Hexcel (HXL) 10-Q 26 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 15, 2021
Cover [Abstract]
Entity Registrant Name	Hexcel Corporation
Entity Central Index Key	0000717605
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
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		83,849,259
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	HXL
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 115.3	$ 103.3
Accounts receivable, net	168.7	125.4
Inventories, net	232.4	213.5
Contract assets	40.5	43.1
Prepaid expenses and other current assets	49.8	38
Assets held for sale	12.6	12.6
Total current assets	619.3	535.9
Property, plant and equipment	3,122.3	3,139.7
Less accumulated depreciation	(1,321.3)	(1,265.5)
Net property, plant and equipment	1,801	1,874.2
Goodwill and other intangible assets, net	273.2	277.8
Investments in affiliated companies	43.4	44.7
Other assets	180.5	185.2
Total assets	2,917.4	2,917.8
Current liabilities:
Short-term borrowings	0.9	0.9
Accounts payable	86.8	70
Accrued compensation and benefits	65.1	43.2
Financial instruments	1.1	3.6
Accrued liabilities	81.7	65.4
Total current liabilities	235.6	183.1
Long-term debt	904.5	925.5
Retirement obligations	52.4	53.9
Deferred income taxes	143.1	153
Other non-current liabilities	79	92.1
Total liabilities	1,414.6	1,407.6
Stockholders' equity:
Common stock, $0.01 par value, 200.0 shares authorized, 110.0 shares and 109.7 shares issued at June 30, 2021 and December 31, 2020, respectively	1.1	1.1
Additional paid-in capital	869.7	849.7
Retained earnings	1,984.6	1,996.4
Accumulated other comprehensive loss	(73.2)	(59.6)
Total stockholders' equity including treasury stock value	2,782.2	2,787.6
Less – Treasury stock, at cost, 26.1 shares at June 30, 2021 and 26.1 shares at December 31, 2020.	(1,279.4)	(1,277.4)
Total stockholders' equity	1,502.8	1,510.2
Total liabilities and stockholders' equity	$ 2,917.4	$ 2,917.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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	110,000,000	109,700,000
Treasury stock, shares	26,100,000	26,100,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 320.3	$ 378.7	$ 630.6	$ 919.7
Cost of sales	258.4	323.8	515.6	723.9
Gross margin	61.9	54.9	115	195.8
Selling, general and administrative expenses	31.1	24.1	70.7	70.6
Research and technology expenses	11.5	11.3	23.1	25.3
Other operating expense	3.1	13.1	15.2	27.8
Operating income	16.2	6.4	6	72.1
Interest expense, net	9.3	10.7	19.6	22.7
Income (loss) before income taxes, and equity in earnings from affiliated companies	6.9	(4.3)	(13.6)	49.4
Income tax expense (benefit)	4	(3.6)	(3.5)	8.2
Income (loss) before equity in earnings from affiliated companies	2.9	(0.7)	(10.1)	41.2
Equity in (losses) earnings from affiliated companies	(0.7)	(0.3)	(1.7)	0.2
Net income (loss)	$ 2.2	$ (1)	$ (11.8)	$ 41.4
Basic net income (loss) per common share	$ 0.03	$ (0.01)	$ (0.14)	$ 0.49
Diluted net income (loss) per common share	$ 0.03	$ (0.01)	$ (0.14)	$ 0.49
Weighted-average common shares:
Basic	84.1	83.7	84	83.7
Diluted	84.7	83.7	84	84.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 2.2	$ (1)	$ (11.8)	$ 41.4
Currency translation adjustments	4.2	8.8	(7.8)	(16)
Net unrealized pension and other benefit actuarial (losses) gains and prior service credits (net of tax)	(0.2)	(0.1)	(1.9)	0.8
Net unrealized gains (losses) on financial instruments (net of tax)	1.5	8.6	(3.9)	(4.1)
Total other comprehensive income (loss)	5.5	17.3	(13.6)	(19.3)
Comprehensive income (loss)	$ 7.7	$ 16.3	$ (25.4)	$ 22.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net (loss) income	$ (11.8)	$ 41.4
Reconciliation to net cash provided by operating activities:
Depreciation and amortization	68.7	70.4
Amortization related to financing	2.1	0.5
Deferred income taxes	(10.7)	(0.1)
Equity in earnings from affiliated companies	1.7	(0.2)
Stock-based compensation	13.3	12.7
Merger and restructuring expenses, net of payments	(2.5)	7.6
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(45.9)	34.3
(Increase) decrease in inventories	(21.8)	14.6
Increase in prepaid expenses and other current assets	(2.6)	(5.7)
Increase (decrease) in accounts payable/accrued liabilities	50.7	(95.2)
Other – net	(2.3)	(6.7)
Net cash provided by operating activities	38.9	73.6
Cash flows from investing activities
Capital expenditures	(9.2)	(40.4)
Net cash used for investing activities	(9.2)	(40.4)
Cash flows from financing activities
Repayments of Euro term loan		(49.9)
Repayment of finance lease obligation and other debt, net	(0.4)	(0.2)
Dividends paid		(14.2)
Repurchase of stock		(24.6)
Activity under stock plans	4.8	(5.2)
Net cash (used for) provided by financing activities	(16.6)	160.9
Effect of exchange rate changes on cash and cash equivalents	(1.1)	(1.3)
Net increase in cash and cash equivalents	12	192.8
Cash and cash equivalents at beginning of period	103.3	64.4
Cash and cash equivalents at end of period	115.3	257.2
Supplemental data:
Accrual basis additions to plant, property, and equipment	7.8	33.4
Senior unsecured credit facility - due 2024
Cash flows from financing activities
Borrowing from senior unsecured credit facility		392
Repayment of senior unsecured credit facility	$ (21)	$ (137)

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, 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)	41.4
Change in other comprehensive income (loss)– net of tax	(19.3)
Balance at Jun. 30, 2020	1,436.9	1.1	844.6	2,006.1	(138)	(1,276.9)
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)
Balance at Dec. 31, 2020	1,510.2	1.1	849.7	1,996.4	(59.6)	(1,277.4)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(14)			(14)
Change in other comprehensive income (loss)– net of tax	(19.1)				(19.1)
Stock based compensation	9.8		11.8			(2)
Balance at Mar. 31, 2021	1,486.9	1.1	861.5	1,982.4	(78.7)	(1,279.4)
Balance at Dec. 31, 2020	1,510.2	1.1	849.7	1,996.4	(59.6)	(1,277.4)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(11.8)
Change in other comprehensive income (loss)– net of tax	(13.6)
Balance at Jun. 30, 2021	1,502.8	1.1	869.7	1,984.6	(73.2)	(1,279.4)
Balance at Mar. 31, 2021	1,486.9	1.1	861.5	1,982.4	(78.7)	(1,279.4)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	2.2			2.2
Change in other comprehensive income (loss)– net of tax	5.5				5.5
Stock based compensation	8.2		8.2
Balance at Jun. 30, 2021	$ 1,502.8	$ 1.1	$ 869.7	$ 1,984.6	$ (73.2)	$ (1,279.4)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends paid on common stock price per share	$ 0.17

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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, 2020 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 stockholders’ equity for the interim periods presented. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from the audited 2020 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 2020 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. Assets Held for Sale In early November 2020 we closed our wind energy prepeg production facility in Windsor, Colorado and as a result, certain plant assets to be sold have been recorded in “Assets held for sale” in the Condensed Consolidated Balance Sheets at both June 30, 2021 and December 31, 2020. The sale of these assets is expected to occur in the third quarter of 2021. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-14 (ASU 2018-14 ), Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) , Adoption of this new standard In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Note 2 — Net Income (Loss) Per Common Share Quarter Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2021 2020 2021 2020 Basic net income (loss) per common share: Net income (loss) $ 2.2 $ (1.0 ) $ (11.8 ) $ 41.4 Weighted average common shares outstanding 84.1 83.7 84.0 83.7 Basic net income (loss) per common share $ 0.03 $ (0.01 ) $ (0.14 ) $ 0.49 Diluted net income (loss) per common share: Net income (loss) 2.2 (1.0 ) (11.8 ) 41.4 Weighted average common shares outstanding — Basic 84.1 83.7 84.0 83.7 Plus incremental shares from assumed conversions: Restricted stock units 0.3 — — 0.2 Stock options 0.3 — — 0.2 Weighted average common shares outstanding — Dilutive 84.7 83.7 84.0 84.1 Diluted net income (loss) per common share $ 0.03 $ (0.01 ) $ (0.14 ) $ 0.49 Total common stock equivalents of 0.7 million and 1.6 excluded from the computation of diluted net income (loss) per share anti-dilutive. Total of 1.1 million and 0.8 million were excluded from the computation of diluted net income (loss) per share for the six months ended June 30, 2021 and 2020, respectively, anti-dilutive.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Note 3 — (In millions) June 30, 2021 December 31, 2020 Raw materials $ 107.1 $ 94.9 Work in progress 35.6 23.6 Finished goods 89.7 95.0 Total Inventory $ 232.4 $ 213.5

Retirement and Other Postretire

Retirement and Other Postretirement Benefit Plans	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020 were as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.5 $ 0.6 Interest cost - 0.1 0.1 0.2 Net amortization 0.2 0.1 0.4 0.2 Net periodic benefit cost $ 0.5 $ 0.5 $ 1.0 $ 1.0 (In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans: Accrued liabilities $ 3.8 $ 3.8 Other non-current liabilities 19.7 19.4 Total accrued benefit $ 23.5 $ 23.2 Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 European Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.5 $ 0.5 Interest cost 0.6 0.8 1.1 1.7 Expected return on plan assets (0.9 ) (1.7 ) (1.8 ) (3.4 ) Net amortization and deferral 0.2 0.1 0.5 0.2 Net periodic benefit cost (credit) $ 0.2 $ (0.5 ) $ 0.3 $ (1.0 ) (In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet for European defined benefit retirement plans: Other assets $ 34.8 $ 31.5 Accrued liabilities 1.6 0.9 Other non-current liabilities 19.1 17.7 Total accrued benefit $ 20.6 $ 18.6 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 June 30, 2021 and 2020, amounts unrelated to service costs were a charge of $0.1 million and a benefit of $0.6 million, respectively. Contributions We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred. We contributed approximately $0.3 million in the first six months of 2021 to cover unfunded benefits. We expect to contribute a total of $3.4 million in 2021 to cover unfunded benefits. We contributed $0.3 million to our U.S. non-qualified defined benefit retirement plans during the first six months of 2020. We contributed $2.2 million and $1.9 million to our European defined benefit retirement plans during the six months ended June 30, 2021 and 2020, respectively. We plan to contribute approximately $5.6 million during 2021 to our European plans. Postretirement Health Care and Life Insurance Benefit Plans We recorded $0.2 million of net amortization gain deferral for both the quarters ended June 30, 2021 and 2020, and $0.4 million for both the six months ended June 30, 2021 and 2020. Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarters and six months ended June 30, 2021 and 2020 were immaterial. (In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet: Accrued liabilities $ 0.4 $ 0.4 Other non-current liabilities 2.2 2.2 Total accrued benefit $ 2.6 $ 2.6 Amounts contributed in connection with our postretirement plans were immaterial for both the six months ended June 30, 2021 and 2020. We periodically fund our postretirement plans to pay covered expenses as they are incurred. We expect to contribute less than $0.4 million in 2021 to cover unfunded benefits.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	N ote 5 –– Debt (In millions) June 30, 2021 December 31, 2020 Current portion of finance lease $ 0.9 $ 0.9 Current portion of debt 0.9 0.9 Senior unsecured credit facility 207.0 228.0 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 (1.3 ) (1.5 ) Senior notes --- deferred financing costs (3.2 ) (3.5 ) Non-current portion of finance lease and other debt 2.0 2.5 Long-term debt 904.5 925.5 Total debt $ 905.4 $ 926.4 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. The Facility agreement contains financial and other covenants, including, but not limited to customary restrictions on the incurrenc In September 2020, we amended the Facility to allow for relief from certain terms, including adjusting the maximum leverage ratio covenant for a defined period. from January 28, 2021 through and including March 31, 2022, we will not be subject to a maximum leverage ratio covenant but will instead be required to maintain Liquidity (as defined in the Facility agreement) of at least $250 million. Additionally, during such period, the Company will be subject to limitations on share repurchases, cash dividends, and its ability to incur secured debt, in each case subject to certain exceptions; the applicable margin and commitment fees are increased; the incremental facility will not be available; and if the Company’s public debt rating is downgraded to (i) BB or lower by Standard & Poor’s and (ii) Ba2 or lower by Moody’s, we will be required to grant liens on certain of our assets, which liens will be released upon the Company’s public debt rating being upgraded to BB+ or higher by Standard & Poor’s or Ba1 or higher by Moody’s. The Company’s public debt rating as of June 30, 2021 is BB+/Baa3. 750 As of June 30, 2021, total borrowings under the Facility were $207 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 June 30, 2021, there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $543 million. The weighted average interest rate for the Facility was 4.04% for the six months ended June 30, 2021 In 2017, the Company issued $400 million in aggregate principal amount of 3.95% Senior Unsecured Notes due in 2027. The interest rate on these senior notes may be increased 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 5.95%. The effective interest rate for six months ended June 30, 2021 was 4.06% 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 $428.0 million at June 30, 2021. In 2015, the Company issued $300 million in aggregate principal amount of 4.7% Senior Unsecured Notes due in 2025. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. Conversely, such increases would be reversed should the credit rating be subsequently upgraded. The maximum rate is 6.7%. The effective interest rate for the six months ended June 30, 2021 was 5.01%. Based on quoted prices, the fair value of the senior unsecured notes due in 2025 was $330.2 million at June 30, 2021.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 6 — Interest Rate Swap and Interest Lock Agreements At June 30, 2021 and December 31, 2020, we had no interest rate swap agreements outstanding. 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 for hedge accounting purposes thus any change in fair value was recorded as a component of other comprehensive (loss) income. As part of the issuance of our 3.95% Senior Unsecured Notes, we net settled these derivatives for $10 million in cash. As a result of settling these derivatives the previously deferred gains recorded in other comprehensive (loss) income will be released to interest expense over the life of the 3.95% Senior Unsecured Notes. The effect of these treasury locks reduced the effective interest rate on these notes by approximately 0.25%. Cross Currency and Interest Rate Swap Agreements In November 2020, we entered into a cross currency and interest rate swap, which is designated as a cash flow hedge of a €270 million, 5-year amortizing, intercompany loan between one of our European subsidiaries and the U.S. parent company. Changes in the spot exchange are recorded to the general ledger and offset the fair value re-measurement of the hedged item. The net difference in the interest rates coupons is recorded as a credit to interest expense. The derivative swaps €270 million bearing interest at a fixed rate of 0.30% for $319.9 million plus fixed rate interest of 1.115%. The interest coupons settle semi-annually. The principal will amortize each year on November 15, as follows: for years 1 through 4, beginning November 15, 2021, €50 million versus $59.2 million, and a final settlement on November 15, 2025 of €70 million versus $82.9 million. The carrying value of the derivative at June 30, 2021 is a current asset of $1.7 million and a long-term liability of $3.2 million Foreign Currency Forward Exchange Contracts A number of our European subsidiaries are exposed to the impact of exchange rate volatility between the U.S. dollar and the subsidiaries’ functional currencies, being either the Euro or the British pound sterling. We entered into contracts to exchange U.S. dollars for Euros and British pound sterling through December 2023. The aggregate notional amount of these contracts was $222.5 million and $250.3 million at June 30, 2021 and December 31, 2020, 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 $1.5 million and losses of $3.9 million. were recorded in other comprehensive (loss) income for the quarter and six months ended June 30, 2021, respectively, and gains of $2.8 and losses of $14.5 million were recorded for the quarter and six months ended June 30, 2020, respectively. We classified $7.9 million of the carrying amount of these contracts as assets ($6.7 million of which was recorded in prepaid expenses and other current assets) $16.0 million of the carrying amount of these contracts was classified in assets ($10.7 million of which was recorded in prepaid expenses and other current assets) and $2.5 million as liabilities (less than $0.1 million of which is in other non-current liabilities) 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 remeasurement 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 quarter and six months ended June 30, 2021, we recognized net foreign exchange gains of $0.5 million and losses of $1.1 million, respectively, in the Condensed Consolidated Statements of Operations. During the quarter and six months ended June 30, 2020, we recognized net foreign exchange losses of $0.7 million and $1.7 million, respectively. The net foreign exchange impact recognized from these hedges offset the translation exposure of these transactions. The carrying amount of the contracts for derivatives not designated as hedging instruments was $0.1 million classified in current liabilities $0.1 million classified in current liabilities on our eet The change in fair value of our foreign currency forward exchange contracts under hedge designations recorded net of tax within accumulated other comprehensive (loss) income for the quarters and six months ended June 30, 2021 and June 30, 2020 was as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Unrealized gains (losses) at beginning of period, net of tax $ 5.6 $ (18.7 ) $ 10.6 $ (8.4 ) (Gains) losses reclassified to net sales (1.5 ) 4.4 (2.5 ) 7.7 Increase (decrease) in fair value 1.2 2.0 (2.8 ) (11.6 ) Unrealized gains (losses) at end of period, net of tax $ 5.3 $ (12.3 ) $ 5.3 $ (12.3 ) Unrealized gains of $5.8 million recorded in accumulated other comprehensive loss, less taxes of $1.3 million, as of June 30, 2021, are expected to be reclassified into earnings over the next twelve months as the hedged sales are recorded. Commodity Swap Agreements On occasion we enter into commodity swap agreements to hedge against price fluctuations of raw materials, including propylene (the principal component of acrylonitrile). As of June 30, 2021, we had commodity swap agreements with a notional value of $7.3 million. The swaps mature monthly through December 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 an asset of $3.9 million ($3.7 million of which was recorded in prepaid expenses and other current assets) an asset of $2.2 million ($1.5 million of which was recorded in prepaid expenses and other current assets) and a liability of $1.1 million at December 31, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 — Income Taxes The effective tax rate for the quarter ended June 30, 2021 was 58.0% and included a discrete tax charge of $2.7 million related to the remeasurement of the net deferred tax liability in a foreign jurisdiction as a result of a change in tax rate. The effective tax rate for the six months ended June 30, 2021 was 25.7% and included a discrete tax benefit of $3.2 million resulting from the revaluation of deferred tax liabilities related to a favorable U.S. state tax law change in addition to the $2.7 million discrete tax charge previously mentioned. The tax benefit for the quarter ended June 30, 2020 was $3.6 million and included a $2.7 million benefit primarily related to the release of reserves of unrecognized tax benefits as a result of tax audit settlements The effective tax rate was 16.5% for the first six months of 2020, including the $2.7 million benefit.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 $13.5 million and $4.9 million, respectively, at June 30, 2021 and $18.4 million and $14.8 million Below is a summary of valuation techniques for all Level 2 financial assets and liabilities: Cross Currency and Interest Rate Swap Agreements — valued using the USD Secured Overnight Financing Rate curves and quoted forward foreign exchange prices at the reporting date. The fair value of the assets and liabilities were $1.7 million and $3.2 million, respectively, at June 30, 2021 and $0.3 million and $11.1 million, respectively, at December 31, 2020. Foreign exchange derivative assets and liabilities — valued using quoted forward prices at the reporting date. Fair value of assets and liabilities at June 30, 2021 was $7.9 million and $1.7 million, respectively. The fair value of assets and liabilities at December 31, 2020 was $16.0 million and $2.6 million, respectively. Commodity swap agreements — valued using quoted forward commodity prices at the reporting date. Fair value of the assets at June 30, 2021 was $3.9 million. The fair value of the assets and liabilities at December 31, 2020 was $2.2 million and $1.1 million, respectively. Counterparties to the above contracts are highly rated financial institutions, none of which experienced any significant downgrades in the six months ended June 30, 2021 that would reduce the receivable amount owed, if any, to the Company. Liabilities classified as Level 3 —

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue	Note 9 — Revenue Our revenue is primarily derived from the sale of inventory under long-term contracts with our customers. We have determined that individual purchase orders (“PO”), the terms and conditions of which are taken with a master agreement, create the ASC 606 contracts which are generally short-term in nature. For those sales that 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 six months ended June 30, 2021 and 2020: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Consolidated Net Sales $ 320.3 $ 378.7 $ 630.6 $ 919.7 Commercial Aerospace 153.7 203.9 301.3 566.8 Space & Defense 106.9 108.4 218.6 220.0 Industrial 59.7 66.4 110.7 132.9 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 six months ended June 30, 2021 was as follows (In millions) Composite Material Engineered Products Total Balance at December 31, 2020 $ 7.8 $ 35.3 $ 43.1 Net revenue billed 1.6 (2.4 ) (0.8 ) Balance at March 31, 2021 $ 9.4 $ 32.9 $ 42.3 Net revenue billed (1.8 ) — (1.8 ) Balance at June 30, 2021 $ 7.6 $ 32.9 $ 40.5 Accounts receivable, net includes amounts billed to customers where the right to payment is unconditional.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and 2020 were as follows: (Unaudited) Composite Engineered Corporate & (In millions) Materials Products Other (a) Total Second Quarter 2021 Net sales to external customers $ 240.9 $ 79.4 $ — $ 320.3 Intersegment sales 14.6 0.8 (15.4 ) — Total sales $ 255.5 $ 80.2 $ (15.4 ) $ 320.3 Other operating expense 2.8 0.2 0.1 3.1 Operating income (loss) 24.5 5.9 (14.2 ) 16.2 Depreciation and amortization 30.5 3.6 0.1 34.2 Stock-based compensation 0.8 0.1 3.4 4.3 Accrual basis additions to capital expenditures 3.4 0.4 — 3.8 Second Quarter 2020 Net sales to external customers $ 306.2 $ 72.5 $ — $ 378.7 Intersegment sales 15.4 0.4 (15.8 ) — Total sales $ 321.6 $ 72.9 $ (15.8 ) $ 378.7 Other operating expense 8.5 2.4 2.2 13.1 Operating income (loss) 20.1 (0.5 ) (13.2 ) 6.4 Depreciation and amortization 30.8 4.0 0.1 34.9 Stock-based compensation (0.3 ) (0.1 ) (1.3 ) (1.7 ) Accrual basis additions to capital expenditures 10.5 1.0 — 11.5 Six Months Ended June 30, 2021 Net sales to external customers $ 478.1 $ 152.5 $ — $ 630.6 Intersegment sales 27.8 1.4 (29.2 ) — Total sales $ 505.9 $ 153.9 $ (29.2 ) $ 630.6 Other operating expense 15.5 (0.5 ) 0.2 15.2 Operating income (loss) 31.9 10.6 (36.5 ) 6.0 Depreciation and amortization 61.3 7.3 0.1 68.7 Stock-based compensation 1.4 0.3 11.6 13.3 Accrual basis additions to capital expenditures 7.0 0.8 — 7.8 Six Months Ended June 30, 2020 Net sales to external customers $ 744.7 $ 175.0 $ — $ 919.7 Intersegment sales 40.2 0.9 (41.1 ) — Total sales $ 784.9 $ 175.9 $ (41.1 ) $ 919.7 Other operating expense 9.1 2.7 16.0 27.8 Operating income (loss) 111.6 6.0 (45.5 ) 72.1 Depreciation and amortization 62.6 7.7 0.1 70.4 Stock-based compensation 4.4 1.1 7.2 12.7 Accrual basis additions to capital expenditures 30.7 2.7 — 33.4 (a) Goodwill and Intangible Assets Composite Engineered (In millions) Materials Products Total Balance at December 31, 2020 $ 98.7 $ 179.1 $ 277.8 Amortization expense (1.0 ) (2.5 ) (3.5 ) Currency translation adjustments (1.1 ) — (1.1 ) Balance at June 30, 2021 $ 96.6 $ 176.6 $ 273.2 At June 30, 2021, the balance of goodwill and intangible assets was $192.3 million and $80.9 million, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 11 — Accumulated Other Comprehensive Loss Comprehensive loss represents net loss 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 June 30, 2021 and December 31, 2020 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, 2020 $ (40.4 ) $ 15.6 $ (34.8 ) $ (59.6 ) Other comprehensive (loss) income before reclassifications (2.1 ) 7.1 (7.8 ) (2.8 ) Amounts reclassified from accumulated other comprehensive loss 0.2 (11.0 ) — (10.8 ) Other comprehensive loss (1.9 ) (3.9 ) (7.8 ) (13.6 ) Balance at June 30, 2021 $ (42.3 ) $ 11.7 $ (42.6 ) $ (73.2 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps. The amounts of net losses reclassified to earnings from the unrecognized net defined benefit and postretirement plan costs component of accumulated other comprehensive loss for the quarter and six months ended June 30, 2021, were less than $0.1 million less taxes of under $0.1 million and $0.2 million less taxes of $0.1 million, respectively. The amounts reclassified to earnings from the change in fair value of the derivatives products component of accumulated other comprehensive loss for the quarter and six months ended June 30, 2021 were net gains of $1.9 million less taxes of $0.4 million and $3.3 million less taxes of $0.7 million, respectively, for those related to foreign currency forward exchange contracts and gains of $0.9 million less taxes of $0.2 million and $0.7 million less taxes of $0.2 million, respectively, related to commodity swaps. We also recorded net losses of $3.8 million less taxes of $0.9 million and net gains of $10.3 million less taxes of under $2.4 million

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 and other 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 In December 2020, the allocator issued its non-binding report on PRP liability ( Hexcel’s) to the EPA, which did not result in any change to Hexcel’s accrual for the Passaic matter. We do not know to what extent, if at all, this non-binding report will impact the ultimate outcome of the matter. 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. On February 24, 2021, Hexcel and certain other defendants filed a third-party complaint against the Passaic Valley Sewerage Commission and certain New Jersey municipalities seeking recovery of Passaic-related cleanup costs incurred by defendants, as well as contribution for any cleanup costs incurred by OCC for which the court deems the defendants liable. The accrual related to the Lower Passaic River site was approximately $2.1 million as of June 30, 2021 and December 31, 2020. 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. 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 June 30, 2021 and December 31, 2020, our aggregate environmental related accruals were $2.3 million and $2.4 million, respectively, of which $0.2 million and $0.5 million, respectively, was included in 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 June 30, 2021 and December 31, 2020. 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 six months ended June 30, 2021, and accrued warranty cost, included in “accrued liabilities” in the Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020, were as follows: Product (In millions) Warranties Balance as of December 31, 2020 $ 2.6 Warranty expense 0.2 Deductions and other (0.3 ) Balance as of March 31, 2021 $ 2.5 Warranty expense (0.5 ) Deductions and other (0.2 ) Balance as of June 30, 2021 $ 1.8

Other Operating Expense

Other Operating Expense	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Other Operating Expense	Note 13 — Other Operating Expense We recognized restructuring charges of $5.6 million and $17.5 million for the quarter and six months ended June 30, 2021, respectively, primarily related to severance and asset impairments. Anticipated future cash payments as of June 30, 2021 were $12.5 million. For both the quarter and six months ended June 30, 2021, other operating expenses also included a benefit related to the reduction of a contingent liability. For the quarter ended June 30, 2020, we recognized a restructuring charge of $13.1 million primarily related to the job reductions. During the six months ended 2020, other operating expense also included $14.7 million of costs primarily related to the terminated merger agreement with Woodward, Inc. Activity for the Quarter Ended June 30, 2021 March 31, Restructuring Cash June 30, (In Millions) 2021 Charge FX Impact Paid Non-Cash 2021 Employee termination $ 15.9 $ 0.7 $ 0.3 $ (4.4 ) $ — $ 12.5 Impairment and other — 4.9 — (0.8 ) (4.1 ) - Total $ 15.9 $ 5.6 $ 0.3 $ (5.2 ) $ (4.1 ) $ 12.5 Activity for the Six Months Ended June 30, 2021 December 31, Restructuring Cash June 30, (In Millions) 2020 Charge FX Impact Paid Non-Cash 2021 Employee termination $ 14.2 $ 10.7 $ (0.3 ) $ (12.1 ) $ — $ 12.5 Impairment and other — 6.8 — (3.5 ) (3.3 ) - Total $ 14.2 $ 17.5 $ (0.3 ) $ (15.6 ) $ (3.3 ) $ 12.5

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 stockholders’ equity for the interim periods presented. The Condensed Consolidated Balance Sheet as of December 31, 2020 was derived from the audited 2020 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 2020 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.
Assets Held for Sale	Assets Held for Sale In early November 2020 we closed our wind energy prepeg production facility in Windsor, Colorado and as a result, certain plant assets to be sold have been recorded in “Assets held for sale” in the Condensed Consolidated Balance Sheets at both June 30, 2021 and December 31, 2020. The sale of these assets is expected to occur in the third quarter of 2021.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2018-14 (ASU 2018-14 ), Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) , Adoption of this new standard In December 2019, the FASB issued ASU No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Earnings Per Share Basic and Diluted	Quarter Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2021 2020 2021 2020 Basic net income (loss) per common share: Net income (loss) $ 2.2 $ (1.0 ) $ (11.8 ) $ 41.4 Weighted average common shares outstanding 84.1 83.7 84.0 83.7 Basic net income (loss) per common share $ 0.03 $ (0.01 ) $ (0.14 ) $ 0.49 Diluted net income (loss) per common share: Net income (loss) 2.2 (1.0 ) (11.8 ) 41.4 Weighted average common shares outstanding — Basic 84.1 83.7 84.0 83.7 Plus incremental shares from assumed conversions: Restricted stock units 0.3 — — 0.2 Stock options 0.3 — — 0.2 Weighted average common shares outstanding — Dilutive 84.7 83.7 84.0 84.1 Diluted net income (loss) per common share $ 0.03 $ (0.01 ) $ (0.14 ) $ 0.49

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	(In millions) June 30, 2021 December 31, 2020 Raw materials $ 107.1 $ 94.9 Work in progress 35.6 23.6 Finished goods 89.7 95.0 Total Inventory $ 232.4 $ 213.5

Retirement and Other Postreti_2

Retirement and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Defined Benefit Retirement Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans	Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 European Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.5 $ 0.5 Interest cost 0.6 0.8 1.1 1.7 Expected return on plan assets (0.9 ) (1.7 ) (1.8 ) (3.4 ) Net amortization and deferral 0.2 0.1 0.5 0.2 Net periodic benefit cost (credit) $ 0.2 $ (0.5 ) $ 0.3 $ (1.0 )
Schedule of Amounts Recognized on Balance Sheet	(In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet for European defined benefit retirement plans: Other assets $ 34.8 $ 31.5 Accrued liabilities 1.6 0.9 Other non-current liabilities 19.1 17.7 Total accrued benefit $ 20.6 $ 18.6
Defined Benefit Retirement Plans | Non-qualified
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans	Net periodic benefit costs of our defined benefit retirement plans for the quarter and six months ended June 30, 2021 and 2020 were as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 U.S. Nonqualified Defined Benefit Retirement Plans Service cost $ 0.3 $ 0.3 $ 0.5 $ 0.6 Interest cost - 0.1 0.1 0.2 Net amortization 0.2 0.1 0.4 0.2 Net periodic benefit cost $ 0.5 $ 0.5 $ 1.0 $ 1.0
Schedule of Amounts Recognized on Balance Sheet	(In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet for U.S. nonqualified defined benefit retirement plans: Accrued liabilities $ 3.8 $ 3.8 Other non-current liabilities 19.7 19.4 Total accrued benefit $ 23.5 $ 23.2
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 six months ended June 30, 2021 and 2020 were immaterial. (In millions) June 30, 2021 December 31, 2020 Amounts recognized on the balance sheet: Accrued liabilities $ 0.4 $ 0.4 Other non-current liabilities 2.2 2.2 Total accrued benefit $ 2.6 $ 2.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt and Capital Lease Obligations	(In millions) June 30, 2021 December 31, 2020 Current portion of finance lease $ 0.9 $ 0.9 Current portion of debt 0.9 0.9 Senior unsecured credit facility 207.0 228.0 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 (1.3 ) (1.5 ) Senior notes --- deferred financing costs (3.2 ) (3.5 ) Non-current portion of finance lease and other debt 2.0 2.5 Long-term debt 904.5 925.5 Total debt $ 905.4 $ 926.4

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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) income for the quarters and six months ended June 30, 2021 and June 30, 2020 was as follows: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Unrealized gains (losses) at beginning of period, net of tax $ 5.6 $ (18.7 ) $ 10.6 $ (8.4 ) (Gains) losses reclassified to net sales (1.5 ) 4.4 (2.5 ) 7.7 Increase (decrease) in fair value 1.2 2.0 (2.8 ) (11.6 ) Unrealized gains (losses) at end of period, net of tax $ 5.3 $ (12.3 ) $ 5.3 $ (12.3 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Revenue By Market	The following table details our revenue by market for the quarters and six months ended June 30, 2021 and 2020: Quarter Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Consolidated Net Sales $ 320.3 $ 378.7 $ 630.6 $ 919.7 Commercial Aerospace 153.7 203.9 301.3 566.8 Space & Defense 106.9 108.4 218.6 220.0 Industrial 59.7 66.4 110.7 132.9
Schedule of Activity Related to Contract Assets	The activity related to contract assets for the six months ended June 30, 2021 was as follows (In millions) Composite Material Engineered Products Total Balance at December 31, 2020 $ 7.8 $ 35.3 $ 43.1 Net revenue billed 1.6 (2.4 ) (0.8 ) Balance at March 31, 2021 $ 9.4 $ 32.9 $ 42.3 Net revenue billed (1.8 ) — (1.8 ) Balance at June 30, 2021 $ 7.6 $ 32.9 $ 40.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Operating Segment Reporting Information	Financial information for our operating segments for the quarters and six months ended June 30, 2021 and 2020 were as follows: (Unaudited) Composite Engineered Corporate & (In millions) Materials Products Other (a) Total Second Quarter 2021 Net sales to external customers $ 240.9 $ 79.4 $ — $ 320.3 Intersegment sales 14.6 0.8 (15.4 ) — Total sales $ 255.5 $ 80.2 $ (15.4 ) $ 320.3 Other operating expense 2.8 0.2 0.1 3.1 Operating income (loss) 24.5 5.9 (14.2 ) 16.2 Depreciation and amortization 30.5 3.6 0.1 34.2 Stock-based compensation 0.8 0.1 3.4 4.3 Accrual basis additions to capital expenditures 3.4 0.4 — 3.8 Second Quarter 2020 Net sales to external customers $ 306.2 $ 72.5 $ — $ 378.7 Intersegment sales 15.4 0.4 (15.8 ) — Total sales $ 321.6 $ 72.9 $ (15.8 ) $ 378.7 Other operating expense 8.5 2.4 2.2 13.1 Operating income (loss) 20.1 (0.5 ) (13.2 ) 6.4 Depreciation and amortization 30.8 4.0 0.1 34.9 Stock-based compensation (0.3 ) (0.1 ) (1.3 ) (1.7 ) Accrual basis additions to capital expenditures 10.5 1.0 — 11.5 Six Months Ended June 30, 2021 Net sales to external customers $ 478.1 $ 152.5 $ — $ 630.6 Intersegment sales 27.8 1.4 (29.2 ) — Total sales $ 505.9 $ 153.9 $ (29.2 ) $ 630.6 Other operating expense 15.5 (0.5 ) 0.2 15.2 Operating income (loss) 31.9 10.6 (36.5 ) 6.0 Depreciation and amortization 61.3 7.3 0.1 68.7 Stock-based compensation 1.4 0.3 11.6 13.3 Accrual basis additions to capital expenditures 7.0 0.8 — 7.8 Six Months Ended June 30, 2020 Net sales to external customers $ 744.7 $ 175.0 $ — $ 919.7 Intersegment sales 40.2 0.9 (41.1 ) — Total sales $ 784.9 $ 175.9 $ (41.1 ) $ 919.7 Other operating expense 9.1 2.7 16.0 27.8 Operating income (loss) 111.6 6.0 (45.5 ) 72.1 Depreciation and amortization 62.6 7.7 0.1 70.4 Stock-based compensation 4.4 1.1 7.2 12.7 Accrual basis additions to capital expenditures 30.7 2.7 — 33.4 (a)
Schedule of Goodwill and Intangible Assets by Segment	Goodwill and Intangible Assets Composite Engineered (In millions) Materials Products Total Balance at December 31, 2020 $ 98.7 $ 179.1 $ 277.8 Amortization expense (1.0 ) (2.5 ) (3.5 ) Currency translation adjustments (1.1 ) — (1.1 ) Balance at June 30, 2021 $ 96.6 $ 176.6 $ 273.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss as of June 30, 2021 and December 31, 2020 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, 2020 $ (40.4 ) $ 15.6 $ (34.8 ) $ (59.6 ) Other comprehensive (loss) income before reclassifications (2.1 ) 7.1 (7.8 ) (2.8 ) Amounts reclassified from accumulated other comprehensive loss 0.2 (11.0 ) — (10.8 ) Other comprehensive loss (1.9 ) (3.9 ) (7.8 ) (13.6 ) Balance at June 30, 2021 $ (42.3 ) $ 11.7 $ (42.6 ) $ (73.2 ) (1) Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021, and accrued warranty cost, included in “accrued liabilities” in the Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020, were as follows: Product (In millions) Warranties Balance as of December 31, 2020 $ 2.6 Warranty expense 0.2 Deductions and other (0.3 ) Balance as of March 31, 2021 $ 2.5 Warranty expense (0.5 ) Deductions and other (0.2 ) Balance as of June 30, 2021 $ 1.8

Other Operating Expense (Tables

Other Operating Expense (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income And Expenses [Abstract]
Schedule of Other Operating Expense	Activity for the Quarter Ended June 30, 2021 March 31, Restructuring Cash June 30, (In Millions) 2021 Charge FX Impact Paid Non-Cash 2021 Employee termination $ 15.9 $ 0.7 $ 0.3 $ (4.4 ) $ — $ 12.5 Impairment and other — 4.9 — (0.8 ) (4.1 ) - Total $ 15.9 $ 5.6 $ 0.3 $ (5.2 ) $ (4.1 ) $ 12.5 Activity for the Six Months Ended June 30, 2021 December 31, Restructuring Cash June 30, (In Millions) 2020 Charge FX Impact Paid Non-Cash 2021 Employee termination $ 14.2 $ 10.7 $ (0.3 ) $ (12.1 ) $ — $ 12.5 Impairment and other — 6.8 — (3.5 ) (3.3 ) - Total $ 14.2 $ 17.5 $ (0.3 ) $ (15.6 ) $ (3.3 ) $ 12.5

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details)	Jun. 30, 2021
Accounting Standards Update 2018-14
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2019-12
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
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 (Loss) Per Common _3

Net Income (Loss) Per Common Share - Summary of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic net income (loss) per common share:
Net income (loss)	$ 2.2	$ (14)	$ (1)	$ 42.4	$ (11.8)	$ 41.4
Weighted average common shares outstanding - Basic (in shares)	84.1		83.7		84	83.7
Basic net income (loss) per common share	$ 0.03		$ (0.01)		$ (0.14)	$ 0.49
Diluted net income (loss) per common share:
Net income (loss)	$ 2.2		$ (1)		$ (11.8)	$ 41.4
Weighted average common shares outstanding - Basic (in shares)	84.1		83.7		84	83.7
Plus incremental shares from assumed conversions:
Weighted average common shares outstanding - Dilutive (in shares)	84.7		83.7		84	84.1
Diluted net income (loss) per common share	$ 0.03		$ (0.01)		$ (0.14)	$ 0.49
Restricted Stock Units
Plus incremental shares from assumed conversions:
Incremental shares from assumed conversions	0.3					0.2
Stock Options
Plus incremental shares from assumed conversions:
Incremental shares from assumed conversions	0.3					0.2

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of earnings per share amount (in shares)	0.7	1.6	1.1	0.8

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 107.1	$ 94.9
Work in progress	35.6	23.6
Finished goods	89.7	95
Total Inventory	$ 232.4	$ 213.5

Retirement and Other Postreti_3

Retirement and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Costs of Defined Benefit Retirement Plans (Details) - Defined Benefit Retirement Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
U.S.
Net periodic benefit costs of defined benefit retirement plans
Service cost	$ 0.3	$ 0.3	$ 0.5	$ 0.6
Interest cost		0.1	0.1	0.2
Net amortization and deferral	0.2	0.1	0.4	0.2
Net periodic benefit cost (credit)	$ 0.5	$ 0.5	$ 1	$ 1
Defined Benefit Plan, Tax Status [Extensible List]	Non-qualified	Non-qualified	Non-qualified	Non-qualified	Non-qualified
European
Net periodic benefit costs of defined benefit retirement plans
Service cost	$ 0.3	$ 0.3	$ 0.5	$ 0.5
Interest cost	0.6	0.8	1.1	1.7
Expected return on plan assets	(0.9)	(1.7)	(1.8)	(3.4)
Net amortization and deferral	0.2	0.1	0.5	0.2
Net periodic benefit cost (credit)	$ 0.2	$ (0.5)	$ 0.3	$ (1)

Retirement and Other Postreti_4

Retirement and Other Postretirement Benefit Plans - Schedule of Amounts Recognized on Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Amounts recognized on the balance sheet:
Other non-current liabilities	$ 52.4	$ 53.9
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Accrued liabilities	3.8	3.8
Other non-current liabilities	19.7	19.4
Total accrued benefit	$ 23.5	$ 23.2
Defined Benefit Plan, Tax Status [Extensible List]	Non-qualified	Non-qualified	Non-qualified
Defined Benefit Retirement Plans | European
Amounts recognized on the balance sheet:
Other assets	$ 34.8	$ 31.5
Accrued liabilities	1.6	0.9
Other non-current liabilities	19.1	17.7
Total accrued benefit	20.6	18.6
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Accrued liabilities	0.4	0.4
Other non-current liabilities	2.2	2.2
Total accrued benefit	$ 2.6	$ 2.6

Retirement and Other Postreti_5

Retirement and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Defined Benefit Retirement Plans
Amounts recognized on the balance sheet:
Amounts unrelated to service costs, benefit	$ 100,000	$ 600,000	$ 300,000	$ 1,100,000
Defined Benefit Retirement Plans | U.S.
Amounts recognized on the balance sheet:
Employer contribution to defined benefit retirement plans			300,000	$ 300,000
Expected employer contribution in full current year	$ 3,400,000		$ 3,400,000
Defined Benefit Plan, Tax Status [Extensible List]	Non-qualified	Non-qualified	Non-qualified	Non-qualified	Non-qualified
Net amortization gain deferral	$ (200,000)	$ (100,000)	$ (400,000)	$ (200,000)
Defined Benefit Retirement Plans | European
Amounts recognized on the balance sheet:
Employer contribution to defined benefit retirement plans			2,200,000	1,900,000
Expected employer contribution in full current year	5,600,000		5,600,000
Net amortization gain deferral	(200,000)	(100,000)	(500,000)	(200,000)
Postretirement Health Care and Life Insurance Benefit Plans
Amounts recognized on the balance sheet:
Net amortization gain deferral	200,000	$ 200,000	400,000	$ 400,000
Postretirement Health Care and Life Insurance Benefit Plans | Maximum
Amounts recognized on the balance sheet:
Expected employer contribution in full current year	$ 400,000		$ 400,000

Debt - Schedule of Debt and Cap

Debt - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Current portion of finance lease	$ 0.9	$ 0.9
Current portion of debt	0.9	0.9
Long-term debt	904.5	925.5
Non-current portion of finance lease and other debt	2	2.5
Total debt	905.4	926.4
Senior unsecured credit facility
Debt Instrument [Line Items]
Long-term debt	207	228
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	(1.3)	(1.5)
Senior notes --- deferred financing costs	(3.2)	(3.5)
3.95% senior notes due 2027
Debt Instrument [Line Items]
Senior notes	$ 400	$ 400

Debt - Schedule of Debt and C_2

Debt - Schedule of Debt and Capital Lease Obligations (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2021
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	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2017	Dec. 31, 2015	Jan. 28, 2021	Dec. 31, 2020	May 31, 2019
Debt Instrument [Line Items]
Borrowings			$ 904,500,000				$ 925,500,000
Senior unsecured credit facility- revolving loan due 2021
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 700,000,000
Senior unsecured credit facility- revolving loan due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
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.
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			$ 543,000,000
Weighted average interest rate			4.04%
Senior unsecured credit facility- revolving loan due 2024 | Level 2
Debt Instrument [Line Items]
Borrowings			$ 207,000,000
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%
Senior unsecured credit facility- revolving loan due 2024 | Maximum
Debt Instrument [Line Items]
Credit facility interest rate basis	LIBOR + 1.50%
Spread on variable interest rate basis	1.50%
Amended senior unsecured credit facility- revolving loan due 2024
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 750,000,000
Debt instrument, covenant terms			On January 28, 2021, we further amended the Facility agreement (the “Second Amendment”) to provide that, from January 28, 2021 through and including March 31, 2022, we will not be subject to a maximum leverage ratio covenant but will instead be required to maintain Liquidity (as defined in the Facility agreement) of at least $250 million. Additionally, during such period, the Company will be subject to limitations on share repurchases, cash dividends, and its ability to incur secured debt, in each case subject to certain exceptions; the applicable margin and commitment fees are increased; the incremental facility will not be available; and if the Company’s public debt rating is downgraded to (i) BB or lower by Standard & Poor’s and (ii) Ba2 or lower by Moody’s, we will be required to grant liens on certain of our assets, which liens will be released upon the Company’s public debt rating being upgraded to BB+ or higher by Standard & Poor’s or Ba1 or higher by Moody’s.  The Company’s public debt rating as of June 30, 2021 is BB+/Baa3.
Minimum liquidity amount required to maintain under credit agreement liquidity covenant						$ 250,000,000
Interest expense		$ 900,000
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			4.06%
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			$ 428,000,000
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			5.01%
4.7% senior unsecured notes due 2025 | Level 2
Debt Instrument [Line Items]
Fair value of senior unsecured notes			$ 330,200,000
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		6 Months Ended
	Nov. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Nov. 30, 2020EUR (€)	Dec. 31, 2017
Derivative [Line Items]
Carrying value of derivative current asset	$ 1,700,000
Carrying value / fair value of derivative liabilities included in other non-current liabilities	3,200,000
Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months		$ 5,800,000		$ 5,800,000
Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months, taxes		$ 1,300,000		$ 1,300,000
3.95% senior unsecured notes due 2027
Derivative [Line Items]
Debt instrument, interest rate		3.95%		3.95%				3.95%
Proceeds from issue of senior notes in settlement of derivatives				$ 10,000,000
3.95% senior unsecured notes due 2027 | Maximum
Derivative [Line Items]
Debt instrument, interest rate								5.95%
Interest Rate Swap Agreements
Derivative [Line Items]
Carrying value / fair value of derivative liabilities		$ 0		$ 0		$ 0
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%
Cross Currency And Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Floating rate obligation	$ 319,900,000						€ 270
Derivative amortization period	5 years
Derivative fixed interest rate (as a percent)	0.30%						0.30%
Derivative, additional fixed interest rate	1.115%						1.115%
Derivative swaps, frequency of periodic payment	semi-annually
Derivative swaps, principal amortize at Nov. 15, 2021	$ 59,200,000						€ 50
Derivative swaps, principal amortize at Nov. 15, 2022	59,200,000						50
Derivative swaps, principal amortize at Nov. 15, 2023	59,200,000						50
Derivative swaps, principal amortize at Nov. 15, 2024	59,200,000						50
Derivative swaps, principal amortize at Nov. 15, 2025	$ 82,900,000						€ 70
Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Number of credit contingency features | item				0
Foreign Currency Forward Exchange Contracts | Cash Flow Hedging
Derivative [Line Items]
Gains (losses) in other comprehensive income, effective portion		1,500,000	$ 2,800,000	$ (3,900,000)	$ (14,500,000)
Foreign Currency Forward Exchange Contracts | Designated as Hedging Instrument
Derivative [Line Items]
Carrying value / fair value of derivative liabilities		1,600,000		1,600,000		2,500,000
Carrying value / fair value of derivative liabilities included in other non-current liabilities		600,000		600,000
Notional amount		222,500,000		222,500,000		250,300,000
Carrying value / fair value of derivative assets		7,900,000		7,900,000		16,000,000
Carrying value / fair value of derivative assets included in prepaid expenses and other current assets		6,700,000		6,700,000		10,700,000
Foreign Currency Forward Exchange Contracts | Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Carrying value / fair value of derivative liabilities included in other non-current liabilities						100,000
Foreign Currency Forward Exchange Contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) recognized in gross margin		1,900,000	(5,700,000)	3,300,000	(10,100,000)
Foreign Currency Forward Exchange Contracts | Not Designated as Hedging Instrument
Derivative [Line Items]
Carrying value / fair value of derivative liabilities		100,000		100,000		100,000
Foreign exchange net gains (losses) on derivative contracts not designated as hedges		500,000	$ (700,000)	(1,100,000)	$ (1,700,000)
Commodity Swap Agreements
Derivative [Line Items]
Carrying value / fair value of derivative liabilities						1,100,000
Notional amount		7,300,000		7,300,000
Carrying value / fair value of derivative assets		3,900,000		3,900,000		2,200,000
Carrying value / fair value of derivative assets included in prepaid expenses and other current assets		$ 3,700,000		$ 3,700,000		$ 1,500,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Balance		$ 1,486.9	$ 1,421.1	$ 1,510.2	$ 1,446.1
Balance		1,502.8	1,436.9	1,502.8	1,436.9
Designated as Hedging Instrument
Derivative [Line Items]
Balance	[1]			15.6
Balance	[1]	11.7		11.7
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Balance		5.6	(18.7)	10.6	(8.4)
(Gains) losses reclassified to net sales		(1.5)	4.4	(2.5)	7.7
Increase (decrease) in fair value		1.2	2	(2.8)	(11.6)
Balance		$ 5.3	$ (12.3)	$ 5.3	$ (12.3)
[1]	Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 4	$ (3.6)	$ (3.5)	$ 8.2
Increase (decrease) due to tax audit settlements		$ (2.7)	$ (2.7)
Effective tax rate (as a percent)	58.00%		25.70%	16.50%
Discrete tax expense (benefit) from revaluation of deferred tax liabilities	$ 2.7		$ (3.2)	$ (2.7)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)itemLiability	Dec. 31, 2020USD ($)
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	$ 400,000
Level 2 | Fair Value Measured on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	13,500,000	$ 18,400,000
Derivative liabilities	4,900,000	14,800,000
Level 2 | Fair Value Measured on Recurring Basis | Cross Currency And Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 1,700,000	$ 300,000
Derivative Asset, Measurement Input [Extensible List]	hxl:USDSecuredOvernightFinancingRateCurvesMember	hxl:USDSecuredOvernightFinancingRateCurvesMember
Derivative liabilities	$ 3,200,000	$ 11,100,000
Derivative Liability, Measurement Input [Extensible List]	hxl:USDSecuredOvernightFinancingRateCurvesMember	hxl:USDSecuredOvernightFinancingRateCurvesMember
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	$ 7,900,000	$ 16,000,000
Derivative Asset, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember	us-gaap:MeasurementInputQuotedPriceMember
Derivative liabilities	$ 1,700,000	$ 2,600,000
Derivative Liability, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember	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 assets	$ 3,900,000	$ 2,200,000
Derivative Asset, Measurement Input [Extensible List]	us-gaap:MeasurementInputQuotedPriceMember	us-gaap:MeasurementInputQuotedPriceMember
Derivative liabilities		$ 1,100,000
Derivative Liability, Measurement Input [Extensible List]		us-gaap:MeasurementInputQuotedPriceMember

Revenue - Additional Informatio

Revenue - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 320.3	$ 378.7	$ 630.6	$ 919.7
Commercial Aerospace
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	153.7	203.9	301.3	566.8
Space & Defense
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	106.9	108.4	218.6	220
Industrial
Disaggregation Of Revenue [Line Items]
Consolidated Net Sales	$ 59.7	$ 66.4	$ 110.7	$ 132.9

Revenue - Schedule of Activity

Revenue - Schedule of Activity Related to Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Change in Contract with Customer Asset [Line Items]
Beginning Balance	$ 43.1	$ 43.1
Net revenue billed	(0.8)	(1.8)
Ending Balance	42.3	40.5
Composite Materials
Change in Contract with Customer Asset [Line Items]
Beginning Balance	7.8	7.8
Net revenue billed	1.6	(1.8)
Ending Balance	9.4	7.6
Engineered Products
Change in Contract with Customer Asset [Line Items]
Beginning Balance	35.3	35.3
Net revenue billed	(2.4)
Ending Balance	$ 32.9	$ 32.9

Segment Information - Schedule

Segment Information - Schedule of Operating Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total sales	$ 320.3	$ 378.7	$ 630.6	$ 919.7
Other operating expense	3.1	13.1	15.2	27.8
Operating income (loss)	16.2	6.4	6	72.1
Depreciation and amortization	34.2	34.9	68.7	70.4
Stock-based compensation	4.3	(1.7)	13.3	12.7
Accrual basis additions to capital expenditures	3.8	11.5	7.8	33.4
Corporate & Other and Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	(15.4)	(15.8)	(29.2)	(41.1)
Other operating expense	0.1	2.2	0.2	16
Operating income (loss)	(14.2)	(13.2)	(36.5)	(45.5)
Depreciation and amortization	0.1	0.1	0.1	0.1
Stock-based compensation	3.4	(1.3)	11.6	7.2
Composite Materials
Segment Reporting Information [Line Items]
Total sales	240.9	306.2	478.1	744.7
Composite Materials | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	14.6	15.4	27.8	40.2
Composite Materials | Operating Segments
Segment Reporting Information [Line Items]
Total sales	255.5	321.6	505.9	784.9
Other operating expense	2.8	8.5	15.5	9.1
Operating income (loss)	24.5	20.1	31.9	111.6
Depreciation and amortization	30.5	30.8	61.3	62.6
Stock-based compensation	0.8	(0.3)	1.4	4.4
Accrual basis additions to capital expenditures	3.4	10.5	7	30.7
Engineered Products
Segment Reporting Information [Line Items]
Total sales	79.4	72.5	152.5	175
Engineered Products | Intersegment Elimination
Segment Reporting Information [Line Items]
Total sales	0.8	0.4	1.4	0.9
Engineered Products | Operating Segments
Segment Reporting Information [Line Items]
Total sales	80.2	72.9	153.9	175.9
Other operating expense	0.2	2.4	(0.5)	2.7
Operating income (loss)	5.9	(0.5)	10.6	6
Depreciation and amortization	3.6	4	7.3	7.7
Stock-based compensation	0.1	(0.1)	0.3	1.1
Accrual basis additions to capital expenditures	$ 0.4	$ 1	$ 0.8	$ 2.7

Segment Information - Schedul_2

Segment Information - Schedule of Goodwill and Intangible Assets by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	$ 277.8
Amortization expense	(3.5)
Currency translation adjustments	(1.1)
Balance at the end of the period	273.2
Composite Materials
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	98.7
Amortization expense	(1)
Currency translation adjustments	(1.1)
Balance at the end of the period	96.6
Engineered Products
Changes in the carrying amount of gross goodwill and other purchased intangibles
Balance at the beginning of the period	179.1
Amortization expense	(2.5)
Balance at the end of the period	$ 176.6

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	Jun. 30, 2021USD ($)
Segment Reporting [Abstract]
Goodwill	$ 192.3
Intangible assets	$ 80.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		$ 1,486.9	$ 1,510.2	$ 1,421.1	$ 1,446.1	$ 1,510.2	$ 1,446.1
Other comprehensive (loss) income before reclassifications						(2.8)
Amounts reclassified from accumulated other comprehensive loss						(10.8)
Total other comprehensive income (loss)		5.5	(19.1)	17.3	(36.6)	(13.6)	(19.3)
Balance		1,502.8	1,486.9	1,436.9	1,421.1	1,502.8	1,436.9
Unrecognized Net Defined Benefit and Postretirement Plan Costs
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(40.4)			(40.4)
Other comprehensive (loss) income before reclassifications						(2.1)
Amounts reclassified from accumulated other comprehensive loss						0.2
Total other comprehensive income (loss)						(1.9)
Balance		(42.3)				(42.3)
Change in Fair Value of Derivatives Products
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	[1]		15.6			15.6
Other comprehensive (loss) income before reclassifications	[1]					7.1
Amounts reclassified from accumulated other comprehensive loss	[1]					(11)
Total other comprehensive income (loss)	[1]					(3.9)
Balance	[1]	11.7				11.7
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(34.8)			(34.8)
Other comprehensive (loss) income before reclassifications						(7.8)
Total other comprehensive income (loss)						(7.8)
Balance		(42.6)				(42.6)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		(78.7)	(59.6)	(155.3)	(118.7)	(59.6)	(118.7)
Total other comprehensive income (loss)		5.5	(19.1)	17.3	(36.6)
Balance		$ (73.2)	$ (78.7)	$ (138)	$ (155.3)	$ (73.2)	$ (138)
[1]	Includes forward foreign exchange contracts, interest rate derivatives and commodity swaps.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
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 losses		$ 0.2
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax		0.1
Unrecognized Net Defined Plan Costs | Maximum
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, net losses	$ 0.1
Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax	0.1
Change in Fair Value of Derivatives Products | Foreign Currency Forward Exchange Contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, net gains (losses)	1.9	3.3
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	0.4	0.7
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)	0.9	0.7
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	0.2	0.2
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)	(3.8)	10.3
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	(0.9)
Change in Fair Value of Derivatives Products | Maximum | Interest Rate Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustment from AOCI on derivatives, tax expense (benefit)	$ 2.4	$ 2.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended		6 Months Ended
	Aug. 31, 2017PRP	Mar. 31, 2016USD ($)mi	Jun. 30, 2021USD ($)entitymi	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 2,300,000	$ 2,400,000
Aggregate environmental accruals included in current other accrued liabilities			200,000	500,000
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
Lower Passaic River
Loss Contingencies [Line Items]
Number of entities, in addition to Hexcel, who received a directive from the New Jersey Department of Environmental Protection | entity			48
'Length of river to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of environmental conditions | mi			17
Number of identified non governmental potentially responsible parties | PRP	120
Accrual for environmental loss contingencies			$ 2,100,000	$ 2,100,000
Lower Passaic River | Minimum
Loss Contingencies [Line Items]
Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi		8
Expected cost of capping and dredging of the lower eight miles of the river by EPA		$ 970,000,000
Lower Passaic River | Maximum
Loss Contingencies [Line Items]
Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi		9
Expected cost of capping and dredging of the lower eight miles of the river by EPA		$ 2,070,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Changes in accrued product warranty cost
Balance at the beginning of the period	$ 2.5	$ 2.6
Warranty expense	(0.5)	0.2
Deductions and other	(0.2)	(0.3)
Balance at the end of the period	$ 1.8	$ 2.5

Other Operating Expense - Addit

Other Operating Expense - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Other Operating Expense [Line Items]
Restructuring charge	$ 5.6	$ 13.1	$ 17.5
Anticipated future cash payments	12.5		12.5		$ 15.9	$ 14.2
Other operating expense	$ 3.1	$ 13.1	$ 15.2	$ 27.8
Terminated Merger | Woodward, Inc
Other Operating Expense [Line Items]
Other operating expense				$ 14.7

Other Operating Expense - Sched

Other Operating Expense - Schedule of Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Other Operating Expense [Line Items]
Beginning Balance	$ 15.9		$ 14.2
Restructuring Charge	5.6	$ 13.1	17.5
FX Impact	0.3		(0.3)
Cash Paid	(5.2)		(15.6)
Non-Cash	(4.1)		(3.3)
Ending Balance	12.5		12.5
Employee termination
Other Operating Expense [Line Items]
Beginning Balance	15.9		14.2
Restructuring Charge	0.7		10.7
FX Impact	0.3		(0.3)
Cash Paid	(4.4)		(12.1)
Ending Balance	12.5		12.5
Impairment and other
Other Operating Expense [Line Items]
Restructuring Charge	4.9		6.8
Cash Paid	(0.8)		(3.5)
Non-Cash	$ (4.1)		$ (3.3)