.1)
Balance		1,499.4	1,436.9	1,421.1	1,417.8	1,442.4	1,372.4	1,499.4	1,417.8
Unrecognized Defined Benefit and Postretirement Plan Costs
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(22.4)				(22.4)
Amounts reclassified from accumulated other comprehensive loss								(0.2)
Total other comprehensive income (loss)								(0.2)
Balance		(22.6)						(22.6)
Change in Fair Value of Derivatives Products
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	[1]			(6.9)				(6.9)
Other comprehensive income (loss) before reclassifications	[1]							(2.3)
Amounts reclassified from accumulated other comprehensive loss	[1]							13.3
Total other comprehensive income (loss)	[1]							11
Balance	[1]	4.1						4.1
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(89.4)				(89.4)
Other comprehensive income (loss) before reclassifications								22.7
Total other comprehensive income (loss)								22.7
Balance		(66.7)						(66.7)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		(138)	(155.3)	(118.7)	(118.1)	(113.9)	(108)	(118.7)	(108)
Total other comprehensive income (loss)		52.8	17.3	(36.6)	(43)	(4.2)	(5.9)
Balance		$ (85.2)	$ (138)	$ (155.3)	$ (161.1)	$ (118.1)	$ (113.9)	$ (85.2)	$ (161.1)
[1]	Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
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, net gain	$ 100,000	$ 500,000
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax	100,000	300,000
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 (losses)	(2,600,000)	(12,700,000)
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	600,000	3,000,000
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 (losses)	(1,500,000)	(4,900,000)
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	400,000	1,200,000
Change in Fair Value of Derivatives Products | Interest Rate Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, net gains (losses)	300,000	100,000
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	$ 100,000
Change in Fair Value of Derivatives Products | Interest Rate Derivatives | Maximum
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)		$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		9 Months Ended
	Aug. 31, 2017PRP	Mar. 31, 2016USD ($)mi	Sep. 30, 2020USD ($)entitymi	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 2,500,000	$ 2,500,000
Aggregate environmental accruals included in current other accrued liabilities			600,000	600,000
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	16,000,000
Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 200,000	200,000
Minimum | Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Contribution to waste tonnage (as a percent)			1.20%
Maximum | Omega Chemical Corporation Superfund Site, Whittier | California
Loss Contingencies [Line Items]
Contribution to waste tonnage (as a percent)			2.18%
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
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Changes in accrued product warranty cost
Balance at the beginning of the period	$ 3	$ 4.5	$ 5.5
Warranty expense	0.4		1.3
Deductions and other	(0.4)	(1.5)	(2.3)
Balance at the end of the period	3	3	4.5
Warranty expense	0.4		1.3
Deductions and other	(0.4)	(1.5)	(2.3)
Balance at the end of the period	$ 3	$ 3	$ 4.5

Other Operating Expense - Addit

Other Operating Expense - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Other Income And Expenses [Abstract]
Other operating expense	$ 15.8	$ 43.6
Restructuring charge	15.8
Asset impairments	9.4
Anticipated future cash payments	$ 4.7	$ 4.7