Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Jan. 31, 2025 |
Jun. 30, 2024 |
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| Cover [Abstract] | |||
| Entity Registrant Name | Hexcel Corporation | ||
| Entity Central Index Key | 0000717605 | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Amendment Flag | false | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Shell Company | false | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| ICFR Auditor Attestation Flag | true | ||
| Entity Public Float | $ 5,103,866,076 | ||
| Entity Common Stock, Shares Outstanding | 81,131,632 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| 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 | ||
| City Area Code | 203 | ||
| Local Phone Number | 969-0666 | ||
| Entity Interactive Data Current | Yes | ||
| Entity Incorporation, State or Country Code | DE | ||
| Document Annual Report | true | ||
| Document Transition Report | false | ||
| Title of 12(b) Security | COMMON STOCK, par value $0.01 | ||
| Trading Symbol | HXL | ||
| Security Exchange Name | NYSE | ||
| Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of Part III will be incorporated by reference to the registrant’s definitive proxy statement, in accordance with Instruction G(3) to Form 10-K, to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year. |
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| Auditor Firm ID | 42 | ||
| Auditor Name | Ernst & Young LLP | ||
| Auditor Location | Stamford, Connecticut | ||
| Auditor Opinion | Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Hexcel Corporation and Subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 5, 2025 expressed an unqualified opinion thereon.
Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 200.0 | 200.0 |
| Common stock, shares issued | 111.6 | 110.8 |
| Treasury stock | 30.6 | 26.7 |
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Income Statement [Abstract] | |||||||
| Net sales | [1],[2] | $ 1,903.0 | $ 1,789.0 | $ 1,577.7 | |||
| Cost of sales | 1,433.2 | 1,355.8 | 1,220.6 | ||||
| Gross margin | 469.8 | 433.2 | 357.1 | ||||
| Selling, general and administrative expenses | 176.6 | 163.8 | 148.0 | ||||
| Research and technology expenses | 57.1 | 52.7 | 45.8 | ||||
| Other operating expense (income) | 50.0 | 1.4 | (11.9) | ||||
| Operating income | 186.1 | 215.3 | 175.2 | ||||
| Interest expense, net | 31.2 | 34.0 | 36.2 | ||||
| Other expense (income) | 0.0 | 71.6 | (10.8) | ||||
| Income before income taxes, and equity in earnings from affiliated companies | 154.9 | 109.7 | 149.8 | ||||
| Income tax expense | 22.8 | 12.1 | 31.6 | ||||
| Income before equity in earnings | 132.1 | 97.6 | 118.2 | ||||
| Equity in earnings from affiliated companies | 0.0 | 8.1 | 8.1 | ||||
| Net income | $ 132.1 | $ 105.7 | $ 126.3 | ||||
| Basic net income per common share: | $ 1.61 | $ 1.25 | $ 1.5 | ||||
| Diluted net income per common share: | $ 1.59 | $ 1.24 | $ 1.49 | ||||
| Weighted-average common shares: | |||||||
| Basic | 82.3 | 84.6 | 84.4 | ||||
| Diluted | 83.0 | 85.5 | 85.0 | ||||
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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net Income | $ 132.1 | $ 105.7 | $ 126.3 |
| Currency translation adjustments | (29.1) | 29.1 | (48.2) |
| Net unrealized pension and other benefit actuarial loss and prior service credits (net of tax) | (1.7) | 50.1 | 12.6 |
| Net unrealized gain (loss) on financial instruments (net of tax) | (10.1) | 21.1 | (12.3) |
| Total other comprehensive (loss) income | (40.9) | 100.3 | (47.9) |
| Comprehensive income | $ 91.2 | $ 206.0 | $ 78.4 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Stockholders' Equity [Abstract] | |||
| Dividends paid on common stock price per share | $ 0.6 | $ 0.5 | $ 0.4 |
Insider Trading Arrangements shares in Millions |
3 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | On November 12, 2024, Gina Fitzsimons, the Company’s Executive Vice President, Chief Human Resources Officer and Communications Officer entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5–1(c) of the Exchange Act. The trading plan provides for the sale of up to 2,062 shares of common stock of the Company beginning on February 21, 2025 and terminates on December 8, 2025.
On November 4, 2024, Thierry Merlot, the Company’s President, Aerospace, Europe, Middle East, Africa, Asia Pacific and Industrial, entered into a trading plan pursuant to Rule 10b5-1 of the Exchange Act intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The trading plan provides for the exercise of up to 5,397 non-qualified stock options and sale of the net shares of common stock of the Company received upon exercise, and the sale of up to an additional 3,500 shares of common stock of the Company. The trading plan terminates on August 28, 2025.
No other directors or officers, as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified or terminated a “Rule 10b5-1 trading arrangement,” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408, during the fourth quarter of 2024. |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule 10b5-1 Arrangement Modified | false |
| Non-Rule 10b5-1 Arrangement Modified | false |
| Thierry Merlot [Member] | |
| Trading Arrangements, by Individual | |
| Name | Thierry Merlot |
| Title | President, Aerospace, Europe, Middle East, Africa, Asia Pacific and Industrial |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | November 4, 2024 |
| Rule 10b5-1 Arrangement Terminated | true |
| Termination Date | August 28, 2025 |
| Arrangement Duration | 278 days |
| Aggregate Available | 3,500 |
| Gina Fitzsimons [Member] | |
| Trading Arrangements, by Individual | |
| Name | Gina Fitzsimons |
| Title | Executive Vice President, Chief Human Resources Officer and Communications Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | November 12, 2024 |
| Rule 10b5-1 Arrangement Terminated | true |
| Termination Date | December 8, 2025 |
| Arrangement Duration | 291 days |
| Aggregate Available | 2,062 |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity
At Hexcel, we are committed to the security of our products and services, the protection of employee, customer and Company data, and the safeguarding of our manufacturing capability. Our cybersecurity program is led by our Chief Information Officer (“CIO”), who has over 20 years of experience in information technology leadership and 10 years of experience directly overseeing our information security program and holds a Master of Business Administration in technology management. As a part of our cybersecurity program, we have engaged, and in the future may continue to engage, third-party consultants and advisors, including a third-party consultant with extensive experience designing, leading, and maintaining the implementation and assurance frameworks for organizational information, to provide virtual chief information security officer services, including establishing a security architecture, policies, practices, and response capabilities.
Our CIO regularly updates senior management on our cybersecurity risk governance and management and the status of ongoing efforts to strengthen cybersecurity effectiveness. Our board of directors views cybersecurity as a strategic priority and therefore maintains oversight of management’s actions in implementing our overall cybersecurity program, with our CIO regularly reporting directly to our board of directors. The audit committee of the board of directors also periodically reviews the cybersecurity program as part of its oversight of the Company’s internal audit function and insurance program.
As part of our cybersecurity program, we maintain various protections designed to safeguard against cyberattacks, including firewalls, anti-malware, intrusion prevention and detection systems, access controls and other encryption configurations and cybertechnologies, and continuously monitor and audit our information technology and data assets to detect any anomalies and to respond quickly to threats that may arise. We periodically conduct intrusion and penetration testing through third parties to evaluate our cybersecurity response capability. We also regularly conduct employee awareness training on email management (phishing), safe internet browsing, malware, and other cybersecurity risks and routinely communicate with employees about the potential for cybersecurity threats, including the latest adversary trends and social engineering techniques, and how to avoid them through our established communications channels.
We have adopted and implemented an approach to identify and mitigate cybersecurity risks within our overall enterprise risk management program that is based on a recognized framework established by the National Institute of Standards and Technology. The board of directors is responsible for overseeing management’s enterprise risk management program, and receives regular reports on cybersecurity risk identification, monitoring and mitigation from our Chief Financial Officer as part of its review of that program, in addition to the regular reports received from the CIO as part of the board’s overall cybersecurity program review.
As part of our cybersecurity risk management, we have established controls and procedures to guide the Company through an active threat or incident to the recovery of normal business, following industry-standard data protection standards. The controls and procedures provide for the identification, notification, escalation, communication, and remediation of cybersecurity incidents to management, including where appropriate the board of directors, so that decisions regarding the public disclosure and reporting of such incidents can be made in a timely manner. We maintain an Executive Cyber Response Team composed of senior leaders across various functions, including our CIO, General Counsel, Chief Accounting Officer and VP Communications. The Executive Cyber Response Team is trained and experienced in managing cybersecurity incidents and meets regularly to practice and refine our processes for incident response, management and escalation through tabletop exercises simulating cyberattacks administered by a legal advisor with extensive experience in cyber investigations, cyber threats and cyber-enabled frauds. The results of such exercises are then reported to management and our board of directors. The third-party legal advisor also assesses and advises on our overall cybersecurity program, reports to our board of directors on a periodic basis and is engaged to provide support in the event an attack or other intrusion were to be successful.
Furthermore, as part of our cybersecurity management, we are committed to strong third-party risk management. We actively and routinely address cybersecurity capabilities with our top-tier suppliers and have implemented cybersecurity requirements in our standard supplier contract terms to address cybersecurity risk. Additionally, we validate cybersecurity practices of key suppliers as may be necessary to comply with applicable regulations or flow-down requirements from our customers.
The Company maintains disaster recovery plans for key applications and site-specific incident response plans, as well as a cybersecurity and related insurance policies as a measure of added protection.
As of the date of this report, the Company is not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Executive Cyber Response Team is trained and experienced in managing cybersecurity incidents and meets regularly to practice and refine our processes for incident response, management and escalation through tabletop exercises simulating cyberattacks administered by a legal advisor with extensive experience in cyber investigations, cyber threats and cyber-enabled frauds. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | At Hexcel, we are committed to the security of our products and services, the protection of employee, customer and Company data, and the safeguarding of our manufacturing capability. Our cybersecurity program is led by our Chief Information Officer (“CIO”), who has over 20 years of experience in information technology leadership and 10 years of experience directly overseeing our information security program and holds a Master of Business Administration in technology management. As a part of our cybersecurity program, we have engaged, and in the future may continue to engage, third-party consultants and advisors, including a third-party consultant with extensive experience designing, leading, and maintaining the implementation and assurance frameworks for organizational information, to provide virtual chief information security officer services, including establishing a security architecture, policies, practices, and response capabilities.
Our CIO regularly updates senior management on our cybersecurity risk governance and management and the status of ongoing efforts to strengthen cybersecurity effectiveness. Our board of directors views cybersecurity as a strategic priority and therefore maintains oversight of management’s actions in implementing our overall cybersecurity program, with our CIO regularly reporting directly to our board of directors. The audit committee of the board of directors also periodically reviews the cybersecurity program as part of its oversight of the Company’s internal audit function and insurance program.
As part of our cybersecurity program, we maintain various protections designed to safeguard against cyberattacks, including firewalls, anti-malware, intrusion prevention and detection systems, access controls and other encryption configurations and cybertechnologies, and continuously monitor and audit our information technology and data assets to detect any anomalies and to respond quickly to threats that may arise. We periodically conduct intrusion and penetration testing through third parties to evaluate our cybersecurity response capability. We also regularly conduct employee awareness training on email management (phishing), safe internet browsing, malware, and other cybersecurity risks and routinely communicate with employees about the potential for cybersecurity threats, including the latest adversary trends and social engineering techniques, and how to avoid them through our established communications channels.
We have adopted and implemented an approach to identify and mitigate cybersecurity risks within our overall enterprise risk management program that is based on a recognized framework established by the National Institute of Standards and Technology. The board of directors is responsible for overseeing management’s enterprise risk management program, and receives regular reports on cybersecurity risk identification, monitoring and mitigation from our Chief Financial Officer as part of its review of that program, in addition to the regular reports received from the CIO as part of the board’s overall cybersecurity program review. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The audit committee of the board of directors also periodically reviews the cybersecurity program as part of its oversight of the Company’s internal audit function and insurance program. We maintain an Executive Cyber Response Team composed of senior leaders across various functions, including our CIO, General Counsel, Chief Accounting Officer and VP Communications. The Executive Cyber Response Team is trained and experienced in managing cybersecurity incidents and meets regularly to practice and refine our processes for incident response, management and escalation through tabletop exercises simulating cyberattacks administered by a legal advisor with extensive experience in cyber investigations, cyber threats and cyber-enabled frauds. The results of such exercises are then reported to management and our board of directors. The third-party legal advisor also assesses and advises on our overall cybersecurity program |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The board of directors is responsible for overseeing management’s enterprise risk management program, and receives regular reports on cybersecurity risk identification, monitoring and mitigation from our Chief Financial Officer as part of its review of that program, in addition to the regular reports received from the CIO as part of the board’s overall cybersecurity program reviewThe results of such exercises are then reported to management and our board of directors. The third-party legal advisor also assesses and advises on our overall cybersecurity program, reports to our board of directors on a periodic basis and is engaged to provide support in the event an attack or other intrusion were to be successful.
Furthermore, as part of our cybersecurity management, we are committed to strong third-party risk management. We actively and routinely address cybersecurity capabilities with our top-tier suppliers and have implemented cybersecurity requirements in our standard supplier contract terms to address cybersecurity risk. Additionally, we validate cybersecurity practices of key suppliers as may be necessary to comply with applicable regulations or flow-down requirements from our customers. |
| Cybersecurity Risk Role of Management [Text Block] | At Hexcel, we are committed to the security of our products and services, the protection of employee, customer and Company data, and the safeguarding of our manufacturing capability. Our cybersecurity program is led by our Chief Information Officer (“CIO”), who has over 20 years of experience in information technology leadership and 10 years of experience directly overseeing our information security program and holds a Master of Business Administration in technology management Our CIO regularly updates senior management on our cybersecurity risk governance and management and the status of ongoing efforts to strengthen cybersecurity effectiveness. Our board of directors views cybersecurity as a strategic priority and therefore maintains oversight of management’s actions in implementing our overall cybersecurity program, with our CIO regularly reporting directly to our board of directors. The audit committee of the board of directors also periodically reviews the cybersecurity program as part of its oversight of the Company’s internal audit function and insurance program. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our cybersecurity program is led by our Chief Information Officer We maintain an Executive Cyber Response Team composed of senior leaders across various functions, including our CIO, General Counsel, Chief Accounting Officer and VP Communications. The Executive Cyber Response Team is trained and experienced in managing cybersecurity incidents and meets regularly to practice and refine our processes for incident response |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our cybersecurity program is led by our Chief Information Officer (“CIO”), who has over 20 years of experience in information technology leadership and 10 years of experience directly overseeing our information security program and holds a Master of Business Administration in technology management. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | As a part of our cybersecurity program, we have engaged, and in the future may continue to engage, third-party consultants and advisors, including a third-party consultant with extensive experience designing, leading, and maintaining the implementation and assurance frameworks for organizational information, to provide virtual chief information security officer services, including establishing a security architecture, policies, practices, and response capabilities we maintain various protections designed to safeguard against cyberattacks, including firewalls, anti-malware, intrusion prevention and detection systems, access controls and other encryption configurations and cybertechnologies, and continuously monitor and audit our information technology and data assets to detect any anomalies and to respond quickly to threats that may arise. We periodically conduct intrusion and penetration testing through third parties to evaluate our cybersecurity response capabilityWe have adopted and implemented an approach to identify and mitigate cybersecurity risks within our overall enterprise risk management program that is based on a recognized framework established by the National Institute of Standards and Technologywe have established controls and procedures to guide the Company through an active threat or incident to the recovery of normal business, following industry-standard data protection standards. The controls and procedures provide for the identification, notification, escalation, communication, and remediation of cybersecurity incidents to management, including where appropriate the board of directors, so that decisions regarding the public disclosure and reporting of such incidents can be made in a timely manner. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | Note 1 — Significant Accounting Policies Nature of Operations Hexcel Corporation and its subsidiaries (herein referred to as “Hexcel”, “the Company”, “we”, “us”, or “our”), is a global leader in advanced lightweight composites technology. We propel the future of flight, energy generation, transportation, and recreation through excellence in providing innovative high-performance material solutions that are lighter, stronger and tougher, helping to create a better world for us all. Our broad product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, space and defense, and industrial applications. We serve international markets through manufacturing facilities, sales offices and representatives located in the Americas, Europe, Asia Pacific, India, and Africa. We also had a presence in Malaysia where we were a partner in a joint venture which manufactures composite structures for Commercial Aerospace applications. In December 2023, we sold our 50% interest in the joint venture and received net proceeds of approximately $44.7 million and recorded a loss on the sale of $3.0 million (including the write-off of approximately $9.0 million in currency translation adjustments) which was included in Other expense in the Consolidated Statements of Operations for the year ended December 31, 2023. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Hexcel Corporation and its subsidiaries after elimination of all intercompany accounts, transactions, and profits. Results for the years ended 2023 included our 50% equity ownership investment in the joint venture in Malaysia which was accounted for using the equity method of accounting. As mentioned above, we sold our interest in the joint venture in December 2023. Basis of Presentation The accompanying consolidated financial statements have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and are in conformity with U.S. generally accepted accounting principles ("GAAP"). Our fiscal year end is December 31. Unless otherwise stated, all years and dates refer to our fiscal year. Assets and Liabilities Held for Sale During the fourth quarter of 2024, the Company announced it was exploring strategic options for its operations in Austria and is undergoing a process to find a suitable successor for the Neumarkt plant. The products produced at our Neumarkt, Austria plant include those for the wind market. However, over the last several years, the wind energy market has moved away from using Hexcel’s glass prepreg products, resulting in the low volumes we are selling today. As of December 31, 2024, the assets and liabilities of the Austria operations have been classified as held for sale and an impairment charge was recorded to other operating expense to reduce the carrying amount of the investment to the estimated fair value. The table below presents the carrying amounts of the assets and liabilities potentially included as part of the expected sale:
Use of Estimates Preparation of the accompanying consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with an original maturity of three months or less when purchased. Our cash equivalents are held in money market investments with strong sponsor organizations which are monitored on a continuous basis. Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using a standard rate per unit of finished goods when the plant is operating at normal or planned capacity. Inventory is reported at its estimated net realizable value based upon our historical experience with inventory becoming obsolete due to age, changes in technology and other factors. Inventory cost consists of materials, labor, and manufacturing related overhead associated with the purchase and production of inventories. Property, Plant and Equipment Property, plant and equipment, including capitalized interest applicable to major project expenditures, is recorded at cost. Asset and accumulated depreciation accounts are eliminated for dispositions, with resulting gains or losses reflected in earnings. Depreciation of plant and equipment is provided generally using the straight-line method over the estimated useful lives of the various assets. The estimated useful lives range from 10 to 40 years for buildings and improvements and from 3 to 25 years for machinery and equipment. Repairs and maintenance are expensed as incurred, while major replacements and betterments are capitalized and depreciated over the remaining useful life of the related asset. Leases The Company regularly enters into operating leases for certain buildings, equipment, parcels of land, and vehicles and accounts for such leases under the provisions of Accounting Standards Codification (“ASC”) 842, accounting for leases. Accordingly, we capitalize all agreements with terms for more than one year, where a right of use asset was identified. Generally, amounts capitalized represent the present value of minimum lease payments over the term, and the duration is equivalent to the base agreement, however, management uses certain assumptions when determining the value and duration of leases. These assumptions include, but are not limited to, the probability of renewing a lease term, certain future events impacting lease payments, as well as fair values not explicit in an agreement. Such assumptions impacted the duration of many of our building leases, as well as certain of our equipment leases. In addition, we elected certain expedients, such as the election to capitalize lease and non-lease components of an agreement as a single component for purposes of simplicity, with the exception of those related to equipment and machinery. In determining the lease renewal, management considers the need and ability to substitute a given asset, as well as certain conditions such as related contractual obligations to our customers (i.e., a contractual obligation of a customer requiring certain manufacturing proximities). In determining fair value, management considers the stand-alone value of an asset in an ordinary market as well as incurring certain costs to terminate an agreement. Most of our leases do not include variable payments but contain scheduled escalations. Any lease payments tied to certain future indexes are adjusted on a go-forward basis as those indexes become known. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets of an acquired business. Goodwill is tested for impairment at the reporting unit level annually, in the fourth quarter, or when events or changes in circumstances indicate that goodwill might be impaired. The Company performed a qualitative assessment (“Step Zero”) and determined that it was more likely than not that the fair values of our reporting units were not less than their carrying values and it was not necessary to perform a quantitative goodwill impairment test. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. We have indefinite lived intangible assets which are not amortized but are tested annually for impairment during the fourth quarter of each year, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of the indefinite lived intangible exceeds the fair value, it is written down to its fair value, which is calculated using a discounted cash flow model. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and definite-lived intangible assets, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. These indicators include, but are not limited to: a significant decrease in the market price of a long-lived asset, a significant change in the extent or manner in which a long-lived asset is used or its physical condition, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, an accumulation of costs significantly in excess of the amount expected for the acquisition or construction of a long-lived asset, a current period operating or cash flow loss combined with a history of losses associated with a long-lived asset and a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated life. Software Development Costs Costs incurred to develop software for internal use and for software accessed through the cloud in a hosting arrangement are accounted for under ASC 350-40, “Internal-Use Software.” All costs relating to the preliminary project stage and the post-implementation/operation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the useful life of the software or the noncancelable term of the hosting arrangement, which can range from to . The amortization of capitalized costs commences after testing has been completed, the software/module/component is ready for its intended use and is not dependent on the completion on any other modules/components. Debt Financing Costs Debt financing costs are deferred and amortized to interest expense over the life of the related debt. We capitalize financing fees related to our revolving credit facility and record them as a non-current asset in our Consolidated Balance Sheets. Financing fees related to our bonds and notes are capitalized and recorded as a non-current contra liability in our Consolidated Balance Sheets. See Note 6, Debt, for further information on debt financing costs. Share-Based Compensation The fair value of Restricted Stock Units (“RSUs”) is equal to the market price of our stock at date of grant and is amortized to expense ratably over the vesting period. Performance restricted stock units (“PRSUs”) are a form of RSUs in which the number of shares ultimately received depends on the extent to which we achieve a specified performance target. The fair value of the PRSU is based on the closing market price of the Company’s common stock on the date of grant and is amortized straight-line over the total vesting period. A change in the performance measure expected to be achieved is recorded as an adjustment in the period in which the change occurs. We use the Black-Scholes model to calculate the fair value for all stock option grants, based on the inputs relevant on the date granted, such as the market value of our shares, prevailing risk-free interest rate, etc. The value of the portion of the award, after considering potential forfeitures, that is ultimately expected to vest is recognized as expense in our consolidated statements of operations on a straight-line basis over the requisite service periods. The value of RSUs, PRSUs and non-qualifying options awards for retirement eligible employees is expensed on the grant date as they are fully vested. Currency Translation The assets and liabilities of international subsidiaries are translated into U.S. dollars at year-end exchange rates, and revenues and expenses are translated at average exchange rates during the year. Cumulative currency translation adjustments are included in “accumulated other comprehensive loss” in the stockholders’ equity section of the Consolidated Balance Sheets. Revenue Recognition Revenue is predominantly derived from a single performance obligation under long-term agreements with our customers and pricing is fixed and determinable. The majority of our revenue is recognized at a point in time when the customer has obtained control of the product. We have determined that individual purchase orders (“PO”), whose terms and conditions taken with a master agreement, create the revenue contracts which are generally short-term in nature. For those sales which are not tied to a long-term agreement, we generate a PO that is subject to our standard terms and conditions. Revenue is recognized over time for customer contracts that contain a termination for convenience clause (“T for C") and where the products produced do not have an alternative use. For revenue recognized over time, we estimate the amount of revenue earned at a given point during the production cycle based on certain costs factors such as raw materials and labor incurred to date, plus a reasonable profit, which is known as the cost-to-cost input method. Our revenue recognition policy recognizes the following practical expedients allowed under ASC 606: • Payment terms with our customers which are one year or less, are not considered a performance obligation. • Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in our Consolidated Statements of Operations and are not considered a performance obligation to our customers. • Our performance obligations on our orders are generally satisfied within one year from a given reporting date therefore we omit disclosure of the transaction price allocated to remaining performance obligations on open orders. Product Warranty We provide for an estimated amount of product warranty at the point a claim is probable and estimable. This estimated amount is provided by product and based on current facts, circumstances, and historical warranty experience. Research and Technology Significant costs are incurred each year in connection with research and technology (“R&T”) programs that are expected to contribute to future earnings. Such costs are related to the development and, in certain instances, the qualification and certification of new and improved products and their uses. R&T costs are expensed as incurred. Income Taxes
We provide for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities reflect tax net operating loss and credit carryforwards and the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets require a valuation allowance when it is not more likely than not, based on the evaluation of positive and negative evidence, that the deferred tax assets will be realized. The realization of deferred tax assets is dependent upon the timing and magnitude of future taxable income prior to the expiration of the deferred tax assets’ attributes. When events and circumstances dictate, we evaluate the realizability of our deferred tax assets and the need for a valuation allowance by forecasting future taxable income. Investment tax credits are recorded on a flow-through basis, which reflects the credit in net income as a reduction of the provision for income taxes in the same period as the credit is realized for federal income tax purposes. In addition, we recognize interest accrued related to unrecognized tax benefits as a component of interest expense and penalties as a component of income tax expense in the Consolidated Statements of Operations. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of trade accounts receivable. Two customers and their related subcontractors accounted for approximately 55% of our annual net sales in 2024, 54% in 2023 and 51% in 2022. Refer to Note 18 for further information on significant customers. We perform ongoing credit evaluations of our customers’ financial condition but generally do not require collateral or other security to support customer receivables. We establish an allowance for doubtful accounts based on factors surrounding the credit risk of specific customers, historical trends, and other financial information. Derivative Financial Instruments We use various financial instruments, including foreign currency forward exchange contracts, commodity, and interest rate agreements, to manage our exposure to market fluctuations by generating cash flows that offset, in relation to their amount and timing, the cash flows of certain foreign currency denominated transactions, commodities or underlying debt instruments. We mark our foreign exchange forward contracts to fair value. When the derivatives qualify, we designate our foreign currency forward exchange contracts as cash flow hedges against forecasted foreign currency denominated transactions and report the changes in fair value of the instruments in “accumulated other comprehensive loss” until the underlying hedged transactions affect income. We designate our interest rate agreements as fair value or cash flow hedges against specific debt instruments and recognize interest differentials as adjustments to interest expense as the differentials may occur; the fair value of the interest rate swaps is recorded in other assets or other non-current liabilities with a corresponding amount to “accumulated other comprehensive loss”. We do not use financial instruments for trading or speculative purposes. In accordance with accounting guidance, we recognize all derivatives as either assets or liabilities on our Consolidated Balance Sheets and measure those instruments at fair value. Self-insurance We are self-insured up to specific levels for certain medical and health insurance and workers’ compensation plans. Accruals are established based on actuarial assumptions and historical claim experience and include estimated amounts for incurred but not reported claims.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard during the fourth quarter of 2024. For further information see Note 18, Segment Information.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 240), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign and (3) income tax expense or benefit from continuing operations disaggregated by Federal, state, and foreign. The update also requires entities to disclose their income tax payments to various jurisdictions. This standard is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. We do not expect this new standard to have a significant impact to our disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statement disclosures. |
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Inventories |
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| Inventories | Note 2 — Inventories
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Accounts Receivable |
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| Accounts Receivable | Note 3— Accounts Receivable
Bad debt expense was immaterial for all years presented. |
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Net Property, Plant and Equipment |
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| Net Property, Plant and Equipment | Note 4 — Net Property, Plant and Equipment
Depreciation expense related to property, plant and equipment for the years ended December 31, 2024, 2023 and 2022, was $117.5 million, $118.0 million and $119.4 million, respectively. Capitalized interest of $10.7 million, $6.7 million, and $12.3 million for 2024, 2023 and 2022, respectively, was included in construction in progress. Capitalized costs associated with software accessed through a hosting arrangement were $17.6 million for 2024, $7.4 million for 2023, and were not material for 2022. |
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Goodwill and Purchased Intangible Assets |
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| Goodwill and Purchased Intangible Assets | Note 5 — Goodwill and Purchased Intangible Assets
Changes in the carrying amount of gross goodwill and other purchased intangibles for the years ended December 31, 2024 and 2023, by segment, are as follows:
We performed our annual impairment review of goodwill as of November 30, 2024 and determined that it was more likely than not that the fair values of our reporting units are above their carrying values and that no impairment exists. During the fourth quarter of 2024, we separately recorded an intangible asset impairment charge of $5.2 million as the net book value exceeded the expected fair value of these assets upon divestiture. The goodwill and intangible asset balances as of December 31, 2024 included $4.3 million of indefinite-lived intangible assets, $46.2 million of a definite-lived intangible asset (net of accumulated amortization of $51.3 million) and $186.5 million of goodwill. Of the $186.5 million of goodwill, $71.1 million is allocated to the Composite Materials segment and $115.4 million to the Engineered Products segment. The weighted average remaining life of the finite lived intangible assets is 10 years. Amortization related to the definite lived intangible assets for the next five years and thereafter is as follows:
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Debt |
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| Debt | Note 6– Debt
Senior Unsecured Credit Facility
On April 25, 2023, the Company entered into a new credit agreement (the “Credit Agreement”) to refinance its senior unsecured credit facility agreement (the “Facility”). Under the terms of the Credit Agreement the borrowing capacity remained at $750 million. The Facility matures in April 2028. In connection with the refinancing, the Company incurred approximately $2.5 million in financing costs which were deferred and are amortized over the life of the Facility.
Borrowings under the Facility bear interest for Secured Overnight Financing Rate ("SOFR") borrowings at (i) an Adjusted Term SOFR rate (subject to a 0.00% floor), where such “Adjusted Term SOFR” rate is equal to the Term SOFR rate for the applicable interest period plus 0.10%, plus the Applicable Margin or (ii) for base rate borrowings, the greatest of (a) the prime rate, (b) the federal funds rate plus 0.50% and (c) the Adjusted Term SOFR rate (subject to a 0.00% floor) for a one-month interest period plus 1.00%, in each case plus the Applicable Margin. The “Applicable Margin” initially was 1.125% for SOFR rate borrowings and 0.125% for base rate borrowings, and after September 30, 2023, could fluctuate, determined by reference to the more favorable to the Company of its (i) public debt rating and (ii) consolidated leverage ratio, as specified in the Credit Agreement. Up to $50 million of the Facility may be used for letters of credit. The Credit Agreement enables the Company, from time to time, to add term loans or to increase the revolving credit commitment in an aggregate amount not to exceed $500 million.
The Credit Agreement contains customary covenants that place restrictions on, among other things, the incurrence of debt by any subsidiaries of the Company, granting of liens and sale of all or substantially all of the assets of the Company and its subsidiaries taken as a whole. The Credit Agreement also contains financial covenants that require the Company to maintain a minimum interest coverage ratio and a maximum consolidated net leverage ratio. As of December 31, 2024, we were in compliance with all debt covenants.
As of December 31, 2024, there were no outstanding borrowings under the Facility. Outstanding letters of credit reduce the amount available for borrowing under the Facility. As of December 31, 2024, there were no issued letters of credit under the Facility, resulting in undrawn availability under the Facility of $750 million. The weighted average interest rate for the Facility was 6.5% for the year ended December 31, 2024.
The balance of unamortized deferred financing costs related to the Facility was $2.0 million at December 31, 2024 and $2.5 million at December 31, 2023.
3.95% Senior Notes
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 by 0.25% each time a credit rating applicable to the notes is downgraded. The maximum rate is 5.95%. The effective interest rate for 2024 was 4.0% inclusive of an approximately 0.25% benefit of treasury locks. The fair value of the senior notes due in 2027 based on quoted prices utilizing Level 2 inputs (as defined in Note 19) was $391.2 million at December 31, 2024. The balance of unamortized deferred financing costs and debt discount related to the senior notes was $1.1 million at December 31, 2024 and $1.7 million at December 31, 2023.
4.7% Senior Notes In 2015, the Company issued $300 million in aggregate principal amount of 4.7% Senior Unsecured Notes due in 2025. In accordance with ASC 470-10-45-14 the Company classified the 4.7% Senior Unsecured Notes due in August 2025 as long-term debt at December 31, 2024 due to the Company’s intent to refinance the senior notes on a long-term basis and the Company’s ability to consummate such refinancing as the Company has the ability to draw on the Credit Agreement for the full amount of the Company’s obligations under the senior notes. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. The maximum rate is 6.7%. The effective interest rate for 2024 was 4.9%. The fair value of the senior notes based on quoted prices utilizing Level 2 inputs was $299.4 million at December 31, 2024. The balance for unamortized deferred financing costs and debt discount related to the senior notes was $0.2 million at December 31, 2024 and $0.6 million at December 31, 2023. |
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| Leases | Note 7 — Leases At December 31, 2024, we had approximately $25.4 million of right of use assets recorded in non-current other assets, and $25.4 million of related liabilities, $19.4 million of which was included in other non-current liabilities with the current portion of $6.0 million included in accrued liabilities. The weighted average of the remaining lease terms was approximately 6 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of LIBOR or SOFR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country of origin. The weighted average interest rate used in calculating the fair values listed above was 3.8%. The following table lists the schedule of future undiscounted cash payments related to right of use assets by year:
Operating lease expense recognized during the year ended December 31, 2024, 2023 and 2022, was $15.3 million, $16.1 million and $15.2 million, respectively. Expense related to operating leases which have a duration of a year or less were not material. Expenses for finance leases for the years ended December 31, 2024, 2023 and 2022 were not material.
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement and Other Postretirement Benefit Plans | Note 8 — Retirement and Other Postretirement Benefit Plans We maintain qualified defined benefit retirement plans covering certain current and former European employees, as well as nonqualified defined benefit retirement plans, and retirement savings plans covering certain eligible U.S. and European employees and participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations. In addition, we provide certain postretirement health care and life insurance benefits to eligible U.S. retirees. Accounting standards require the use of certain assumptions, such as the expected long-term rate of return, discount rate, rate of compensation increase, healthcare cost trend rates, and retirement and mortality rates, to determine the net periodic costs of such plans. These assumptions are reviewed and set annually at the beginning of each year. In addition, these models use an “attribution approach” that generally spreads individual events, such as plan amendments and changes in actuarial assumptions, over the service lives of the employees in the plan. That is, employees render service over their service lives on a relatively smooth basis and therefore, the income statement effects of retirement and postretirement benefit plans are earned in, and should follow, the same pattern. We use our actual return experience, future expectations of long-term investment returns, and our actual and targeted asset allocations to develop our expected rate of return assumption used in the net periodic cost calculations of our funded European defined benefit retirement plans. Due to the difficulty involved in predicting the market performance of certain assets, there will be a difference in any given year between our expected return on plan assets and the actual return. Following the attribution approach, each year’s difference is amortized over a number of future years. Over time, the expected long-term returns are designed to approximate the actual long-term returns and therefore result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. We annually set our discount rate assumption for retirement-related benefits accounting to reflect the rates available on high-quality, fixed-income debt instruments. The rate of compensation increases for nonqualified pension plans, which is another significant assumption used in the actuarial model for pension accounting, is determined by us based upon our long-term plans for such increases and assumed inflation. For the postretirement health care and life insurance benefits plan, we review external data and its historical trends for health care costs to determine the health care cost trend rates. Retirement and termination rates are based primarily on actual plan experience. The mortality table used for the U.S. plans is based on the Pri-2012 White Collar Healthy Annuitant Mortality Table with Improvement Scale MP-2021 and for the U.K. Plan the S2PXA base table with future improvements in line with the CMI 2022 projection model with a long-term trend rate of 1.25% per annum. Actual results that differ from our assumptions are accumulated and amortized over future periods and therefore, generally affect the net periodic costs and recorded obligations in such future periods. While we believe that the assumptions used are appropriate, significant changes in economic or other conditions, employee demographics, retirement and mortality rates, and investment performance may materially impact such costs and obligations. U.S. Defined Benefit Retirement Plans We have nonqualified defined benefit retirement plans covering certain current and former U.S. employees that are funded as benefits are incurred. Under the provisions of these plans, we expect to contribute approximately $16.5 million in 2025 to cover unfunded benefits, including approximately $15.9 million for a one-time lump sum payment. Multi-Employer Plan The Company is party to a multi-employer pension plan covering certain U.S. employees with union affiliations. The plan is the Western Metal Industry Pension Fund, (“the Plan”). The Plan’s employer identification number is 91-6033499; the Plan number is 001. In 2024, 2023 and 2022 the Plan reported Hexcel Corporation as being an employer that contributed greater than 5% of the Plan’s total contributions. The collective bargaining agreement was renewed on November 20, 2020 retroactively to October 1, 2020 for a five-year term. The Plan has been listed in “critical status” and has been operating in accordance with a Rehabilitation Plan since 2010. The Plan, as amended under the Rehabilitation Plan, reduced the adjustable benefits of the participants, and levied a surcharge on employer contributions. The Company contributed $1.7 million in 2024, $1.6 million in 2023 and $1.5 million in 2022. We expect the Company’s contribution to be approximately $1.8 million in 2025 and remain at that level over the remaining term. U.S. Retirement Savings Plan Under the retirement savings plan, eligible U.S. employees can contribute up to 75% of their annual compensation to an individual 401(k) retirement savings account. The Company makes matching contributions equal to 50% of employee contributions, not to exceed 3% of employee compensation each year. We also contribute an additional 2% to 4% of each eligible U.S. employee’s salary to an individual 401(k) retirement savings account. This increases the maximum contribution to individual U.S. employee savings accounts to between 5% and 7% per year before any profit-sharing contributions that are made when we meet or exceed certain performance targets that are set annually. These profit-sharing contributions are made at the Company’s discretion and are targeted at 3% of an eligible U.S. employee’s pay, with a maximum of 4.5%.
U.S. Postretirement Plans In addition to defined benefit and retirement savings plan benefits, we also provide certain postretirement health care and life insurance benefits to eligible U.S. retirees. Depending upon the plan, benefits are available to eligible employees who retire after meeting certain age and service requirements and were employed by Hexcel as of February 1996. Our funding policy for the postretirement health care and life insurance benefit plans is generally to pay covered expenses as they are incurred. Under the provisions of these plans, we expect to contribute approximately $0.2 million in 2025 to cover unfunded benefits. Non-Qualified Deferred Compensation Plan Under the deferred compensation plan, eligible U.S. employees may make tax-deferred contributions that cannot be made under the 401(k) Plan because of Internal Revenue Service limitations. We match 50% of a participant’s contributions up to 6% of the participants excess compensation pay as well as provide the same fixed and profit-sharing contributions as provided under the 401(k) plan. We have elected to fund our deferred compensation obligation through a rabbi trust. The rabbi trust is subject to creditor claims in the event of insolvency, but the assets held in the rabbi trust are not available for general corporate purposes. Amounts in the rabbi trust are invested in a number of funds based on the funds available under our 401(k) plan, other than the Hexcel stock fund. The securities are carried at fair value and are included in other assets on the Consolidated Balance Sheets. We record trading gains and losses in general and administrative expenses on the Consolidated Statements of Operations, along with the offsetting amount related to the increase or decrease in deferred compensation to reflect our exposure to liabilities for payment under the deferred compensation plan. European Defined Benefit Retirement Plans We have defined benefit retirement plans in Belgium, France, and Austria covering certain employees of our subsidiaries in those countries. The defined benefit plan in the United Kingdom (the “U.K. Plan”), the largest of the European plans, was terminated in 2011 and replaced with a defined contribution plan. The total assets in the U.K. Plan were held in a variety of investments. Equity investments and growth fund investments were made with the objective of achieving a return on plan assets consistent with the funding requirements of the plan, maximizing portfolio return and minimizing the impact of market fluctuations on the fair value of the plan assets. In 2020 and 2021, the plan bought insurance policies through the same insurer, referred to as a buy-in, which immunized the full amount of the liability. In the fourth quarter of 2023, the Company finalized a buy out, at which point the third party insurer became legally responsible to pay the retirement benefits to plan participants. The Company no longer has any obligations relative to the plan. In connection with the buy-out, in 2023, the Company reported a pre-tax non-cash settlement charge of approximately $70.5 million and a gain of $1.9 million related to excess assets from the UK pension plan that reverted back to the Company, which were recorded in Other expense (income) on the Consolidated Statements of Operations. Under the provisions of these plans, we expect to contribute approximately $1.3 million in 2025 to cover unfunded benefits. U.K. Defined Contribution Pension Plan Under the Defined Contribution Plan, eligible U.K. employees can belong to the Deferred Contribution Plan on a non-participatory basis or can elect to contribute 3%, 5% or 7% of their pensionable salary. The Company will contribute 5%, 9% and 13% respectively. The plan also provides life insurance and disability insurance benefits for members. Retirement and Other Postretirement Plans – France The employees of our French subsidiaries are entitled to receive a lump-sum payment upon retirement subject to certain service conditions under the provisions of the national chemicals and textile workers collective bargaining agreements. The amounts attributable to the French plans have been included within the total expense and obligation amounts noted for the European plans. Net Periodic Pension Expense Net periodic expense for our U.S. and European qualified and nonqualified defined benefit pension plans and our retirement savings plans for the three years ended December 31, 2024 is detailed in the table below.
Defined Benefit Retirement and Postretirement Plans Net periodic cost of our defined benefit retirement and postretirement plans for the three years ended December 31, 2024, were:
The above amounts for the year ended December 31, 2023 do not include a non-cash charge of $70.5 million related to the completion of the buy-out of the UK pension plan and a gain of $1.9 million related to excess assets from the UK pension plan that reverted back to the Company. Completion of the buy-out of the UK pension plan and a gain of $1.9 million related to excess assets from the UK pension plan that reverted back to the Company which were recorded in Other expense (income) on the Consolidated Statements of Operations.
The benefit obligation, fair value of plan assets, funded status, and amounts recognized in the consolidated financial statements for our defined benefit retirement plans and postretirement plans, as of and for the years ended December 31, 2024 and 2023, were:
The measurement date used to determine the benefit obligations and plan assets of the defined benefit retirement and postretirement plans was December 31, 2024. All costs related to our pensions are included as a component of operating income in our Consolidated Statements of Operations. For the years ended December 31, 2024, 2023 and 2022 amounts unrelated to service costs were a benefit of $1.0 million, $2.9 million and $2.4 million, respectively.
The total accumulated benefit obligation (“ABO”) for the U.S. defined benefit retirement plans was $20.1 million and $17.8 million as of December 31, 2024 and 2023, respectively. The European plans’ ABO exceeded plan assets as of December 31, 2024 by $9.6 million and in 2023 by $8.8 million. The ABO for these plans was $13.6 million and $13.4 million as of December 31, 2024 and 2023, respectively.
Benefit payments for the plans are expected to be as follows:
Fair Values of Pension Assets The following table presents pension assets measured at fair value at December 31, 2024 and 2023 utilizing the fair value hierarchy discussed in Note 19:
Prior to the buy-out, the U.K. Plan invested funds were not exchange-listed and were, therefore, classified as Level 3.
The insurance contracts are Level 3 investments and are valued using unobservable inputs that are based on the best information available. The fair value of the assets is equal to the total amount of all individual technical reserves plus the non-allocated employer’s financing fund reserves at the valuation date. The individual technical and financing fund reserves are equal to the accumulated paid contributions taking into account the insurance tariffication and any allocated profit-sharing return. The index-linked gilt allocation provided a partial interest rate and inflation rate hedge against the valuation of the liabilities.
The diversified investment funds represent plan assets invested in a Pensionskasse (an Austrian multi-employer pension fund). The main holdings consist of equity, bonds, real estate and bank deposits. The actual allocations for the pension assets at December 31, 2024 and 2023, and target allocations by asset class, are as follows:
Assumptions The assumed discount rate for pension plans reflects the market rates for high-quality fixed income debt instruments currently available. A third party provided standard yield curve was used for the U.S. non-qualified and postretirement plans. We believe that the timing and amount of cash flows related to these instruments is expected to match the estimated defined benefit payment streams of our plans. The assumed discount rate for the U.S. non-qualified plans uses individual discount rates for each plan based on their associated cash flows. Salary increase assumptions are based on historical experience and anticipated future management actions. For the postretirement health care and life insurance benefit plans, we review external data and our historical trends for health care costs to determine the health care cost trend rates. Retirement rates are based primarily on actual plan experience and on rates from previously mentioned mortality tables. Actual results that differ from our assumptions are accumulated and amortized over future periods and therefore, generally affect the net periodic costs and recorded obligations in such future periods. While we believe that the assumptions used are appropriate, significant changes in economic or other conditions, employee demographics, retirement and mortality rates, and investment performance may materially impact such costs and obligations. Assumptions used to estimate the actuarial present value of benefit obligations at December 31, 2024, 2023 and 2022 are shown in the following table. These year-end values are the basis for determining net periodic costs for the following year.
The following table presents the impact that a one-percentage-point increase and a one-percentage-point decrease in the expected long-term rate of return and discount rate would have on the 2024 pension expense, and the impact on our retirement obligation as of December 31, 2024 for a one-percentage-point change in the discount rate:
The annual rate of increase in the per capita cost of covered health care benefits is assumed to be 6.5% for medical rates and are assumed to gradually decline to 4.75% by 2031. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 9 — Income Taxes Income before income taxes and the provision for income taxes, for the three years ended December 31, 2024, were as follows:
A reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate of 21.0% to the effective income tax rate, for the year ended December 31, 2024, 2023 and 2022 is as follows:
We do not provide for additional income or withholding taxes for any undistributed foreign earnings as we do not currently have any specific plans to repatriate funds from our international subsidiaries; however, we may do so in the future if a dividend can be remitted with no material tax impact. As of December 31, 2024, we have approximately $223.0 million of unremitted foreign earnings that we intend to keep indefinitely reinvested. Additionally, due to withholding tax, basis computations and other tax related considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.
The Organization for Economic Cooperation and Development (“OECD”) Pillar Two global minimum tax rules, requiring a minimum effective tax rate of 15%, are effective for tax years beginning on or after January 1, 2024. Under Pillar Two, a top-up tax will be required for certain jurisdictions whose effective tax rate falls below the 15% minimum rate. Although the U.S. has not yet enacted legislation to adopt Pillar Two, nearly all European Union member states have enacted the Pillar Two legislation. After considering the applicable tax law changes associated with Pillar Two legislation, we determined there was no material impact to our provision for income taxes for the 12 months ended December 31, 2024. The Company will continue to monitor for additional guidance and legislative changes related to Pillar Two in the jurisdictions where we operate.
Deferred Income Taxes Deferred income taxes result from tax attributes including foreign tax credits, net operating loss carryforwards and temporary differences between the recognition of items for income tax purposes and financial reporting purposes. Principal components of deferred income taxes as of December 31, 2024 and 2023 are:
Deferred tax assets and deferred tax liabilities as presented in the Consolidated Balance Sheets as of December 31, 2024 and 2023 are as follows and are recorded in other assets and deferred income taxes in the Consolidated Balance Sheets:
The deferred tax assets for the respective periods were assessed for recoverability and, where applicable, a valuation allowance was recorded to reduce the total deferred tax asset to an amount that will, more likely than not, be realized in the future. The valuation allowance as of December 31, 2024 relates to certain U.S. and foreign tax attributes for which we have determined, based upon historical results and projected future book and taxable income levels, that a valuation allowance should continue to be maintained. The valuation allowance increased by $6.2 million in 2024 primarily as a result of changes in the realization of deferred tax assets in a foreign jurisdiction. The net change in the total valuation allowance for the years ended December 31, 2024 and 2023, was an increase of $6.2 million and a decrease of $0.8 million, respectively.
Although realization is not assured, we have concluded that it is more likely than not that the deferred tax assets, for which a valuation allowance was determined to be unnecessary, will be realized in the ordinary course of operations based on the available positive and negative evidence, including scheduling of deferred tax liabilities and projected income from operating activities. The amount of the net deferred tax assets considered realizable, however, could be reduced in the near term if actual future income or income tax rates are lower than estimated, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences. Net Operating Loss & Tax Credit Carryforwards At December 31, 2024, we had tax credit carryforwards for U.S. state tax purposes of $10.3 million available to offset future income taxes. These credits will begin to expire if not utilized in 2026. We also had net operating loss carryforwards for U.S. state and foreign income tax purposes of $2.8 million and $305.7 million, respectively, for which there were foreign valuation allowances of $15.2 million as of December 31, 2024. Our foreign net operating losses can be carried forward without limitation in Austria, Belgium, France, Luxembourg, and the U.K. We have a valuation allowance against certain foreign net operating losses for which the Company believes it is not more likely than not that the net operating losses will be utilized. Uncertain Tax Positions Our unrecognized tax benefits at December 31, 2024 relate to U.S. federal and various state jurisdictions. The following table summarizes the activity related to our unrecognized tax benefits.
We had unrecognized tax benefits of $2.8 million at December 31, 2024, of which $2.8 million, if recognized, would impact our annual effective tax rate. In addition, we recognize interest accrued related to unrecognized tax benefits as a component of interest expense and penalties as a component of income tax expense in the Consolidated Statements of Operations. The Company did not recognize any interest expense or penalties related to the above unrecognized tax benefits in 2024 and 2023. The Company had no accrued interest as of December 31, 2024 and 2023.
We are subject to taxation in the U.S. and various states and foreign jurisdictions. The U.S. federal tax returns have been audited through 2016. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 3 to 5 years. Years in major jurisdictions that remain open to examination are the U.S. (2021 onward for Federal purposes and 2020 onward for state purposes), Austria (2019 onward), Belgium (2016 onward), France (2021 onward), Spain (2020 onward), Germany (2018 onward), Luxembourg (2019 onward), and the U.K. (2020 onward). We are currently under examination in certain foreign tax jurisdictions.
As of December 31, 2024, we had uncertain tax positions for which it is reasonably possible that amounts of unrecognized tax benefits could significantly change over the next year. These uncertain tax positions relate to our tax returns from 2014 onward. We believe it is reasonably possible that the total amount of unrecognized tax benefits disclosed as of December 31, 2024 may decrease by approximately $1.0 to $1.5 million in the fiscal year ending December 31, 2025 due to the expiration of statutes of limitation. |
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Capital Stock |
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| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | Note 10 — Capital Stock Common Stock Outstanding Common stock outstanding as of December 31, 2024, 2023 and 2022 was as follows:
Under the share repurchase plan adopted by the Board of Directors of the Company (the "Board") in May 2018 (the “2018 Repurchase Plan"), the Board authorized $500 million for the repurchase of the Company's common stock which was fully utilized as of June 30, 2024. The repurchase of the Company’s common stock under the 2018 Repurchase Plan was all made in open market transactions. On February 19, 2024, the Board approved a $300 million share repurchase plan (the “2024 Share Repurchase Plan”) which was in addition to the amount that remained available for repurchases under the 2018 Repurchase Plan. The repurchase of the Company’s common stock under the 2024 Share Repurchase Plan are anticipated to be made in open market transactions, block transactions, privately negotiated purchase transactions or other purchase techniques at the discretion of management based upon consideration of market, business, legal, accounting, and other factors.
Dividends per share of common stock for 2024 and 2023 were $0.60 and $0.50, respectively. For the years ended December 31, 2024 and 2023, we paid $49.3 million and $42.2 million in dividends for each year, respectively.
During the year ended December 31, 2024, we repurchased 3,649,310 shares of common stock on the open market under the repurchase plans at an average price of $68.49 per share and at a cost of $252.2 million, including sales commissions, leaving approximately $234.9 million available for additional repurchases under the 2024 Repurchase Plan. The acquisition of these shares was accounted for under the treasury stock method.
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Revenue |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Note 11 — Revenue
Our revenue is primarily derived from the sale of inventory under long-term contracts with our customers. The majority of our revenue is recognized at a point in time. 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, which contains a termination for convenience clause ("T for C") that requires the customer to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit.
We recognize revenue over time for those contracts that have a T for C clause and where the products being produced have no alternative use. As our production cycle is typically nine 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.
We disaggregate our revenue based on market for analytical purposes. The following table details our revenue by market for the years ended December 31, 2024, 2023 and 2022:
Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in our Consolidated Balance Sheets as a component of current assets. The activity related to contract assets is as follows:
Contract assets as of December 31, 2024, will be billed and reclassified to accounts receivable during 2025. Accounts receivable, net, includes amounts billed to customers where the right to payment is unconditional. |
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Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Note 12 — Restructuring We recognized restructuring charges of $2.3 million for the year ended December 31, 2024 primarily related to severance. Anticipated future cash payments as of December 31, 2024 were $1.5 million. We recognized restructuring charges of $0.8 million and $7.6 million for the years ended December 31, 2023 and December 31, 2022, respectively, primarily related to severance and asset impairments. Restructuring charges are recorded in Other Operating Expense on the Consolidated Statements of Operations.
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Note 13 — Stock-Based Compensation The following table details the stock-based compensation expense by type of award for the years ended December 31, 2024, 2023 and 2022:
Non-Qualified Stock Options Non-qualified stock options (“NQOs”) have been granted to our employees and directors under our stock compensation plan. Options granted generally vest over three years and expire ten years from the date of grant. A summary of option activity under the plan for the three years ended December 31, 2024 is as follows:
(a) Unrecognized compensation cost relates to non-vested stock options and is expected to be recognized over the remaining vesting period ranging from one year to three years. Valuation Assumptions in Estimating Fair Value We estimated the fair value of stock options at the grant date using the Black-Scholes option pricing model with the following assumptions for the years ended December 31, 2024, 2023 and 2022:
The weighted-average expected life is derived from the average midpoint between the vesting and the contractual term and considers the effect of both the inclusion and exclusion of post-vesting cancellations during the ten-year period. Expected volatility is calculated based on a blend of both historic volatility of our common stock and implied volatility of our traded options. We weigh both volatility inputs equally and utilize the average as the volatility input for the Black-Scholes calculation. The risk-free interest rate for the expected term is based on the U.S. Treasury yield curve in effect at the time of grant and corresponding to the expected term. Restricted Stock Units — Service Based As of December 31, 2024, a total of 403,326 shares of service based restricted stock units were outstanding, which vest based on years of service under the 2003 and 2013 incentive stock plan. RSUs are granted to key employees, executives, and directors of the Company. The fair value of the RSU is based on the closing market price of the Company’s common stock on the date of grant and is amortized on a straight-line basis over the requisite service period. The stock-based compensation expense recognized is based on an estimate of shares ultimately expected to vest, and therefore it has been reduced for estimated forfeitures. The total compensation expense related to awards granted to retirement-eligible employees is recognized on the grant date. The table presented below provides a summary of the Company’s RSU activity for the years ended December 31, 2024, 2023 and 2022:
As of December 31, 2024, there was total unrecognized compensation cost related to non-vested RSUs of $7.8 million, which is to be recognized over the remaining vesting period ranging from one year to three years. Restricted Stock Units — Performance Based As of December 31, 2024, a total of 424,438 shares of performance based restricted stock units were outstanding under the 2003 and 2013 incentive stock plan. The total amount of PRSUs that will ultimately vest is based on the achievement of various financial performance targets set forth by the Company’s Compensation Committee on the date of grant. PRSUs are based on a three-year performance period. The stock-based compensation expense related to awards granted to retirement-eligible employees is expensed on the grant date and is trued up as projections change. The fair value of the PRSU is based on the closing market price of the Company’s common stock on the date of grant and is amortized straight-line over the total three-year period. A change in the performance measure expected to be achieved is recorded as an adjustment in the period in which the change occurs. The table presented below provides a summary, of the Company’s PRSU activity, at original grant amounts, for the years ended December 31, 2024, 2023 and 2022:
As of December 31, 2024, there was total unrecognized compensation cost related to non-vested PRSUs of $4.7 million, which is to be recognized over the remaining vesting period ranging from one year to three years. The final amount of compensation cost to be recognized is dependent upon our financial performance. Stock-Based Compensation Cash Activity During 2024, 2023, and 2022 cash received from stock option exercises was $7.1 million, $7.8 million and $3.0 million, respectively. We used $11.3 million, $3.2 million and $2.1 million in cash related to the shares withheld to satisfy employee tax obligations for RSUs and PRSUs converted during the years ended December 31, 2024, 2023 and 2022, respectively. We classify the cash flows resulting from these tax benefits as financing cash flows. We either issue new shares of our common stock or utilize treasury shares upon the exercise of stock options or the conversion of stock units. Shares Authorized for Grant In 2019, an amendment to the Hexcel Corporation 2013 Incentive Stock Plan (the “Plan”) was adopted that increased the number of shares of the Company’s common stock authorized for issuance under the Plan by 3,300,000 shares. As of December 31, 2024, an aggregate of 1.8 million shares were authorized for future grant under our stock plan, which covers stock options, RSUs, PRSUs and at the discretion of Hexcel, could result in the issuance of other types of stock-based awards. Employee Stock Purchase Plan (“ESPP”) The Company offers an ESPP, which allowed for eligible employees to contribute up to 10% of their base earnings, to a maximum of $25,000 in a calendar year, toward the quarterly purchase of our common stock at a purchase price equal to 85% of the fair market value of the common stock. There were 80,589, 73,809 and 74,664 ESPP shares purchased in 2024, 2023 and 2022, respectively. |
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Net Income Per Common Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Common Share | Note 14 — Net Income Per Common Share Computations of basic and diluted net income per common share for the years ended December 31, 2024, 2023 and 2022, are as follows:
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 15 — Derivative Financial Instruments The Company had treasury lock agreements to protect against unfavorable movements in the benchmark treasury rate related to the issuance of our senior unsecured notes. These hedges were designated as cash flow hedges, thus any change in fair value was recorded as a component of other comprehensive income (loss). As part of the issuance of our senior notes, we net settled these derivatives for $10 million in cash and the deferred gains recorded in other comprehensive income (loss) will be released to interest expense over the life of the senior notes. The effect of these settled treasury locks reduces the effective interest rate on the senior 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 at a 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 December 31, 2024 is a of $9.5 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 have entered into contracts to exchange U.S. dollars for Euros and British pound sterling through June 2027. The aggregate notional amount of these contracts was $386.4 million at December 31, 2024 and $393.3 million at December 31, 2023. The purpose of these contracts is to hedge a portion of the forecasted transactions of 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 was losses of $19.3 million, gains of $10.5 million and losses of $27.9 million, for the years ended December 31, 2024, 2023 and 2022, respectively, and are recorded in other comprehensive (loss) income.
The fair values of outstanding derivative financial instruments as of December 31, 2024 and December 31, 2023 were as follows:
During the years ended December 31, 2024 and 2023 the net impact for the hedges recognized in sales was a loss of $1.5 million and a loss of $10.9 million, respectively. For the two years ended December 31, 2024 and 2023, hedge ineffectiveness was immaterial. 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 years ended December 31, 2024, 2023 and 2022, we recognized net foreign exchange gains of $4.0 million, $1.4 million, and $3.3 million, respectively, in the Consolidated Statements of Operations. The carrying amount of the contracts for asset and liability derivatives not designated as hedging instruments was $0.1 million of current liabilities on our Consolidated Balance Sheets at December 31, 2024. The activity, net of tax, in accumulated other comprehensive loss related to foreign currency forward exchange contracts for the years ended December 31, 2024, 2023 and 2022 was as follows:
Unrealized loss of $5.3 million recorded in accumulated other comprehensive loss, net of tax of $1.4 million, as of December 31, 2024 are expected to be reclassified into earnings over the next twelve months as the hedged sales are recorded. The impact of credit risk adjustments was immaterial for the three years. Commodity Swap Agreements We use commodity swap agreements to hedge against price fluctuations of raw materials, including propylene (the principal component of acrylonitrile). As of December 31, 2024, the Company had commodity swap agreements with a notional value of $19.0 million. The swaps mature monthly through December 2026. The swaps are accounted for as a cash flow hedge of our forward raw material purchases. To ensure the swaps are highly effective, all of the critical terms of the swap matched the terms of the hedged items. The fair value of the commodity swap agreements was a liability of $1.3 million (of which $0.3 million was recorded in ) ) at December 31, 2024 and an asset of $0.7 million and a liability of $1.7 million (of which $0.2 million was recorded in) at December 31, 2023. |
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Note 16 — 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 the hazardous waste at issue, and the number of other financially viable PRPs at each site, that our liability in connection with such environmental matters will not be material. Lower Passaic River Study Area Hexcel together with approximately 48 other PRPs that comprise the Lower Passaic Cooperating Parties Group (the “CPG”), are subject to a May 2007 Administrative Order on Consent (“AOC”) with the EPA requiring the CPG to perform a Remedial Investigation/Feasibility Study of environmental conditions of a 17-mile stretch of the Passaic River in New Jersey (the “Lower Passaic River”). We were included in the CPG based on our operations at our former manufacturing site in Lodi, New Jersey.
In March 2016, the EPA issued a Record of Decision (“ROD”) setting forth the EPA’s selected remedy for the lower eight miles of the Lower Passaic River at an expected cost ranging from $0.97 billion to $2.07 billion. In August 2017, the EPA appointed an independent third-party allocation expert to make recommendations on the relative liability of approximately 120 identified non-government PRPs for the lower eight miles of the Lower Passaic River. In December 2020, the allocator issued its non-binding report on PRP liability (including Hexcel’s) to the EPA. In October 2021, the EPA released a ROD selecting an interim remedy for the upper nine miles of the Lower Passaic River at an expected additional cost ranging from $308.7 million to $661.5 million.
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 for the lower eight miles of the Lower Passaic River, 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 judgment for certain claims. Discovery for the remaining claims has been stayed indefinitely based on agreement of the parties. 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. In March 2023, the EPA issued a Unilateral Administrative Order (“UAO”) to OCC ordering OCC to commence remedial design work for the interim remedy for the cleanup of the upper nine miles of the Lower Passaic River. On March 24, 2023, OCC filed suit against Hexcel and approximately 38 other parties claiming cost recovery under CERCLA for future costs related to its compliance with the UAO. On January 5, 2024, the U.S. District Court stayed the foregoing claim initiated by OCC until the completion of the Passaic-related Consent Decree process.
On December 16, 2022, the EPA lodged a Consent Decree with the U.S. District Court for the District of New Jersey requesting court approval of a $150 million settlement of the EPA’s CERCLA claims against Hexcel and 83 other PRPs for costs related to alleged contamination of the upper and lower portions of the Lower Passaic River. The 84 PRPs have collectively placed $150 million in escrow, pending District Court approval of the Consent Decree. In December 2024, the District Court granted the issuance of the Consent Decree, however, this decision has been appealed. Environmental remediation reserve activity for the three years ended December 31, was as follows:
Summary of Environmental Reserves Our estimate of liability as a PRP and our remaining costs associated with our responsibility to remediate the Lower Passaic River and other sites are accrued in the Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023, our aggregate were $0.3 million and $0.7 million, respectively. These amounts were included in non-current liabilities. 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 Warranty expense for the years ended December 31, 2024, 2023 and 2022 and accrued warranty cost, included in “other accrued liabilities” in the Consolidated Balance Sheets were as follows:
Purchase Obligations At December 31, 2024, purchase commitments were $15.1 million for 2025, $11.2 million for 2026, $8.9 million for 2027, $6.2 million for 2028, $5.5 million for 2029, and $42.0 million thereafter. |
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Accumulated Other Comprehensive Loss |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | Note 17 — Accumulated Other Comprehensive Loss Comprehensive income represents net income and other gains and losses affecting stockholders’ equity that are not reflected in the Consolidated Statements of Operations. The components of accumulated other comprehensive loss as of December 31, 2024 and 2023 were as follows:
The amount of net (gains) losses reclassified to earnings from the unrecognized net defined benefit and postretirement plan costs and derivative products components of accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 18 — Segment Information In November 2023, the FASB amended the guidance in ASC 280, Segment Reporting by issuing ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updated the disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The Company adopted this guidance in the fourth quarter of 2024. We report two segments, Composite Materials and Engineered Products. Corporate and certain other expenses are not allocated to the segments, except to the extent that the expense can be directly attributable to the segment. Corporate & Other is shown to reconcile to Hexcel’s consolidated results. Hexcel’s Chief Executive Officer & President, Tom Gentile, is the Company’s Chief Operating Decision-Maker ("CODM"). He assesses the performance of the Company’s entire business, as well as the individual segments, and is the ultimate decision maker in allocating resources within the Company. The CODM has leadership teams, organized along the various functions/lines of our business, with whom he regularly reviews and assesses segment operations and performance. The financial results for our 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 segments based on operating income, and generally account for intersegment sales based on arm’s length prices. Specifically, the CODM uses operating income to evaluate income generated from segment assets (return on assets) and to make decisions such as whether and where to reinvest profits back into the business. In addition to the product line-based segmentation of our business, we also monitor sales into our principal end markets as a means to understanding demand for our products. The following tables present financial information on our segments as of December 31, 2024, 2023 and 2022 and for the years then ended.
Geographic Data Net sales and long-lived assets, by geographic area, consisted of the following for the three years ended December 31, 2024, 2023 and 2022:
(a) Net sales by geography based on the location in which the product sold was manufactured. (b) Net sales to external customers based on the location to which the product sold was delivered. (c) Long-lived assets primarily consist of property, plant and equipment, net and goodwill at December 31, 2024, 2023 and 2022. Also included are right of use assets related to operating leases.
Significant Customers
Approximately 40%, 39% and 38% of our 2024, 2023 and 2022 net sales, respectively were to Airbus and its subcontractors and approximately 15%, 15% and 14% of our 2024, 2023 and 2022 net sales, respectively were to Boeing and its subcontractors. |
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Fair Value Measurements |
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Dec. 31, 2024 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Note 19— Fair Value Measurements The fair values of our financial instruments are classified into one of the following categories: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable inputs other than quoted prices in 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 our own and counterparty credit risk. 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). In addition, the fair value of these derivative contracts, which are subject to a master netting arrangement under certain circumstances, is presented on a gross basis in the Consolidated Balance Sheet. Below is a summary of valuation techniques for all Level 2 financial assets and liabilities: • Cross Currency and Interest Rate Swap Agreements — valued using the USD Secured Overnight Financing Rate (“SOFR”) curves and quoted forward foreign exchange prices at the reporting date. • Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices at the reporting date.
• Commodity swap agreements — valued using quoted forward commodity prices at the reporting date.
For more information regarding fair values for our financial assets and liabilities, see Note 15, Derivative Financial Instruments, to the accompanying consolidated financial statements of this Annual Report on Form 10-K.
Counterparties to the above contracts are highly rated financial institutions, none of which experienced any significant downgrades in 2024 that would reduce the receivable amount owed, if any, to the Company. |
Significant Accounting Policies (Policies) |
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| Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Hexcel Corporation and its subsidiaries after elimination of all intercompany accounts, transactions, and profits. Results for the years ended 2023 included our 50% equity ownership investment in the joint venture in Malaysia which was accounted for using the equity method of accounting. As mentioned above, we sold our interest in the joint venture in December 2023. |
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| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared by us pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and are in conformity with U.S. generally accepted accounting principles ("GAAP"). Our fiscal year end is December 31. Unless otherwise stated, all years and dates refer to our fiscal year. |
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| Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale During the fourth quarter of 2024, the Company announced it was exploring strategic options for its operations in Austria and is undergoing a process to find a suitable successor for the Neumarkt plant. The products produced at our Neumarkt, Austria plant include those for the wind market. However, over the last several years, the wind energy market has moved away from using Hexcel’s glass prepreg products, resulting in the low volumes we are selling today. As of December 31, 2024, the assets and liabilities of the Austria operations have been classified as held for sale and an impairment charge was recorded to other operating expense to reduce the carrying amount of the investment to the estimated fair value. The table below presents the carrying amounts of the assets and liabilities potentially included as part of the expected sale:
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| Use of Estimates | Use of Estimates Preparation of the accompanying consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with an original maturity of three months or less when purchased. Our cash equivalents are held in money market investments with strong sponsor organizations which are monitored on a continuous basis. |
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| Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using a standard rate per unit of finished goods when the plant is operating at normal or planned capacity. Inventory is reported at its estimated net realizable value based upon our historical experience with inventory becoming obsolete due to age, changes in technology and other factors. Inventory cost consists of materials, labor, and manufacturing related overhead associated with the purchase and production of inventories. |
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| Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, including capitalized interest applicable to major project expenditures, is recorded at cost. Asset and accumulated depreciation accounts are eliminated for dispositions, with resulting gains or losses reflected in earnings. Depreciation of plant and equipment is provided generally using the straight-line method over the estimated useful lives of the various assets. The estimated useful lives range from 10 to 40 years for buildings and improvements and from 3 to 25 years for machinery and equipment. Repairs and maintenance are expensed as incurred, while major replacements and betterments are capitalized and depreciated over the remaining useful life of the related asset. |
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| Leases | Leases The Company regularly enters into operating leases for certain buildings, equipment, parcels of land, and vehicles and accounts for such leases under the provisions of Accounting Standards Codification (“ASC”) 842, accounting for leases. Accordingly, we capitalize all agreements with terms for more than one year, where a right of use asset was identified. Generally, amounts capitalized represent the present value of minimum lease payments over the term, and the duration is equivalent to the base agreement, however, management uses certain assumptions when determining the value and duration of leases. These assumptions include, but are not limited to, the probability of renewing a lease term, certain future events impacting lease payments, as well as fair values not explicit in an agreement. Such assumptions impacted the duration of many of our building leases, as well as certain of our equipment leases. In addition, we elected certain expedients, such as the election to capitalize lease and non-lease components of an agreement as a single component for purposes of simplicity, with the exception of those related to equipment and machinery. In determining the lease renewal, management considers the need and ability to substitute a given asset, as well as certain conditions such as related contractual obligations to our customers (i.e., a contractual obligation of a customer requiring certain manufacturing proximities). In determining fair value, management considers the stand-alone value of an asset in an ordinary market as well as incurring certain costs to terminate an agreement. Most of our leases do not include variable payments but contain scheduled escalations. Any lease payments tied to certain future indexes are adjusted on a go-forward basis as those indexes become known. |
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets of an acquired business. Goodwill is tested for impairment at the reporting unit level annually, in the fourth quarter, or when events or changes in circumstances indicate that goodwill might be impaired. The Company performed a qualitative assessment (“Step Zero”) and determined that it was more likely than not that the fair values of our reporting units were not less than their carrying values and it was not necessary to perform a quantitative goodwill impairment test. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. We have indefinite lived intangible assets which are not amortized but are tested annually for impairment during the fourth quarter of each year, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of the indefinite lived intangible exceeds the fair value, it is written down to its fair value, which is calculated using a discounted cash flow model. |
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and definite-lived intangible assets, for impairment whenever changes in circumstances or events may indicate that the carrying amounts are not recoverable. These indicators include, but are not limited to: a significant decrease in the market price of a long-lived asset, a significant change in the extent or manner in which a long-lived asset is used or its physical condition, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, an accumulation of costs significantly in excess of the amount expected for the acquisition or construction of a long-lived asset, a current period operating or cash flow loss combined with a history of losses associated with a long-lived asset and a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated life. |
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| Software Development Costs | Software Development Costs Costs incurred to develop software for internal use and for software accessed through the cloud in a hosting arrangement are accounted for under ASC 350-40, “Internal-Use Software.” All costs relating to the preliminary project stage and the post-implementation/operation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the useful life of the software or the noncancelable term of the hosting arrangement, which can range from to . The amortization of capitalized costs commences after testing has been completed, the software/module/component is ready for its intended use and is not dependent on the completion on any other modules/components. |
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| Debt Financing Costs | Debt Financing Costs Debt financing costs are deferred and amortized to interest expense over the life of the related debt. We capitalize financing fees related to our revolving credit facility and record them as a non-current asset in our Consolidated Balance Sheets. Financing fees related to our bonds and notes are capitalized and recorded as a non-current contra liability in our Consolidated Balance Sheets. See Note 6, Debt, for further information on debt financing costs. |
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| Share-Based Compensation | Share-Based Compensation The fair value of Restricted Stock Units (“RSUs”) is equal to the market price of our stock at date of grant and is amortized to expense ratably over the vesting period. Performance restricted stock units (“PRSUs”) are a form of RSUs in which the number of shares ultimately received depends on the extent to which we achieve a specified performance target. The fair value of the PRSU is based on the closing market price of the Company’s common stock on the date of grant and is amortized straight-line over the total vesting period. A change in the performance measure expected to be achieved is recorded as an adjustment in the period in which the change occurs. We use the Black-Scholes model to calculate the fair value for all stock option grants, based on the inputs relevant on the date granted, such as the market value of our shares, prevailing risk-free interest rate, etc. The value of the portion of the award, after considering potential forfeitures, that is ultimately expected to vest is recognized as expense in our consolidated statements of operations on a straight-line basis over the requisite service periods. The value of RSUs, PRSUs and non-qualifying options awards for retirement eligible employees is expensed on the grant date as they are fully vested. |
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| Currency Translation | Currency Translation The assets and liabilities of international subsidiaries are translated into U.S. dollars at year-end exchange rates, and revenues and expenses are translated at average exchange rates during the year. Cumulative currency translation adjustments are included in “accumulated other comprehensive loss” in the stockholders’ equity section of the Consolidated Balance Sheets. |
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| Revenue Recognition | Revenue Recognition Revenue is predominantly derived from a single performance obligation under long-term agreements with our customers and pricing is fixed and determinable. The majority of our revenue is recognized at a point in time when the customer has obtained control of the product. We have determined that individual purchase orders (“PO”), whose terms and conditions taken with a master agreement, create the revenue contracts which are generally short-term in nature. For those sales which are not tied to a long-term agreement, we generate a PO that is subject to our standard terms and conditions. Revenue is recognized over time for customer contracts that contain a termination for convenience clause (“T for C") and where the products produced do not have an alternative use. For revenue recognized over time, we estimate the amount of revenue earned at a given point during the production cycle based on certain costs factors such as raw materials and labor incurred to date, plus a reasonable profit, which is known as the cost-to-cost input method. Our revenue recognition policy recognizes the following practical expedients allowed under ASC 606: • Payment terms with our customers which are one year or less, are not considered a performance obligation. • Our performance obligations on our orders are generally satisfied within one year from a given reporting date therefore we omit disclosure of the transaction price allocated to remaining performance obligations on open orders.
Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in our Consolidated Statements of Operations and are not considered a performance obligation to our customers. |
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| Product Warranty | Product Warranty We provide for an estimated amount of product warranty at the point a claim is probable and estimable. This estimated amount is provided by product and based on current facts, circumstances, and historical warranty experience. |
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| Research and Technology | Research and Technology Significant costs are incurred each year in connection with research and technology (“R&T”) programs that are expected to contribute to future earnings. Such costs are related to the development and, in certain instances, the qualification and certification of new and improved products and their uses. R&T costs are expensed as incurred. |
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| Income Taxes | Income Taxes
We provide for income taxes using the asset and liability approach. Under this approach, deferred income tax assets and liabilities reflect tax net operating loss and credit carryforwards and the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets require a valuation allowance when it is not more likely than not, based on the evaluation of positive and negative evidence, that the deferred tax assets will be realized. The realization of deferred tax assets is dependent upon the timing and magnitude of future taxable income prior to the expiration of the deferred tax assets’ attributes. When events and circumstances dictate, we evaluate the realizability of our deferred tax assets and the need for a valuation allowance by forecasting future taxable income. Investment tax credits are recorded on a flow-through basis, which reflects the credit in net income as a reduction of the provision for income taxes in the same period as the credit is realized for federal income tax purposes. In addition, we recognize interest accrued related to unrecognized tax benefits as a component of interest expense and penalties as a component of income tax expense in the Consolidated Statements of Operations. |
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| Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of trade accounts receivable. Two customers and their related subcontractors accounted for approximately 55% of our annual net sales in 2024, 54% in 2023 and 51% in 2022. Refer to Note 18 for further information on significant customers. We perform ongoing credit evaluations of our customers’ financial condition but generally do not require collateral or other security to support customer receivables. We establish an allowance for doubtful accounts based on factors surrounding the credit risk of specific customers, historical trends, and other financial information. |
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| Derivative Financial Instruments | Derivative Financial Instruments We use various financial instruments, including foreign currency forward exchange contracts, commodity, and interest rate agreements, to manage our exposure to market fluctuations by generating cash flows that offset, in relation to their amount and timing, the cash flows of certain foreign currency denominated transactions, commodities or underlying debt instruments. We mark our foreign exchange forward contracts to fair value. When the derivatives qualify, we designate our foreign currency forward exchange contracts as cash flow hedges against forecasted foreign currency denominated transactions and report the changes in fair value of the instruments in “accumulated other comprehensive loss” until the underlying hedged transactions affect income. We designate our interest rate agreements as fair value or cash flow hedges against specific debt instruments and recognize interest differentials as adjustments to interest expense as the differentials may occur; the fair value of the interest rate swaps is recorded in other assets or other non-current liabilities with a corresponding amount to “accumulated other comprehensive loss”. We do not use financial instruments for trading or speculative purposes. In accordance with accounting guidance, we recognize all derivatives as either assets or liabilities on our Consolidated Balance Sheets and measure those instruments at fair value. |
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| Self-insurance | Self-insurance We are self-insured up to specific levels for certain medical and health insurance and workers’ compensation plans. Accruals are established based on actuarial assumptions and historical claim experience and include estimated amounts for incurred but not reported claims. |
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| Recently-Issued Accounting Standards | Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the standard during the fourth quarter of 2024. For further information see Note 18, Segment Information.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 240), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign and (3) income tax expense or benefit from continuing operations disaggregated by Federal, state, and foreign. The update also requires entities to disclose their income tax payments to various jurisdictions. This standard is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. We do not expect this new standard to have a significant impact to our disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statement disclosures. |
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Significant Accounting Policies (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Assets and Liabilities Held for Sale | As of December 31, 2024, the assets and liabilities of the Austria operations have been classified as held for sale and an impairment charge was recorded to other operating expense to reduce the carrying amount of the investment to the estimated fair value. The table below presents the carrying amounts of the assets and liabilities potentially included as part of the expected sale:
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Inventories (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories |
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Accounts Receivable (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Receivable |
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Net Property, Plant and Equipment (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment |
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Goodwill and Purchased Intangible Assets (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Gross Goodwill and Other Purchased Intangible Assets |
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| Schedule of Amortization Related to Definite Lived Intangible Assets | Amortization related to the definite lived intangible assets for the next five years and thereafter is as follows:
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Debt (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt and Capital Lease Obligations |
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Leases (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Undiscounted Cash Payments Related to Right of Use Assets | The following table lists the schedule of future undiscounted cash payments related to right of use assets by year:
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| Schedule of Lease-related Assets and Liabilities |
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Retirement and Other Postretirement Benefit Plans (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Periodic Pension Expenses | Net periodic expense for our U.S. and European qualified and nonqualified defined benefit pension plans and our retirement savings plans for the three years ended December 31, 2024 is detailed in the table below.
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| Schedule of Net Periodic Cost of Defined Benefit Retirement and Postretirement Plans | Net periodic cost of our defined benefit retirement and postretirement plans for the three years ended December 31, 2024, were:
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| Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) |
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| Schedule of Benefit Obligation, Fair Value of Plan Assets, Funded Status and Amounts Recognized in the Consolidated Financial Statements | The benefit obligation, fair value of plan assets, funded status, and amounts recognized in the consolidated financial statements for our defined benefit retirement plans and postretirement plans, as of and for the years ended December 31, 2024 and 2023, were:
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| Schedule of Expected Benefit Payments for the Plan | Benefit payments for the plans are expected to be as follows:
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| Schedule of Pension Assets Measured at Fair Value | The following table presents pension assets measured at fair value at December 31, 2024 and 2023 utilizing the fair value hierarchy discussed in Note 19:
Prior to the buy-out, the U.K. Plan invested funds were not exchange-listed and were, therefore, classified as Level 3.
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| Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class | The actual allocations for the pension assets at December 31, 2024 and 2023, and target allocations by asset class, are as follows:
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| Schedule of Assumptions Used to Estimate the Actuarial Present Value of Benefit Obligations | Assumptions used to estimate the actuarial present value of benefit obligations at December 31, 2024, 2023 and 2022 are shown in the following table. These year-end values are the basis for determining net periodic costs for the following year.
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| Schedule of Impact of One-Percentage-Point Change in Expected Long-term Rate of Return and Discount Rate on Pension Expense and Retirement Obligation | The following table presents the impact that a one-percentage-point increase and a one-percentage-point decrease in the expected long-term rate of return and discount rate would have on the 2024 pension expense, and the impact on our retirement obligation as of December 31, 2024 for a one-percentage-point change in the discount rate:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Taxes and Provision for Income Taxes | Income before income taxes and the provision for income taxes, for the three years ended December 31, 2024, were as follows:
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| Schedule of Reconciliation of the Provision for Income Taxes at the U.S. Federal Statutory Income Tax Rate to the Actual Income Tax Provision | A reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate of 21.0% to the effective income tax rate, for the year ended December 31, 2024, 2023 and 2022 is as follows:
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| Schedule of Deferred Income Taxes | Principal components of deferred income taxes as of December 31, 2024 and 2023 are:
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| Schedule of Classification of Deferred Tax Assets and Deferred Tax Liabilities in Consolidated Balance Sheets | Deferred tax assets and deferred tax liabilities as presented in the Consolidated Balance Sheets as of December 31, 2024 and 2023 are as follows and are recorded in other assets and deferred income taxes in the Consolidated Balance Sheets:
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| Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits.
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Capital Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Common Stock Outstanding | Common stock outstanding as of December 31, 2024, 2023 and 2022 was as follows:
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue by Market | The following table details our revenue by market for the years ended December 31, 2024, 2023 and 2022:
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| Schedule of Activity Related to Contract Assets | The activity related to contract assets is as follows:
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring |
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock-Based Compensation Expense by Type of Award | The following table details the stock-based compensation expense by type of award for the years ended December 31, 2024, 2023 and 2022:
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| Summary of Option Activity | A summary of option activity under the plan for the three years ended December 31, 2024 is as follows:
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| Schedule of Other Stock Option Statistics |
(a)
Unrecognized compensation cost relates to non-vested stock options and is expected to be recognized over the remaining vesting period ranging from one year to three years. |
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| Schedule of Assumptions Used in Determining the Estimated the Fair Value of Stock Options | We estimated the fair value of stock options at the grant date using the Black-Scholes option pricing model with the following assumptions for the years ended December 31, 2024, 2023 and 2022:
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| Summary of the Company's Service Based RSU Activity | The table presented below provides a summary of the Company’s RSU activity for the years ended December 31, 2024, 2023 and 2022:
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| Summary of the Company's PRSU Activity | The table presented below provides a summary, of the Company’s PRSU activity, at original grant amounts, for the years ended December 31, 2024, 2023 and 2022:
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Net Income Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Earnings Per Share Basic and Diluted | Computations of basic and diluted net income per common share for the years ended December 31, 2024, 2023 and 2022, are as follows:
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Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Values of Outstanding Financial Instruments | The fair values of outstanding derivative financial instruments as of December 31, 2024 and December 31, 2023 were as follows:
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| Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations | The activity, net of tax, in accumulated other comprehensive loss related to foreign currency forward exchange contracts for the years ended December 31, 2024, 2023 and 2022 was as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Environmental Remediation Reserve Activity | Environmental remediation reserve activity for the three years ended December 31, was as follows:
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| Schedule of Product Warranty | Warranty expense for the years ended December 31, 2024, 2023 and 2022 and accrued warranty cost, included in “other accrued liabilities” in the Consolidated Balance Sheets were as follows:
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Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss as of December 31, 2024 and 2023 were as follows:
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| Schedule of Unrecognized Net Defined Benefit and Postretirement Plan Costs | The amount of net (gains) losses reclassified to earnings from the unrecognized net defined benefit and postretirement plan costs and derivative products components of accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022 were as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | The following tables present financial information on our segments as of December 31, 2024, 2023 and 2022 and for the years then ended.
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| Schedule of Net Sales and Long-Lived Assets, by Geographic Area | Net sales and long-lived assets, by geographic area, consisted of the following for the three years ended December 31, 2024, 2023 and 2022:
(a) Net sales by geography based on the location in which the product sold was manufactured. (b) Net sales to external customers based on the location to which the product sold was delivered. (c)
Long-lived assets primarily consist of property, plant and equipment, net and goodwill at December 31, 2024, 2023 and 2022. Also included are right of use assets related to operating leases. |
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Significant Accounting Policies - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts receivable | $ 212.0 | $ 234.7 |
| Inventories | 356.2 | 334.4 |
| Assets held for sale | 7.5 | 0.0 |
| Accounts payable | 142.3 | 159.1 |
| Accrued liabilities | 99.2 | 75.0 |
| Other non-current liabilities | 30.5 | 33.5 |
| Liabilities held for sale | 4.2 | $ 0.0 |
| Austria | ||
| Accounts receivable | 6.2 | |
| Inventories | 1.3 | |
| Assets held for sale | 7.5 | |
| Accounts payable | 2.4 | |
| Accrued liabilities | 0.9 | |
| Other non-current liabilities | 0.9 | |
| Liabilities held for sale | $ 4.2 |
Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 161.1 | $ 131.4 |
| Work in progress | 41.6 | 46.0 |
| Finished goods | 153.5 | 157.0 |
| Total inventory | $ 356.2 | $ 334.4 |
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Receivables [Abstract] | ||
| Accounts receivable | $ 212.8 | $ 235.1 |
| Allowance for doubtful accounts | (0.8) | (0.4) |
| Accounts receivable, net | $ 212.0 | $ 234.7 |
Net Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | $ 3,163.1 | $ 3,195.5 |
| Less accumulated depreciation | (1,566.4) | (1,516.8) |
| Property, plant and equipment, net | 1,596.7 | 1,678.7 |
| Land | ||
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | 119.2 | 120.6 |
| Buildings | ||
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | 727.5 | 733.7 |
| Equipment | ||
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | 2,028.1 | 2,072.7 |
| Construction in progress | ||
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | 285.5 | 265.0 |
| Finance lease | ||
| Net Property, Plant and Equipment | ||
| Property, plant and equipment | $ 2.8 | $ 3.5 |
Net Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation expense related to property, plant and equipment | $ 117.5 | $ 118.0 | $ 119.4 |
| Capitalized interest | 10.7 | 6.7 | 12.3 |
| Interest capitalized | $ 17.6 | $ 7.4 | $ 0.0 |
Goodwill and Purchased Intangible Assets - Additional Information (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Goodwill And Indefinite Lived Intangible Assets By Segment [Line Items] | |
| Definite-lived intangible asset | $ 46.2 |
| intangible asset impairment charge | 5.2 |
| Indefinite-lived intangible assets | 4.3 |
| Definite-lived intangible asset, accumulated amortization | 51.3 |
| Goodwill | $ 186.5 |
| Weighed average remaining life of finite lived intangible assets | 10 years |
| Goodwill Recognized | $ 186.5 |
| Composite Materials | |
| Goodwill And Indefinite Lived Intangible Assets By Segment [Line Items] | |
| Goodwill | 71.1 |
| Engineered Products | |
| Goodwill And Indefinite Lived Intangible Assets By Segment [Line Items] | |
| Goodwill | $ 115.4 |
Goodwill and Purchased Intangible Assets - Schedule of Amortization Related to Definite Lived Intangible Assets (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2025 | $ 5.5 |
| 2026 | 5.5 |
| 2027 | 5.4 |
| 2028 | 5.0 |
| 2029 | 5.0 |
| Thereafter | 19.8 |
| Total | $ 46.2 |
Debt - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Current portion of finance lease | $ 0.1 | $ 0.1 |
| Current portion of debt | 0.1 | 0.1 |
| Long-term debt | 700.6 | 699.4 |
| Non-current portion of finance leases and other | 1.9 | 1.7 |
| Total debt | 700.7 | 699.5 |
| Senior unsecured credit facility due 2028 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 0.0 | 0.0 |
| 4.7% senior notes due 2025 | ||
| Debt Instrument [Line Items] | ||
| Senior notes | 300.0 | 300.0 |
| 4.7% senior notes due 2025 and 3.95% senior notes due 2027 | ||
| Debt Instrument [Line Items] | ||
| Senior notes — original issue discount | (0.4) | (0.7) |
| Senior notes — deferred financing costs | (0.9) | (1.6) |
| 3.95% senior notes due 2027 | ||
| Debt Instrument [Line Items] | ||
| Senior notes | $ 400.0 | $ 400.0 |
Debt - Schedule of Debt and Capital Lease Obligations (Parenthetical) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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 |
| Senior unsecured credit facility due 2028 | |
| Debt Instrument [Line Items] | |
| Debt instrument, maturity year | 2028 |
Leases - Additional Information - (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Right of use assets | $ 25.4 | $ 29.3 | |
| Operating lease, liabilities | 25.4 | 29.3 | |
| Operating lease, non-current liabilities | 19.4 | 22.0 | |
| Operating Lease, Liability, Current | $ 6.0 | 7.3 | |
| Operating lease, weighted average remaining lease terms | 6 years | ||
| Operating lease, weighted average interest rate | 3.80% | ||
| Operating lease expense | $ 15.3 | $ 16.1 | $ 15.2 |
Leases - Schedule of Future Undiscounted Cash Payments Related to Right of Use Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
| 2025 | $ 6.7 | |
| 2026 | 6.0 | |
| 2027 | 5.0 | |
| 2028 | 4.2 | |
| 2029 | 2.5 | |
| Thereafter | 3.9 | |
| Total Lease Payments | 28.3 | |
| Less: Imputed interest | 2.9 | |
| Present value of lease payments | $ 25.4 | $ 29.3 |
Retirement and Other Postretirement Benefit Plans - Schedule of Net Periodic Pension Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Net Periodic Pension Expense | |||
| Defined benefit retirement plans | $ 1.6 | $ 5.7 | $ 5.7 |
| Union sponsored multi-employer pension plan | 1.7 | 1.5 | 1.3 |
| Retirement savings plans-matching contributions | 11.6 | 10.5 | 9.6 |
| Retirement savings plans-profit sharing contributions | 11.1 | 9.6 | 5.3 |
| Net periodic expense | $ 26.0 | $ 27.3 | $ 21.9 |
Retirement and Other Postretirement Benefit Plans - Schedule of Expected Benefit Payments for the Plan (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Postretirement Plans | |
| Expected benefit payments for the plans | |
| 2025 | $ 0.2 |
| 2026 | 0.2 |
| 2027 | 0.2 |
| 2028 | 0.1 |
| 2029 | 0.1 |
| 2029-2033 | 0.2 |
| Aggregate expected benefit payments | 1.0 |
| U.S. Plans | Defined Benefit Retirement Plans | |
| Expected benefit payments for the plans | |
| 2025 | 16.5 |
| 2026 | 0.6 |
| 2027 | 0.6 |
| 2028 | 0.5 |
| 2029 | 0.5 |
| 2029-2033 | 1.7 |
| Aggregate expected benefit payments | 20.4 |
| European Plans | Defined Benefit Retirement Plans | |
| Expected benefit payments for the plans | |
| 2025 | 1.3 |
| 2026 | 1.4 |
| 2027 | 1.5 |
| 2028 | 1.8 |
| 2029 | 0.9 |
| 2029-2033 | 7.1 |
| Aggregate expected benefit payments | $ 14.0 |
Retirement and Other Postretirement Benefit Plans - Schedule of Pension Assets Measured at Fair Value (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | $ 4.0 | $ 4.6 | |
| Insurance contracts | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 2.0 | 2.4 | |
| Diversified Investment, Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 2.0 | 2.2 | |
| Level 1 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 0.0 | ||
| Level 2 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 0.0 | ||
| Level 2 | Diversified Investment, Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 0.0 | ||
| Level 3 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 4.0 | 4.6 | $ 114.7 |
| Actual return on plan assets | 0.1 | (16.4) | |
| Purchases, sales and settlements | (0.5) | (97.0) | |
| Changes due to exchange rates | (0.2) | 3.3 | |
| Level 3 | Insurance contracts | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 2.0 | 2.4 | 112.9 |
| Actual return on plan assets | (0.1) | (16.5) | |
| Purchases, sales and settlements | (0.4) | (97.2) | |
| Changes due to exchange rates | 0.1 | (3.2) | |
| Level 3 | Diversified Investment, Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value measurements | 2.0 | 2.2 | $ 1.8 |
| Actual return on plan assets | (0.0) | 0.1 | |
| Purchases, sales and settlements | (0.1) | 0.2 | |
| Changes due to exchange rates | $ (0.1) | $ 0.1 | |
Retirement and Other Postretirement Benefit Plans - Schedule of Actual Allocations for the Pension Assets and Target Allocations by Asset Class (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Change in plan assets: | ||
| Percentage of Plan Assets | 100.00% | 100.00% |
| Target Allocations | 100.00% | 100.00% |
| Diversified Investment, Funds | ||
| Change in plan assets: | ||
| Percentage of Plan Assets | 49.40% | 47.00% |
| Target Allocations | 49.40% | 47.00% |
| Insurance contracts | ||
| Change in plan assets: | ||
| Percentage of Plan Assets | 50.60% | 53.00% |
| Target Allocations | 50.60% | 53.00% |
Retirement and Other Postretirement Benefit Plans - Schedule of Assumptions Used to Estimate the Actuarial Value of Benefit Obligations (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Defined Benefit Retirement Plans | U.S. Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 5.00% | ||
| Rate of increase in compensation | 3.00% | 3.00% | 3.00% |
| Defined Benefit Retirement Plans | Minimum [Member] | U.S. Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 4.70% | 5.00% | |
| Defined Benefit Retirement Plans | Minimum [Member] | European Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 3.80% | 3.60% | 3.10% |
| Rate of increase in compensation | 3.10% | 3.20% | 3.20% |
| Expected long-term rates of return on plan assets | 2.00% | 2.00% | 2.00% |
| Defined Benefit Retirement Plans | Maximum [Member] | U.S. Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 4.80% | 5.10% | |
| Defined Benefit Retirement Plans | Maximum [Member] | European Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 5.20% | 5.20% | 3.95% |
| Rate of increase in compensation | 3.50% | 3.50% | 3.50% |
| Expected long-term rates of return on plan assets | 3.00% | 3.00% | 3.95% |
| U.S. Postretirement Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rates | 5.00% | 4.70% | 2.00% |
Retirement and Other Postretirement Benefit Plans - Schedule of Impact of One-Percentage-Point Change in Expected Long-term Rate of Return and Discount Rate on Pension Expense and Retirement Obligation (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| U.S. Non-qualified Defined Benefit Retirement Plans | |
| Impact of one-percentage-point increase and a one-percentage-point decrease in the discount rate on retirement obligation as of December 31, 2019 | |
| One-percentage-point increase in discount rate | $ (0.3) |
| One-percentage-point decrease in discount rate | 0.3 |
| U.S. Retiree Medical Plans | |
| Impact of one-percentage-point increase and a one-percentage-point decrease in the discount rate on retirement obligation as of December 31, 2019 | |
| One-percentage-point increase in discount rate | 0.0 |
| One-percentage-point decrease in discount rate | $ 0.0 |
Income Taxes - Schedule of Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income before income taxes: | |||
| U.S. | $ 97.8 | $ 128.5 | $ 110.6 |
| International | 57.1 | (18.8) | 39.2 |
| Income before income taxes, and equity in earnings from affiliated companies | 154.9 | 109.7 | 149.8 |
| Current: | |||
| U.S. | 28.7 | 38.3 | 28.3 |
| International | 10.8 | 6.5 | 6.4 |
| Current income tax expense | 39.5 | 44.8 | 34.7 |
| Deferred: | |||
| U.S. | (28.6) | (17.0) | (8.9) |
| International | 11.9 | (15.7) | 5.8 |
| Deferred income tax benefit | (16.7) | (32.7) | (3.1) |
| Total income tax expense | $ 22.8 | $ 12.1 | $ 31.6 |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| U.S. federal statutory income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | |
| Income tax provision for undistributed foreign earnings | $ 0.0 | |||
| Unremitted foreign earnings | $ 223.0 | |||
| Effective income tax rate | 15.00% | |||
| Provision for income taxes | $ 0.4 | $ (0.1) | $ (0.5) | |
| Net change in the total valuation allowance | 6.2 | 0.8 | ||
| Tax credit carryforwards | 10.3 | 9.4 | ||
| Valuation allowance on net operating losses | 15.2 | |||
| Unrecognized tax benefits | 2.8 | 2.4 | $ 2.5 | $ 9.7 |
| Unrecognized tax benefits that impact on effective tax rate | 2.8 | |||
| Interest expense (income) related to unrecognized tax benefit | 0.0 | 0.0 | ||
| Accrued interest related to the unrecognized tax benefit reversed | $ 0.0 | $ 0.0 | ||
| Minimum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Effective income tax rate | 15.00% | |||
| Decrease in reasonably possible unrecognized tax benefits within next twelve months | $ 1.0 | |||
| Maximum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Decrease in reasonably possible unrecognized tax benefits within next twelve months | 1.5 | |||
| The Organization for Economic Cooperation and Development | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Provision for income taxes | 0.0 | |||
| U.S. | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating loss carryforwards | $ 2.8 | |||
| U.S. | Minimum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Statute of limitations on years that can be open for examination | 3 years | 3 years | ||
| U.S. | Maximum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Statute of limitations on years that can be open for examination | 5 years | |||
| Foreign country | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net change in the total valuation allowance | $ 6.2 | |||
| Tax credit carryforwards | 10.3 | |||
| Net operating loss carryforwards | $ 305.7 | |||
| Foreign country | Minimum | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Statute of limitations on years that can be open for examination | 3 years | |||
Income Taxes - Schedule of a Reconciliation of the Provision for Income Taxes at the U.S. Federal Statutory Income Tax Rate to the Actual Income Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of provision for income taxes at U.S. federal statutory income tax rate to effective income tax rate | |||
| Provision (benefit) for taxes at U.S. federal statutory rate | $ 32.5 | $ 23.0 | $ 31.5 |
| State and local taxes, net of federal benefit | (0.3) | (1.3) | 0.6 |
| Foreign effective rate differential | 2.8 | 2.0 | 1.5 |
| R&D tax credits and related benefits | (16.5) | (5.1) | (3.4) |
| Change in valuation allowance | 6.2 | 1.1 | 0.7 |
| Remeasurement of deferred taxes | 1.5 | (1.1) | 0.7 |
| Employee benefits and related | 2.2 | 1.7 | 1.5 |
| Other | 1.5 | 4.2 | 1.1 |
| (Decrease) increase in reserves for uncertain tax positions | 0.4 | (0.1) | (0.5) |
| Pension Plan Settlement | 0.0 | (4.4) | 0.0 |
| U.S. foreign derived intangible income tax benefit | (4.3) | (3.9) | (2.1) |
| Tax Incentives | (3.2) | (4.0) | 0.0 |
| Total income tax expense | $ 22.8 | $ 12.1 | $ 31.6 |
Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Net operating loss carryforwards | $ 76.0 | $ 89.8 |
| Tax credit carryforwards | 10.3 | 9.4 |
| Stock-based compensation | 7.7 | 9.4 |
| Other comprehensive income | 1.4 | 0.0 |
| Inventory reserves | 10.8 | 9.2 |
| Right of use liability | 6.0 | 6.9 |
| Capitalized research and development expenditures | 43.8 | 24.8 |
| Reserves and other | 11.2 | 12.0 |
| Subtotal | 167.2 | 161.5 |
| Valuation allowance | (13.7) | (7.5) |
| Total assets | 153.5 | 154.0 |
| Liabilities | ||
| Accelerated depreciation | (164.1) | (177.2) |
| Accelerated amortization | (18.8) | (19.3) |
| Right of use asset | (6.0) | (6.9) |
| Other | (5.9) | (9.9) |
| Total liabilities | (194.8) | (213.3) |
| Net deferred tax liabilities | $ (41.3) | $ (59.3) |
Income Taxes - Schedule of Classification of Deferred Tax Assets and Deferred Tax Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred Costs, Noncurrent [Abstract] | ||
| Long-term deferred tax assets, net | $ 39.9 | $ 51.3 |
| Long-term deferred tax liability, net | (81.2) | (110.6) |
| Net deferred tax liabilities | $ (41.3) | $ (59.3) |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Activity related to unrecognized tax benefit | |||
| Balance at the beginning of the period | $ 2.4 | $ 2.5 | $ 9.7 |
| Additions based on tax positions related to the current year | 0.5 | 0.4 | 0.2 |
| Reductions for tax positions of prior years | 0.0 | 0.0 | 0.0 |
| Expiration of the statute of limitations for the assessment of taxes | (0.1) | (0.5) | (7.4) |
| Balance at the end of the period | $ 2.8 | $ 2.4 | $ 2.5 |
Capital Stock - Schedule of Common Stock Outstanding (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Common stock: | |||
| Balance, beginning of year | 110.8 | 110.4 | 110.1 |
| Activity under stock plans | 0.8 | 0.4 | 0.3 |
| Balance, end of year | 111.6 | 110.8 | 110.4 |
| Treasury stock: | |||
| Balance, beginning of year | 26.7 | 26.2 | 26.1 |
| Repurchased | 3.9 | 0.5 | 0.1 |
| Balance, end of year | 30.6 | 26.7 | 26.2 |
| Common stock outstanding | 81.0 | 84.1 | 84.2 |
Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 19, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2024 |
|
| Equity Class Of Treasury Stock [Line Items] | |||||
| Total cost of shares repurchased | $ 252.2 | $ 30.1 | $ 0.0 | ||
| Dividends paid | $ 49.3 | $ 42.2 | $ 33.7 | ||
| O 2024 A Dividends [Member] | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Dividends per share of common stock | $ 0.6 | ||||
| Dividends per share of common stock | $ 0.6 | ||||
| O 2023 A Dividends [Member] | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Dividends per share of common stock | $ 0.5 | ||||
| Dividends per share of common stock | $ 0.5 | ||||
| Common Stock Repurchase Plan In May Two Thousand Eighteen [Member] | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Authorized amount to repurchase outstanding common stock | $ 500.0 | ||||
| Additional repurchase shares of common stock value | $ 300.0 | ||||
| 2024 Repurchase Plan | |||||
| Equity Class Of Treasury Stock [Line Items] | |||||
| Number Of Shares Repurchased | 3,649,310 | ||||
| Stock Repurchase Program, Average Price Per Share | $ 68.49 | ||||
| Cost Of Repurchase Of Common Stock | $ 252.2 | ||||
| Additional repurchase shares of common stock value | $ 234.9 | ||||
Revenue - Additional Information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue recognition, description of timing | As our production cycle is typically nine 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 by Market (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Disaggregation Of Revenue [Line Items] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1],[2] | $ 1,903.0 | $ 1,789.0 | $ 1,577.7 | |||
| Commercial Aerospace | |||||||
| Disaggregation Of Revenue [Line Items] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 1,194.2 | 1,068.2 | 911.8 | ||||
| Space & Defense | |||||||
| Disaggregation Of Revenue [Line Items] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | 569.5 | 544.8 | 465.2 | ||||
| Industrial | |||||||
| Disaggregation Of Revenue [Line Items] | |||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | $ 139.3 | $ 176.0 | $ 200.7 | ||||
| |||||||
Revenue - Schedule of Activity Related to Contract Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Change in Contract with Customer Asset [Line Items] | |||
| Beginning Balance | $ 25.1 | $ 32.0 | $ 30.5 |
| Net revenue billed | 4.7 | (6.9) | 1.5 |
| Ending Balance | 29.8 | 25.1 | 32.0 |
| Composite Materials | |||
| Change in Contract with Customer Asset [Line Items] | |||
| Beginning Balance | 8.3 | 9.1 | 6.8 |
| Net revenue billed | 0.8 | (0.8) | 2.3 |
| Ending Balance | 9.1 | 8.3 | 9.1 |
| Engineered Products | |||
| Change in Contract with Customer Asset [Line Items] | |||
| Beginning Balance | 16.8 | 22.9 | 23.7 |
| Net revenue billed | 3.9 | (6.1) | (0.8) |
| Ending Balance | $ 20.7 | $ 16.8 | $ 22.9 |
Restructuring - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring charge | $ 2.3 | $ 0.8 | $ 7.6 | |
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income (Expense), Net | |||
| Anticipated future cash payments | $ 1.5 | $ 1.2 | $ 5.4 | $ 9.0 |
| intangible asset impairment charge | $ 5.2 | |||
Restructuring - Schedule of Restructuring (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Beginning Balance | $ 1.2 | $ 5.4 | $ 9.0 |
| Restructuring Charge | 2.3 | 0.8 | 7.6 |
| FX Impact | (0.2) | 0.0 | (0.3) |
| Cash Paid | (2.2) | (4.7) | (8.6) |
| Non-Cash | 0.4 | (0.3) | (2.3) |
| Ending Balance | 1.5 | 1.2 | 5.4 |
| Employee Termination | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Beginning Balance | 1.2 | 5.4 | 9.0 |
| Restructuring Charge | 2.3 | 0.5 | 3.1 |
| FX Impact | (0.2) | 0.0 | (0.3) |
| Cash Paid | (2.2) | (4.7) | (6.4) |
| Non-Cash | 0.4 | 0.0 | 0.0 |
| Ending Balance | 1.5 | 1.2 | 5.4 |
| Impairment and Other | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Beginning Balance | 0.0 | 0.0 | 0.0 |
| Restructuring Charge | 0.0 | 0.3 | 4.5 |
| FX Impact | 0.0 | 0.0 | 0.0 |
| Cash Paid | 0.0 | 0.0 | (2.2) |
| Non-Cash | 0.0 | (0.3) | (2.3) |
| Ending Balance | $ 0.0 | $ 0.0 | $ 0.0 |
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense by Type of Award (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | $ 22.2 | $ 20.9 | $ 19.9 |
| Tax benefit from stock exercised and converted during the period | 6.7 | 2.5 | 1.6 |
| Employee Stock Option | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 4.6 | 4.5 | 5.4 |
| Restricted stock, service based (“RSUs”) | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 8.4 | 7.7 | 7.2 |
| Restricted stock, performance based (“PRSUs”) | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | 8.4 | 8.0 | 6.7 |
| Employee stock purchase plan | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Stock-based compensation expense | $ 0.8 | $ 0.7 | $ 0.6 |
Stock-Based Compensation - Additional Information (Details) - USD ($) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Cash received from stock option exercises | $ 7,100,000 | $ 7,800,000 | $ 3,000,000 | |||
| Cash used for shares withheld to satisfy employee tax obligations for RSUs and PRSUs converted | $ 11,300,000 | 3,200,000 | $ 2,100,000 | |||
| Shares authorized for future grant under stock plan (in shares) | 1,800,000 | |||||
| Employee Stock Option | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Options vesting period | 3 years | |||||
| Options expiration period | 10 years | |||||
| Period of historical option activity considered to determine expected option life | 10 years | |||||
| Unrecognized compensation cost | [1] | $ 2,900,000 | $ 1,200,000 | |||
| Employee Stock Option | Minimum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 1 year | |||||
| Employee Stock Option | Maximum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 3 years | |||||
| RSUs | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of shares outstanding | 403,326 | 500,000 | 500,000 | 500,000 | ||
| Unrecognized compensation cost | $ 7,800,000 | |||||
| RSUs | Minimum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 1 year | |||||
| RSUs | Maximum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 3 years | |||||
| PRSUs | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Number of shares outstanding | 424,438 | 400,000 | 400,000 | 400,000 | ||
| Unrecognized compensation cost | $ 4,700,000 | |||||
| Performance period | 3 years | |||||
| Shares authorized for issuance under stock plan | 3,300,000 | |||||
| PRSUs | Minimum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 1 year | |||||
| Performance period | 3 years | |||||
| PRSUs | Maximum [Member] | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Period over which unrecognized compensation costs will be recognized | 3 years | |||||
| Employee stock purchase plan | ||||||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
| Maximum contribution by eligible employees as percentage of base earnings (as a percent) | 10.00% | |||||
| Maximum contribution by eligible employees in a calendar year | $ 25,000 | |||||
| Common stock purchase price as percentage of fair market value (as a percent) | 85.00% | |||||
| Shares purchased under employee stock purchase plan (in shares) | 80,589 | 73,809 | 74,664 | |||
| ||||||
Stock-Based Compensation - Summary of Option Activity (Details) - Employee Stock Option - $ / shares shares in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Number of Options | ||||
| Outstanding at the beginning of the period | 1.8 | 1.8 | 1.7 | |
| Options granted | 0.3 | 0.2 | 0.2 | |
| Options exercised | (0.3) | (0.2) | (0.1) | |
| Outstanding at the end of the period | 1.8 | 1.8 | 1.8 | 1.7 |
| Weighted-Average Exercise Price | ||||
| Outstanding at the beginning of the period (in dollars per share) | $ 54.58 | $ 52.01 | $ 51.28 | |
| Options granted (in dollars per share) | 65.76 | 68.79 | 52.17 | |
| Options exercised (in dollars per share) | 45.53 | 42.95 | 37.99 | |
| Outstanding at the end of the period (in dollars per share) | $ 57.54 | $ 54.58 | $ 52.01 | $ 51.28 |
| Remaining Contractual Life | ||||
| Outstanding | 5 years | 5 years 4 months 24 days | 5 years 8 months 12 days | 6 years 3 months 18 days |
Stock-Based Compensation - Schedule of Other Stock Option Statistics (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Other disclosures | ||||
| Aggregate intrinsic value of outstanding options | $ 14.2 | $ 33.6 | ||
| Aggregate intrinsic value of exercisable options | 13.5 | 26.4 | ||
| Total intrinsic value of options exercised | $ 5.6 | $ 5.9 | ||
| Total number of options exercisable (in shares) | 1.3 | 1.3 | ||
| Weighted average exercise price of options exercisable (in dollars per share) | $ 55.35 | $ 54.05 | ||
| Total unrecognized compensation cost on nonvested options | [1] | $ 2.9 | $ 1.2 | |
| ||||
Stock-Based Compensation - Schedule of Other Stock Option Statistics (Parenthetical) (Details) - Employee Stock Option |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Minimum [Member] | |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Period over which unrecognized compensation costs will be recognized | 1 year |
| Maximum [Member] | |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Period over which unrecognized compensation costs will be recognized | 3 years |
Stock-Based Compensation - Schedule of Assumptions Used in Determining the Estimated the Fair Value of Stock Options (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Risk-free interest rate (as a percent) | 3.51% | 1.74% | |
| Expected option life | 6 years 1 month 2 days | 6 years 18 days | 6 years 10 days |
| Dividend yield (as a percent) | 0.90% | 0.70% | 0.80% |
| Volatility (as a percent) | 37.14% | 44.21% | |
| Weighted-average fair value per option granted | $ 24.32 | $ 26.81 | $ 21.4 |
| Maximum [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Risk-free interest rate (as a percent) | 4.53% | ||
| Volatility (as a percent) | 34.53% | ||
| Minimum [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Risk-free interest rate (as a percent) | 3.98% | ||
| Volatility (as a percent) | 33.23% | ||
Stock-Based Compensation - Summary of the Company's Service Based RSU Activity (Details) - RSUs - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of RSUs | |||
| Outstanding at the beginning of the period | 500,000 | 500,000 | 500,000 |
| Granted | 100,000 | 100,000 | 100,000 |
| Issued | (200,000) | (100,000) | (100,000) |
| Outstanding at the end of the period | 403,326 | 500,000 | 500,000 |
| Weighted-Average Grant Date Fair Value | |||
| Outstanding at the beginning of the period | $ 50.41 | $ 46.93 | $ 47.46 |
| Granted | 66.02 | 67.69 | 53.51 |
| Issued | 48.22 | 53.05 | 54.63 |
| Outstanding at the end of the period | $ 57.48 | $ 50.41 | $ 46.93 |
Stock-Based Compensation - Summary of the Company's PRSU Activity (Details) - PRSUs - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of PRSUs | |||
| Outstanding at the beginning of the period | 400,000 | 400,000 | 400,000 |
| Granted | 300,000 | 100,000 | 100,000 |
| Issued | 0 | 0 | 0 |
| PRSUs cancelled | (300,000) | (100,000) | (100,000) |
| Outstanding at the end of the period | 424,438 | 400,000 | 400,000 |
| Weighted-Average Grant Date Fair Value | |||
| Outstanding at the beginning of the period | $ 53.19 | $ 53.71 | $ 57.19 |
| Granted | 58.72 | 68.79 | 52.17 |
| Issued | 0 | 0 | 0 |
| PRSUs cancelled | 45.05 | 73.75 | 65.56 |
| Outstanding at the end of the period | $ 62.56 | $ 53.19 | $ 53.71 |
Net Income Per Common Share - Summary of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Basic net income per common share: | |||
| Net income | $ 132.1 | $ 105.7 | $ 126.3 |
| Weighted average common shares outstanding - Basic (in shares) | 82.3 | 84.6 | 84.4 |
| Basic net income per common share | $ 1.61 | $ 1.25 | $ 1.5 |
| Diluted net income per common share: | |||
| Weighted average common shares outstanding - Basic (in shares) | 82.3 | 84.6 | 84.4 |
| Plus incremental shares from assumed conversions: | |||
| Weighted average common shares outstanding -Dilutive (in shares) | 83.0 | 85.5 | 85.0 |
| Dilutive net income per common share | $ 1.59 | $ 1.24 | $ 1.49 |
| Anti-dilutive shares outstanding, excluded from computation (in shares) | 0.9 | 0.3 | 0.8 |
| Restricted Stock Units | |||
| Plus incremental shares from assumed conversions: | |||
| Incremental shares from assumed conversions | 0.4 | 0.5 | 0.4 |
| Stock Options | |||
| Plus incremental shares from assumed conversions: | |||
| Incremental shares from assumed conversions | 0.3 | 0.4 | 0.2 |
Derivative Financial Instruments - Additional Information (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Nov. 30, 2020
USD ($)
|
Dec. 31, 2024
USD ($)
Item
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Nov. 30, 2020
EUR (€)
|
|
| Derivative [Line Items] | |||||
| Carrying value of derivative current asset | $ 9.5 | ||||
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets, Current | ||||
| Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt, Excluding Current Maturities | Long-Term Debt, Excluding Current Maturities | |||
| Carrying value / fair value of derivative liabilities included in other non-current liabilities | $ 0.1 | ||||
| Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months | 5.3 | ||||
| Foreign currency unrealized gains expected to be reclassified into earnings over next twelve months, taxes | 1.4 | ||||
| 3.95% Senior Unsecured Notes Due 2027 [Member] | |||||
| Derivative [Line Items] | |||||
| Proceeds from issue of senior notes in settlement of derivatives | $ 10.0 | ||||
| Treasury Lock [Member] | Interest Lock Agreement [Member] | 3.95% Senior Unsecured Notes Due 2027 [Member] | |||||
| Derivative [Line Items] | |||||
| Percentage of reduction in effective interest rate on senior notes | 0.25% | ||||
| Cross Currency and Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
| Derivative [Line Items] | |||||
| Floating rate obligation | $ 319.9 | € 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 | $ 59.2 | ||||
| Derivative swaps, principal amortize at Nov. 15, 2022 | 59.2 | ||||
| Derivative swaps, principal amortize at Nov. 15, 2023 | 59.2 | ||||
| Derivative swaps, principal amortize at Nov. 15, 2024 | 59.2 | € 50 | |||
| Derivative swaps, principal amortize at Nov. 15, 2025 | $ 82.9 | € 70 | |||
| Foreign Currency Forward Exchange Contracts [Member] | |||||
| Derivative [Line Items] | |||||
| Number of credit contingency features | Item | 0 | ||||
| Foreign Currency Forward Exchange Contracts [Member] | Cash Flow Hedging [Member] | |||||
| Derivative [Line Items] | |||||
| Gains (losses) in other comprehensive income, effective portion | $ 19.3 | $ 10.5 | $ 27.9 | ||
| Foreign Currency Forward Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||||
| Derivative [Line Items] | |||||
| Notional amount | 386.4 | 393.3 | |||
| Foreign Currency Forward Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
| Derivative [Line Items] | |||||
| Net gain (loss) recognized in gross margin | 1.5 | 10.9 | |||
| Foreign Currency Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
| Derivative [Line Items] | |||||
| Foreign exchange net gains (losses) on derivative contracts not designated as hedges | 4.0 | 1.4 | $ 3.3 | ||
| Commodity Swap Agreements [Member] | |||||
| Derivative [Line Items] | |||||
| Carrying value / fair value of derivative liabilities | 1.3 | 1.7 | |||
| Notional amount | 19.0 | ||||
| Carrying value / fair value of derivative assets | 0.7 | ||||
| Carrying value / fair value of derivative liabilities included in other non-current liabilities | $ 0.3 | $ 0.2 | |||
Derivative Financial Instruments - Schedule of Fair Values of Outstanding Financial Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | $ 50.6 | $ 43.0 |
| Current Liabilities | 353.5 | 315.9 |
| Derivative Products [Member] | ||
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | 15.4 | 9.6 |
| Other Assets | 0.1 | 9.4 |
| Current Liabilities | 8.0 | 6.1 |
| Non-Current Liabilities | 5.5 | 0.2 |
| Foreign Currency Forward Exchange Contracts [Member] | Derivative Products [Member] | ||
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | 1.5 | 4.8 |
| Other Assets | 0.1 | 5.5 |
| Current Liabilities | 6.8 | 3.2 |
| Non-Current Liabilities | 5.2 | 0.0 |
| Undesignated Hedges [Member] | Derivative Products [Member] | ||
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | 0.0 | 0.0 |
| Other Assets | 0.0 | 0.0 |
| Current Liabilities | 0.1 | 1.4 |
| Non-Current Liabilities | 0.0 | 0.0 |
| Commodity Swaps [Member] | Derivative Products [Member] | ||
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | 0.0 | 0.5 |
| Other Assets | 0.0 | 0.2 |
| Current Liabilities | 1.1 | 1.5 |
| Non-Current Liabilities | 0.3 | 0.2 |
| Cross Currency and Interest Rate Swap [Member] | Derivative Products [Member] | ||
| Derivative [Line Items] | ||
| Prepaid expenses and other current assets | 13.9 | 4.3 |
| Other Assets | 0.0 | 3.7 |
| Current Liabilities | 0.0 | 0.0 |
| Non-Current Liabilities | $ 0.0 | $ 0.0 |
Derivative Financial Instruments - Schedule of Change in Fair Value of Foreign Currency Forward Exchange Contracts Under Hedge Designations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative [Line Items] | |||
| Beginning Balance | $ 1,716.5 | $ 1,554.2 | $ 1,485.5 |
| Ending Balance | 1,527.9 | 1,716.5 | 1,554.2 |
| Designated as Hedging Instrument | |||
| Derivative [Line Items] | |||
| Beginning Balance | 5.7 | (15.4) | |
| Ending Balance | (4.4) | 5.7 | (15.4) |
| Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts [Member] | |||
| Derivative [Line Items] | |||
| Beginning Balance | 5.2 | (10.5) | (3.5) |
| Loss reclassified to net sales | 1.1 | 8.0 | 14.0 |
| (Decrease) increase in fair value | (14.2) | 7.7 | (21.0) |
| Ending Balance | $ (7.9) | $ 5.2 | $ (10.5) |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 24, 2023
Entity
|
Dec. 16, 2022
USD ($)
Prp
|
Oct. 18, 2021
USD ($)
mi
|
Oct. 18, 2021
USD ($)
mi
|
Aug. 31, 2017
Entity
|
Oct. 31, 2016
mi
|
Mar. 31, 2016
USD ($)
mi
|
Dec. 31, 2024
USD ($)
Entity
mi
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Loss Contingencies [Line Items] | |||||||||||
| Number of identified non governmental potentially responsible parties | Entity | 120 | ||||||||||
| Accrual for environmental loss contingencies | $ 0.3 | $ 0.7 | $ 0.8 | $ 2.1 | |||||||
| Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Employee-related Liabilities, Current | Employee-related Liabilities, Current | |||||||||
| Purchase commitments for 2025 | $ 15.1 | ||||||||||
| Purchase commitments for 2026 | 11.2 | ||||||||||
| Purchase commitments for 2027 | 8.9 | ||||||||||
| Purchase commitments for 2028 | 6.2 | ||||||||||
| Purchase commitments for 2029 | 5.5 | ||||||||||
| Purchase commitments thereafter | $ 42.0 | ||||||||||
| District Court Approval of Consent Decree | |||||||||||
| Loss Contingencies [Line Items] | |||||||||||
| Number of entities, in addition to Hexcel, who received a directive from the New Jersey Department of Environmental Protection | Prp | 84 | ||||||||||
| New Jersey Requesting Court Approval for Settlement | $ 150.0 | ||||||||||
| Escrow Deposit | $ 150.0 | ||||||||||
| 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 | 83 | 48 | |||||||||
| Length of river to perform a Remedial Investigation/Feasibility Study ("RI/FS") of environmental conditions | mi | 17 | ||||||||||
| Lower Passaic River | Minimum [Member] | |||||||||||
| Loss Contingencies [Line Items] | |||||||||||
| Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi | 8 | 8 | |||||||||
| Expected cost of capping and dredging of the lower eight miles of the river by EPA | $ 308.7 | $ 308.7 | $ 970.0 | ||||||||
| Lower Passaic River | Maximum [Member] | |||||||||||
| Loss Contingencies [Line Items] | |||||||||||
| Portion of the river for which Record of Decision setting forth the EPA's selected remedy (in miles) | mi | 9 | 9 | 9 | ||||||||
| Expected cost of capping and dredging of the lower eight miles of the river by EPA | $ 661.5 | $ 661.5 | $ 2,070.0 | ||||||||
| Unilateral Administrative Order [Member] | |||||||||||
| Loss Contingencies [Line Items] | |||||||||||
| Number of entities, in addition to Hexcel, who received a directive from the New Jersey Department of Environmental Protection | Entity | 38 | ||||||||||
Commitments and Contingencies - Schedule of Environmental Remediation Reserve Activity (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Environmental remediation reserve activity | |||
| Beginning remediation accrual balance | $ 0.7 | $ 0.8 | $ 2.1 |
| Current period expenses | 0.0 | 0.3 | 0.0 |
| Cash expenditures | (0.4) | (0.4) | (1.3) |
| Ending remediation accrual balance | $ 0.3 | $ 0.7 | $ 0.8 |
Commitments and Contingencies - Schedule of Product Warranty (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Changes in accrued product warranty cost | |||
| Balance at the beginning of the period | $ 2.8 | $ 3.1 | $ 2.5 |
| Warranty expense | 2.9 | 3.3 | 3.3 |
| Deductions and other | (3.3) | (3.6) | (2.7) |
| Balance at the end of the period | $ 2.4 | $ 2.8 | $ 3.1 |
Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Beginning Balance | $ 1,716.5 | $ 1,554.2 | $ 1,485.5 |
| Other comprehensive income (loss) | (40.9) | 100.3 | (47.9) |
| Ending Balance | 1,527.9 | 1,716.5 | 1,554.2 |
| Unrecognized Net Defined Benefit Plan Costs | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Beginning Balance | 1.0 | (49.1) | |
| Other comprehensive income (loss) before reclassifications | (1.4) | (4.2) | |
| Amounts reclassified from accumulated other comprehensive loss | (0.3) | 54.3 | |
| Other comprehensive income (loss) | (1.7) | 50.1 | |
| Ending Balance | (0.7) | 1.0 | (49.1) |
| Change in Fair Value of Derivatives Products | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Beginning Balance | 5.7 | (15.4) | |
| Other comprehensive income (loss) before reclassifications | (16.1) | 8.6 | |
| Amounts reclassified from accumulated other comprehensive loss | 6.0 | 12.5 | |
| Other comprehensive income (loss) | (10.1) | 21.1 | |
| Ending Balance | (4.4) | 5.7 | (15.4) |
| Foreign Currency Translation | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Beginning Balance | (80.8) | (109.9) | |
| Other comprehensive income (loss) before reclassifications | (29.1) | 29.1 | |
| Amounts reclassified from accumulated other comprehensive loss | 0.0 | 0.0 | |
| Other comprehensive income (loss) | (29.1) | 29.1 | |
| Ending Balance | (109.9) | (80.8) | (109.9) |
| Accumulated Other Comprehensive Loss | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Beginning Balance | (74.1) | (174.4) | (126.5) |
| Other comprehensive income (loss) before reclassifications | (46.6) | 33.5 | |
| Amounts reclassified from accumulated other comprehensive loss | 5.7 | 66.8 | |
| Other comprehensive income (loss) | (40.9) | 100.3 | (47.9) |
| Ending Balance | $ (115.0) | $ (74.1) | $ (174.4) |
Accumulated Other Comprehensive Loss - Schedule of Unrecognized Net Defined Benefit and Postretirement Plan Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit and Postretirement Plan Costs | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, net (gain) loss | $ (0.4) | $ 72.3 | $ 2.4 |
| Reclassification adjustment from AOCI on derivatives, net gains (losses) | (0.3) | 54.3 | 1.9 |
| Change in Fair Value of Derivatives Products | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax | 7.9 | 16.9 | (1.2) |
| Reclassification adjustment from AOCI on derivatives, tax expense (benefit) | 6.0 | 12.5 | (1.4) |
| Change in Fair Value of Derivatives Products | Foreign Currency Forward Exchange Contracts | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax | 1.5 | 10.9 | 18.7 |
| Reclassification adjustment from AOCI on derivatives, tax expense (benefit) | 1.1 | 8.0 | 14.0 |
| Change in Fair Value of Derivatives Products | Commodity Swaps [Member] | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax | 0.7 | 5.3 | 2.0 |
| Reclassification adjustment from AOCI on derivatives, tax expense (benefit) | 0.5 | 4.0 | 1.5 |
| Change in Fair Value of Derivatives Products | Interest Rate Swaps | |||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||
| Reclassification adjustment from AOCI on unrecognized net defined benefit and postretirement plan costs, tax | 5.7 | 0.7 | (21.9) |
| Reclassification adjustment from AOCI on derivatives, tax expense (benefit) | $ 4.4 | $ 0.5 | $ (16.9) |
Segment Information - Additional Information (Details) - Item |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Number of reporting segments | 2 | ||
| Net sales | Customer concentration | Airbus and its subcontractors | |||
| Segment Reporting Information [Line Items] | |||
| Concentration percentage (as a percent) | 40.00% | 39.00% | 38.00% |
| Net sales | Customer concentration | Boeing company and its subcontractors | |||
| Segment Reporting Information [Line Items] | |||
| Concentration percentage (as a percent) | 15.00% | 15.00% | 14.00% |
Segment Information - Schedule of Operating Segment Reporting Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | [1],[2] | $ 1,903.0 | $ 1,789.0 | $ 1,577.7 | |||
| Operating income (loss) | 186.1 | 215.3 | 175.2 | ||||
| Depreciation and amortization | 124.0 | 124.8 | 126.2 | ||||
| Equity in earnings (losses) from affiliated companies | 8.1 | 8.1 | |||||
| Other operating expense (income) | 50.0 | 1.4 | (11.9) | ||||
| Segment assets | 2,725.6 | 2,918.5 | 2,837.3 | ||||
| Investments in affiliated companies | 5.0 | 5.0 | 47.6 | ||||
| Accrual basis additions to property, plant and equipment | 81.1 | 121.6 | 69.8 | ||||
| Stock-based compensation | 22.2 | 20.9 | 20.0 | ||||
| Cost of sales | 1,433.2 | 1,355.8 | 1,220.6 | ||||
| Gross margin | 469.8 | 433.2 | 357.1 | ||||
| Selling, general and administrative expenses | 176.6 | 163.8 | 148.0 | ||||
| Research and technology expenses | 57.1 | 52.7 | 45.8 | ||||
| Intersegment Elimination | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | (91.2) | (73.0) | (69.1) | ||||
| Composite Materials | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 1,531.0 | 1,474.2 | 1,279.7 | ||||
| Composite Materials | Operating Segments | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 1,621.0 | 1,544.8 | 1,346.0 | ||||
| Operating income (loss) | 215.0 | 237.9 | 178.2 | ||||
| Depreciation and amortization | 109.1 | 110.4 | 112.0 | ||||
| Other operating expense (income) | 40.8 | 1.2 | 7.5 | ||||
| Segment assets | 2,147.6 | 2,309.3 | 2,269.4 | ||||
| Investments in affiliated companies | 1.5 | ||||||
| Accrual basis additions to property, plant and equipment | 67.1 | 70.9 | 58.3 | ||||
| Stock-based compensation | 6.1 | 6.2 | 5.8 | ||||
| Cost of sales | 1,218.8 | 1,165.1 | 1,039.6 | ||||
| Gross margin | 402.2 | 379.7 | 306.4 | ||||
| Selling, general and administrative expenses | 98.3 | 95.5 | 82.8 | ||||
| Research and technology expenses | 48.1 | 45.1 | 37.9 | ||||
| Composite Materials | Intersegment Elimination | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 90.0 | 70.6 | 66.3 | ||||
| Engineered Products | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 372.0 | 314.8 | 298.0 | ||||
| Engineered Products | Operating Segments | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 373.2 | 317.2 | 300.8 | ||||
| Operating income (loss) | 39.6 | 32.8 | 36.6 | ||||
| Depreciation and amortization | 14.9 | 14.4 | 14.1 | ||||
| Equity in earnings (losses) from affiliated companies | 8.1 | 8.1 | |||||
| Other operating expense (income) | 7.7 | 0.2 | 0.0 | ||||
| Segment assets | 541.4 | 543.1 | 523.2 | ||||
| Investments in affiliated companies | 38.6 | ||||||
| Accrual basis additions to property, plant and equipment | 14.0 | 50.7 | 11.4 | ||||
| Stock-based compensation | 1.5 | 1.7 | 1.6 | ||||
| Cost of sales | 299.5 | 261.1 | 244.0 | ||||
| Gross margin | 73.7 | 56.1 | 56.8 | ||||
| Selling, general and administrative expenses | 21.7 | 19.0 | 15.7 | ||||
| Research and technology expenses | 4.7 | 4.1 | 4.5 | ||||
| Engineered Products | Intersegment Elimination | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | 1.2 | 2.4 | 2.8 | ||||
| Corporate & Other and Intersegment Elimination | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Sales | (91.2) | (73.0) | (69.1) | ||||
| Corporate & Other and Intersegment Elimination | Operating Segments | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Operating income (loss) | (68.5) | (55.4) | (39.6) | ||||
| Depreciation and amortization | 0.0 | 0.1 | |||||
| Other operating expense (income) | 1.5 | 0.0 | (19.4) | ||||
| Segment assets | 36.6 | 66.1 | 44.7 | ||||
| Investments in affiliated companies | 5.0 | 5.0 | 7.5 | ||||
| Accrual basis additions to property, plant and equipment | 0.1 | ||||||
| Stock-based compensation | 14.6 | 13.0 | 12.6 | ||||
| Cost of sales | (85.1) | (70.4) | (63.0) | ||||
| Gross margin | (6.1) | (2.6) | (6.1) | ||||
| Selling, general and administrative expenses | 56.6 | 49.3 | 49.5 | ||||
| Research and technology expenses | $ 4.3 | $ 3.5 | $ 3.4 | ||||
| |||||||
Segment Information - Schedule of Net Sales and Long-Lived Assets, by Geographic Area (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1],[2] | $ 1,903.0 | $ 1,789.0 | $ 1,577.7 | |||||
| Consolidated Long-lived Assets | [3] | 1,859.0 | 1,959.3 | 1,963.5 | |||||
| United States | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 1,363.8 | 1,410.3 | 1,420.9 | |||||
| United States | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 955.8 | 888.2 | 819.4 | |||||
| United States | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 779.9 | 737.5 | 667.7 | |||||
| International | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 495.2 | 549.0 | 542.6 | |||||
| International | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 947.2 | 900.8 | 758.3 | |||||
| International | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 1,123.1 | 1,051.5 | 910.0 | |||||
| France | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 294.8 | 322.7 | 318.1 | |||||
| France | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 340.8 | 320.4 | 235.9 | |||||
| France | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 170.1 | 174.7 | 143.4 | |||||
| Germany | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 149.2 | 153.6 | 138.6 | |||||
| Germany | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 141.0 | 141.2 | 122.3 | |||||
| Spain | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 42.4 | 45.5 | 45.8 | |||||
| Spain | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 199.4 | 183.2 | 158.9 | |||||
| Spain | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 147.7 | 138.1 | 124.7 | |||||
| Austria | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 38.1 | 56.1 | 72.8 | |||||
| United Kingdom | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 99.8 | 107.2 | 107.5 | |||||
| United Kingdom | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 167.8 | 150.4 | 119.0 | |||||
| United Kingdom | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 66.7 | 65.3 | 51.1 | |||||
| Other | |||||||||
| Net sales and long-lived assets | |||||||||
| Consolidated Long-lived Assets | [3] | 58.2 | 73.6 | 71.2 | |||||
| Other | Net sales by Geography | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 51.9 | 37.1 | 33.1 | |||||
| Other | Net Sales by External Customers | |||||||||
| Net sales and long-lived assets | |||||||||
| Revenue from Contract with Customer, Excluding Assessed Tax | [2] | $ 597.6 | $ 532.2 | $ 468.5 | |||||
| |||||||||
Fair Value Measurements - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Item
| |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
| Number of counterparties, which experienced significant downgrades | 0 |