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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

The accompanying condensed consolidated financial statements have been prepared from the unaudited accounting records of Hexcel pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been omitted pursuant to rules and regulations of the SEC. In the opinion of management, the condensed consolidated financial statements include all normal recurring adjustments as well as any non-recurring adjustments necessary to present fairly the statement of financial position, results of operations, cash flows and statement of stockholders’ equity for the interim periods presented. The Condensed Consolidated Balance Sheet as of December 31, 2024 was derived from the audited 2024 consolidated balance sheet. Interim results are not necessarily indicative of results expected for any other interim period or for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2024 Annual Report on Form 10-K.

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 both March 31, 2025 and December 31, 2024, the assets and liabilities of the Austria operations have been classified as held for sale. The table below presents the carrying amounts of the assets and liabilities potentially included as part of the expected sale:



		(In millions)
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