FISCAL TRANSPARENCY
At Hexcel, we are committed to compliance with the tax regulations in force in the countries in which we operate, consistent with our values and our internal policies and procedures. The majority of our business is in six countries, all of which have robust tax laws and oversight. These six countries include the United States, France, United Kingdom, Spain, Germany and Austria. More than 95% of our long-lived assets and more than 90% of our employees are located in these six countries. Further, approximately 80% of our purchasing in fiscal year 2023 and the prior four years was invoiced from these six countries and in 2023, 2022 and 2019, more than 95% of our tax payments were paid in these six countries (note that tax payments by country in 2021 and 2020 were distorted by losses in certain regions due to the impact of the COVID-19 pandemic on Hexcel’s business).
